Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          04-334-11-21  08-483774                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  17%          36%                             
08-SBD-40-R80.3/R119.6                    Federal Project:                              
                                     ACIM-040-2(50)                                     
                                                                                        
                                                                                        
Progress payment No. 11            Payment period ending: 11-19-04                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  02118                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.         616,070.61      333,620.90                      
2.a. Extra Work                           4,585.69        1,145.55                      
  b. Adjustment Comp.                     3,383.40        3,250.00                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention          624,039.70      338,016.45                      
5. Mobilization                         239,941.50       79,980.50                      
6. Total Work Completed      863,981.20                                                 
7. Deductions                              -534.61            0.00                      
8. a.Contract Retentions                -62,403.97      -33,801.64                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor              801,042.62      384,195.31                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow        62,400.00                                                  
12. Net Pymt. this Estimate                             384,195.31