| 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 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. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | I have reviewed the reports on Form 10-D containing the reports to Unitholders included on Exhibit A (the “U.S. Bank Reviewed Distribution Reports”) 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; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 10-D or Form 10-DA, as applicable. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Based on my knowledge, the information required to be provided under  the Trust Agreement, for inclusion in the U.S. Bank Reviewed Distribution Reports, 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 the 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        |

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| TILES Trust No.: | Closing Date      | Payment Dates                    | Dates for which U.S. Bank National Association filed the Form 10-D for FY 2011 | U.S. Bank Reviewed Distribution Reports |
|------------------|-------------------|----------------------------------|--------------------------------------------------------------------------------|-----------------------------------------|
| 2006-1           | February 15, 2006 | February 15, 2011August 15, 2011 | N/A                                                                            | N/A                                     |

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| 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)                    | N/A                  | 2/15/2011, 8/15/2011 |
| 4.02a              | Reports to Unitholders and Others - with respect to 8-K filing                                           | 2/15/2011, 8/15/2011 | 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         | Early Termination Date                                                                                   | 1/1-2/1              | 2/1-12/31            |
| Schedule I         | Expense Administrator                                                                                    | 1/1-9/6              | 2/1-12/31            |
| Schedule I         | Compliance Certificate                                                                                   | 1/1-3/1              | N/A                  |
| Schedule I         | Officer's Certificate                                                                                    | 1/1-3/1              | N/A                  |
| Schedule I         | Assessment of Compliance                                                                                 | 1/1-3/1              | N/A                  |
| Schedule I         | Additional Reports to Depositor                                                                          | 1/1-9/6              | 2/1-12/31            |
| Schedule I         | Additional Reports to Unitholders                                                                        | 1/1-2/1              | 2/1-12/31            |
| Schedule I         | Distributions Reports                                                                                    | 1/1-9/6              | 9/6-12/31            |
| Schedule I         | Trust Wind Up Events                                                                                     | 1/1-2/1              | 2/1-12/31            |