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| 1.1           | Purpose. The      purpose of this Long-Term Incentive Partnership Plan (the “Plan”) is to      permit a select group of management employees of MidAmerican Energy      Holdings Company and its subsidiaries to share in significant increases in      the value of the Company realized through the efforts of these      individuals. It is intended that the Plan, by providing this award and      deferral opportunity (U.S. only), will assist the Company in retaining and      attracting individuals of exceptional ability and will act as an incentive      to align their interests with those of the Company.  For      purposes of Internal Revenue Code Section 409A, Incentive Accounts are      considered to be part of a nonelective account balance plan type and      Deferral Accounts are considered to be part of an elective account balance      plan type. |
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|            1.2    | Effective Date.      The Plan was effective as of March 14, 2000, was subsequently restated as      of January 1, 2003 and again restated as of January 1, 2004, with the      current restated Plan effective January 1, 2007, (See Section 13.2 for      good faith compliance as to 409A Amounts during 2005, 2006, 2007 and      2008). |
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| 2.1           | Base Salary.      “Base Salary” means the annual base salary rate payable to a Participant      effective January 1 of the calendar year for a particular Award Year. For      purposes of the Plan, Base Salary shall be calculated before reduction for      any amounts deferred by the Participant pursuant to the Company’s tax      qualified plans which may be maintained under Section 401(k) or Section      125 of the Internal Revenue Code of 1986, as amended (the “Code”), or      pursuant to the MidAmerican Energy Holdings Company Executive Voluntary      Deferred Compensation Plan or any other non-qualified plan which permits      the voluntary deferral of compensation. Inclusion of any forms of      compensation other than such “wages” and deferred “wages” is subject to      approval of the Chairman & CEO and the  President. |
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| 2.2           | Beneficiary.      “Beneficiary” means the person, persons or entity, as designated by the      Participant, entitled under Article VIII to receive any Plan benefits      payable after the Participant’sdeath. |
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| 2.3           | Board. “Board”      means the Board of Directors of the Company or any duly authorized      committee. |
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| 2.4           | Company.      “Company” means MidAmerican Energy Holdings Company, a Des Moines Iowa      based corporation, and any directly or indirectly affiliated subsidiary      corporations, any other affiliate designated by the Board, or any      predecessor or successor to the business of any      thereof.  However, with respect to all matters involving      administration of the Plan, including the authority to amend and terminate      the Plan, Company shall mean MidAmerican Energy Holdings      Company.  With respect to the obligation to make payments to any      Participant under the Plan, Company shall mean MidAmerican Energy Holdings      Company and the Company who employs the Participant, but not any other      Company.  For purposes of determining whether there has been a      Separation from Service with the Company, Company means all entities with      whom the Company would be considered a single employer under Code Sections      414 (b) and (c). |
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| 2.5           | Determination      Date. “Determination Date” means the last business day of each      month. |
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| 2.6           | Disability.      “Disability” means a condition of a Participant who by reason of any      medically determinable physical or mental impairment which can be expected      to result in death or can be expected to last for a continuous period of      not less than 12 months: (i) is unable to engage in any substantial      gainful activity; or (ii) is receiving income replacement benefits for a      period of not less than 3 months under a long term disability plan      covering employees of the Company. |
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| 2.7           | Incentive      Account(s). “Incentive Account(s)” means the account or accounts      maintained on the books of the Company with respect to each Incentive      Award and used solely to calculate the amount which may be payable to each      Participant under the Plan and shall not constitute a separate fund of      assets. Participants may have more than one Incentive Account maintained      on their behalf. |
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| 2.8           | Incentive      Award(s). “Incentive Award(s)” means the award determined and      allocated under the terms of the Plan. Each Incentive Award(s) shall be      designated by the year to which the award relates (the “Award Year”) even      though the value of the award may be determined and credited to a      Participant’s Incentive Account in a subsequent year. An example: The Year      2007 Incentive Award may relate to the performance of the Company over the      calendar year 2007 (the Award Year), even though the Incentive Award will      only be determinable in 2008. |
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| 2.9           | Interest.      “Interest” means the amount credited to each Participant’s Incentive      Account(s) on each Determination Date.  Prior to the start of      each calendar year, the Chief Financial Officer of the Company shall      select a range of asset allocation models from the Valuation      Funds.  Participants shall then vote on which asset allocation      model shall be used for crediting Interest for the calendar year for all      Incentive Accounts of all Participants.  Such credits to a      Participant’s Incentive Account(s) may be either positive or negative to      reflect the increase or decrease in value of the Incentive Account(s) in      accordance with the provisions of thisPlan. |
