-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QHHwfrsMEhHcZdjbK7NYNQXIgZaeghRaNMEgDtYLHSrD56jNwj8LoQyqp77LbmkZ
 QpTxOF4Wigx3GPzgiqjmAQ==

<SEC-DOCUMENT>0001193125-10-268872.txt : 20101124
<SEC-HEADER>0001193125-10-268872.hdr.sgml : 20101124
<ACCEPTANCE-DATETIME>20101124165134
ACCESSION NUMBER:		0001193125-10-268872
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20101123
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101124
DATE AS OF CHANGE:		20101124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORTHWEST PIPE CO
		CENTRAL INDEX KEY:			0001001385
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL PIPE & TUBES [3317]
		IRS NUMBER:				930557988
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27140
		FILM NUMBER:		101215515

	BUSINESS ADDRESS:	
		STREET 1:		5721 SE COLUMBIA WAY
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98661
		BUSINESS PHONE:		3603976250

	MAIL ADDRESS:	
		STREET 1:		5721 SE COLUMBIA WAY
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98661
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>PURSUANT TO SECTION 13 OR 15(D) OF THE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>SECURITIES EXCHANGE ACT OF 1934
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of Report (Date of earliest event reported): November&nbsp;23, 2010 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>NORTHWEST PIPE COMPANY </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OREGON</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>0-27140</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>93-0557988</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>File Number)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(I.R.S. Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>5721 SE Columbia Way, Suite 200
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Vancouver, WA 98661 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(360) 397-6250 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address, including zip code, and telephone number,
including area code, of registrant&#146;s principal executive offices) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;2.02.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RESULTS OF OPERATIONS AND FINANCIAL CONDITION </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On November&nbsp;23, 2010, Northwest Pipe Company (the &#147;Company&#148;) held a telephone conference call (the &#147;Earnings Conference Call&#148;) to discuss its financial results for the quarter and
the nine months ended September&nbsp;30, 2010, and its expectations as to future financial results, which were announced in a press release issued November&nbsp;16, 2010. A copy of the transcript of the Earnings Conference Call is filed herewith as
Exhibit No.&nbsp;99.1 and incorporated by reference herein. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FINANCIAL STATEMENTS AND EXHIBITS </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibits. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="85%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Transcript of Northwest Pipe Company November&nbsp;23, 2010 Earnings Conference Call.</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on November&nbsp;23,
2010. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NORTHWEST PIPE COMPANY</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Registrant)</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/<SMALL>S</SMALL>/&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>TEPHANIE</SMALL> J.
W<SMALL>ELTY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Stephanie J. Welty,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Senior Vice President and Chief Financial Officer</B></FONT></P></TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>TRANSCRIPT OF EARNINGS CONFERENCE CALL
<TEXT>
<HTML><HEAD>
<TITLE>Transcript of Earnings Conference Call</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>FINAL TRANSCRIPT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Thomson StreetEvents&#153; </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NWPX - Q3 2010 Northwest Pipe Co. Earnings Conference Call </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Event Date/Time: Nov. 23. 2010 / 5:00PM GMT </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us</FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:1px">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ROWSPAN="2" ALIGN="right">


<IMG SRC="g123148ex99_1logo.jpg" ALT="LOGO">
</TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&copy;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior
written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FINAL TRANSCRIPT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Nov. 23. 2010 / 5:00PM, NWPX - Q3 2010 Northwest Pipe Co. Earnings Conference Call </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CORPORATE PARTICIPANTS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Richard Roman </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Northwest Pipe Co.-President, CEO </I></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CONFERENCE CALL PARTICIPANTS </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Operator </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Brent Thielman
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>D.A. Davidson&nbsp;&amp; Co. - Analyst </I></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Scott Graham </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Ladenburg Thalmann - Analyst </I></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PRESENTATION </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Operator
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Welcome and thank you for standing by. At this time, all participants are in a listen-only mode until the question and answer period.
(Operator Instructions). Today&#146;s conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to Mr.&nbsp;Rich Roman. You may begin. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe Co. - President, CEO </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thank you, Jackie.
Welcome to Northwest Pipe&#146;s conference call. My name is Rich Roman, I&#146;m the President and CEO of the Company. I&#146;m joined by Stephanie Welty, our Chief Financial Officer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Before we begin, I would like to remind everyone that the statements we make in this call about our expectations for the future are forward-looking statements, and actual results could differ materially.
Please refer to our most recent SEC filing on Form 10-K for a discussion of risk factors that could cause actual results to differ materially from expectations. In addition, as previously disclosed, the Company&#146;s audit committee and the SEC
have undertaken investigations in two shareholder class action lawsuits, and a shareholder derivative action have been filed against the Company. While these matters are outstanding, we do not intend to comment on specific issues beyond the
disclosure provided in our SEC filing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Now, to turn from the forewarnings to the heart of the presentation. I&#146;m pleased to be here
reporting current period results. It has been more than a year since our last conference call. Because our filings are now current through the third quarter of 2010 and available to you, today we will provide a very quick overview of 2009 and 2010
results, and then bring you current on the business, before we open the call for questions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">To briefly recap our 2009 results, it was a
difficult year which ended with a net loss of $7 million. Water Transmission sales were down 26% and tubular product sales were down 59% compared to 2008. Weak demand resulted in lower volumes and lower selling prices in both business segments.
