| 1.   | U.S. Bank National Association has prepared and filed a copy of the reports to Unitholders for the months identified on Exhibit A attached hereto. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | I have reviewed the reports on Form 8-K containing the reports to Unitholders included on Exhibit A (the “U.S. Bank Reviewed Distribution Reports”) for the year covered by this annual report of MS Structured Asset Corp., on behalf of SATURNS Trust No. 2005-2; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | I am familiar with the operations of U.S. Bank National Association with respect to the SATURNS program and SATURNS Trust No. 2005-2 and the requirement imposed by the Trust Agreement, |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Based on my knowledge, the information in the U.S. Bank Reviewed Distribution Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the date that the distribution information was filed on Form 8-K or Form 8-KA, as applicable. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Based on my knowledge, the reporting information required to be provided in the U.S. Bank Reviewed Distribution Reports under the Trust Agreement, is included in the U.S. Bank Reviewed Distribution Reports; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | Based on my knowledge, and except as disclosed in the U.S. Bank Reviewed Distribution Reports, for the applicable periods (as outlined in Exhibit B attached hereto), the Trustee has fulfilled its obligations under the Trust Agreement. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Based on my knowledge, and except as disclosed in this Compliance Statement or the U.S. Bank Reviewed Distribution Reports, there are no material legal proceedings with respect to the trust, involving the trust or U.S. Bank National Association as trustee. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | By:         /s/ Kimberly O. Jacobs    |
|--------|--------|---------------------------------------------------------------------------------------------------|
|   |   |  Name:         Kimberly O. Jacobs               |
|   |   |  Title:           Vice President           |
|   |   |  Date:           March 8, 2012        |

----

| SATURNS  Trust No.: | Closing Date     | Payment Dates 1              | Dates for which U.S. Bank National Association filed the Form 8-K for FY 2011 | U.S. Bank Reviewed Distribution Reports |
|-------------------------------|------------------|------------------------------|-------------------------------------------------------------------------------|-----------------------------------------|
| 2005-2                        | January 27, 2005 | January 3, 2011,July 1, 2011 | N/A                                                                           | July 2011 Distribution Report           |

