Fourth Quarter

INVESTOR UPDATE

2014MARCH 2015

Morning Drive Bridge Project | Bakersfield, CA1

SAFE HARBORStatements made in this presentation are not based on historical facts, including statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results, that may be forward looking in nature. Under the Private Securities Litigation Reform Act of 1995, a “safe harbor” may be provided to us for certain of these forward‐looking statements. Words such as “future,” “outlook,”  “believes,”  “expects,”  “appears,”  “may,”  “will,”  “should,”  “anticipates,” “estimates,” “intends,” “plans,” “could,” “would,” “continue,” or the negative thereof or comparable terminology, are intended to identify these forward‐looking statements.  In addition, other written or oral statements which constitute forward‐looking statements have been made and may in the future be made by or on behalf of Granite. These forward‐looking statements are estimates reflecting the best judgment of our senior management and are based on our current expectations and projections concerning future events, many of which are outside of our control, and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward‐looking statements. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. Factors that might cause or contribute to such differences include, but are not limited to, those risks described in the Company’s Annual Report on Form 10‐K under “Item 1A. Risk Factors” and in “Part II, Item 1A. Risk Factors” in the Quarterly Report on Form 10‐Q. Except as required by law, we undertake no obligation to revise or update any forward‐looking statements for any reason. As a result, the audience is cautioned not to place undue reliance on these forward‐looking statements, which speak only as of the date of this presentation. Except as required by law, we undertake no obligation to revise or update any forward‐looking statements for any reason.

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VISION

To be one of America's leading infrastructure companies

Proud to be one of the World’s Most

Ethical Companies

years in a row63

CONSTRUCTION INDUSTRY SUSTAINABILITY LEADER

Commitment to: Safety & Health Compliance & Ethics Community Employees Environment Sustainable Infrastructure Quality

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FUNDING & FINANCING ENVIRONMENT

Federal State & Local

Private

P3s

TIFIA* and P3s* driving growth opportunities* Transportation Infrastructure Finance and Innovation Act; Public‐Private Partnerships. 5

MARKET ENVIRONMENT

Geography End Market

Public & Private

Strategy

Diversification drives synergies6

EXECUTING ON STRATEGIC PLAN

TRANSFORM and GROW thevertically-integratedbusiness

GROWthe large projects business

GROW through diversification

OPTIMIZEour business

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EXECUTING ON STRATEGIC PLANTRANSFORM and GROW the vertically-integrated business

Focus on:• Execution • Cost-efficiency opportunities • New, expanded customer relationships• Expansion of VI footprint

More than 750 million tons of permitted aggregate reserves (owned and leased)

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EXECUTING ON STRATEGIC PLANGROW the large projects business

Focus on:• Proactive business development• Growing capabilities• Alternative procurement• Project selection

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EXECUTING ON STRATEGIC PLANGROW through diversification

Power

Water & Wastewater 

Oil & Gas

Mining

Underground

Tunneling 

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Transportation Infrastructure

Pavement Preservation

Construction Materials 

Federal Contracting 

EXECUTING ON STRATEGIC PLANOPTIMIZE our business

Focus on:• National Purchasing• Continuous Improvement

Challenging ourselves to be better every day

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EXECUTING ON STRATEGIC PLAN

TRANSFORM and GROW thevertically-integratedbusiness

GROWthe large projects business

GROW through diversification

OPTIMIZEour business

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REVENUE

$1.8$2.0

$2.1$2.3 $2.3

2010 2011 2012 2013 2014

$178

$248 $235

$185

$250

2010 2011 2012 2013 2014

10% 12% 11% 8% 11%

TotalCompany$2.3B

GROSS PROFIT

Total Company$250M

SG&A

Total Company$204M

$192 $162

$185 $200 $204

2010 2011 2012 2013 2014

11% 8% 9% 9% 9%

Years Ended December 31; percentages represent gross profit margin and selling, general & administrative expenses as a percent of revenue.13

$358M Cash and Cash Equivalents

Net IncomePer Share$0.64

NET INCOME

Total Company$25M

$ PER SHARE CASH

($59)

$51 $45

($36)

$25

2010 2011 2012 2013 2014

($1.56)

$1.31 $1.15

($0.94)

$0.64

2010 2011 2012 2013 2014

$396 $407 $433

$346 $358

2010 2011 2012 2013 2014

Years Ended December 31

2011 2012 20142011 2012 2014

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$1.9B $2.0B

$1.7B

$2.5B$2.7B

2010 2011 2012 2013 2014

Total Company$2.7B

BACKLOGGlenn HWY 172-189 Rehabilitation | AK

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LARGE PROJECTSIn Large Projects teaming arrangements over next couple years$19B

Amtrak New Haven-Springfield Connecticut

I-75 at SR 50 Florida

Harbor Bridge US 181 Texas

Asheboro Bypass North Carolina

Project Neon Nevada

Loop 202 So. Mountain Fwy Arizona

Purple Line - Light Rail Maryland

Grand Parkway Texas

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CONSTRUCTION

In Construction projects bidding in March 2015$300M

Market St. S. Springs, Utah

Highway 101 Realignment Santa Clara, CA

I-290 Interchange Itasca, IL

Runway Repairs Columbus. OH

Marcellus Area Improvements Marcellus, PA

I-5/116th NE Interchange Tulalip, WA

Parks Highway Anchorage, AK

Northern Lights Anchorage, AK

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AppendixNote: The reader is cautioned that any non-GAAP financial measures provided by the Company are provided in addition to, and not as alternatives for, the Company's reported results prepared in accordance with GAAP. Items that may have a significant impact on the Company's financial position, results of operations and cash flows must be considered when assessing the Company's actual financial condition and performance regardless of whether these items are included in non-GAAP financial measures. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures provided by the Company may not be comparable to similar measures provided by other companies.

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Earnings Before Interest Taxes Depreciation & Amortization (EBITDA)

2014 2013Net income (loss) attributable to Granite Construction Incorporated 25,346$ (36,423)$

Depreciation, depletion and amortization expense(2) 68,252 72,899

Provision for (benefit from) income taxes 19,721 (19,263)

Interest expense, net of interest income 12,287 12,601EBITDA(1) 125,606$ 29,814$

Consolidated EBITDA Margin 5.5 % 1.3 %

Years Ended December 31,

(1)We define EBITDA as GAAP net income (loss) attributable to Granite Construction Incorporated, adjusted for interest, taxes, depreciation, depletion and amortization. We believe this non-GAAP financial measure and the associated margin are useful in evaluating operating performance and are regularly used by security analysts, institutional investors and other interested parties in reviewing the Company. (2)Amount includes the sum of depreciation, depletion and amortization which are classified as Cost of Revenue and Selling, General and Administrative expenses in the consolidated statements of operations of Granite Construction Incorporated.

Non-GAAP Information

(in thousands)

Adjusted EBITDA1

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Eglinton-Scarborough Crosstown LRT Tunnels | Toronto , Canada

Ron BotoffDirector of Investor Relations

O: (831) 728-7532E: ronald.botoff@gcinc.com

Fourth Quarter

INVESTOR UPDATE

2014MARCH 2015