Dept. of Trans.       SEMI-FINAL   Serial No.  Contract No.                             
                                          05-076-11-42  08-483754                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 100%         100%                             
08-SBD-40-R105.6/R106.3                    Federal Project:                             
                                     ACIM-040-1(75)                                     
                             ACIM-040-1(75)                                             
                                                                                        
Progress payment No. 15            Payment period ending: 06-15-04                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  02119                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       3,096,395.74            0.00                      
2.a. Extra Work                          70,396.01       32,367.49                      
  b. Adjustment Comp.                                                                   
3. Materials on Hand                                                                    
4. Earned Subject to Retention        3,166,791.75       32,367.49                      
5. Mobilization                         200,364.00            0.00                      
6. Total Work Completed    3,367,155.75                                                 
7. Deductions                           -14,000.00            0.00                      
8. a.Contract Retentions               -155,356.74            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.         155,356.74            0.00                      
9. Total pay to Contractor            3,353,155.75       32,367.49                      
10. Reduction Amt to Escrow            -155,350.00            0.00                      
11. Payment to Escrow       155,350.00                                                  
12. Net Pymt. this Estimate                              32,367.49