Exhibit 10.3

CONFORMED COPY

PRECISION CASTPARTS CORP.

NONEMPLOYEE DIRECTORS DEFERRED COMPENSATION PLAN

2005 RESTATEMENT

January 1, 2005



|                           |  |        
|-------------------------- |  | -------
|Precision Castparts Corp., |  |        
|an Oregon corporation      |  |        
|4650 SW Macadam, Suite 440 |  |        
|Portland, OR 97239         |  | Company

LOGO



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TABLE OF CONTENTS



|    |  |                                 |  |     
|--- |  | ------------------------------- |  | ----
|    |  |                                 |  | Page
|1.  |  | PLAN ADMINISTRATION             |  | 1   
|    |  |                                
|2.  |  | ELIGIBILITY; DEFERRAL ELECTIONS |  | 1   
|    |  |                                
|3.  |  | DEFERRED FEE ACCOUNTS           |  | 2   
|    |  |                                
|4.  |  | PHANTOM STOCK FUND              |  | 3   
|    |  |                                
|5.  |  | TIME AND MANNER OF PAYMENT      |  | 5   
|    |  |                                
|6.  |  | DEATH                           |  | 8   
|    |  |                                
|7.  |  | TERMINATION; AMENDMENT          |  | 9   
|    |  |                                
|8.  |  | CLAIMS PROCEDURE                |  | 9   
|    |  |                                
|9.  |  | GENERAL PROVISIONS              |  | 10  
|    |  |                                
|10. |  | DEFINITION OF CHANGE IN CONTROL |  | 10  
|    |  |                                
|11. |  | EFFECTIVE DATE                  |  | 13  



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PRECISION CASTPARTS CORP.

NONEMPLOYEE DIRECTORS DEFERRED COMPENSATION PLAN

2005 RESTATEMENT

January 1, 2005



|                           |  |        
|-------------------------- |  | -------
|Precision Castparts Corp., |  |        
|an Oregon corporation      |  |        
|4650 SW Macadam, Suite 440 |  |        
|Portland, OR 97239         |  | Company

Precision Castparts Corp. (the Company) adopted the Nonemployee Directors
Deferred Compensation Plan (the plan) to create a deferred compensation arrangement for members of the Board of Directors of the Company (the Board) who are not employees at any time after first eligibility for this plan
(Nonemployee Directors, or Directors). In order to conform to new requirements for nonqualified deferred compensation established by Section 409A of the Internal Revenue Code, the Company adopts this 2005 Restatement as
an amendment to the plan on the terms set forth below. This 2005 Restatement provides for maintenance of separate Subaccounts for Participants with deferred amounts earned and vested as of December 31, 2004, to which the requirements of
Section 409A do not apply.

1. Plan Administration

The Chief Executive Officer (CEO) of the Company shall appoint one or more employees of the Company as Administrator of the plan. The
Administrator shall interpret and administer the plan and for that purpose may make, amend or revoke rules and regulations at any time. The Administrator shall have absolute discretion to carry out responsibilities established under this plan.

2. Eligibility; Deferral Elections

2.1A Nonemployee Director may elect as provided below to defer all or a specified part of the Directors Fees payable to the Director. An election shall be in writing on a form prescribed by the
Administrator and shall specify the time and manner of payment of the deferred amounts in accordance with other provisions of this plan.

2.2An election to defer Directors Fees received by the Administrator on or before December 31 of any year shall be effective for fees payable for the Directors services to be performed in the succeeding calendar
year. A new fee deferral election must be made for each calendar year.

2.3In the first year in which a Director becomes eligible
to participate in the Plan, the newly eligible Director may make an election to defer Directors Fees payable to him



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or her for services to be performed subsequent to the election by submitting the election to the Administrator within 30 days after the date the Director
first becomes eligible. The election shall be effective as of the date of the regular or special Board meeting on or next after the date the election is made.

2.4The Company may withhold from any deferral, or from nondeferred fees payable at the same time, any amounts required by applicable law and regulations.

