Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          05-024-14-01  11-199364                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 100%          99%                             
11-IMP-111-13.0/22.1                    Federal Project:                                
                                     ACNH-P111(65)                                      
                                                                                        
                                                                                        
Progress payment No. 23            Payment period ending: 01-20-05                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  02117                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      11,740,289.29       30,600.00                      
2.a. Extra Work                         629,175.43       18,994.98                      
  b. Adjustment Comp.                   225,713.90      -10,000.64                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       12,595,178.62       39,594.34                      
5. Mobilization                         630,000.00            0.00                      
6. Total Work Completed   13,225,178.62                                                 
7. Deductions                           -27,387.24            0.00                      
8. a.Contract Retentions               -629,758.93       -1,979.72                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           12,568,032.45       37,614.62                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       629,750.00                                                  
12. Net Pymt. this Estimate                              37,614.62