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| 2.10     | Net Income.      “Net Income” means the definition as applied under Generally Accepted      Accounting Principles. The Chairman & CEO and the President may adjust      Net Income for extraordinary and non-recurring events, when      appropriate. |
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| 2.11          | Nomination      Committee. “Nomination Committee” means a group of Participants      appointed by the Chairman & CEO and the President each plan year for      the purposes of recommending the Initial and Performance      Allocations. |
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| 2.12          | Participant.      “Participant” means any employee who is eligible, pursuant to Article III,      below, to participate in this Plan, and who has been so notified by the      Chairman & CEO and the President. Such employee shall remain a      Participant in this Plan for any award that has been made until such time      as all benefits payable for that specific Award Year have been paid in      accordance with the provisions hereof. A Participant may have an Incentive      Account(s) or a Deferred Account and not be chosen to participate in a      subsequent Award Year. Each Participant may be referred to as either a      “Partner” or an “Associate”.  Any such designation does not      convey any different or additional rights or responsibilities with respect      to a Participant and does not affect in any manner the Participant’s      employment status with theEmployer. |
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| 2.13          | Plan. “Plan”      means this Long-Term Incentive Partnership Plan as amended from time to      time. |
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| 2.14          | Retirement and      Retirement Age. “Retirement” for purposes of Section 5.3 means the      termination of employment with the Company of the Participant after      attaining age fifty-five (55) and five (5) years of      service.  For all other purposes under the Plan “Retirement”      means termination of employment with the Company after attaining age      fifty-five (55) and “Retirement Age” means age fifty-five      (55). |
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| 2.15          | Separation from      Service.  “Separation from Service” or “Separates from      Service” means a Participant’s termination of employment with the Company      or as otherwise defined in Applicable Guidance (See Section      7.1(a)). |
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| 2.16          | Valuation      Funds. “Valuation Funds” means one or more of the independently      established funds or indices that are identified and listed in Exhibit A.      These Valuation Funds are used solely to calculate the Interest that is      credited to each Incentive Account(s) in accordance with Article V, and do      not represent, nor should they be interpreted to convey any beneficial      interest on the part of the Participant in any specific asset or other      property of the Company. The Chairman & CEO and the President shall      select the various Valuation Funds available under the Plan and shall set      forth a list of these Valuation Funds attached hereto as Exhibit A, which      may be amended from time to time at the discretion of the Chairman &      CEO and the President. |
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| 2.17          | Vest or      Vested.  “Vest” or “Vested” means deferred compensation      which is not subject to a Substantial Risk of Forfeiture (as defined in      Applicable Guidance) or to a requirement to perform further services for      the Employer. |
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| 3.1           | Eligibility.      Eligibility to participate in the Plan shall be limited to those select      key employees of the Company who are designated by the Chairman & CEO      and the President from time to time. The Chairman & CEO and the      President of the Company shall not be Participants in the Plan. The      Chairman & CEO and the President of the Company may designate certain      Participants as Associate Participants to reflect their contributions to      the success of the Company. All other Participants shall be considered      full Participants (“Partners”).  An Associate Participant may      later be designated as a Partner. |
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| 3.2           | Participation.      An employee’s participation in the Plan for any Award Year shall be      effective upon notification to the employee by the Chairman & CEO and      the President. |
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| 4.1           | Annual Award.      Prior to the beginning of each Award Year, the Chairman & CEO and the      President shall determine whether an Incentive Award shall be available      for such Award Year. If an Incentive Award is made available, the Chairman      & CEO and the President will establish the award categories based upon      Net Income target goals or such other criteria, as they deem appropriate      for the Award Year (including, but not limited to, safety, environmental      and risk management goals). |
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| 4.2           | Allocation of      Points. The total amount of the Incentive Award (if the established      goals are met for an Award Year) shall be allocated among the eligible      Participants based upon a maximum of 100,000 points allocated to      Participants in the followingmanner: |
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| a)   | Initial Point      Allocation. The Nomination Committee shall make recommendations to      the Chairman & CEO and the President to allocate initial points among      participants for that year. The Chairman & CEO and the President shall      either accept these recommendations or make adjustments that may increase,      decrease or eliminate any initial point allocation to any individual      Participant. Any points that are not allocated to Participants may be      either refunded to the Company or reallocated at a later date as      performance points at the discretion of the Chairman & CEO and the      President. |