3. Deferred Fee Accounts

3.1The Company shall deduct from Directors Fees and credit to a Directors Fee Deferral Account (the Account) each Directors Fee amount deferred under this plan. The Account shall be credited as of the day the deferred
Directors Fee would otherwise have been paid to the Director. Deferred amounts earned and vested as of December 31, 2004 shall be maintained as a separate Pre-2005 Subaccount within the Account and adjusted for investment performance
under 3.2 in order to measure the amounts not subject to the restrictions of Section 409A. The balance of the Account shall be a Post-2004 Subaccount.

3.2Until full payment of an Account balance has been made to the Director or beneficiaries entitled to the amount identified by the Account (the Participant), the Company shall credit or debit the
Account, as the case may be, for investment performance as follows:

(a) The investment result shall be determined by the
Performance Option(s) selected by the Participant. A Participant may select more than one Performance Option in accordance with procedures designated by the Administrator.

(b) Participants may select Performance Options under Section 3.2(c), and, except for selections made with respect to the Phantom
Stock Fund, may change an existing selection, on any business day and in a manner prescribed by the Administrator, such change to be effective on the next business day. Except for selections made with respect to the Phantom Stock Fund, a change in a
Participants selection of one or more Performance Options shall apply only to the existing amounts in the Participants Account, only to future deferral amounts, or to both, as selected by the Participant. Changes by a Participant with
respect to the Phantom Stock Fund Performance Option (other than changes relating to the settlement of Phantom Stock Units, as defined below, in shares of Company Common Stock) shall be governed by Section 4.4.

(c) The Performance Options shall be as follows:



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(i) The commercial prime lending rate of the Bank of America or its successor, plus 2
percentage points, as in effect from time to time (Prime Rate plus 2 Percent).

(ii) The Phantom Stock Fund (as
described in Part 4).

(iii) Other Performance Options shall be those listed in Appendix A and shall be the same as for the
Executive Deferred Compensation Plan. The CEO shall have authority to add new Performance Options to the list in Appendix A and to remove Performance Options from the list, subject to Section 7.2(b).

(d) When the Prime Rate plus 2 Percent Performance Option has been selected, Accounts shall be revalued daily based on the current rate in
effect.

(e) When the Phantom Stock Fund Performance Option has been selected, Accounts shall be credited, debited and
revalued as provided in Section 4.2.

(f) When any of the Performance Options listed in Appendix A has been selected,
amounts deferred shall be credited as equivalent shares at the closing price on the day of the deferral. All equivalent shares shall be revalued up or down daily to the closing price.

(g) Upon a change of selection from a Performance Option listed in Appendix A, the Account shall be credited or debited, as the case may
be, based on the value of the equivalent shares at the closing price on the business day preceding the day on which the change takes effect.

3.3Each Participants Account shall be maintained on the books of the Company until full payment has been made to the Participant entitled to the amount identified by the Account. No assets shall be set aside or earmarked to
fund the Account, which shall be purely a bookkeeping device.

4. Phantom Stock Fund

4.1 (a) Phantom Stock Fund refers to a Performance Option tied to the performance of the Companys Common Stock, as described more
specifically in this Part 4.

(b) Current Director refers to a Director who is currently serving on the Companys Board or
has served on the Companys Board or been a Company employee or officer in the previous six months. Former Director refers to a Director who has not served on the Companys Board or been a Company employee or officer in the
previous six months.

(c) Provisions of this Part 4 contain special rules applicable to the Phantom Stock Fund. However, unless otherwise
expressly provided, the Phantom Stock Fund is subject to all of the plan provisions applicable to other Performance Options.



