2019 ANNUAL MEETING OF SHAREHOLDERS

JUNE 6, 2019

Lost Creek Dam Modifications

Strawberry Valley, CA

AGENDAWELCOME & INTRODUCTIONS

REPORT OF THE SECRETARY

PRESENTATION OF BALLOT ITEMS

ELECTION RESULTS

CEO PRESENTATION

GRANITE IS AMERICA’S INFRASTRUCTURE COMPANY™ 2018 ANNUAL REPORT & 2019 PROXY STATEMENT

Albany Park Stormwater Diversion Tunnel

Chicago, IL

President & Chief Executive OfficerJim Roberts

Honolulu Authority for Rapid Transit

(HART) Elevated Guideway and Stations

Honolulu, HI

SAFE HARBORAny statements contained in this presentation that are not based on historical facts, including statements regarding future events, occurrences, circumstances, activities, performance, growth, demand, strategic plans, outcomes, guidance, backlog, Committed and Awarded Projects (CAP), and results, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “future,” “outlook,” “assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,” “plans,” “appears,” “may,” “will,” “should,” “could,” “would,” “continue,” and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are estimates reflecting the best judgment of senior management and reflect our current expectations regarding future events, occurrences, circumstances, activities, performance, growth, demand, strategic plans, outcomes, guidance, backlog, CAP, and results. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the Securities and ExchangeCommission, particularly those specifically described in our Annual Report on Form 10-K and quarterly reports on Form 10-Q.

Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to placeundue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this presentation and, except as required by law; we undertake no obligation to revise or update any forward-looking statements for any reason.

Welcome, Molly!

6

Granite is in the business of delivering Infrastructure Solutions for public and private clients in the Americas

Infrastructure Solutions are the consistent delivery of ideas, innovations, products and services to power today’s mobile

society and improve the everyday life of our clients

GRANITE IS AMERICA’S INFRASTRUCTURE COMPANYTM

Boldly contending for that which is right…

…and firmly rejecting that

which is wrong.

“

”

ForbesMost Trustworthy Companies

America’s Best Mid-Size Employers

CONSECUTIVE YEARS

CONSECUTIVE YEARS

SAFETYO S H A I N C I D E N T R A T E

2018 & 2019 TARGET

1.02018

GRANITE LEGACY

.952.52.7

2.1 2.1 2.1

1.60

1.11 1.18 1.211.42*

0.78*

0.95

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

* Including 2018 acquisitions of Layne Christensen Company and LiquiForce

0.782019 YTD*

STRATEGIC PLAN FOCUS: 2023

Our employees pursue excellence, know what is expected of them, have proper resources, and are accountable for results

Focus on our People

Consistently and safely provide infrastructure solutions that exceed stakeholder expectations and create value for Granite

Excellence in Execution

Increase the size, diversity, and profitability of our business through acquisition and organic growth

Business Growth & Sustainability

GVASTAKEHOLDER

VALUECREATION

Sustainability is our strategic approach to managing our business with the future in mind.

SUSTAINABILITY

2018 Report available to download: graniteconstruction.com/sustainability

• Safety & Health

• Community

• Our People

• Compliance & Ethics

• Environment – Keep

Granite Green

• Sustainable

Solutions

• Operational Excellence

• Client Alignment

• Innovation

• Infrastructure Investment

• 2018 report just published; transition to annual reporting

• Invested to add Sustainability Specialist to drive Company efforts

• Strategic investment, end-market growth highlights growing

opportunity, responsibility to build sustainable business for

Granite stakeholders

SUSTAINABILITY PILLARS:

GRANITE IS AMERICA’S INFRASTRUCTURE COMPANYTM

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• Per Engineering News-Record, May 2019:• #1 Highways

• #2 Sanitary Storm Sewers

• #4 Domestic Heavy Contractors

• #5 Mining; #5 Sewerage & Solid Waste

• #6 Transportation Contractors; #6 Solar

• #7 Bridges

• #8 Transmission/Distribution

2018 STRATEGIC HIGHLIGHTS

12

• Completed acquisitions of Layne Christensen Company and LiquiForce, valued at more than $600 million

• Re-segmentation aligns financial reporting with strategic end markets• Transportation• Water• Specialty• Materials

