Document:

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                 MORGAN STANLEY DEAN WITTER SELECT EQUITY TRUST
                      SELECT 5 INDUSTRIAL PORTFOLIO 2000-2
                            REFERENCE TRUST AGREEMENT

                  This Reference Trust Agreement dated                   , 2000
between DEAN WITTER REYNOLDS INC., as Depositor, and The Chase Manhattan Bank,
as Trustee, sets forth certain provisions in full and incorporates other
provisions by reference to the document entitled "Sears Equity Investment Trust,
Trust Indenture and Agreement" dated January 22, 1991, as amended on March 16,
1993 and July 18, 1995 (the "Basic Agreement"). Such provisions as are
incorporated by reference constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:

                  In consideration of the premises and of the mutual agreements
herein contained, the Depositor and the Trustee agree as follows:

                                       I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

                  Subject to the provisions of Part II hereof, all the
provisions contained in the Basic Agreement are herein incorporated by reference
in their entirety and shall be deemed to be a part of this instrument as fully
and to the same extent as though said provisions had been set forth in full in
this instrument except that the Basic Agreement is hereby amended in the
following manner:

                  A. Article I, Section 1.01, paragraph (29) defining "Trustee"
         shall be amended as follows:

                  "'Trustee' shall mean The Chase Manhattan Bank, or any
                  successor trustee appointed as hereinafter provided."

                  B. Reference to United States Trust Company of New York in its
         capacity as Trustee is replaced by The Chase Manhattan Bank throughout
         the Basic Agreement.

                  C. Reference to "Dean Witter Select Equity Trust" is replaced
         by "Morgan Stanley Dean Witter Select Equity Trust".

                  D. Section 3.01 is amended to substitute the following:

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                  SECTION 3.01. INITIAL COST The costs of organizing the Trust
         and sale of the Trust Units shall, to the extent of the expenses
         reimbursable to the Depositor provided below, be borne by the Unit
         Holders, PROVIDED, HOWEVER, that, to the extent all of such costs are
         not borne by Unit Holders, the amount of such costs not borne by Unit
         Holders shall be borne by the Depositor and, PROVIDED FURTHER, HOWEVER,
         that the liability on the part of the Depositor under this section
         shall not include any fees or other expenses incurred in connection
         with the administration of the Trust subsequent to the deposit referred
         to in Section 2.01. Upon notification from the Depositor that the
         primary offering period is concluded, the Trustee shall withdraw from
         the Account or Accounts specified in the Prospectus or, if no Account
         is therein specified, from the Principal Account, and pay to the
         Depositor the Depositor's reimbursable expenses of organizing the Trust
         and sale of the Trust Units in an amount certified to the Trustee by
         the Depositor. If the balance of the Principal Account is insufficient
         to make such withdrawal, the Trustee shall, as directed by the
         Depositor, sell Securities identified by the Depositor, or distribute
         to the Depositor Securities having a value, as determined under Section
         4.01 as of the date of distribution, sufficient for such reimbursement.
         The reimbursement provided for in this section shall be for the account
         of the Unitholders of record at the conclusion of the primary offering
         period and shall not be reflected in the computation of the Unit Value
         prior thereto. As used herein, the Depositor's reimbursable expenses of
         organizing the Trust and sale of the Trust Units shall include the cost
         of the initial preparation and typesetting of the registration
         statement, prospectuses (including preliminary prospectuses), the
         indenture, and other documents relating to the Trust, SEC and state
         blue sky registration fees, the cost of the initial valuation of the
         portfolio and audit of the Trust, the initial fees and expenses of the
         Trustee, and legal and other out-of-pocket expenses related thereto,
         but not including the expenses incurred in the printing of preliminary
         prospectuses and prospectuses, expenses incurred in the preparation and
         printing of brochures and other advertising materials and any other
         selling expenses. Any cash which the Depositor has identified as to be
         used for reimbursement of expenses pursuant to this Section shall be
         reserved by the Trustee for such purpose and shall not be subject to
         distribution or, unless the Depositor otherwise directs, used for
         payment of redemptions in excess of the per-Unit amount allocable to
         Units tendered for redemption.

