FOR IMMEDIATE RELEASE July 25, 2012

CONTACT: Karie Reuther (951) 304-9283

GRANITE SUBMITS REVISED APPLICATION FOR SMALLER LIBERTY QUARRY

Scaled-down project includes unprecedented per-ton fee to Riverside Countys General Fund, will generate 662 jobs and significantly fewer environmental impacts. RIVERSIDE COUNTY Granite Construction Company today submitted a revised application to the County of Riverside for a smaller Liberty Quarry project that will substantially reduce the projects potential environmental impacts while continuing to provide hundreds of millions of dollars in County revenue. The revised Liberty Quarry Project is smaller and its potential impacts are less than those of the original project as studied in the Liberty Quarry EIR which was certified by the Riverside County Board of Supervisors in May. Changes in the application for the revised project include: Establishment of a proposed $0.20 per ton fee that will generate $92 million in new revenue for Riverside County of which an estimated $61.3 million will be paid by San Diego County users 30% reduction in life of the project (25 fewer total years) 20% reduction in maximum truck trips per day (160 fewer truck trips/day) 25% reduction in maximum aggregate production over the life of the project (reduced from 235 million to 174 million tons over the life of the project) 20% reduction in annual production (1 million fewer tons per year) 30% reduction in mining depth (300 feet) Mining activity will be restricted to daylight hours only

Reducing the size, production, hours of operation and depth of Liberty Quarry will result in corresponding and significant reductions in the number of truck trips, the project life and the annual tonnage, said Gary Johnson, aggregate resource development manager for Granite Construction. Along with the conventional sales and property taxes, the establishment of an unprecedented perton fee will generate hundreds of millions of dollars in new revenue for Riverside County. Liberty Quarry will generate an estimated 662 on-site, indirect and construction jobs. The revised Liberty Quarry project will create hundreds of new jobs and provide a new source of ongoing revenue for Riverside County to support public safety and other public services, Johnson said. At the same time, this revised proposal substantially reduces the potential environmental impacts of the project. (more)

Granite Submits Revised Application For Smaller Liberty Quarry July 25, 2012 Page 2 of 2

Granite has requested that the Board fast track the project, which is consistent with Board Policy A32 recognizing the value of commercial and industrial development in the county through the provision of employment opportunity, support for various government services and of the contribution of such investments to the general economic wellbeing of the county. Riverside County Board Policy A32 states that to be eligible for fast-track status, commercial and/or industrial projects must meet certain eligibility requirements. The revised Liberty Quarry project exceeds these requirements which include: Creating more than 75 new, permanent, full-time jobs; Investing more than $10 million in land, building and equipment; or Generating more than $25 million in taxable sales annually

Liberty Quarry will produce construction-grade aggregate literally the building blocks for freeways, schools, hospitals and numerous other infrastructure needs. The Department of Conservation has reported that Riverside County will run out of this material in the next 10-20 years if no new sources are permitted. The project has received support from numerous cities, chambers of commerce and civic organizations that praise the benefits of Liberty Quarry to the regions economy, traffic and air quality. The County Board of Supervisors certified the Environmental Impact Report for the original project in May 2012.

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