• Defeat of California Proposition 6

• Welcomed transition of new senior leadership

2018 Financial Results

Fresno Campus Parkway

Merced, CA

ANNUAL RESULTS

14

R E V E N U E

$3.3BG R O S S P R O F I T

$389M

$2.5

$3.0 $3.3

2016 2017 2018

$301 $315

$389

2016 2017 2018

12.0% 10.5% 11.7%

G R O S S P R O F I T M A R G I N$ revenue in billions, $ gross profit in millions

ANNUAL RESULTS

15

ADJUSTED*

$ PER SHARE

$2.34$ PER SHARE

$0.96

$1.42 $1.71

2016 2017 2018

$2.34

$1.42 $1.71

2016 2017 2018

$0.96

2018*Adjusted EPS up

36.8%

Adjusted EBITDA up 38.9%

$ per diluted share. * FY 2016 and FY 2017 GAAP results; FY 2018 non-GAAP (adjusted) results include acquisition-related expenses. Please refer to the description and reconciliation of non-GAAP measures, including net income, earnings per share, and EBITDA, available at investor.graniteconstruction.com.

$2.3 $2.5 $2.9 $2.8

$0.2 $0.2 $0.1 $0.3

$0.4 $0.8

$0.7 $0.5

$0.7

$2.9 $3.5 $3.7

$4.4

2015 2016 2017 2018

C M G C S P E C I A L T Y WA T E R T R A N S P O R T A T I O N

$ I N B I L L I O N S

TOTAL COMPANY COMMITTED & AWARDED

PROJECTS (CAP)AT DECEMBER 31, 2018

$4.4BCOMMITTED AND AWARDED PROJECTS

* Committed and Awarded Projects includes contract backlog (unearned revenue and other awards) and certain alternative procurement projects.

LOOKING AHEAD IN 2019

17

1

2

3

Strong CAP, strong outlook

Broad-based demand

Strategy driving results

LOOKING AHEAD BEYOND 2019

• Improving State, Local, Municipal funding

• Broad, steady private-sector opportunity set

• Federal: Foundational today, catalyst ahead (FY 2021+)

Q&ATHANK YOU

Investor Contact:

2019 ANNUAL MEETING OF SHAREHOLDERS

JUNE 6, 2019

BuildingValue

Together

lisa.curtis@gcinc.com

Lisa CurtisHead of Investor Relations

(281) 475-2632

Corporate Office:

585 West Beach St.Watsonville, CA 95076

(831) 724-1011

www.graniteconstruction.com

APPENDIXNon-GAAP Financial InformationThe presentation tables contain financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Specifically, management believes that non-GAAP financial measures such as EBITDA and EBITDA margin are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons between companies that have different capital and financing structures and/or tax rates. We are also providing additional non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income attributable to Granite Construction Incorporated and adjusted diluted earnings per share to indicate the impact of non-recurring acquisition, integration, acquired intangible amortization expenses and synergy costs related to the acquisition of Layne Christensen Company and LiquiForce.

Management believes that these additional non-GAAP financial measures facilitate comparisons between securities analysts, institutional investors and other interested parties. However, 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 andcash 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.

CONSOLIDATED BALANCE SHEET

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited - in thousands, except share and per share data)

December 31,

2018

December 31,

2017

ASSETS

Current assets

Cash and cash equivalents $ 272,804 $ 233,711

Short-term marketable securities 30,002 67,775

Receivables, net 473,246 479,791

Contract assets 219,754 —

Costs and estimated earnings in excess of billings — 103,965

Inventories 88,623 62,497

Equity in construction joint ventures 282,229 247,826

Other current assets 48,731 36,513

Total current assets 1,415,389 1,232,078

Property and equipment, net 549,688 407,418

Long-term marketable securities 36,098 65,015

Investments in affiliates 84,354 38,469

Goodwill 259,471 53,799

Other noncurrent assets 131,601 75,199

Total assets $ 2,476,601 $ 1,871,978

LIABILITIES AND EQUITY

Current liabilities

Current maturities of long-term debt $ 47,286 $ 46,048

Accounts payable 251,481 237,673

Contract liabilities 105,449 —

Billings in excess of costs and estimated earnings — 135,146

Accrued expenses and other current liabilities 273,626 236,407

Total current liabilities 677,842 655,274

Long-term debt 335,119 178,453

Deferred income taxes, net 4,317 1,361

Other long-term liabilities 61,689 44,085

Commitments and contingencies

Equity

Preferred stock, $0.01 par value, authorized 3,000,000 shares, none

outstanding — —

Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 46,665,889

shares as of December 31, 2018, and 39,871,314 shares as of December 31, 2017 467 399