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| b)   | Performance Point      Allocation. Within sixty (60) days prior to the end of the Award      Year, the Nomination Committee shall make recommendations to the Chairman      & CEO and the President to allocate all, or a portion of, the      remaining points for the Award Year, among the eligible Participants. The      Chairman & CEO and the President shall either accept these      recommendations or make adjustments that may increase, decrease or      eliminate any such remaining point allocation to any individual      Participant. Any award that is not allocated to Participants will be      returned to the Company as an offset to Plan expenses. The recommendation      of the Nomination Committee and the decision of the Chairman & CEO and      the President for allocation of points to a Participant based on      performance shall be based on subjective performance criteria where the      subjective performance criteria relate to the performance of the      individual Participant, a group of Participants that includes the      Participant, or a business unit for which the Participant provides      services. |
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| c)   | Value of a      Point.  The value of a point shall be equal to the total      Incentive Award (determined by the results of Company performance as      applied to the goals established for the Award Year) divided by the total      number of points awarded. |
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| d)   | Maximum      Allocation. Notwithstanding the above, the dollar value of the sum      of the initial and performance point allocations made on behalf of any      Participant for any single Award Year shall not exceed one hundred fifty      percent (150%) of that Participant’s Base Salary for that Award Year,      unless such limit is waived by the Chairman & CEO and the President      with respect to a Participant. |
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| 4.3           | Determination of      Annual Awards. The dollar value of any Incentive Award shall be      determined by the Chairman & CEO and the President as soon as      practical after the close of the Award Year, but in no event shall the      dollar value of the Award be determined later than March 1st      of the year following the AwardYear. |
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| 4.4           | Reduction of      Awards. The Chairman & CEO and the President may, in their sole      discretion, establish certain criteria that must be met for an Incentive      Award to be awarded in full. These criteria may include the achievement of      certain safety performance goals, environmental, risk management or other      goals established by the Chairman & CEO and the President. The      determination of whether any applicable goals have been achieved with      respect to an Incentive Award shall be determined by the Chairman &      CEO and the President, as of the time that the dollar value of that      Incentive Award is determined in Section 4.3 above.  If any such      goal is not met, the Chairman & CEO and the President may reduce the      Incentive Award by an amount as they determine in their sole      discretion.  In addition, with respect to an individual      Participant, if the Chairman & CEO and the President, in their sole      discretion, determine that the Participant has not performed at a level      during the Award Year deemed sufficient to have contributed to the success      of the Company, the Participant’s point allocation may be      reduced. |
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| 5.1     | Accounts. The      Company shall maintain a separate bookkeeping account on behalf of each      Participant in the Plan for each Incentive Award. The value of any      Incentive Award allocated to each Participant plus any Interest earned      thereon shall be added to such Participant’s Incentive Account for the      applicable Award Year. Any distribution attributable to an Incentive      Account shall reduce the Incentive Account as of the date of      distribution.  These Incentive Accounts shall be used solely to      calculate the amount payable to each Participant under the Plan and shall      not constitute a separate fund ofassets. |
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| 5.2           | Timing of      Credits. The value of a Participant’s share of any Incentive Award      for an Award Year shall be credited to a Participant’s Incentive Account      for such Award Year as of the day determined by the Chairman & CEO and      the President, but in no event shall the date be later than March 1st      of the year following the Award Year. Each Incentive Account shall be      increased or decreased by the Interest credited on each Determination Date      as though the balance of that Incentive Account as of the date the      Incentive Award is credited to a Participant’s Incentive Account had been      invested in the applicable Valuation Funds chosen by the Investment      Committee. Any distributions to a Participant shall reduce the      Participant’s Incentive Account(s) as of the date of such      distribution. |
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|          5.3      | Vesting of      Accounts. Each Participant shall be twenty percent (20%) Vested in      his or her Incentive Account on December 31st      of the Award Year and an additional twenty percent (20%) on December 31 of      each subsequent year.  Participants must be employed on December      31st      to Vest for the year.  The Chairman & CEO and the President      may accelerate Vesting (but not accelerate payment), or may establish      criteria with respect to a Participant (in addition to the passage of      time) before Vesting will occur with respect to any Incentive Award;      provided, however, that any portion of an Incentive Award that has already      Vested with the passage of time shall not be subject to any such      additional vesting criteria, and provided further that no additional      vesting criteria shall postpone the date of payment of the Incentive Award      as provided under Section 6.1.  The Participant shall be      considered to be one hundred percent (100%) Vested in the event of      termination of service as a result of a Disability or death, and shall be      considered to be one hundred percent (100%) Vested in the event of      Retirement, but only with respect to Incentive Awards granted for years      prior to 2004. |
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| 5.4           | Statement of      Accounts. The Company shall give to each Participant a statement      showing the balances in the Participant’s Incentive Account(s) no less      frequently than on an annual basis. |
