Granite Part of Team to Reach Financial Close on I-4 Ultimate Project in Florida

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite Construction Incorporated (NYSE:GVA) today announced financial close and contract signing for the I-4 Ultimate project in Florida. The construction joint-venture team comprised of Skanska USA Civil Southeast, Inc., Granite Construction Company and the Lane Construction Corporation is part of the I-4 Mobility Partners team—the concessionaire selected by the Florida Department of Transportation (FDOT) as the best value proposer for this public-private partnership contract. Granite will book its 30 percent share of the $2.32 billion design and construction contract into backlog in the third quarter of 2014.

The I-4 Ultimate project is a public-private partnership concession agreement to design, build, finance, operate and maintain 21 miles of I-4 from west Kirkman Road in Orange County to east of State Road 434 in Seminole County. The I-4 Ultimate project includes reconstructing 15 major interchanges; constructing more than 140 bridges; adding four variable priced toll Express Lanes in the median; and completely rebuilding the general use lanes along the entire corridor. The express lanes will be operated with variable tolls which will be adjusted to improve traffic flow throughout the corridor. FDOT will retain the revenue and will control the toll rates.

Construction will begin in the first quarter of 2015 and is estimated to be completed by 2021. The concession length is 40 years. For more information, visit www.I4Ultimate.com.

About Granite

Through its offices and subsidiaries nationwide, Granite Construction Incorporated (NYSE: GVA) is one of the nation’s largest infrastructure contractors and construction materials producers. Recognized as one of the top 25 largest construction companies in the U.S., Granite specializes in complex infrastructure projects, including transportation, industrial and federal contracting, and is a proven leader in alternative procurement project delivery. Granite is an award-winning firm in Safety, Quality and Environmental Stewardship, and has been honored as one of the World’s Most Ethical Companies by Ethisphere Institute for five consecutive years. For more information, visit www.graniteconstruction.com.

Note to editors: High-resolution images are available for download at www.I4Ultimate.com.

For I-4 Ultimate media inquiries, contact Steve Olson, (386) 943-5479 or steve.olson@dot.state.fl.us

Granite Construction Incorporated
Investors
Ronald Botoff, 831-728-7532
Media
Jacque Fourchy, 831-761-4741

Source: Granite Construction Incorporated