Granite on Joint Venture Team to Design and Build $917 Million Loop 202 South Mountain Freeway Project in Arizona

Granite Construction Incorporated (NYSE:GVA) announced today that the joint venture team comprised of Granite Construction Company, Fluor Corporation and Ames Construction has been awarded a $917 million contract by the Arizona Department of Transportation (ADOT) to build the Loop 202 South Mountain Freeway in Phoenix, Arizona. Granite will book its 31% share, or approximately $284 million, of the project into backlog during the first quarter of 2016.

The joint venture team will be responsible for the design and build of a new 22-mile stretch of the Loop 202 South Mountain Freeway from the I-10 Maricopa Freeway to the I-10 Papago Freeway, as well as the maintenance for the next 30 years. The South Mountain Freeway is the last piece to complete the Loop 202 and Loop 101 freeway system necessary for high-quality mobility throughout the region.

When complete, the freeway will have eight lanes, three general purpose lanes and one high occupancy vehicle lane in each direction. Scope of the project also includes 59 bridges, flyover ramps and five multi-use crossings.

The project is funded by a combination of Regional Area Road Fund revenues, Highway User Revenue Funds and federal funds dedicated to Maricopa County and ADOT. Construction is scheduled to begin in the summer of 2016, with the freeway open to traffic by early 2020. For more information visit the ADOT Loop 202 South Mountain Freeway project website.

About Granite

Through its offices and subsidiaries nationwide, Granite Construction Incorporated (NYSE:GVA) is recognized as one of the largest diversified construction companies and construction materials producers in the U.S. Granite is an award-winning firm in safety, quality and environmental stewardship, and has been named one of the World's Most Ethical Companies for seven consecutive years. Granite is listed on the New York Stock Exchange and is part of the S&P MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell 2000 Index. For more information, visit graniteconstruction.com.

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