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| | 4.2 | (a) (i) The part of a Participants Account that is allocated to the Phantom Stock Fund, if any, shall be credited or debited, as the case may be, as if it were 100% invested
in Common Stock of the Company. Each amount credited to the Phantom Stock Fund shall be credited in units (Phantom Stock Units), which Phantom Stock Units shall be calculated by dividing the amount credited to the Phantom Stock Fund by
the closing price of the Companys Common Stock on the New York Stock Exchange on the date of crediting. Fractional Phantom Stock Units shall be credited to three decimal points.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(ii) Phantom Stock Units in a Participants Account shall be revalued up or down daily to the closing price of the Companys
Common Stock on the New York Stock Exchange.

(iii) If a Former Director (or a beneficiary entitled to the amount
identified by such Former Directors Account) changes a Performance Option selection such that existing amounts in the Former Directors Account are debited from the Phantom Stock Fund, the Account shall be adjusted based on the value of
Phantom Stock Units on the last business day prior to the date of debiting, as determined by the closing price of the Companys Common Stock on the New York Stock Exchange on such date. Fractional Phantom Stock Units shall be debited to three
decimal points.

(b) To the extent cash dividends are paid on the Companys Common Stock, a Participants Account
shall be credited with phantom dividends, which shall equal the per-share dividend paid on the Companys Common Stock multiplied by the number of Phantom Stock Units in a Participants Account on the record date for the dividend. Phantom
dividends shall be credited to an Account in the form of additional Phantom Stock Units (calculated in the manner described in Section 4.2(a)).

(c) In the event of any change in the Companys Common Stock by reason of a recapitalization, reclassification, stock split, reverse stock split, combination of shares or similar transaction, the number of
Phantom Stock Units held by a Participant under the plan shall be proportionately adjusted.

4.3No voting or other rights of any
kind associated with ownership of the Companys Common Stock shall inure to a Participant by virtue of the allocation of all or any part of an Account to the Phantom Stock Fund.

4.4 (a) A Director may not under any circumstances select the Phantom Stock Fund Performance Option to apply to future deferral amounts.



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(b) One time each calendar year, on a date set by the Administrator, a Participant who is
currently serving on the Companys Board or as a Company employee or officer may change his or her Performance Option selection applicable to the existing amounts in his or her Account to provide for all or a part of such existing amounts to be
credited to the Phantom Stock Fund. A Current Director may not under any circumstances change his or her Performance Option selection with respect to the existing amounts in his or her Account to provide for any part of such existing amounts to be
debited from the Phantom Stock Fund.

(c) On any business day, a Former Director (or a beneficiary entitled to the amount
identified by such Former Directors Account) may, in a manner prescribed by the Administrator, change a Phantom Stock Fund Performance Option selection such that existing amounts in the Former Directors Account are debited from the
Phantom Stock Fund. Such a change will be effective on the next business day. Neither a Former Director nor a beneficiary entitled to the amount identified by such Former Directors Account may under any circumstances change a Phantom Stock
Fund Performance Option selection to provide for any existing amounts in the Former Directors Account to be credited to the Phantom Stock Fund.

4.5Subject only to Section 6.1, cash payments or withdrawals with respect to the Phantom Stock Units in a Current Directors Account may not be made or commence under any circumstances (and
regardless of the manner of payment selected under Sections 5.2 and 5.3) until the Director becomes a Former Director.

5.Time
and Manner of Payment

5.1Subject to Sections 5.4, 5.5, 6.1 and 7.3, the Account shall be paid or payment commenced after one of
the following dates as selected under Section 5.3(a):

(a) The date the Director has a separation from service with the
Company under 5.7, provided, however, that, subject only to Section 6.1, no cash payments shall be payable with respect to Phantom Stock Units until the date that is two days after the date on which the Director becomes a Former
Director; or

(b) The date that is from 1 to 20 whole years (as elected by the Director) after the Directors
separation from service in Section 5.1(a).

