Dept. of Trans.       FINAL   Serial No.  Contract No.                                  
                                          03-168-10-32  11-250804                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 100%         100%                             
11-IMP-7-0.2/ .0                    Federal Project:                                    
                                     NONE                                               
                                                                                        
                                                                                        
Progress payment No. 05            Payment period ending: 02-24-03                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.         393,287.15            0.00                      
2.a. Extra Work                                                                         
  b. Adjustment Comp.                    -4,275.29            0.07                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention          389,011.86            0.07                      
5. Mobilization                                                                         
6. Total Work Completed      389,011.86                                                 
7. Deductions                                                                           
8. a.Contract Retentions                -19,612.61            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.          19,612.61            0.00                      
9. Total pay to Contractor              389,011.86            0.07                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                                   0.07