| 1.   | U.S. Bank National Association has prepared all reports to Unitholders with respect to each distribution date for TILES Trust No. 2006-1 and, if permitted under the applicable rules and regulations of the Securities Exchange Commission and the procedures with respect thereto that have been mutually agreed upon by MS Structured Asset Corp. and U.S. Bank National Association, has filed a copy of such reports on Form 10-D for the months listed on Exhibit A hereto; |
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| 2.   | I have reviewed the reports on Form 10-D containing the reports to Unitholders included on Exhibit A filed in respect of periods included in the Fiscal Year covered by the annual report of MS Structured Asset Corp. on behalf of TILES Trust No. 2006-1; |
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| 3.   | I am familiar with the operations of U.S. Bank National Association with respect to the SATURNS program and TILES Trust No. 2006-1 and the requirement imposed by the Trust Agreement; |
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| 4.   | Based on my knowledge, the information in the reports to Unitholders, 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 10-D; |
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| 5.   | Based on my knowledge, the information required to be provided under the Trust Agreement, for inclusion in the reports to Unitholders, is included in the reports to Unitholders; |
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| 6.   | Based on my knowledge, and except as disclosed in the reports to Unitholders, the Trustee has fulfilled its obligations, under the Trust Agreement. |
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| 7.   | Based on my knowledge, and except as disclosed in the reports to Unitholders, there are no material legal proceedings with respect to the trust, involving the trust or U.S. Bank National Association as Trustee. |
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| TILES Trust No.:   | Closing Date      | Payment Dates                    | Form 10-D Filing Dates           |
|--------------------|-------------------|----------------------------------|----------------------------------|
|   2006-1 | February 15, 2006 | February 15, 2012August 15, 2012 | February 17, 2012August 30, 2012 |