5.2The manner of payment of the Account shall be in one or a combination of the
following, as selected under Section 5.3(b):

(a)(i) In the case of payments with respect to Performance Options other
than the Phantom Stock Fund, in a single lump sum as soon as practicable after the next December 31 following the date described in Section 5.1(a) or 5.1(b), whichever applies (subject to Sections 5.4, 5.5, 6.1 and 7.3); or



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(ii) In the case of cash payments with respect to Phantom Stock Units, in a single lump
sum as soon as practicable after the next December 31 following the date described in Section 5.1(a) or 5.1(b), whichever applies, provided, however, that no payment with respect to Phantom Stock Units shall be made before the date
that is two days after the date on which the Director becomes a Former Director (subject only to Section 6.1); or

(iii) In the case of shares of the Companys Common Stock paid on account of the value of Phantom Stock Units (excluding fractional Phantom Stock Units), in a single lump sum of shares of Company Common Stock within a period of time
set by the Administrator and measured from the end date of the Directors service on the Companys Board (which period shall not exceed 30 days), provided, however, that payments with respect to any fractional Phantom Stock Units in
a Current Directors Account shall be governed by Sections 4.5, 5.1 and 5.2(a)(ii).

(b) In 2 to 20 substantially equal
annual installments (as elected by the Director), subject to the following. If a Director postpones commencement of payment by selecting a date under Section 5.1(b), the number of years of postponement elected under Section 5.1(b) plus the
number of installments elected under this Section 5.2(b) shall not total more than 20. The size of installments shall be fixed so as to be substantially equal based on an assumed return on the Performance Options in the Account over the payment
period. The Administrator shall select the assumed rate, which may be changed each year to reflect actual experience and variations in expected future investment returns.

(i) Installment payments with respect to Performance Options other than the Phantom Stock Fund shall be payable as soon as practicable
after each December 31, commencing with the December 31 following the date described in Section 5.1(a) or 5.1(b), whichever applies (subject to Sections 5.4, 5.5, 6.1 and 7.3).

(ii) Installment payments with respect to Phantom Stock Units shall be payable as soon as practicable after each December 31,
commencing with the December 31 following the date described in Section 5.1(a) or 5.1(b), whichever applies, provided, however, that no initial installment payment with respect to Phantom Stock Units shall be made before the date
that is two days after the date on which the Director becomes a Former Director (subject only to Section 6.1).

5.3The time and
manner of payment under Sections 5.1 and 5.2 shall be selected by the Director as follows:

(a) The selection of payment
time under Section 5.1 shall be made in writing on a form prescribed by the Administrator. Subject to 5.4, the selection may be changed by a subsequent selection, which shall be effective if delivered to



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the Administrator at least 12 months prior to the Directors separation from service with the Company. If the Directors separation from service
occurs prior to 12 months after a changed selection is delivered, the prior selection shall apply.

(b) The selection of the
manner of payment under Section 5.2 shall be made in writing on a form prescribed by the Administrator. Subject to 5.4, the selection may be changed by a subsequent selection, provided payment under the prior selection had not already
commenced. The changed selection shall be effective if delivered to the Administrator at least 12 months prior to the date in Section 5.1(a), 5.1(b) or 5.2(a)(iii), whichever applies to the Director. Until the changed selection becomes
effective, the prior selection shall remain in effect.

5.4If the selection of payment time under 5.3(a) or of manner of payment
under 5.3(b) is changed after the later of the due date for the election to defer such amounts or December 31, 2006, the payment time shall be at least five years later than the payment time previously in effect and the change shall not
accelerate the time of payment. The preceding sentence shall not apply to a Pre-2005 Subaccount. A Director with Subaccounts may limit the change in selection of payment time or manner of payment to the Pre-2005 Subaccount or may select different
changes with respect to the two Subaccounts.

5.5A Director or surviving spouse may withdraw the Directors entire Pre-2005
Subaccount at any time before it otherwise would be payable (except for cash withdrawals of amounts in the Directors Account that are allocated to the Phantom Stock Fund, which withdrawals shall be governed by Section 4.5). The amount
paid on such a withdrawal shall be discounted ten percent from the stated balance of the Pre-2005 Subaccount. The ten percent discount shall be forfeited as a penalty for early withdrawal.

