Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          05-054-13-11  11-167874                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  99%          99%                             
11-IMP-78-15.3/15.8                    Federal Project:                                 
                                     ACNH-X025(25)                                      
                                                                                        
                                                                                        
Progress payment No. 11            Payment period ending: 02-20-05                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  02190                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       9,679,029.85      147,961.70                      
2.a. Extra Work                          37,749.84        4,072.61                      
  b. Adjustment Comp.                    67,922.40           -0.64                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention        9,784,702.09      152,033.67                      
5. Mobilization                         642,809.00            0.00                      
6. Total Work Completed   10,427,511.09                                                 
7. Deductions                           -46,490.64       14,695.00                      
8. a.Contract Retentions               -489,235.10       -7,601.68                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor            9,891,785.35      159,126.99                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       489,230.00                                                  
12. Net Pymt. this Estimate                             159,126.99