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                                       II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

                  The following special terms and conditions are hereby agreed
to:

                  A. The Trust is denominated Morgan Stanley Dean Witter Select
Equity Trust Select 5 Industrial Portfolio 2000-2 (the "Select 5 Trust").

                  B. The publicly traded stocks listed in Schedule A hereto are
those which, subject to the terms of this Indenture, have been or are to be
deposited in trust under this Indenture.

                  C. The term, "Depositor" shall mean Dean Witter Reynolds Inc.

                  D. The aggregate number of Units referred to in Sections 2.03
and 9.01 of the Basic Agreement is            for the Select 5 Trust.

                  E. A Unit is hereby declared initially equal to 1/ th for the
Select 5 Trust.

                  F. The term "In-Kind Distribution Date" shall mean
             , 2001.

                  G. The term "Record Dates" shall mean
         , 2000,              , 2000,                     , 2000 and
           , 2001 and such other date as the Depositor may direct.

                  H. The term "Distribution Dates shall mean
         , 2000,              , 2000,                    ,2000 and
         , 2001 and such other date as the Depositor may direct.

                  I. The term "Termination Date" shall mean           , 2001.

                  J. The Depositor's Annual Portfolio Supervision Fee shall be a
maximum of $0.25 per 100 Units.

                  K. The Trustee's annual fee as defined in Section 6.04 of the
Indenture shall be $     per 100 Units if the greatest number of Units
outstanding during the period is 10,000,000 or more; $     per 100 Units if the
greatest number of Units outstanding during the period is between 5,000,000 and
9,999,999;

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and $      per 100 Units if the greatest number of Units outstanding during the
period is 4,999,999 or less.

                  L. For a Unit Holder to receive "in-kind" distribution during
the life of the Trust other than in connection with a rollover, such Unit Holder
must tender at least 25,000 Units for redemption. On the In-Kind Date there is
no minimum amount of Units that a Unit Holder must tender in order to receive an
"in-kind" distribution.

                  M. Paragraph (b)(ii) of Section 9.03 is amended to provide
that the period during which the Trustee shall liquidate the Trust Securities
shall not exceed 14 business days commencing on the first business day following
the In-Kind Date.

               (Signatures and acknowledgments on separate pages)<PAGE>

                         Dean Witter Select Equity Trust

                                  Amendment to
                         TRUST INDENTURE AND AGREEMENT

                  AMENDMENT, dated July 18, 1995, to the Trust Indenture and
Agreement for the Dean Witter Select Equity Trust, between Dean Witter Reynolds
Inc., as Depositor, and United States Trust Company of New York, as Trustee,
dated January 22, 1991, as amended (the "Agreement"),

                                 WITNESSETH that

                  WHEREAS, all conditions and requirements necessary to make
this Amendment a valid instrument that is legally binding on the parties hereto
and the Certificate holders have been satisfied;

                  NOW, THEREFORE, the parties hereto agree as follows:

                  A.       Section 1.01 is amended to add the following
         definition: (9) "Deferred Sales Charge" shall mean any deferred sales
         charge payable in accordance with the provisions of Section 3.15
         hereof, as set forth in the prospectus for a Trust. Definitions
         following this definition (9) shall be renumbered.

                  B.       The first sentence of Section 2.01 is amended to add
         the following language at the end of such sentence: "and/or cash (or a
         letter of credit in lieu of cash) with written instructions to the
         Trustee to purchase one or more of such Securities which cash (or cash
         in an amount equal to the face amount of the letter of credit), to the
         extent not used by the Trustee to purchase such Securities within the
         90-day period following the first deposit of Securities in the Trust,
         shall be distributed to Unit Holders on the Distribution Date next
         following such 90-day period or such earlier date as the Depositor and
         the Trustee determine".

