Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          04-327-14-35  11-199364                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  97%          89%                             
11-IMP-111-13.0/22.1                    Federal Project:                                
                                     ACNH-P111(65)                                      
                                                                                        
                                                                                        
Progress payment No. 21            Payment period ending: 11-20-04                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  02117                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      11,661,159.93       98,936.30                      
2.a. Extra Work                         467,884.49        1,198.55                      
  b. Adjustment Comp.                   236,361.47       -7,136.83                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       12,365,405.89       92,998.02                      
5. Mobilization                         630,000.00            0.00                      
6. Total Work Completed   12,995,405.89                                                 
7. Deductions                           -27,387.24       19,986.60                      
8. a.Contract Retentions               -618,270.29       -4,649.90                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           12,349,748.36      108,334.72                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       618,270.00                                                  
12. Net Pymt. this Estimate                             108,334.72