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| 6.1     | Normal      Benefit.      The balance of each Participant’s Incentive Account(s) shall be      paid as soon as administratively feasible following the end of the fourth      year following the Award Year, but in any event no later than two and      one-half (2 1⁄2) months following the end of such fourth year. Unless      deferred pursuant to Section 6.3 below, such amount shall be paid in a      lump sum. |
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| 6.2           | Early Termination      Benefit. In      the event that a Participant Separates from Service with the Company prior      to the end of the fourth year following the end of an Award Year, the      Participant shall receive the Vested portion of the Incentive Account(s)      as of the most recent Determination Date preceding the date of payment,      payable in a lump sum; provided, however, that if the Participant has a      deferral election on file with respect to an Incentive Account pursuant to      Article VII, and incurs a Separation from Service after reaching      Retirement Age, payment of the Vested amount of any Incentive Account      shall be governed by Article VII with respect to the deferral election      made by the Participant.  If paid in a lump sum, the amount      shall be paid as soon as administratively feasible after the Separation      from Service, but in no event later than two and one-half (2 1⁄2) months      following the date of Separation from Service. In addition, the provisions      of Section 7.2(A) shall apply to distributions under this Section      6.2. |
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| 6.3           | Deferred Benefit (U.S.      only).  With respect to any Incentive Award, the      Participant may elect, in a manner acceptable to the Company, to defer the      receipt of all or a portion of the value of the Incentive Account due      under this Plan by filing an election to do so within 90 (ninety) days      after the beginning of the Award Year relating to the Incentive Award to      be deferred (and, with respect to the 2008 and later Award Years, by      filing an election to defer before the beginning of the Award      Year). |
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| a)   | The      portion of the Incentive Account previously elected to be deferred shall      be transferred as of the last day of the fourth year following the end of      the Award Year to a Deferred Account (or as soon as administratively      feasible following Separation from Service if an appropriate deferral      election has previously been made) and shall thereafter be subject to the      terms and conditions of Article VII herein (any portion not previously      elected to be deferred shall be paid pursuant to the provisions of Section      6.1 above); |
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| b)   | Such      an election shall comply with the provisions of Section 7.4(A) and shall      only permit the deferral of benefits otherwise payable under Section 6.1      above, and the limited circumstance set forth in Section 6.2 in the event      of Retirement; and |
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| c)   | Such      an election shall completely satisfy and discharge all obligations on the      part of the Company to the Participant (and the Participant’s Beneficiary)      with respect to such Incentive Account, and the Participant’s (and      Participant’s Beneficiary’s) rights under the Plan with respect to such      Incentive Account shall terminate and shall be governed by the provisions      of the Plan dealing with DeferredAccounts. |
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| 6.4           | Death Benefit.      In the event of the death of a Participant prior to payment of any      Incentive Account(s), the Participant’s Beneficiary shall receive the      value of the Incentive Account(s) determined as of the date of death. Such      amounts shall be paid in a lump sum as soon as administratively feasible      after the death of the Participant, but in no event later than two and      one-half (2 1⁄2) months following the date of the Participant’s      death. |
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| 6.5      | Withholding and      Payroll Taxes. The Company that employs the Participant at the time      of payment shall withhold from any payment made pursuant to the Plan, from      an Incentive Account, any taxes required to be withheld from such payments      under law. A Beneficiary, however, may elect not to have withholding of      federal income tax pursuant to Section 3405(a)(2) of the Code, or any      successor provision thereto (U.S. only).  If FICA/Medicare taxes      are due with respect to all or a portion of an Incentive Account prior to      payment from the account, the Participant shall make arrangements      satisfactory to the Company for payment of the Participant’s share of such      taxes, which may include withholding of such taxes from other regular pay      of the Participant. |
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| 6.6           | Payment to      Guardian. If a Plan benefit is payable to a minor, a person      declared incompetent or a person incapable of handling the disposition of      the property, the Company may direct payment to the guardian, legal      representative or person having the care and custody of such minor or      person. The Company may require proof of incompetence, incapacity or      guardianship, as it may deem appropriate prior to distribution. Such      distribution shall completely discharge the Company from all liability      with respect to such benefit. |
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| 6.7           | Effect of      Payment.  The full payment of the applicable benefit      under this Article VI shall completely discharge all obligations on the      part of the Company to the Participant (and the Participant’s Beneficiary)      with respect to the Incentive Account(s), and the Participant’s (and      Participant’s Beneficiary’s) rights under the Plan with respect to the      Incentive Account(s) shallterminate. |
