This is an amendment of the Letter to Shareholders on page 3



                            LETTER TO SHAREHOLDERS

         The Board of Directors  and  employees of  Northwest  Equity  Corp.(the
"Company"),  the holding  company of Northwest  Savings Bank (the  "Bank"),  are
proud to present  the fifth  annual  report  since the Bank's  stock  conversion
consummated  in October 1994. The conversion  provided  substantially  increased
capital to strengthen,  expand and diversify the operations of the Bank, provide
future access to capital markets,  and attract and retain personnel  through the
employee stock ownership plan and other stock benefit programs. It also provided
the ability for the Board,  employees,  depositors and others the opportunity to
become  shareholders  of the  Company and  thereby  participate  directly in the
future  growth and success of the Bank.  That  participation  became a practical
reality  when the Board of  Directors  declared  the first  dividend of $.07 per
share to shareholders of record on April 28, 1995, and the Company's  history of
dividends has continued  from that date to the most recent  declaration of $0.17
per share to shareholders of record on April 30, 1999.

         I am  pleased  to  report  that  fiscal  1999 was a  landmark  year for
Northwest Equity Corp. The Company achieved record earnings,  the highest in the
63 years since the original  association  was founded in 1936.  Earnings for the
fiscal year ended March 31, 1999,  increased to a record $1,133,000,  despite an
increase of $276,000 in the provision for loan losses to $376,000 for the fiscal
year ended March 31, 1999, from $100,000 for the for the fiscal year ended March
31, 1998. The increase in the provision for loan losses  reflects the settlement
of the case involving a large commercial loan first reported under Part II, Item
1.  Legal  Proceedings  in the Form  10QSB  dated  September  30,  1996,  and in
subsequent 10QSB and 10KSB reports. Return on average assets increased to 1.16 %
for the fiscal  year  ended  March 31,  1999,  from 1.15% for the prior year and
return  on  average  equity  decreased  9.59 % from  9.85%  for the same  years.
Earnings  per share were  $1.45 for the  twelve  months  ended  March 31,  1999,
compared to $1.44 for the twelve months ended March 31, 1998. As  non-performing
loans to gross loans  decreased  1.44% to 0.32% at March 31, 1999, from 1.76% at
March 31,  1998,  I fully  expect  that the loan loss  provision  will  decrease
substantially in the fiscal year ending March 31, 2000, and that,  consequently,
the solid performance of the Bank will continue into the coming fiscal year.

         On February 17, 1999,  the Board  announced  that it had entered into a
definitive  agreement  and plan of  merger  with  Bremer  Financial  Corporation
("Bremer"),  for Bremer to acquire  Northwest  stock in a transaction  valued at
$24.00 in cash for each share outstanding.


                                          _/s/Brian L. Beadle______
                                          Brian L. Beadle
                                          President and Chief Executive Officer

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