Water Transmission gross margin remained positive, but at a low level of 8% compared to 17% in 2008. Tubular Products gross margin was negative 7% in 2009, compared to positive 22% in 2008. While 2009 was a difficult year, for comparative purposes,
it is important to note that 2008 was our best year ever in both segments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have seen a meaningful recovery of our business in 2010. For
the nine months ended September&nbsp;30, 2010, sales increased 35% in total, 131% in Tubular Products, and 4% in Water Transmission, as public financing issues continue to moderate demand in Water Transmission. Gross margin grew 208% overall. Water
Transmission gross margin was 11% for the first nine months of 2010, compared to 8% for the first nine months of 2009. Volume was up 17%, and selling prices were down 11%. Water Transmission incurred a $3 million lower cost to market charge in the
first nine months of 2009, compared to a $400,000 benefit in 2010. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ROWSPAN="2" ALIGN="right">


<IMG SRC="g123148ex99_1logo.jpg" ALT="LOGO">
</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&copy;2010 Thomson Reuters. All rights reserved. Republication or
redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the Thomson Reuters logo are registered trademarks of Thomson
Reuters and its affiliated companies.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FINAL TRANSCRIPT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Nov. 23. 2010 / 5:00PM, NWPX - Q3 2010 Northwest Pipe Co. Earnings Conference Call</B> </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tubular Products gross margin was 6% in the first nine months of 2010 compared to a gross loss of 9% in
the first nine months of 2009. Volume increased 148%, while selling prices decreased 7%. Tubular Products incurred a $2 million lower cost to market charge in the first nine months of 2009 compared to a $600,000 benefit in 2010. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Selling, general and administrative costs were $21 million in the first nine months of 2010, compared to $15 million in 2009. Professional fees increased
$5 million, and Tubular Products sales agent fees increased $1 million. Interest expense was $5 million and $4 million in the first nine months of 2010 and 2009 respectively. The increase was primarily the result of higher interest rates.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our effective tax rate for the first nine months of 2010 was 41%. As pretax income moves from a loss to income, the effective permanent tax
deductions and credits can result in unusual rates on small absolute dollars of tax provision or benefit. In the nine months ended September&nbsp;30th, 2010, the Company used $36 million in cash to support the growth of the business, driven
primarily by trade and other receivables which grew $37 million. Capital expenditures in the first nine months of 2010 were $16 million, principally for the Bossier City facility and depreciation expense was $5 million. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Turning to the most recent quarter, net sales in the third quarter of 2010 were $113 million, an 84% improvement over net sales of $61 million in the
third quarter of 2009. Water Transmission sales increased to $59 million in the third quarter of 2010, from $47 million in the third quarter of 2009, and Water Transmission gross profit increased to $7 million in the third quarter of 2010, from
$400,000 in the third quarter of 2009. Tubular Products sales increased to $53 million in the third quarter of 2010, from $14 million in the third quarter of 2009, and Tubular Products gross profit increased to $4 million in the third quarter of
2010 from a gross loss of $3 million in the third quarter of 2009. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">SG&amp;A in the third quarter of 2010 was $8 million compared to $5
million in 2009. Professional fees again increased $2 million, and sales agent fees for Tubular Products increased $500,000. Net income for the third quarter of 2010 was $693,000 or $0.07 a share, compared to a loss of $5 million or $0.59 a diluted
share in the third quarter of 2009. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of September&nbsp;30th, 2010, our backlog was approximately $252 million. Water Transmission bookings
since September of 2009 include nine jobs with contract values over $5 million. The largest jobs were the following, and I&#146;ll just name half a dozen of them or so. But these are the most significant jobs since September of 2009. The Provo Canal
job in Utah, with a project value now of $61 million. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">A project for the North Texas Municipal Water District of $15 million. A couple
problems in the Bay Area, a Bay Division Pipeline for $14 million and a Bay Division reliability upgrade for $13 million. Project in New York, the Verazano Narrows Tunnel Crossing for $11 million. And another project in Texas, Carroll North and
South Pipeline for $10 million. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Those are the most significant of the jobs that we have put into backlog, some of which we&#146;re currently
working on since September of 2009. We have reopened our Pleasant Grove, Utah facility to produce the Provo Canal project. We expect to complete that job in December of next year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In 2009, we saw substantial pressure on selling prices in the Water Transmission business. Although we have recently seen a trend towards higher selling prices per ton, there are jobs at lower margins
that remain in backlog. Consequently, we expect to see varying margins until the older backlog is completed. In Tubular Products, our energy products comprise approximately 70% of sales in the third quarter of 2010. Demand for these products is
driven by drilling activity which has been relatively strong this year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Demand for other Tubular Products is driven by nonresidential
construction, manufacturing and highway spending, which have all been soft recently. However, the strength in energy pipe demand has kept Tubular Products growing through this year. Our plant in Bossier City, Louisiana is now up and running and
responsible for a significant portion of the volume growth in Tubular Products. However, our production ramp has been slower than anticipated and we continue to work through yield issues. There is still capacity available at this facility for
additional modest growth in 2011. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ROWSPAN="2" ALIGN="right">


<IMG SRC="g123148ex99_1logo.jpg" ALT="LOGO">
</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&copy;2010 Thomson Reuters. All rights reserved. Republication or
redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the Thomson Reuters logo are registered trademarks of Thomson
Reuters and its affiliated companies.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FINAL TRANSCRIPT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Nov. 23. 2010 / 5:00PM, NWPX - Q3 2010 Northwest Pipe Co. Earnings Conference Call</B> </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In conclusion, overall I am very pleased to be current with our financial reporting and talking with
investors again, especially discussing our 2010 recovery in sales and earnings. We expect Water Transmission sales to remain stable in the fourth quarter, and grow modestly in the first half of 2011 compared to 2010. We expect Tubular Products sales
will also be stable in the fourth quarter but we expect sales in the first half of 2011 will be stronger as compared to the first half of 2010, primarily due to the additional capacity brought into production in Bossier City over the course of 2010.
