Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          04-055-14-58  11-236204                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  18%         100%                             
11-IMP-111-8.8/12.6                    Federal Project:                                 
                                     ACNH-P111(7)                                       
                                                                                        
                                                                                        
Progress payment No. 03            Payment period ending: 02-20-04                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.         116,323.84        2,672.00                      
2.a. Extra Work                           5,327.32        5,327.32                      
  b. Adjustment Comp.                       108.84         -615.86                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention          121,760.00        7,383.46                      
5. Mobilization                           8,392.50            0.00                      
6. Total Work Completed      130,152.50                                                 
7. Deductions                                                                           
8. a.Contract Retentions                -12,176.00         -738.35                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor              117,976.50        6,645.11                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                               6,645.11