Granite Awarded $56 Million Streetcar Project In Arizona

Please replace the release with the following corrected version due to multiple revisions.

The corrected release reads:

GRANITE JOINT-VENTURE TEAM AWARDED $56 MILLION STREETCAR PROJECT IN ARIZONA

Granite Construction Incorporated (NYSE:GVA) announced today that the joint-venture Old Pueblo Trackworks, comprising Granite and RailWorks Track Systems, has been awarded a $56 million contract by the City of Tucson to build the first federally-funded streetcar project in more than 60 years. Granite will book its share, approximately $29 million, into backlog during the first quarter of 2012.

The new 4-mile electric light-rail system will provide transportation through the city’s main corridor. The project consists of new concrete streetcar guideways, 22 covered stops for accessibility, the reconstruction of existing roadways, including the modification and replacement of water systems and other associated utility improvements.

The project will serve more than 100,000 people who live and work along the streetcar corridor. Work is underway and is expected to be completed by summer 2013.

About Granite

Granite is one of the nation’s leading infrastructure contractors and is a member of the S&P 400 Midcap Index, the FTSE KLD 400 Social Index and the Russell 2000 Index. Through its wholly owned subsidiary, Granite is one of the nation’s largest diversified heavy civil contractors and construction materials producers serving public- and private-sector clients nationwide. In addition, Granite has one of the oldest and most robust ethics and compliance programs in the industry and has been recognized by the Ethisphere Institute as one of the World’s Most Ethical Companies list for three consecutive years. For more information please visit www.graniteconstruction.com .

Copyright Business Wire 2010

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