At this time, we would be happy to answer any questions that you may have. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>QUESTIONS AND ANSWERS </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Operator </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Operator Instructions). Our
first question comes from Brent Thielman. Your line is open. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Brent Thielman</B><I> - D.A. Davidson&nbsp;&amp; Co. - Analyst </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Hi. Good morning. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe Co. - President, CEO </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Good morning. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Brent Thielman</B><I> - D.A. Davidson&nbsp;&amp; Co. - Analyst </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A question on the backlog. I mean, obviously strong levels, you&#146;re back near historical peak levels, although your guidance sort of suggests modest Water Transmission sales growth over the next few
quarters. Can you help me understand the disparity there? </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe Co. - President, CEO </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Yes. And maybe the easiest way, Brent, to understand is to look at the breakdown of the backlog. You commented that at $252 million, it&#146;s a very strong backlog. But if we look at the breakdown
between Tubular Products and Water Transmission, you&#146;ll see that we had a total of &#151; if we go back to the number that we reported to you in the fourth quarter of 2009, we had a total of $222 million if you remember that from the K.
We&#146;re now up to $251 million. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Well, in Q4 of 2009, of the $222 million, $200 million of it was in Water Transmission. Today &#151; or at
the end of the third quarter. Of the $252 million that we just reported, $188 million of it is in Water Transmission so we&#146;ve seen significant growth in the backlog in Tubular Products. We&#146;ve seen let&#146;s just say a moderation in what
we have in Water Transmission. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Brent Thielman</B><I> - D.A. Davidson&nbsp;&amp; Co. - Analyst </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Okay. That&#146;s helpful. And then on the &#151; I guess in terms of Water Transmission, sort of the current bidding environment, maybe an update there, what you&#146;ve seen since the end of the quarter
and then I guess also, are you seeing sort of embedded margins on contracts returning to more favorable levels? </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ROWSPAN="2" ALIGN="right">


<IMG SRC="g123148ex99_1logo.jpg" ALT="LOGO">
</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&copy;2010 Thomson Reuters. All rights reserved. Republication or
redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the Thomson Reuters logo are registered trademarks of Thomson
Reuters and its affiliated companies.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FINAL TRANSCRIPT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Nov. 23. 2010 / 5:00PM, NWPX - Q3 2010 Northwest Pipe Co. Earnings Conference Call</B> </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe Co. - President, CEO </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I would say that first of all, with regard to the rest of the quarter, there&#146;s actually more activity, there&#146;s more things bidding than is
typically the case. Certainly was the case in 2009. So we&#146;re encouraged by the level of bidding activity in general. However, in terms of talking about whether we have returned to historical margins, I would say that the jury is still out in
that regard, and that this is not a case where we&#146;re seeing consistently better margins. We certainly have seen better margins in some of the projects that have bid more recently but I would say that the story is not one of consistently better
margins. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Brent Thielman</B><I> - D.A. Davidson&nbsp;&amp; Co. - Analyst </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Okay. And then a
question on receivables. You did see a jump-up there relative to where you were in the second quarter. Is that </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151; I guess is that
indicative of the Tubular Products business or the Water Transmission segment? </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe
Co. - President, CEO </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Well, sometimes, you have to remember with regard to receivables, it&#146;s a little bit of a question of when we
bill our customers, because on the Water Transmission side, those costs get hung up in [CEEEB], and when we bill they finally go to AR. Sometimes what happens is that you have a disproportionate amount of billing that actually occurs, and transfers
a greater amount of CEEEB into accounts receivable. So your analysis or one of the analyses that should be done is a combination of those factors together, so you don&#146;t just see one going down and the other one going up and think that
there&#146;s an anomaly there. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Brent Thielman</B><I> - D.A. Davidson&nbsp;&amp; Co. - Analyst </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Sure, sure. Okay, and then just one last one for me. How are you feeling about, if you have sufficient availability under your current credit agreement for working capital needs going forward? </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe Co. - President, CEO </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes, we do. We are in
pretty good shape vis-a-vis availability under our line. As we have disclosed, we have been restricted and the first round of that restriction has come off so now we&#146;re back up to $117.5 million of availability but we won&#146;t go back up to
$125 million until this spring, until after we report our first quarter earnings. But the $117 million, we are projecting is more than adequate to meet our needs for the next six months. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Brent Thielman</B><I> - D.A. Davidson&nbsp;&amp; Co. - Analyst </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Okay. Great. Thank
you. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Operator </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our next question comes from Jack Graham. Your line is open. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe Co. - President, CEO </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jack? </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>4</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ROWSPAN="2" ALIGN="right">


<IMG SRC="g123148ex99_1logo.jpg" ALT="LOGO">
</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&copy;2010 Thomson Reuters. All rights reserved. Republication or
redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the Thomson Reuters logo are registered trademarks of Thomson
Reuters and its affiliated companies.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FINAL TRANSCRIPT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Nov. 23. 2010 / 5:00PM, NWPX - Q3 2010 Northwest Pipe Co. Earnings Conference Call</B> </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Operator </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Check your mute button. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Scott Graham</B><I> - Ladenburg Thalmann
- - Analyst </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you&#146;re talking about Scott Graham, I&#146;m here. Okay. Well, I guess you are. So I do have a couple questions for you,
and we kind of in the conference call comments maybe skipped over some things that I thought you would have covered. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This is the first time
you&#146;re talking to investors in over a year, and I was never under the impression it was going to take this long, nor affect as many accounts as it did, and I was kind of wondering if you could walk us through what seemed to be a percentage of
completion accounting issue in Water Transmission, and those are my words, by the way, but to something that extended into not only both businesses but to five different classifications of restatements. With that in mind, maybe you cannot just only
walk us through there, but tell us specifically why we feel we&#146;ve spent enough money now to get that behind us, and whether we can stay compliant going forward? </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe
Co. - President, CEO </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">When you say, Stay compliant, you mean with regard to reporting to the SEC? </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Scott Graham</B><I> - Ladenburg Thalmann - Analyst </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Well, in fairness, you filed
your financials and then you missed the third quarter filing as well. So I think going forward, I just was curious as to whether we&#146;re kind of done with that, whether we stay on time from here on in and certainly the first question is actually
a lot more important. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe Co. - President, CEO </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Yes. Well, and let me just deal with the last one briefly. We finally got into position to submit our filings, get current on November&nbsp;4, and it was the &#151; really the effort that went into
getting the prior three Qs, which were delinquent, as well as the 10-K filed on November&nbsp;4, which left us with inadequate resource to file by the initial due day, although we filed within the extension, so we still filed on time, technically.
