Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          01-080-16-22  11-229404                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  92%          94%                             
11-IMP-115-21.2/35.2                    Federal Project:                                
                                     STP-S115(8)                                        
                             AC-S115(8)                                                 
                                                                                        
Progress payment No. 04            Payment period ending: 03-20-01                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01591                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       2,371,614.55      116,226.12                      
2.a. Extra Work                          16,190.49        4,029.15                      
  b. Adjustment Comp.                   -46,911.43      -37,391.29                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention        2,340,893.61       82,863.98                      
5. Mobilization                          10,000.00            0.00                      
6. Total Work Completed    2,350,893.61                                                 
7. Deductions                           -10,000.00      -10,000.00                      
8. a.Contract Retentions               -117,044.68       -4,143.20                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor            2,223,848.93       68,720.78                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow        50,000.00                                                  
12. Net Pymt. this Estimate                              68,720.78