Additional paid-in capital 564,559 160,376

Accumulated other comprehensive (loss) income (749) 634

Retained earnings 787,356 783,699

Total Granite Construction Incorporated shareholders’ equity 1,351,633 945,108

Non-controlling interests 46,001 47,697

Total equity 1,397,634 992,805

Total liabilities and equity $ 2,476,601 $ 1,871,978

CONSOLIDATED STATEMENT OF OPERATIONS

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited - in thousands, except per share data)

Three Months Ended December 31, Years Ended December 31,

2018 2017 2018 2017

Revenue

Transportation $ 504,040 $ 524,024 $ 1,976,743 $ 1,947,420

Water 122,299 32,755 338,250 133,699

Specialty 165,470 163,553 626,619 615,818

Materials 100,516 80,942 376,802 292,776

Total revenue 892,325 801,274 3,318,414 2,989,713

Cost of revenue

Transportation 452,396 473,796 1,786,698 1,777,285

Water 103,842 30,257 278,676 121,429

Specialty 139,893 132,843 535,731 528,372

Materials 88,145 63,671 328,117 247,694

Total cost of revenue 784,276 700,567 2,929,222 2,674,780

Gross profit 108,049 100,707 389,192 314,933

Selling, general and administrative expenses 79,439 57,674 272,776 220,400

Acquisition and integration expenses 16,015 — 60,045 —

Gain on sales of property and equipment (2,606) (1,352) (7,672) (4,182

Operating income 15,201 44,385 64,043 98,715

Other (income) expense

Interest income (1,855) (1,386) (6,082) (4,742

Interest expense 4,481 2,703 14,571 10,800

Equity in income of affiliates (1,408) (2,200) (6,935) (7,107

Other expense (income), net 539 (1,878) (1,666) (4,699

Total other expense (income) 1,757 (2,761) (112) (5,748

Income before provision for income taxes 13,444 47,146 64,155 104,463

Provision for income taxes 3,057 11,821 10,414 28,662

Net income 10,387 35,325 53,741 75,801

Amount attributable to non-controlling interests (3,841) (2,552) (11,331) (6,703

Net income attributable to Granite Construction Incorporated $ 6,546 $ 32,773 $ 42,410 $ 69,098

Net income per share attributable to common shareholders

Basic $ 0.14 $ 0.82 $ 0.97 $ 1.74

Diluted $ 0.14 $ 0.81 $ 0.96 $ 1.71

Weighted average shares of common stock

Basic 46,888 39,857 43,564 39,795

Diluted 47,333 40,387 44,025 40,372

Dividends per common share $ 0.13 $ 0.13 $ 0.52 $ 0.52

CONSOLIDATED STATEMENT OF CASH FLOWS

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited - in thousands)

Years Ended December 31, 2018 2017

Operating activities

Net income $ 53,741 $ 75,801

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization 111,544 66,345

Gain on sales of property, equipment and business, net (4,910) (4,182)

Change in deferred income taxes 20,010 (4,824)

Stock-based compensation 14,784 15,764

Equity in net loss from unconsolidated joint ventures 22,688 14,634

Net income from affiliates (6,935) (7,107)

Other non-cash adjustments 4,916 —

Changes in assets and liabilities (129,448) (10,236)

Net cash provided by operating activities 86,390 146,195

Investing activities

Purchases of marketable securities (9,952) (124,543)

Maturities of marketable securities 75,000 120,000

Purchases of property and equipment (111,101) (67,695)

Proceeds from sales of property and equipment 16,238 10,202

Cash paid to purchase businesses, net of cash and restricted cash acquired (55,027) —

Proceeds from the sale of a business 47,812 —

Other investing activities, net (2,568) 2,850

Net cash used in investing activities (39,598) (59,186)

Financing activities

Proceeds from debt 203,250 25,000

Debt principal repayments (153,924) (45,000)

Cash dividends paid (22,424) (20,687)

Repurchases of common stock (16,557) (6,977)

Contributions from non-controlling partners 200 11,500

Distributions to non-controlling partners (13,275) (7,109)

Other financing activities, net 856 649

Net cash used in financing activities (1,874) (42,624)