                  C.       The first sentence of Section 2.06 is amended to add
         the following language after "Securities"))": "and/or cash (or a letter
         of credit in lieu of cash) with instructions to the Trustee to purchase
         one or more Additional Securities which cash (or cash in an amount
         equal to the face amount of the letter of credit), to the extent not
         used by the Trustee to purchase such Additional Securities

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         within the 90-day period following the first deposit of Securities in
         the Trust, shall be distributed to Unit Holders on the Distribution
         Date next following such 90-day period or such earlier date as the
         Depositor and the Trustee determine".

                  D.       Article III, entitled "Administration of Trust",
         Section 3.01 Initial Cost shall be amended as follows:

                           (i)      the first part of the first sentence of
                  Section 3.01 Initial Cost shall be amended to substitute the
                  following language before the phrase "PROVIDED, HOWEVER":

                                   "With respect to the Trust, the cost of the
                           preparation, printing and execution of the
                           Certificates, Indenture, Registration Statement and
                           other documents relating to the Trust, Federal and
                           State registration fees and costs, the initial fees
                           and expenses of the Trustee, legal and auditing
                           expenses and other out-of-pocket organizational
                           expenses, to the extent not borne by the Depositor,
                           shall be paid by the Trust;"

                           (ii)     Section 3.01 shall be further amended to add
                  the following language:

                                   "To the extent the funds in the Income and
                           Principal Accounts of the Trust shall be insufficient
                           to pay the expenses borne by the Trust specified in
                           this Section 3.01, the Trustee shall advance out of
                           its own funds and cause to be deposited and credited
                           to the Income Account such amount as may be required
                           to permit payment of such expenses. The Trustee shall
                           be reimbursed for such advance on each Record Date
                           from funds on hand in the Income Account or, to the
                           extent funds are not available in such Account, from
                           the Principal Account in the amount deemed to have
                           accrued as of such Record Date as provided in the
                           following sentence (less prior payments on account of
                           such advances, if any), and the provisions of Section
                           6.04 with respect to the reimbursement of
                           disbursements for Trust expenses, including, without
                           limitation, the lien in favor of the Trustee therefor
                           and the authority to sell Securities as needed to
                           fund such reimbursement, shall apply to the payment
                           of ex-

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                           penses and the amounts advanced pursuant to this
                           Section. For the purposes of the preceding sentence
                           and the addition provided to clause (a)(3) of Section
                           5.01, the expenses borne by the Trust pursuant to
                           this Section shall be deemed to have been paid on the
                           date of the Reference Trust Agreement and to accrue
                           at a daily rate over the time period specified for
                           their amortization provided in the Prospectus;
                           PROVIDED, however, that nothing herein shall be
                           deemed to prevent, and the Trustee shall be entitled
                           to, full reimbursement for any advances made pursuant
                           to this Section no later than the termination of the
                           Trust. For purposes of calculating the accrual of
                           organizational expenses under this Section 3.01, the
                           Trustee shall rely on the written estimates of such
                           expenses provided by the Depositor pursuant to
                           Section 5.01.11.

                  E.       The third paragraph of Section 3.05 is hereby amended
         to add the following sentence after the first sentence thereof:
         "Depositor may direct the Trustee to invest the proceeds of any sale of
         Securities not required for the redemption of Units in eligible money
         market instruments selected by the Depositor which will include only
         negotiable certificates of deposit or time deposits of domestic banks
         which are members of the Federal Deposit Insurance Corporation and
         which have, together with their branches or subsidiaries, more than $2
         billion in total assets, except that certificates of deposit or time
         deposits of smaller domestic banks may be held provided the deposit
         does not exceed the insurance coverage on the instrument (which
         currently is $100,000), and provided further that the Trust's aggregate
         holding of certificates of deposit or time deposits issued by the
         Trustee may not, unless the Trustee is protecting the deposited funds
         in accordance with 12 C.F.R. 9.10 (or successor regulations), exceed
         the insurance coverage of such obligations and U.S. Treasury notes or
         bills (which shall be held until the maturity thereof) each of which
         matures prior to the earlier of the next following Distribution Date or
         90 days after receipt, the principal thereof and interest thereon (to
         the extent such interest is not used to pay Trust expenses) to be
         distributed on the earlier of the 90th day after receipt or the next
         following Distribution Date."