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| 7.1           | Definitions.      For the purposes of this Article VII, the following terms shall have the      meanings indicated, unless the context clearly indicates      otherwise. |
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| 7.2           | Separation from      Service or Death.  The Company will pay to the      Participant the balance held in the Participant’s Deferred Account      following the earlier of the Participant’s Separation from Service or      death.  Payment will commence at the time and payment will be      made in the form and method specified under Section 7.4.  In the      event of the Participant’s death, the Plan will pay to the Participant’s      Beneficiary the Participant’s Deferred Account balance or any remaining      amount thereof if benefits to the Participant already have commenced, in      accordance with the Participant’selection. |
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| 7.3           | Other Payment      Events.  In addition to the payment events under Section      7.2, the Company will pay to a Participant all or any part of the      Participant’s Deferred Account: (i) at a Specified Time or Pursuant to a      Fixed Schedule elected by the Participant with respect to an In-Service      subaccount; or (ii) based upon an Unforeseeable Emergency. Payment will      commence at the time and payment will be made in the form and method      specified under Section 7.4. |
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| 7.4           | Form, Timing and      Method/Payment Election.  All distributions will be in      cash.  Subject to the provisions of this paragraph, a      Participant shall make an      initial payment election as to the method of payment under Section 7.4(A)      and may make a change to an election under Section 7.4(B).  If      no election to defer payment of an Award has been made by the deadline as      set forth in Section 6.3, the timing and method of payment for an Award as      set forth in Section 6.1, 6.2 and 6.4 shall be deemed to be the      Participant’s initial deferral election for purposes of a change to an      election under Section 7.4(B). Until the Company completely distributes a      Participant’s Deferred Account, the Plan will continue to credit the      Participant’s Deferred Account with Earnings, in accordance with Section      7.7.  Except as provided below, a Participant may elect either a      lump sum payment or substantially equal annual installments (not to exceed      10) with respect to a Retirement subaccount and an In-Service      subaccount.  If no election is made as to method, payment shall      be made in a lump sum.  If no election is made with respect to      an In-Service subaccount as to a specified time to begin payments, the      date of the regularly scheduled payment for an Incentive Account shall be      deemed to be the date to begin payments.  Distributions from a      Retirement subaccount as a result of Separation from Service after      Retirement Age shall be made  (or commence) in January following      the calendar year in which Separation from Service      occurs.  Except as provided below, payments from an In-Service      subaccount shall commence as soon as administratively feasible following      the date selected by the Participant.  If Separation from      Service occurs after Retirement Age and before commencement of      distribution from an In-Service subaccount, the In-Service subaccount      shall be added to the Retirement subaccount and distributed      accordingly.  Distributions from an In-Service subaccount or a      Retirement subaccount, when a Separation from Service occurs prior to      Retirement Age (including death prior to Retirement Age), shall be made as      soon as administratively feasible following the date of Separation from      Service (or death) and shall be made in a lump sum payment (except that      payments from the remaining account balance in an In-Service subaccount,      where payments have already commenced prior to Separation from Service,      shall continue to be made under the schedule then in      effect).   Payments made because of Unforeseeable Emergency      shall be made (or commence) as soon as administratively feasible following      such event.  In the event of death after attaining Retirement      Age or after payments from a Deferred Account have begun, a lump sum      payment to the Beneficiary shall be made as soon as administratively      feasible after date of death if the Participant had previously elected a      lump sum distribution to the Beneficiary pursuant to Section 7.4(A)      (initial payment election) or pursuant to Section 7.4(B)(1) (change to      payment election).  Disability shall not be treated as a      distribution event if Separation from Service has not      occurred. |
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| 7.5           | Withholding of Income      Tax.  The Company that employs the Participant at the      time of payment or employed the Participant immediately prior to a      Separation from Service (with the Company including such payment on a Form      W-2 issued by the Company to the Participant) will withhold from any      payment made under the Plan from a Deferred Account and from any amount      taxable under Code §409A, all applicable taxes, and any and all other      amounts required to be withheld under federal, state or local law,      including Notice 2005-1 and ApplicableGuidance. |
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| 7.6           | Administration of      Payment Date(s).  The Company may shall pay a      Participant’s Deferred Account balance on any date that is      administratively feasible following any Plan specified payment date or      date of any authorized distribution event or the date specified in any      valid payment election, but in no event later than two and one-half (2 1⁄2)      months following any such date; and provided further that the Participant      shall not be permitted, directly or indirectly, to designate the taxable      year of the payment. |