But we just didn&#146;t &#151; we didn&#146;t have enough resource to do what we did, to get everything current by the 4th, and then hit the &#151; I can&#146;t remember what the original date was. It was like the 8th or the 9th. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">So going forward, though, we should be in good shape because we&#146;re not going to have a confluence of those events again. Now to go back to your
first question, spending time with what the adjustments were. We can certainly do that. The easiest way to do it is simply to turn to note two of the 10-K and we can talk about each of the adjustments if that&#146;s what you want to do. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Scott Graham</B><I> - Ladenburg Thalmann - Analyst </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">No, that&#146;s not really what
I&#146;m asking. I&#146;m asking what seemed to be a percentage of completion accounting issue, maybe kind of a local, one kind of issue and how you kind of &#151; how did it end up &#151; how were the controls in places kind of conducive to the
number of different accounts that were affected in the restatements? </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>5</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ROWSPAN="2" ALIGN="right">


<IMG SRC="g123148ex99_1logo.jpg" ALT="LOGO">
</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&copy;2010 Thomson Reuters. All rights reserved. Republication or
redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the Thomson Reuters logo are registered trademarks of Thomson
Reuters and its affiliated companies.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FINAL TRANSCRIPT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Nov. 23. 2010 / 5:00PM, NWPX - Q3 2010 Northwest Pipe Co. Earnings Conference Call</B> </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe Co. - President, CEO </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Well, I think that as I said at the top of the show, I don&#146;t want to get into the specifics of talking about these issues beyond what is in our SEC
filings. So I&#146;m happy to go through what&#146;s in those SEC filings with you, either item nine, the discussion of material weaknesses, or footnote two, the adjustments that were actually made. So to the extent that you need additional
information to expand your understanding of those things, I&#146;m happy to do that. But in terms of going into other detail that relates to what are currently ongoing investigations, I&#146;m not willing to discuss those issues. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Scott Graham</B><I> - Ladenburg Thalmann - Analyst </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Okay. Fair enough. The ongoing
investigations, on a go-forward basis is, what is out there that potentially could change the way things are recorded, what in these ongoing investigations could impact future earnings, would you say? </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe Co. - President, CEO </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I believe that we have
restated our financial statements in accordance with GAAP. So I don&#146;t think that &#151; I&#146;m not aware of any issues that we have not addressed that the ongoing investigation will reveal to all of us for the first time. So I think that we
are now stating our financial statements in accordance with GAAP and I expect that we will be able to continue to do that. We have identified a remediation plan or begun to formulate it, I guess, and the beginnings of that are described in the 10-K
as well in item nine. So it&#146;s those kinds of things that will strengthen the financial reporting process here and allow us to continue to be compliant with regard to our reporting. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Scott Graham</B><I> - Ladenburg Thalmann - Analyst </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Okay. You talked about pricing
&#151; this is my last question of the couple &#151; pricing turning more favorable in water, but clearly budgets on these high ticket pipe projects kind of being restrained a little bit. Glad to see you&#146;re involved in a number of these larger
projects. I guess my question is do you see pricing staying up and stable in water, and if you wouldn&#146;t mind mention it when you&#146;re talking about the tubular business, where it looks like recently OCTG pricing has come off some, and what
the pricing outlook environment is for the two businesses? </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe Co. - President, CEO </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Yes. We can talk a little bit about each of those. The pricing &#151; let&#146;s take the OCTG environment first. The demand in that business arena has been impacted by two things. One is that we have a
restriction on Chinese imports, which is going to &#151; well, it&#146;s actually a duty, but it in effect is a restriction on the imports, which then has dramatically changed the supply equation with regard to pipe available. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">So you have that going in your favor, and you have also going in your favor the fact that the rig count is up significantly, these are oil rigs, the rig
count is up significantly from 2009. So you have two things that are pretty positive there and should continue to mean that we have good demand for OCTG product. However, the energy sector is notoriously volatile and so projecting that out becomes a
little bit problematic. But I would say that certainly nearby, there is a &#151; there has been good demand but a little bit of a softening in the price. But remember, the price of steel has been pretty soft here the last number of months.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Only recently, and this probably within the last month, have seen now a turnaround in where the steel prices are going. So steel prices look
now to be headed back up. Some of what was going on with regard to OCTG pricing had to do with the softness in the steel prices as well. So that&#146;s the OCTG world. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">But to me, the main elements are, what&#146;s the price of steel. What&#146;s the level of import volume? What&#146;s the rig count? And from all of that you can get a fairly decent view of where you