                  F.       Section 3.05 is hereby amended to add the following
         paragraph after the end thereof: on each Deferred

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         Sales Charge payment date set forth in the prospectus for a Trust, the
         Trustee shall pay the account created pursuant to Section 3.15 the
         amount of the Deferred Sales Charge payable on each such date as stated
         in the prospectus for a Trust. Such amount shall be withdrawn from the
         Principal Account from the amounts therein designated for such purpose.

                  G.       Section 3.06B(3) shall be amended by adding the
         following: "and any Deferred Sales Charge paid".

                  H.       Section 3.08 shall be amended by adding the following
         at the end thereof: "In order to pay the Deferred Sales Charge, the
         Trustee shall sell or liquidate an amount of Securities at such time
         and from time to time and in such manner as the Depositor shall direct
         such that the proceeds of such sale or liquidation shall equal the
         amount required to be paid to the Depositor pursuant to the Deferred
         Sales Charge program as set forth in the prospectus for a Trust.

                  I.       The first sentence of each of Sections 3.10, 3.11 and
         3.12 is amended to insert the following language at the beginning of
         such sentence, "Except as otherwise provided in Section 3.14,".

                  J.       The following new Section 3.14 is added

                  Section 3.14. EXTRAORDINARY EVENT - SECURITY RETENTION AND
         VOTING. In the event the Trustee is notified of any action to be taken
         or proposed to be taken by holders of the securities held by the Trust
         in connection with any proposed merger, reorganization, spin-off,
         split-off or split-up by the issuer of stock or securities held in the
         Trust, the Trustee shall take such action or refrain from taking any
         action, as appropriate, so as to insure that the securities are voted
         as closely as possible in the same manner and in the same general
         proportion as are the securities held by owners other than the Trust.
         If stock or securities are received by the Trustee, with or without
         cash, as a result of any merger, reorganization, spin-off, split-off or
         split-up by the issuer of stock or securities held in the Trust, the
         Trustee at the direction of the Depositor may retain such stock or
         securities in the Trust. Neither the Depositor nor the Trustee shall be
         liable to any person for any action or failure to take action with
         respect to this section.

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                                      -5-

                  K.       Section 3.15 shall be added as follows:

                  Section 3.15. DEFERRED SALES CHARGE. If the prospectus for a
         Trust specifies a Deferred Sales Charge, the Trustee shall, on the
         dates specified in and as permitted by the prospectus, withdraw from
         the Income Account if such account is designated in the prospectus as
         the source of the payments of the Deferred Sales Charge, or to the
         extent funds are not available in that account or if such account is
         not so designated, from the Principal Account, an amount per Unit
         specified in the prospectus and credit such amount to a special,
         non-Trust account maintained at the Trustee out of which the Deferred
         Sales Charge will be distributed to the Depositor. If the Income
         Account is not designated as the source of the Deferred Sales Charge
         payment or if the balances in the Income and Principal Accounts are
         insufficient to make any such withdrawal, the Trustee shall, as
         directed by the Depositor, either advance funds, if so agreed to by the
         Trustee, in an amount equal to the proposed withdrawal and be entitled
         to reimbursement of such advance upon the deposit of additional monies
         in the Income Account or the Principal Account, sell Securities and
         credit the proceeds thereof to such special Depositor's account or
         credit Securities in kind to such special Depositor's Account. Such
         directions shall identify the Securities, if any, to be sold or
         distributed in kind and shall contain, if the Trustee is directed by
         the Depositor to sell a Security, instructions as to execution of such
         sales. If a Unit Holder redeems Units prior to full payment of the
         Deferred Sales Charge, the Trustee shall, if so provided in the
         prospectus, on the Redemption Date, withhold from the Redemption Price
         payment to such Unit Holder an amount equal to the unpaid portion of
         the Deferred Sales Charge and distribute such amount to such special
         Depositor's account or, if the Depositor shall purchase such Unit
         pursuant to the terms of Section 5.02 hereof, the Depositor shall pay
         the Redemption Price for such Unit less the unpaid portion of the
         Deferred Sales Charge. The Depositor may at any time instruct the
         Trustee to distribute to the Depositor cash or Securities previously
         credited to the special Depositor's account.