5.6If a Directors service on the Companys Board ends involuntarily (by removal of the Director or by expiration of the
Directors term without reappointment) within 24 months after a Change in Control as defined in Section 10.1, the Directors Pre-2005 Subaccount, except for amounts that are allocated to the Phantom Stock Fund, shall be paid in one
lump sum within 30 days after the Directors service on the Companys Board ends, regardless of the otherwise applicable election. Upon a change in Control as defined in Section 10.2, a Directors Post-2004 Subaccount,
except for amounts that are allocated to the Phantom Stock Fund, shall be paid in one lump sum within 90 days after the Change in Control is consummated, regardless of the otherwise applicable election. Payment of amounts in a Directors
Account that are allocated to the Phantom Stock Fund shall be governed by Sections 4.5, 5.2(a)(ii) and 5.2(a)(iii).

5.7Separation
from service shall occur when the Directors service on the Companys Board ends if there is a good faith and complete termination of the contractual relationship between the Director and the Company or any entity that is a member, with
the Company, of a controlled group of corporations or commonly controlled trades or businesses, as defined in Sections 414(b) and (c) of the Code (an Affiliate).

5.8If the Director is a Specified Employee and the Company or any Affiliate has publicly traded stock, the Directors Account shall not be
paid to the Director upon a



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separation from service until six months following the separation date. All amounts due during such six months shall be paid as soon as practicable after the
six months has expired. The preceding two sentences shall not apply to a Pre-2005 Subaccount. Specified Employee means a key employee as defined in Section 416(i) of the Code, determined without regard to
Section 416(i)(5). The definition of key employee shall be applied by identifying the highest paid 50 employees of the Company and Affiliates during the preceding calendar year.

5.9The Company may withhold from payments to a Director any income tax or other amounts as required by law.

6. Death

6.1A
Directors Account shall be payable under Section 6.3 on the Directors death regardless of the provisions of Part 5 or Section 4.5.

6.2On death of a Director the Account shall be paid in the following order of priority:

(a) To the surviving beneficiaries designated by the Director in writing to the Administrator on a form prescribed by the Administrator for that purpose, or if none then

(b) To the Directors surviving spouse, or if none then

(c) To the Directors surviving children in equal shares, or if none then

(d) To the Directors estate.

6.3The manner of payment under Section 6.1 shall be as follows:

(a) If the beneficiary is the
surviving spouse and the Director elected installments but died before starting to receive payments, the spouses payments shall begin as soon as practicable after the following December 31 and the period selected under Section 5.2(b)
for the Directors payments shall govern. If the Director had already started receiving installments, the surviving spouse shall receive the installments for the remainder of the term selected by the Director.

(b) If the beneficiary is the surviving spouse and the Director did not elect installments, or if the beneficiary is not the surviving
spouse, a lump sum shall be paid as soon as practicable to the beneficiary.

6.4On death of a surviving spouse receiving
installments under Section 6.3(a), the Account shall be paid in a single sum to the spouses estate as soon as practicable after death.



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7. Termination; Amendment

7.1The Board may terminate this plan effective the first day of any calendar year after notice to the Directors. On termination, amounts in an
Account shall remain to the credit of the Account, shall continue to be adjusted and shall be paid in accordance with Parts 4, 5, 6 or 7, as applicable.

7.2The plan may be amended at any time by any of the following methods:

(a) The
Board may adopt any amendment to the plan.

(b) The CEO may amend this plan to make any change that does not result in a
material increase in the Companys costs.

(c) The CEO may amend this plan to make technical, editorial or operational
changes on advice of counsel to comply with applicable law or to simplify or clarify the plan. The CEO may delegate this amendment authority.

7.3If the Internal Revenue Service rules that any amounts deferred under this plan will be subject to current income tax, all amounts to which the ruling is applicable shall be paid within 30 days to all Participants with Accounts
(except for amounts allocated to the Phantom Stock Fund, which payment of such amounts shall be governed by Sections 4.5, 5.2(a)(ii) and 5.2(a)(iii)).