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| 7.7           | Notional      Earnings.  The Company, under the Plan, periodically will      credit Deferred Accounts with a determinable amount of notional Earnings      (as a specified fixed or floating interest rate or other specified index      or indices based on established and published financial investment      benchmarks).  The Participant has the right to direct the      investment of the Participant’s Deferred Account pursuant to conditions      established by the Company.  This right is limited strictly to      investment direction and the Participant will not be entitled to the      distribution of any Deferred Account asset except as the Plan otherwise      permits.  Except as otherwise provided in the Plan or Trust, all      Plan assets, including all incidents of ownership, at all times will be      the sole property of the Company. |
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| 8.1           | Beneficiary      Designation. Each Participant shall have the right, at any time, to      designate one (1) or more persons or entities as Beneficiary (both primary      as well as secondary) to whom benefits under the Plan shall be paid in the      event of Participant’s death prior to complete distribution of the      Participant’s Incentive Account(s) or Deferred Account balances. Each      Beneficiary designation shall be in a written form prescribed by the      Company and shall be effective only when filed with the Company during the      Participant’s lifetime. |
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| 8.2           | Changing      Beneficiary. Any Beneficiary designation may be changed by a      Participant without the consent of the previously named Beneficiary by the      filing of a new Beneficiary designation with the Company. The filing of a      new designation shall cancel all designations previously      filed. |
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| 8.3           | Change in Marital      Status. If the Participant’s marital status changes after the      Participant has designated a Beneficiary, the following shall apply until      such time as the Participant submits a revised Beneficiary      form. |
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| a)   | If      the Participant is married at death but was unmarried when the designation      was made, the designation shall bevoid. |
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| b)   | If      the Participant is unmarried at death but was married when the designation      was made: |
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| i)    |  The      designation shall be void if the former spouse was named as      Beneficiary.                     |
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|            |                                                                                                             |
| ii)   | The      designation shall remain valid if the spouse was not named and a      non-spouse Beneficiary was named. |

| c)   | If      the Participant was married when the designation was made and is married      to a different spouse at death: |
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| i)   | The      designation shall be void if the former spouse was named as      Beneficiary. |
|----------------|----------------------------------------------------------------------------------------|

| ii)   | The      designation shall remain valid if the former spouse was not named and a      non-spouse Beneficiary was named. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

| 8.4           | No Beneficiary      Designation. If any Participant fails to designate a Beneficiary in      the manner provided above, if the designation is void, or if the      Beneficiary designated by a deceased Participant dies before the      Participant or before complete distribution of the Participant’s benefits,      the Participant’s Beneficiary shall be the person in the first of the      following classes in which there is asurvivor: |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|      | a)  The Participant’s      surviving spouse; |
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|      | b) The Participant’s      children (including stepchildren) in equal shares, except if any of the      children predeceases the Participant but leaves surviving issue, then such      issue shall take by right of representation the share the deceased      child would have taken ifliving; |
|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|      | c)  The      Participant’s estate. |
|--------------------------|----------------------------------------------------|

| 8.5           | Effect of      Payment. Payment to Beneficiary or other proper legal      representative of the Beneficiary shall completely discharge the Company’s      obligations under the Plan and the Company may require a release to that      effect from the Beneficiary or other proper legal representative of the      Beneficiary prior to thedistribution. |
|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.6           | Minor or Incompetent      Beneficiary.  If a Beneficiary is a minor or otherwise      reasonably determined by the Employer to be legally incompetent, the      Employer may cause the Plan to pay the Participant’s Vested Accrued      Benefit to a guardian, trustee or other proper legal representative of the      Beneficiary. |
|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.1           | Binding Effect of      Decisions. Subject to the rights of a Participant under the claims      procedure set forth in Article X, the decision or action of the Chairman      & CEO and the President with respect to any question arising out of or      in connection with the administration, interpretation and application of      the Plan and the rules and regulations promulgated hereunder shall be      final, conclusive and binding upon all persons having any interest in the      Plan. |
|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1     | Claim. Any      person or entity claiming a benefit, requesting an interpretation or      ruling under the Plan (hereinafter referred to as “Claimant”) shall      present the request in writing to the Chairman & CEO and the      President, who shall respond in writing as soon as practical. The decision      shall be in writing and shall state the reasons and the relevant Plan      provisions. All decisions on review shall be final and bind all parties      concerned. |
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| 10.2          | Denial of      Claim. If the claim or request is denied, the written notice of      denial shall state: |
|------------------------------|---------------------------------------------------------------------------------------------------------|