                  L.       Article V, entitled "Trust Evaluation, Redemption,
         Transfer of Units," section 5.01 Trust Evaluation shall be amended as
         follows:

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                                      -6-

                           (i)      The second sentence of the first paragraph
                  of Section 5.01 shall be amended by deleting the word "and"
                  appearing at the end of subsection (a)(2) of such sentence and
                  inserting the following after "(a)(3)": "amounts representing
                  organizational expenses paid from the Trust less amounts
                  representing accrued organizational expenses of the Trust, and
                  (a)(4)".

                           (ii)     The following shall be added at the end of
                  the first paragraph of Section 5.01:

                                    Until the Depositor has informed the Trustee
                           that there will be no further deposits of Additional
                           Securities pursuant to section 3.06, the Depositor
                           shall provide the Trustee with written estimates of
                           (i) the total organizational expenses to be borne by
                           the Trust pursuant to Section 3.01 and (ii) the total
                           number of Units to be issued in connection with the
                           initial deposit and all anticipated deposits of
                           Additional Securities. For purposes of calculating
                           the value of the Trust and Unit Value, the Trustee
                           shall treat all such anticipated expenses as having
                           been paid and all liabilities therefor as haying been
                           incurred, and all Units as having been issued, in
                           each case on the date of the Reference Trust
                           Agreement, and, in connection with each such
                           calculation, shall take into account a PRO RATA
                           portion of such expense and liability based on the
                           actual number of Units issued as of the date of such
                           calculation. In the event the Trustee is informed by
                           the Depositor of a revision in its estimate of total
                           expenses or total Units and upon the conclusion of
                           the deposit of Additional Securities, the Trustee
                           shall base calculations made thereafter on such
                           revised estimates or actual expenses, respectively,
                           but such adjustment shall not affect calculations
                           made prior thereto and no adjustment shall be made in
                           respect thereof.

                  M.       Section 6.05(a) is amended to delete the clause
         beginning "in the event" and ending with "determination by the
         Depositor" and insert in place thereof "if the Depositor shall
         determine in good faith that there has occurred either (1) a material
         deterioration in the creditworthiness of the Trustee or (2) one or more
         negligent acts on

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         the part of the Trustee having a materially adverse effect, either
         singly or in the aggregate, on the Trust or on one or more Trusts, such
         that the replacement of the Trustee is in the best interests of the
         Unit Holders,".

                  N.       Sections 6.01 (b) , 601(j) and 6.04 are amended to
         delete the word "gross" immediately prior to the word negligence.

                  This Amendment shall apply to any Reference Trust Agreement
incorporating the Agreement by reference dated on or after the date hereof.

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                                      -8-

                                                          FORM OF SIGNATURE PAGE

                  IN WITNESS WHEREOF, Dean Witter Reynolds Inc. and United
States Trust Company of New York have caused this amendment to be executed by
one of their authorized officers as of the day and year first above written.

                                                DEAN WITTER REYNOLDS INC.,
                                                  as Depositor

                                                By:
                                                   -----------------------------
                                                      Title: Vice President

[SEAL]

Attest:

By:
   -----------------------------------
    Title: First Vice President

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                                         UNITED STATES TRUST COMPANY OF
                                            NEW YORK, as Trustee

                                          By:
                                             --------------------------------
                                             Title: Assistant Vice
                                                    President

[SEAL]

Attest:

------------------------------
Title: Assistant Secretary

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