Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          07-024-08-38  06-407204                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  24%          28%                             
06-MAD-99-9.1/9.8                    Federal Project:                                   
06-MAD-145-8.9/9.2                                     NH                               
                                                                                        
                                                                                        
Progress payment No. 03            Payment period ending: 01-20-07                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 95077                                                                    
                                                                                        
                                                                                        
Escrow No.  00000                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       1,313,921.58      715,357.10                      
2.a. Extra Work                                                                         
  b. Adjustment Comp.                       -73.47          -73.47                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention        1,313,848.11      715,283.63                      
5. Mobilization                          85,500.00       18,000.00                      
6. Total Work Completed    1,399,348.11                                                 
7. Deductions                                                                           
8. a.Contract Retentions               -116,705.71      -56,849.26                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor            1,282,642.40      676,434.37                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow             0.00                                                  
12. Net Pymt. this Estimate                             676,434.37