----

| Mar 2003 Reference | Standard Terms for Trust Agreements Section                                                              | BANA               | USB       |
|--------------------|----------------------------------------------------------------------------------------------------------|--------------------|-----------|
| 2.02               | Entry Into Swap Agreement and Other Agreements                                                           | 1/1-9/6            | 2/1-12/31 |
| 3.02a              | Administration of the Trust                                                                              | 1/1-9/6            | 2/1-12/31 |
| 3.02b              | Administration of the Trust                                                                              | 1/1-9/6            | 2/1-12/31 |
| 3.03               | Collection of Certain Underlying Security Payments                                                       | 1/1-9/6            | 2/1-12/31 |
| 3.04               | Sale                                                                                                     | N/A                | N/A       |
| 3.05a              | Unit Account                                                                                             | 1/1-9/6            | 9/6-12/31 |
| 3.05b              | Unit Account                                                                                             | 1/1-2/1            | 2/1-12/31 |
| 3.06               | Investment of Funds in the Accounts                                                                      | 1/1-2/1            | 2/1-12/31 |
| 3.07               | Retained Interest                                                                                        | 1/1-9/6            | 9/6-12/31 |
| 3.08               | Access to Certain Documentation                                                                          | 1/1-9/6            | 2/1-12/31 |
| 4.01               | Distributions                                                                                            | 1/1-9/6            | 2/1-12/31 |
| 4.02a              | Reports to Unitholders and Others - with respect to statement information (i) to (xi)                    | 1/3/2011           | 7/1/2011  |
| 4.02a              | Reports to Unitholders and Others - with respect to 8-K filing                                           | 1/3/2011, 7/1/2011 | N/A       |
| 4.02a              | Reports to Unitholders and Others - with respect to year end statement                                   | 1/1-9/6            | 9/6-12/31 |
| 4.02b              | Reports to Unitholders and Others (b)                                                                    | 1/1-2/1            | 2/1-12/31 |
| 4.02c              | Reports to Unitholders and Others (c)                                                                    | 1/1-2/1            | 2/1-12/31 |
| 4.02d              | Reports to Unitholders and Others (d)                                                                    | 1/1-3/1            | N/A       |
| 4.02e              | Reports to Unitholders and Others (e)                                                                    | 1/1-2/1            | 2/1-12/31 |
| 4.02f              | Reports to Unitholders and Others (f)                                                                    | 1/1-3/1            | N/A       |
| 4.03               | Calculation of Interest Rates                                                                            | 1/1-2/1            | 2/1-12/31 |
| 4.04               | Compliance with Tax Reporting and Withholding Requirements                                               | 1/1-2/1            | 2/1-12/31 |
| 4.05               | Preservation of Information, Communications to Holders - with respect to Registrar                       | 1/1-9/6            | 9/6-12/31 |
| 5.02               | Execution, Authentication, and Delivery                                                                  | 1/1-9/6            | 9/6-12/31 |
| 5.03               | Registration; Registration of Transfer and Exchange                                                      | 1/1-9/6            | 9/6-12/31 |
| 5.04               | Mutilated, Destroyed, Lost and Stolen Units                                                              | 1/1-9/6            | 9/6-12/31 |
| 5.05               | Distributions in Respect of Units                                                                        | 1/1-9/6            | 9/6-12/31 |
| 5.07               | Cancellation                                                                                             | 1/1-9/6            | 9/6-12/31 |
| 5.08               | Currency of Distributions in Respect of Units; Redenomination                                            | 1/1-9/6            | 9/6-12/31 |
| 5.09               | Appointment of Paying Agent                                                                              | 1/1-9/6            | 9/6-12/31 |
| 5.10               | Authenticating Agent                                                                                     | 1/1-9/6            | 9/6-12/31 |
| 5.11               | Issuance and Transfer Restrictions                                                                       | 1/1-9/6            | 9/6-12/31 |
| 5.11e              | Issuance and Transfer Restrictions                                                                       | 1/1-2/1            | 2/1-12/31 |
| 5.12               | Optional Exchange                                                                                        | N/A                | N/A       |
| 5.13               | Callable Series - with respect to notices                                                                | N/A                | N/A       |
| 5.13               | Callable Series - with respect to distributions                                                          | N/A                | N/A       |
| 7.01               | Voting Rights with Respect to Underlying Securities                                                      | 1/1-2/1            | 2/1-12/31 |
| 7.02               | Amendments and Waivers Under Swap Agreement and Guarantee                                                | N/A                | N/A       |
| 8.01               | Realization Upon Default                                                                                 | 1/1-2/1            | 2/1-12/31 |
| 9.01               | Liquidation Events                                                                                       | 1/1-2/1            | 2/1-12/31 |
| 9.02               | Trust Wind Up Event                                                                                      | 1/1-2/1            | 2/1-12/31 |
| 9.03               | Expense Event                                                                                            | 1/1-2/1            | 2/1-12/31 |
| 9.05a              | Disposition of Trust Property                                                                            | 1/1-2/1            | 2/1-12/31 |
| 9.05b              | Disposition of Trust Property                                                                            | 1/1-9/6            | 2/1-12/31 |
| 9.05c              | Disposition of Trust Property - with respect to administration of terminations and liquidations, notices | 1/1-2/1            | 2/1-12/31 |
| 9.05c              | Disposition of Trust Property - with respect to distribution of proceeds                                 | 1/1-9/6            | 2/1-12/31 |
| 9.05d              | Disposition of Trust Property                                                                            | 1/1-2/1            | 2/1-12/31 |
| 9.05h              | Disposition of Trust Property                                                                            | 1/1-2/1            | 2/1-12/31 |
| 9.05j              | Disposition of Trust Property                                                                            | 1/1-9/6            | 2/1-12/31 |
| 9.06               | Limitation on Notice Requirement                                                                         | 1/1-2/1            | 2/1-12/31 |
| 10.01              | Trustee Duties                                                                                           | 1/1-9/6            | 2/1-12/31 |
| 11.01              | Termination of Trust                                                                                     | N/A                | N/A       |
| 12.01              | Amendment of Trust Agreement; Waivers                                                                    | 1/1-9/6            | 2/1-12/31 |
| 12.07              | Notice to Rating Agencies                                                                                | 1/1-2/1            | 2/1-12/31 |
| 12.08              | Perfection of the Swap Counterparty Security Interest                                                    | N/A                | N/A       |
| Trust Agreement    |                                                                                                     |               |      |
| Schedule I         | Callable Series                                                                                          | 1/1-9/6            | 2/1-12/31 |
| Schedule I         | Expense Administrator                                                                                    | 1/1-9/6            | 2/1-12/31 |
| Schedule I         | Warrant Agent                                                                                            | 1/1-9/6            | 2/1-12/31 |
| Schedule I         | Notice of Interest Deferral                                                                              | 1/1-2/1            | 2/1-12/31 |
| Schedule I         | Compliance Certificate                                                                                   | 1/1-3/1            | N/A       |
| Schedule I         | Distributions Reports                                                                                    | 1/1-9/6            | 9/6-12/31 |
| Schedule III       | Additional Warrant Terms                                                                                 | 1/1-9/6            | 2/1-12/31 |