Contents About the Company Northwest Pipe Company manufactures welded steel pipe in two business segments. Its Water Transmission Group is a leading supplier of large diameter, high- pressure steel pipe products that are used primarily for water transmission in the United States and Canada. Its Tubular Products Group manufactures smaller di- ameter, electric resistance welded steel pipe for a wide range of construction, energy, agricultural, industrial and mechanical applications. The company is head- quartered in Portland, Oregon. 1. Financial Highlights 2. Letter to Shareholders 4. Water Transmission Group 6. Tubular Products Group 8. Financial Contents 27. Report of Independent Accountants 28. Officers/Board of Directors 29. Investor Information