think that business is going, for as long as you think, for example, the rig count is going to be up. And the rig count went in half from the end of 2008 to the middle of 2009. So it can change in a hurry and that&#146;s a problem with projecting in
that business. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ROWSPAN="2" ALIGN="right">


<IMG SRC="g123148ex99_1logo.jpg" ALT="LOGO">
</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&copy;2010 Thomson Reuters. All rights reserved. Republication or
redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the Thomson Reuters logo are registered trademarks of Thomson
Reuters and its affiliated companies.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FINAL TRANSCRIPT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Nov. 23. 2010 / 5:00PM, NWPX - Q3 2010 Northwest Pipe Co. Earnings Conference Call</B> </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Now, to go to the Water Transmission side, clearly steel prices &#151; when we talk about &#151; and
it&#146;s better described in the MD&amp;A than it is in the description that I gave here at the top of the show. But to the extent that steel prices weaken, it does mean that we&#146;re going to see weaker prices in Water Transmission, lower
prices. The real issue in Water Transmission to me is not so much the price of steel, per se, but what is the volume of work in the marketplace. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Because as that volume decreases and so in 2009, you saw a couple things coming together. One is that the price of steel decreased, and the volume decreased as well. When the volume decreases, you have
not only less &#151; you&#146;ve got less steel price, less volume, but now you also have more competition for less volume, which further impacts the prices. And so that &#151; I mean, that&#146;s really &#151; those factors coming together is
really what happened in 2009. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In 2010, we&#146;ve seen a reversal in the sense that we&#146;ve seen some better demand which has then taken
away some of that lost pressure. That is, the pressure that especially construction firms feel when there&#146;s too little work for everybody to do. So some of that has come back, which has led to better margins in the Water Transmission business.
But as I say, it&#146;s not consistent yet. There certainly are places where we&#146;re getting better margins, but it&#146;s not as it was let&#146;s say in 2007 or 2008. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Scott Graham</B><I> - Ladenburg Thalmann - Analyst </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">That&#146;s helpful. Thank you
for answering most of my questions. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe Co. - President, CEO </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">It was Scott, did you say? </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Scott Graham</B><I> - Ladenburg Thalmann
- - Analyst </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes, it is. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe
Co. - President, CEO </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thanks. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Operator </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Operator Instructions). We have no further questions. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B>Richard Roman</B><I> - Northwest Pipe
Co. - President, CEO </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Okay. Well, thank you all for attending. We appreciate your interest, and we&#146;re glad to be back talking to
people again. We will talk to you in a quarter&#146;s time. I guess it will be less than that. A little less than a quarter&#146;s time. Thanks, now. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Operator </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thank you for joining today&#146;s call. You may disconnect at this time. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ROWSPAN="2" ALIGN="right">


<IMG SRC="g123148ex99_1logo.jpg" ALT="LOGO">
</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&copy;2010 Thomson Reuters. All rights reserved. Republication or
redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the Thomson Reuters logo are registered trademarks of Thomson
Reuters and its affiliated companies.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FINAL TRANSCRIPT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Nov. 23. 2010 / 5:00PM, NWPX - Q3 2010 Northwest Pipe Co. Earnings Conference Call</B> </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DISCLAIMER </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Thomson Reuters reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the conference calls upon which Event Transcripts are based, companies may make projections or other forward-looking statements regarding a variety of
items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks,
which are more specifically identified in the companies&#146; most recent SEC filings. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove
inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY&#146;S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE
MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES THOMSON REUTERS OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE
INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY&#146;S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY&#146;S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&copy;2010, Thomson Reuters. All Rights Reserved. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ROWSPAN="2" ALIGN="right">


<IMG SRC="g123148ex99_1logo.jpg" ALT="LOGO">
</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&copy;2010 Thomson Reuters. All rights reserved. Republication or
redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the Thomson Reuters logo are registered trademarks of Thomson
Reuters and its affiliated companies.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g123148ex99_1logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g123148ex99_1logo.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`(P"D`P$1``(1`0,1`?_$`)P``0`"`@,!`0``````
M```````'"`4&`0,)!`H!`0`"`@,!```````````````!!P8(`@4)!!````8!