| a)      | The      reasons for denial, with specific reference to the Plan provisions on      which the denial is based; |
|----------------------------------|----------------------------------------------------------------------------------------------------------------|

| b)      | A      description of any additional material or information required and an      explanation of why it is necessary;and |
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| c)           | An      explanation of the Plan’s claim review  procedure. |
|----------------------------------|------------------------------------------------------------------|

|        10.3     | Review of Claim      Denial.  Any Claimant whose claim or request is denied or      who has not received a response within sixty (60) days may request a      review by notice given in writing to the Chairman & CEO and the      President. Such request must be made within sixty (60) days after receipt      by the Claimant of the written notice of denial, or in the event Claimant      has not received a response sixty (60) days after receipt by the Chairman      & CEO and the President of Claimant's claim or request.  The      claim or request shall be reviewed by the Chairman & CEO and the      President, who may, but shall not be required to, grant the Claimant a      hearing.  On review, the Claimant may have representation,      examine pertinent documents, and submit issues and comments in      writing. |
|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4          | Final Decision.      The decision on review shall normally be made within sixty (60) days after      receipt of Claimant’s claim or request. If an extension of time is      required for a hearing or other special circumstances, the Claimant shall      be notified and the time limit shall be one hundred twenty (120)      days. |
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| 11.1          | Amendment.   The      Company reserves the right to amend the Plan at any time to comply with      Code §409A, Notice 2005-1, Prop. Treas. Reg. §1.409A and other Applicable      Guidance or for any other purpose, provided that such amendment will not      result in taxation to any Participant under Code §409A.  Except      as the Plan and Applicable Guidance otherwise may require, the Company may      make any such amendments effectiveimmediately. |
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| 11.2          | Termination.  The      Company, by action of the Board, may terminate, but is not required to      terminate, the Plan and distribute Plan Accounts under the following      circumstances: |
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| 12.1         | Unfunded Plan.      To the extent the Plan is considered an “employee benefit pension plan”      under Section 3 (2) the Employee Retirement Income Security Act of 1974,      as amended (“ERISA”) with respect to any Participant (because some or all      of the payments with respect to a Participant under the Plan have been      elected by the Participant to be made from a Retirement Account), the      Plan, as to any such Participant, is an unfunded plan maintained primarily      to provide deferred compensation benefits for a select group of      “management or highly-compensated employees” within the meaning of      Sections 201, 301 and 401 of the ERISA, and therefore is exempt from the      provisions of Parts 2, 3 and 4 of Title I of ERISA. Accordingly, the Board      may terminate the Plan and make no further benefit payments or remove      certain employees as Participants if it is determined by the United States      Department of Labor, a court of competent jurisdiction, or an opinion of      counsel that the Plan constitutes an employee pension benefit plan within      the meaning of Section 3 (2) of ERISA (as currently in effect or hereafter      amended) which is not so exempt. |
|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2         | Company      Obligation. The obligation to make benefit payments to any      Participant under the Plan shall be an obligation solely of the      Company. |
|------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3         | Unsecured General      Creditor. Notwithstanding any other provision of the Plan,      Participants and Participants’ Beneficiaries shall be unsecured general      creditors, with no secured or preferential rights to any assets of the      Company or any other party for payment of benefits under the Plan. Any      property held by the Company for the purpose of generating the cash flow      for benefit payments shall remain its general, unpledged and unrestricted      assets. The Company’s obligation under the Plan shall be an unfunded and      unsecured promise to pay money in thefuture. |
|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.4         | Trust Fund. The      Company shall be responsible for the payment of all benefits provided      under the Plan. At its discretion, the Company may establish one (1) or      more trusts for the purpose of assisting in the payment of such benefits.      Although such a trust shall be irrevocable, its assets shall be held for      payment of all the Company’s general creditors in the event of insolvency.      To the extent any benefits provided under the Plan are paid from any such      trust, the Company shall have no further obligation to pay them. If not      paid from the trust, such benefits shall remain the obligation of the      Company. |
|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.5         | Nonassignability.      Neither a Participant nor any other person shall have any right to      commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise      encumber, transfer, hypothecate or convey in advance of actual receipt of      the amounts, if any, payable hereunder, or any part thereof, which are,      and all rights to which are, expressly declared to be unassignable and      non-transferable except only pursuant to the designated Beneficiary in the      event of death or Disability or pursuant to a legal will or the laws of      intestate succession. No part of the amounts payable shall, prior to      actual payment, be subject to seizure or sequestration for the payment of      any debts, judgments, alimony or separate maintenance owed by a      Participant or any other person, nor be transferable by operation of law      in the event of a Participant’s or any other person’s bankruptcy or      insolvency. |
