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Stock Purchase Agreement

STOCK PURCHASE AGREEMENT

SCOTTISH POWER PLC, AS SELLER PARENT,

PACIFICORP HOLDINGS, INC., AS SELLER,

MIDAMERICAN ENERGY HOLDINGS COMPANY,

FOR THE PURCHASE AND SALE OF

ALL OF THE COMMON STOCK, NO PAR VALUE,

OF PACIFICORP, AN OREGON CORPORATION

Dated as of May 23, 2005

TABLE OF CONTENTS

SALE AND PURCHASE

SECTION 1.1	Agreement to Sell and to Purchase	1
SECTION 1.2.	Closing	1

REPRESENTATIONS AND WARRANTIES OF THE SELLER PARENT AND THE SELLER

SECTION 2.1.	Organization and Qualification	2
SECTION 2.2.	Capital Stock	3
SECTION 2.3.	Authority Relative to this Agreement	5
SECTION 2.4.	Non-Contravention; Approvals and Consents	5
SECTION 2.5.	SEC Reports, Financial Statements and Utility Reports	6
SECTION 2.6.	Absence of Certain Changes or Events	8
SECTION 2.7.	Absence of Undisclosed Liabilities	8
SECTION 2.8.	Legal Proceedings	9
SECTION 2.9.	Seller Parent Circular	9
SECTION 2.10.	Permits; Compliance with Laws and Orders	9
SECTION 2.11.	Compliance with Agreements	10
SECTION 2.12.	Taxes	11
SECTION 2.13.	Employee Benefit Plans; ERISA	13
SECTION 2.14.	Labor Matters	16
SECTION 2.15.	Environmental Matters	16
SECTION 2.16.	Intellectual Property	19
SECTION 2.17.	Regulation as a Utility	19
SECTION 2.18.	Insurance	19
SECTION 2.19.	Vote Required	20
SECTION 2.20.	Affiliate Transactions	20
SECTION 2.21.	Trading	20
SECTION 2.22.	Article VII of the Companys Articles of Incorporation and Sections 60.825-60.845 of the BCA Not Applicable	20
SECTION 2.23.	Sufficiency and Condition of Assets	21
SECTION 2.24.	Joint Venture Representations	21

REPRESENTATIONS AND WARRANTIES OF THE BUYER

SECTION 3.1.

Organization

SECTION 3.2.	Authority Relative to This Agreement	21
SECTION 3.3.	Non-Contravention; Approvals and Consents	21
SECTION 3.4.	Financing	22

SECTION 4.1.	Covenants of the Seller Parent and Seller	22
SECTION 4.2.	Covenants of the Buyer	28
SECTION 4.3.	Tax Matters	29
SECTION 4.4.	Discharge of Liabilities	30
SECTION 4.5.	Contracts	30
SECTION 4.6.	No Solicitations	30
SECTION 4.7.	Third Party Standstill Agreements	31
SECTION 4.8.	Joint Executive Committee	32
SECTION 4.9.	Control of Other Partys Business	32

ADDITIONAL AGREEMENTS

SECTION 5.1.	Access to Information	32
SECTION 5.2.	Approval of Shareholders	33
SECTION 5.3.	Regulatory and Other Approvals	34
SECTION 5.4.	Employee Benefit Plans	35
SECTION 5.5.	Directors and Officers Indemnification and Insurance	38
SECTION 5.6.	Additional Matters	39
SECTION 5.7.	Expenses	39
SECTION 5.8.	Brokers or Finders	39
SECTION 5.9.	Conveyance Taxes	39
SECTION 5.10.	Rate Matters	40
SECTION 5.11.	Seller Parent Cure	40
SECTION 5.12.	Post Closing Payments	40
SECTION 5.13.	Tax Returns	40
SECTION 5.14.	Intercompany Items	41

SECTION 6.1.	Conditions to Each Partys Obligation to Effect the Share Purchase	42
SECTION 6.2.	Conditions to Obligation of the Buyer to Effect the Share Purchase	43

SECTION 6.3.

Conditions to Obligation of the Seller Parent and the Seller to Effect the Share Purchase

TERMINATION, AMENDMENT AND WAIVER

GENERAL PROVISIONS

SECTION 9.1.	Notices	57
SECTION 9.2.	Entire Agreement; Incorporation of Exhibits

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