M`P,$`0,#!0```````0(#!`4&!P`2"!$3%"$5%A<B,2,),C,E04,F-Q@1``$#
M`P,"!`,$"`<```````(!`P0`$042$P8A%#$B%0?P05%A,B,S<8&1P4(D-1:Q
MT4,T1#87_]H`#`,!``(1`Q$`/P#]W.3,AQF+JB_N$M$V*;9L%F**D;58AQ.S
M2HOWB+)-1&.:]5CHI*+`)S?H4-83[@\Z@>W7&'N49&+/FQF3;%6H;)2'UW#0
M$46QZJ**OF7P2LLX5Q";SGD#7'H$B'%D.B9(Y*=%AE-L%-45PNB*J"J"GBJU
MK'=LDVK9(^<LBH1<I9:S\51Q\@[C+C48IRT:RGC7A595T+3S%VY@6/VDR^*K
MLZ>O4,&DR.09US(XC-9-U,?*RL$88X9#:R..9,`D(.3)2/:%Q05'2T(BL&HV
M\UT[W1A<6$*9BX0K.8A2>Z6>0.0Y;HF36J$B(.O0))H342[HZK]++B9229DD
M91ZE!S<?+WNKVA.;?5VYQ2UBCF-"2>MXM:M0Y7JX.Y5_Y@@F=HEU06,0K@0,
M`!KK)ST9S(3LJUCLA$S/(,9,;EO0\DR4IAO%HZW'*&R+AB4AU'%T&P%VG%`9
M'F2U=A!A2"AL13E17L?BIT960D0W1CN'/4"=22\H#H:;T)J%TO."$K-TNM:4
MAGMI&+34F:4<R4+2,20%HL6*/C\E)YWC9"4<)$8R,XS;K&;&(Y9`/>2*452J
MB*AMI1]>GB>[;^*>?R9R7)/',3QB-(D8@HSKO(@?<(!!Z38MM4)O\T436AKN
M'I1>N2/>U#\UJ-"1@&<ED^0/QH^5WVV\&XVT*J;;!D.JXG]PE72H^0;KX6<@
MY=">AHN:;(/&J$JP9R"361;'9R#9-XW3<D0?,U?W6KM(B@`=,WJ4WIK8C#Y1
MG-8J/EHX.MLR60=0'05MT$,4)!<;+S`:(MB%>J+TJD<ICW<3D7\8\3;CK#QM
MJ39(;9*!**D!IT(%5+B2=%3K65UV5?!32E-*4TI32E-*4TI32E-*4TI32E-*
M4TI32E-*4TI7FDUMCNZ\A[_DLE$S)7;1C-9CB*O5U];H6OU"](SS]TT6GHA"
M>3:,E)B'9G/(>&D9T5=,J9Q'>4.NC3^;F\C]W<MSMC$\EB<BPRMX>-&*:Q&B
MS1D.&!264D(+:O1P)9&P.ZCB(!*MQK=1W`QN->T.*X4N5XY,P>:$\K(D!$>?
ME0B8;$Q8=5A3-&731(^\2-*!*8VTK5I+#)FIU5.LZ&?E'$.XA6B\I(L^S9+5
M+0$DS;MY116KJINK`YL!5BMX]IV02<K(F34`J>[I;N3D.X#":'N_>DQWHX&^
M^"-2IC\-X!&4XY",3E=V)(U#CJWMO&T3;B"VI(E&8B$/(LZ@,)$89D`\8M-G
MJCQ6GVS(FD22BBP,>RN2'=>ML#$P4CM>NDQAC*]KA1D)F%C85JO$3<6K`N(F
ML)+#&62/7&PL5C4=-O8:<QMT\N1_+#$R#UR"S<NS\#'Z5S/]N.;S,5WN2@,L
M058?;)@6HHJ+<D%*2BA"%'XK<N0J/RTBOONH8>5-"E:XH'N/P'!9+L\9)>DR
M`D,NH^+LE4W([B)',>]4F)9Q&!)B+W3#+:@XNKS"-XFM=8R/$GD96+4M,E9Z
MR]+>J:2'L5'H71OCIFVC8;`-JE4I!:SW6O24"FM/,U'+A18&!@[H%44.)<+R
MV-Y+')W(8HICV>A.]Y%V9$.$NF```QA);B&LF9'=CZIK"N&3G;JBF*&9*F=X
M+-<.R`M0IZ06<)-:[*6KL>;.\V0,G'L[%;4!C0Y#<A0@O"#8MJ^BZ%(`%%WS
MBO>O:,O25=C*GDJP-<Y0#7+<_>G=K;V_'-2G5FKA>1JM9E&R*C9Y'QDBX.Q4
M<"X[_D$(D*?1,##E'L1R`L/[CR,3"@9N8SRJ*.6DSCE#+Q\1]1)3BQG!'28-
MN$3!.*YN:Q%M0L"+6*>^G&DR7MZSEYL_#0W^+RRQ4>",58N0E,(0B$F2V1:@
M<<;%'A;V]&@B<0[FJ)Z#7FZUW'%0L-ZMKIRQK=6C'$O,NV<;)3#I!BV`!5.W
MBX=H^E'ZOJ`%20144,/H!1UNU6EJ)=;)XU4ZL_R*<1;?'W66@\G/%HK'5>F+
M1=))W0LA1;"OQ4`NU;3`/7DE5FC<))@L]3*=F4QG8;O[?H/2=*VO4H"K5BG^
M:<8Q=SJ&/Y&ULF5KOE,L60JM'.4G:*<E3JF2*4L,X+\[<(]FUBTYML90%U4S
M[5.H`(`;I.E::"Z_941XMYP<6LSW<F/,;Y;AK#:G;:5>P;,8Z>BV=L909Q++
MO*5,S$4PA[DUC@#>J>,7=%*G^?\`1^6HLM[?.FE;JGS2LPWYA<;76"IODLCE
M>O&PG7'4DPF[P)7Y6<?)1,R%?>Q:[`S,);W0DP<B!&X("JH90@D*8IBB*RU%