|------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.6         | Not a Contract of      Employment. The Plan shall not constitute a contract of employment      between the Company and the Participant. Nothing in the Plan shall give a      Participant the right to be retained in the service of the Company or to      interfere with the right of the Company to discipline or discharge a      Participant at any time. |
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| 12.7    | Protective      Provisions. A Participant will cooperate with the Company by      furnishing any and all information requested by the Company, in order to      facilitate the payment of benefitshereunder. |
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| 12.8         | Governing Law.      The provisions of the Plan shall be construed and interpreted according to      the laws of the State of Iowa, except as preempted by federal      law. |
|------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.9         | Validity. If      any provision of the Plan shall be held illegal or invalid for any reason,      said illegality or invalidity shall not affect the remaining parts hereof,      but the Plan shall be construed and enforced as if such illegal and      invalid provision had never been inserted  herein. |
|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.10         | Notice and      Elections. Any notice required or permitted under the Plan shall be      sufficient if in writing and hand delivered or sent by registered or      certified mail. Such notice shall be deemed given as of the date of      delivery or, if delivery is made by mail, as of the date shown on the      postmark on the receipt for registration or certification. Mailed notice      to the Chairman & CEO and the President or to the Company shall be      directed to the Company’s address. Mailed notice to a Participant or      Beneficiary shall be directed to the individual’s last known address in      the Company’s records.  Any election made under the Plan must be      in writing and delivered (electronically, by facsimile, or my mail) to the      Company pursuant to procedures established by the Company. The Employer      will prescribe the form of any Plan notice or election to be given to or      made by Participants. Any notice or election will be deemed given or made      as of the date of actual receipt, or if given or made by certified mail,      as of 3 business days aftermailing. |
|-------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.11         | Successors. The      provisions of this Plan shall bind and inure to the benefit of the Company      and its successors and assigns. The term successors as used herein shall      include any corporate or other business entity which shall, whether by      merger, consolidation, purchase or otherwise acquire all or substantially      all of the business and assets of the Company, and successors of any such      corporation or other businessentity. |
|-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.12         | Account      Statements. The Company will provide each Participant with a      statement of the Participant’s Incentive Accounts and Deferral Accounts at      least annually as of the last day of the most recent calendar year. The      Company also will provide account statements to any Beneficiary of a      deceased Participant with an Incentive Account or Deferral Account      remaining in the Plan. |
|-------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.13         | Accounting. The      Company will maintain for each Participant as is necessary for proper      administration of the Plan, an Incentive Account for each Award year and a      Deferral Account (and Retirement and In-Service    subaccounts). |
|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.14    | Costs and      Expenses. The Company will pay the costs, expenses and fees      associated with the operation of the Plan, excluding those incurred by      Participants or Beneficiaries. The Company will pay costs, expenses or      fees charged by or incurred by the Trustee only as provided in the Trust      or other agreement between the Company and the  Trustee. |
|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.15         | Reporting. The      Company will report deferred compensation for Participants on Form W-2 in      accordance with Notice 2005-1 and Applicable  Guidance. |
|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|      13.1 | Code §409A      Amounts.      The terms of this Plan control as to: (i) any compensation deferred      prior to January 1, 2005; and (ii) any compensation deferred in Taxable      Years beginning after December 31, 2004. All deferred compensation under      this Section 13.1 is a “409A Amount”. |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|     13.2 | 2005, 2006, 2007 and      2008 Operational Rules.  The following provisions apply      to the Plan during the 2005, 2006, 2007 and 2008 Taxable Years, as      specifically provided in each subsection. |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|           13.3 | Incorporation of      Applicable Guidance. In the event of      Applicable Guidance that is contrary to any Plan provision, the Company,      as of the effective date of the Applicable Guidance, will operate the Plan      in conformance therewith and will disregard any inconsistent Plan      provision. Any such Applicable Guidance is deemed to be incorporated by      reference into the Plan and to supersede any contrary provision during any      period in which the Company is permitted to comply operationally with the      Applicable Guidance and before a formal Plan amendment is required. |
|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | MidAmerican      Energy Holdings Company |                            |
|--------|------------------------------------------|---------------------------------|
|   |                                     |                            |   |
|   | By:                                      |  /s/  Gregory E. Abel |   |
|   |                                     | Gregory      E. Abel, President |   |
|   |                                     |                            |   |
|   | Dated:                              |  February      25, 2008    |   |

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