8. Claims Procedure

8.1Any Participant claiming a benefit, requesting an interpretation or
ruling under the plan, or requesting information under the plan shall present the request in writing to the Administrator, who shall respond in writing as soon as practicable.

8.2If the claim or request is denied, the written notice of denial shall state the following:

(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.

(c) An explanation of the plans review procedure.

8.3The initial notice of denial shall normally be given within 90 days after receipt of the claim. If special circumstances require an extension of time, the claimant shall be so notified and the time limit
shall be 180 days.

8.4Any person whose claim or request is denied or who has not received a response within 30 days may request
review by notice in writing to the Administrator. The original decision shall be reviewed by the Administrator which may, but shall not be required to, grant the claimant a hearing. On review, whether or not there is a hearing, the claimant may have
representation, examine pertinent documents and submit issues and comments in writing.



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8.5The decision on review shall ordinarily be made within 60 days. If an extension of time is
required for a hearing or other special circumstances, the claimant shall be so notified and the time limit shall be 120 days. 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.

9. General Provisions

9.1The promise to pay amounts deferred under this plan shall be an unfunded, unsecured obligation of the Company, except as follows. The Company
maintains a trust with a financial institution for payment of benefits under this and other nonqualified plans. The trust is a grantor trust for tax purposes and provides that any assets contributed to the trustee shall be used exclusively for
payment of benefits under the nonqualified plans except in the event the Company becomes insolvent, in which case the trust fund shall be held for payment of the Companys obligations to its general creditors.

9.2Any notice under this plan shall be in writing or by electronic means and shall be received when actually delivered or, if mailed, when
deposited postpaid as first class mail. Mail should be directed to the Company at the address stated in this plan, to a Director at the address stated in the Directors election, to a beneficiary entitled to benefits at the address stated in
the Directors beneficiary designation, or to such other address as the Director or beneficiary may specify by notice to the Administrator.

9.3The interests of a Participant under this plan are personal and no such interest may be assigned, seized by legal process or in any way subjected to the claims of any creditor. The foregoing limitation prohibits, for example, any
alienation, anticipation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Participant.

10. Definition of Change in Control

10.1For purposes of payment of the Pre-2005 Subaccount, a Change in
Control of the Company shall be deemed to have occurred if:

(a) Any person, as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act) (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any company
owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company), is or becomes the beneficial owner (as defined in Rule 13d 3 under the Exchange Act),
directly or indirectly, of securities of the Company representing 20 percent or more of the combined voting power of the Companys then outstanding securities;



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(b) During any period of two consecutive years, individuals who at the beginning of such
period constituted a majority of the Board cease for any reason to constitute a majority thereof unless the nomination or election of such new directors was approved by a vote of at least two thirds of the directors then still in office who were
directors at the beginning of such period;

(c) The stockholders of the Company approve a merger or consolidation of the
Company with any other company or statutory plan of exchange involving the Company (Merger), other than (1) a Merger which would result in the voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50 percent of the combined voting power of the voting securities of the Company or such surviving entity outstanding
immediately after the Merger or (2) a Merger effected to implement a recapitalization of the Company (or similar transaction) in which no person (as hereinabove defined) acquires more than 20 percent of the combined voting power of
the Companys then outstanding securities; or

(d) The stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale, lease, exchange or other transfer (in one transaction or a series of related transactions) or disposition by the Company of all or substantially all of the Companys assets.

10.2For purposes of payment of the Post-2004 Subaccount a Change in Control of the Company shall be deemed to have occurred if
there has been a change in ownership of the Company under (a), a change in effective control of the Company under (b), or a change in the ownership of a substantial portion of the Companys assets under (c):

(a) A change in ownership occurs on the date that any one person or more than one person acting as a group acquires ownership of stock of
the Company that, together with stock already held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the Companys stock.