ME\*P%^YR\7\:V)E4[3DH"V!Y!5^S*1D%5KC:UHF"M;<CRN2-A-6("73KJ4TS
M."S<KTR!U$?S`NWUTLJ]*66NS)_./BOANY_`,BY<AJ_:$&L.^F&81T_)M*HR
ML`I^R/+K+1,4^BJ8VE"JE.B>36:@9,=_]/KII5:E!5?"I"9<D,(R.8E\`L\A
MP2^6T**SR46GD.X\MW27W06T]&O!0"-DVYDC`H)6ZRBA41!02@3UTM;]-0HJ
MGC7:CR'PXOA!SR.3NK'Z89UR4MCF[G:R2;)&`AG#II)/S,SLRR>ULY9*D$@(
M]PQB^A1ZAI9;V^=++>WSJ-*'SGXL9(9W-[6\K1Z1,?4YSD*V(62%LU/?1U%:
M$$[JVI1]JAH=Y)0"`@!3N6I%DRG,4HCN,4!:5J=*U\M>YW<8[-4+7?H^]2S>
MFTN.K4M/6.:H&0:_&)QUOFV==KKI@O-UA@$NG)2T@BF7Q06$A5`.8"D_+2RT
MTJJVJ1<F\F<+X@G7]8OEM5C+'&T!3*#F#85^QV"4&C)61G45)QNR@(F3<.TR
M6!^D@*213K!NW[-@"8""JT0"+PJ&Z_\`R,</K/5;G=XG*QC5*@,F#RRS[REW
MR-C4!DYY*L,8^.<2%:;%G)IQ8%BM`8LO(=@L/04PZ#II7Q^5%$DZ_*M@><[>
M,D9CU?*,O>)B$IR%SB\?$=S6/LA14F]M\VT%]%PT77WU70GI19ZV*)B';ME$
M^I1+NW`(:G2M-*K7>TYU\4WF-9O+*678A.GURT1](F_*BK$SLL?<I<O=AZJM
M2G40C<#3\PA^ZT:E8F5<H@*B8&(4P@TE9%^2U"(J^%?)_P"\N+_PSYY\[F?8
M/>/8-OUSDGWGW?IN\/X]\2]\W;/RW>/LV^N[IJ++>W2N6V7ZK?OM7G3'SM3H
M,U?'[Z9D+%!XNY3UF?ML]G:MSRD=`)/E)"+;'Q:A%R#U8+6NX(<RHN!)O012
M5*D!0'KY;Q\E@N-Y+*RIDAV=C<%SJ,_*>S<=]0CH:F"+C4:<->Z4D(CW+:@;
M;-`1!6O4.5C,YRC%XJ%&89AY/-\&D,16<)(80WU!&W"3)DZV"+%$5001N^DS
M<!3552K]46_5\@LHN46@TTJ7<Y&.?!78BR1=5;6-FXD;*T;,UK6T1,3S8*QH
MK@]</?%<28@W;E`YBCK8WCN?@PY,:+*[7M<7/(3&(U(;BC(;-Z2(-=T***G'
ME`YO/2-MV4B,LMB:H5:J\HXIEE%R=`&4KF2QS;@=P['=E%',6XYD:126^A^.
M8*RVSN-QKNO$HHJ5/%JSI0*\Q.5!^XGI]P"K>-JD1'OEYQZ][*:I4'+51NF$
M0V(1PF99P\%!!!,VXQ@]`&Z\U[L\.Q^.)V*^4S)$)(W%;`]\S04728$([(HA
M"IN/:``%U$MO&J\%[6\LR\I%>:")B05"<E.N`+`!=4U"2$NZ2J)(#;*&9DFD
M1\;1G-P\.-4A9ZSLX5<M8KMGLLK(RM->7&(1;M:DXAY8\&Z:E:&8@\6E4]BK
M=)=25CT#`4H=1Z53)@8F/@X>4S3;!L0(<J4Z\]!=FQQ!B&3+Y,&*`C.Z3X;;
MC8N%-C-DHBG6V;8O(Y'UZ3BL(Y)$ITR-&:;:F!$=(CEB\TCPGJW-"-%<7"`8
MKYBJDMNM),5U**:<H./5)6M%P@YVC8M+84X?&M1?UK!TZQD2RD\U]N:/GB#R
M+1DV$P7W,RS0X+OD03ZIF#H%'^W^(@I[T\1XX]/R$;+8W!=RC6.BN1\-(!W=
M?!6Q<(3!'&WD[DC:5#>%!11)%MLISS/S7_9/EO)&H&/DXS)YQ8ZNY&6$G,L&
MWM,%N&`$#I-N-+VR`ZB@R2G8A5%7V-UZ*UYVUY*RO&O-[KAWS_Q<6IIK7K-.
M9,]6O&D*:>C=E@A+I)PSBO/CR`K"UC#R";0YA(N)3IB7\_UUR5>J?2N2K=47
MY5JDSP'RBAEBE*1-_P`K7:L3?$'/^([-:LO9'+="XZN5^A:=&UJ-KL>=NS?I
M1;I9FY%P+<#$V-R]1#\0&46RW^E<A)4OX5QC/#_)R\S?!6@7OCY&8:K_``HE
M$IRV9$"[U:=AKTZK^-Y;'47"8OBH'?,IQ5I/)`^=J/R,P0(D5,Q#GZ"$KI3H
MBWI=$141?&WQ\>%JJ`S_`(L.12_'F4J#APT8U:>QQ?<FVCC^$ZW4=3/+R*<6
MFO8SF&\Z`FB$*D^K<DUDGJ0KE3&4:HF,01`3!&I/\*:T_1X5:C.>$N1,!:*Y
M9>,.(<O4KD0ZQIABN2V:ZQE>A,,)V^0J,3&1:L+F_&]A?/%;)%5%BDX:E<-F
M!7ATSAXZP!TTNEO&IN-NJ]+UD,EX<Y0TF7YQ4*F<?HG,D1S9,TD:_DAM=ZO7
MX.BS$UBV'QM/1N2(FP![V>$K+Q@>18*,4W8K(J"D!$S^NETLA7Z_2GELA7\/