Net increase in cash, cash equivalents and restricted cash 44,918 44,385

Cash and cash equivalents and restricted cash of $0 at beginning of each period 233,711 189,326

Cash, cash equivalents and restricted cash of $5,825 and $0 at end of period $ 278,629 $ 233,711

EBITDA RECONCILIATION

GRANITE CONSTRUCTION INCORPORATED

EBITDA(1)

(Unaudited - dollars in thousands)

Three Months Ended Years Ended

December 31, December 31,

2018 2017 2018 2017

Net income attributable to Granite Construction Incorporated $ 6,546 $ 32,773 $ 42,410 $ 69,098

Depreciation, depletion and amortization expense(2) 33,728 17,823 111,544 66,345

Provision for income taxes 3,057 11,821 10,414 28,662

Interest expense, net of interest income 2,626 1,317 8,489 6,058

EBITDA $ 45,957 $ 63,734 $ 172,857 $ 170,163

EBITDA margin(3) 5.2% 8.0% 5.2% 5.7%

Acquisition and integration expenses and synergy costs(4) $ 17,586 $ — $ 63,623 $ —

Adjusted EBITDA(1) $ 63,543 $ 63,734 $ 236,480 $ 170,163

Adjusted EBITDA margin(1) 7.1% 8.0% 7.1% 5.7%

(1)We define EBITDA as GAAP net income attributable to Granite Construction Incorporated, adjusted for net interest expense,

taxes, depreciation, depletion and amortization. Adjusted EBITDA and adjusted EBITDA margin exclude the impact of acquisition

and integration expenses and synergy costs.

(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.

(3)Represents EBITDA divided by consolidated revenue of $892.3 million and $3.32 billion for three months and year ended

December 31, 2018, respectively, and $801.3 million and $2.99 billion for the three months and year ended December 31, 2017,

respectively.

(4)Amount includes expenses related to external transaction costs, professional fees, internal travel, and synergy costs

associated with the acquisition and integration of Layne Christensen Company and LiquiForce. Synergy costs include expenses

incurred which will be eliminated as the integration of Layne and LiquiForce is completed.

ADJUSTEDNET INCOME & EPS RECONCILIATION

GRANITE CONSTRUCTION INCORPORATED

ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE(1)

(in thousands, except per share data)

Three Months Ended Years ended

December 31, December 31,

2018 2017 2018 2017

Income before provision for income taxes $ 13,444 $ 47,146 $ 64,155 $ 104,463

Acquisition and integration expenses and synergy costs 17,816 — 63,853 —

Amortization expense on acquired intangible assets 5,233 — 12,387 —

Adjusted income before provision for income taxes (1) $ 36,493 $ 47,146 $ 140,395 $ 104,463

Provision for income taxes $ 3,057 $ 11,821 $ 10,414 $ 28,662

Tax effect of the acquisition and integration expenses, synergy costs and acquired intangible amortization expenses (2) 6,004 — 15,834 —

Adjusted provision for income taxes $ 9,061 $ 11,821 $ 26,248 $ 28,662

Net income attributable to Granite Construction Incorporated $ 6,546 $ 32,773 $ 42,410 $ 69,098

After-tax acquisition and integration expenses, synergy costs and acquired intangible amortization expenses 17,045 — 60,406 —

Adjusted net income attributable to Granite Construction Incorporated $ 23,591 $ 32,773 $ 102,816 $ 69,098

Diluted net income per share attributable to common shareholders $ 0.14 $ 0.81 $ 0.96 $ 1.71

After-tax acquisition and integration expenses, synergy costs and acquired intangible amortization expenses 0.36 — 1.38 —

Adjusted diluted net income per share attributable to common shareholders(1) $ 0.50 $ 0.81 $ 2.34 $ 1.71

(1) Amount includes expenses related to external transaction costs, professional fees, internal travel, and synergy costs associated with the acquisition and

integration of Layne Christensen Company and LiquiForce. Synergy costs include expenses incurred which will be eliminated as the integration of Layne and

LiquiForce is completed. Adjusted net income and diluted earnings per share exclude the impact of acquisition and integration expenses, synergy costs and

acquired intangible amortization.

(2)The tax effect of the acquisition and integration expenses, synergy costs and acquired intangible amortization expenses was calculated using the Company’s

estimated 2018 annual statutory tax rate.