(i) A change in ownership will not be deemed to occur if, before the person or group acquires additional Company stock, the person or
group acquiring Company stock owned, or is treated as owning, more than 50 percent of the total fair market value or total voting power of Company stock.

(ii) An increase in the ownership percentage of the person or group as a result of a transaction in which the Company redeems its stock for cash or other property will be treated as an acquisition by the person or
group.

(iii) Ownership of stock will be determined by applying the rules in Code section 318(a) and by treating stock
underlying a vested



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option as owned by the individual who holds the vested option, unless the stock to which the option applies is not substantially vested as defined in
Treasury regulation section 1.83-3(b) and (j).

(iv) Persons will be considered as acting as a group to acquire or hold
Company stock or effective control of the Company to the extent provided by applicable regulations or other written guidance published by the Internal Revenue Service.

(b) A change in effective control of the Company shall occur, regardless whether a change in ownership occurs under (a), on the date that
an event described in (i) or (ii) occurs, subject to (iii).

(i) A change in effective control occurs on the date
that any one person or more than one person acting as a group acquires (or has acquired during the 12-month period that ends on the date of the most recent acquisition by such person or group) ownership of Company stock possessing more than
35-percent of the total voting power of the Companys stock.

(ii) A change in effective control also occurs on the
date that a majority of the Companys board of directors is replaced during any 12-month period by directors whose election is not endorsed by a majority of the Companys board members prior to the date of election or appointment.

(iii) A change in effective control will not result from the acquisition of additional control of the company by any
person or group that, immediately before such acquisition, owned more than 35 percent of the total voting power of the Companys stock.

(c) A change in ownership of a substantial portion of the Companys assets occurs on the date that any person or more than one person acting as a group acquires (or has acquired during the 12-month period ending
on the date of the most recent acquisition by such person or group) Company assets with a total gross fair market value equal to 40 percent or more of the total gross fair market value of all of the Companys assets immediately prior to the
acquisition (or series of acquisitions).



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(i) Gross fair market value for this purpose means the value of the Companys
assets or the value of the assets being disposed of, without regard to any liabilities associated with such assets.

(ii)
No Change in Control occurs solely because the Company transfers assets to an entity controlled by the Companys shareholders immediately after the transfer.

(iii) No change in ownership of the Companys assets is deemed to occur solely by reason of a transfer of the Companys assets
to any of the following:

(A) A shareholder of the Company (immediately before the asset transfer) in exchange for the
Companys stock.

(B) An entity, half or more of whose total value or voting power is owned by he Company (directly or
indirectly).

(C) A person or group that owns (directly or indirectly) 50 percent or more of the value or voting power of
all of the Companys outstanding shares.

(D) An entity, half or more of whose total value or voting power is owned
(directly or indirectly) by a person who owns 50 percent or more of the value or voting power of the Companys outstanding shares.

11. Effective Date

This 2005 Restatement shall be effective January 1, 2005. Except as specifically provided in this
2005 Restatement for Pre-2005 Subaccounts, its provisions shall apply to all amounts held under the plan. Procedures for changes from provisions of the plan as in effect before this 2005 Restatement shall be implemented according to a schedule
established by the Administrator.



PRECISION CASTPARTS CORP.By:

/s/ W.D. Larsson




Name:

William D. LarssonTitle:

Senior Vice President and Chief Financial Officer




Date signed:

12/18/06




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APPENDIX A

LIST OF PERFORMANCE OPTIONS

In addition to the Prime Rate plus 2 Percent and Phantom Stock Fund Performance Options, the
following Performance Options shall be available:

(a) Fidelity Aggressive Growth Fund

(b) Fidelity Growth Company Fund

(c) Fidelity Equity-Income Fund

(d) Fidelity Contrafund

(e) MSDW Small Company Growth Fund B

(f) Fidelity Low-Priced Stock Fund

(g) U.S. Equity Indexed Commingled Pool

(h) Fidelity Diversified International Fund

(i) Fidelity Intermediate Government Income Fund



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