ME6G67@+G.,M4UD6@!'I9FP#A?BFUXY9%<2C=-E=;?BFJVROY8QW.-!.1VUI]
M^C'B+-;R@V;E$50]4Q$`JB(OT5?C]U$.Z65>E_\`/[/T5.[#CQFE7^):8XZN
MZ8V:9QE<&W.N#1@G(Y1JC:9^:FI1O#EG@4]M%,I7Y0!83[`_U']=1?K=*XK]
M[I;P_=4#V;A!R0=.LQQ%CDYS-JU]X)OL1X=OEUL%8C3XCN+IHV/;\43$+`14
M,SE8VX23-HNRG.TJ=`K4R"QAW]T91>GR^/CQJ4)+6M\?'6]<U[C?R*O_`!/S
M+A9Q2^1=?O3K'&*4:JAR1SE3[]CN2M&/;-`6!S7Z&WK2[QU36TB6OF;@Y<I=
MLJ*J0"'0AND71>J+U6I*U_'K\>-6SPY5LY94YA%Y-9*PR_P15JCQS6PK%UNR
M6VM6BRV>T3=Y8W&7E6Z=6</6+"M0Z+3QT55E07=J&`P)D*`@$JJ(BHBW1:A=
M*(J)U7ZU5J:XA\@W/\:\QA,E/6#+$?R$F,H-*M%VN)9S#^M(<@WE^04KMF.H
M,7'61W6E?)9&6,4$G.T#B!@U-QOT\+5-QU=/NVK*6_C_`,A,O8?Q=6HJ#Y-4
MRPUKF1C#(4A8<[9?H&1LBU2CP44Z)*V^ERS4TM"(,8==<`2CG"2RAW)E#[#E
M-TU/E^5K?L^/A:(H_9;]GTKA#B9D""IG)Z.S9B/)O)F^3_(NB9%IF6Z5E"N8
M_P`CW*$K%?-'8UO-<63?5F,Q]<\-1QU8Y=NAVDWHJ=Q,ITS"0%TZ*BHE%).B
MIT^SZ5@OA_\`*W],^#\AM?QK[4[OQ_Y3CK_UY]#]W9[/]E>#]=?8GD_EYFSN
M>!Z;_(_+3R?9?]=<_P`+5:Z6^MOA*OSR%QK+M[!*Y;5F,D7*I%IXU!U@^EQ4
M=*MW\Q+N#LFMT;L7P*,SRT"H[*[3<*(*+HJ-R;#E+U#6K'O7Q'*8_*2/<HG\
MYE>-CCNT/!06`>W'GB4`FBV=P5UA31U#)LC`FQTF(W2MB?:+F>/=Q3'`6X^&
MQV?]0[L<U,=<:(&6A0RAD86/:?0%:)L3$#%PM0J5J@=WA*S1:YX^5<6BQGK<
M-0<64K*#I8,M6V4;6:S-[18V^5\5NEQ@(\D&=,J"4@MN59);%"[S%*):PD\"
MS..<6+/[Z<L1F!BX>1Z96::2I`R7QRN,4U9:1BV@7CN3":#'<)!4;48]R\+.
M825!&##&;)GY.9C1%<7$;*/&6-'+%Y,1WW%?15,V`L#Q:A70A$BS9CO&5;8R
M+=-K)1+AD2_7"OQ#9-YDB0[+.KIS;R,%-K.22D;\G;2LR\/(*KE4C7K?M))E
M,!"=,XXQQ["NY!N-&EQ"C%GLA#9%$R1DB0VGC#2#Q;/=@\Z\3Y.H4-]K0TVA
M(B56W+^:YB1#,WF9(25Q,.0\2CCPN<E60<N3+>YVQ-,LHP(*,AES6X:HI%4F
MVV34@*DO-IPUHFEJU"5:Y$JM07&(R?;)."4]N4CY:J-P!F2`<MRI]YLG^T?\
MB;0`I>N39J6]C.,>L=KDW^Q@P,AVL,EBYJ<_%79)J5`!-L8A-H&XR'D+S!IL
M(WPG`0@RO(!QAR8,9J;*E0UE2QWL;%:?3<1QJ47G5\24M#A>9/*5[DMOKP3C
M:QU!6Z6ZQ7ZZV\,D2K:T0]?NZ**;['K!XBHY&L-B$57!J#8SH$E$DA30#L%Z
M$W;A'+/:/A><X^N2Y+FLOE,@&<>"4Q&G"@N8YLT4UC(ERT*.M`(!T@FV-AO=
M5^;W2YGAN0!C>/8?$XW'KAF"C/2(1*H3S!4'N254'5JT*0D6HUUE<K61+"ZN
M>JBII2FE*:4II2FE*:4II2FE*:4II2FE*:4II2FE*:4II2JLQ?9]YSUX?LGD
M_8%4\KZ)\_[/W^/$?]A^^_XKW7M?WO#_`&_:]W^YK55C:]1YUV&SW7KT#7_:
MVYZW>[/]2[S^7W-/YW;^7L]W_5J]Y^YZ;Q/N>ZV?2)6GUS;],MJ=_I^Q^+M7
M^YO>;NM/\%3+/^=V;UU^?^+\=3\/X]\<[O>\:0[WP;M_YCY+NZ=SSOV.]VNU
MZ;M6_P`C]1[;D'_8^U],_#['L=6O0[J]*_Y'?7MK[O\`!W=O;Z:JK;$]KN8J
MWI._WBZ^X[BUM3=N^O\`@]MXZ=CSZ->OKIJ.(#QOO-GN^!>=]-1F[W;W7[W[
M/NK;K[]V_P#COQON?WMG[_G]>GX:KSCG;?\`N<?5Z%W_`/9;%^YW_P"Z=.\W
M_NK?R?:W_-T?B]UX>2LSRV]_Y:Y;U;M?[D=MM;7H=]HOR+_S'<V^Y?R;%OXJ
HL1K8ZJ>II2FE*:4II2FE*:4II2FE*:4II2FE*:4II2FE*:4II2O_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
