Document:

TRUST AGREEMENT

                  TRUST AGREEMENT, between MSDW Structured Asset Corp. (the
"Depositor") and LaSalle Bank National Association (the "Trustee"), made as of
the date set forth in Schedule I attached hereto, which Schedule together with
Schedules II and III attached hereto, are made a part hereof and are hereinafter
referred to collectively as the "Terms Schedule". The terms of the Standard
Terms for Trust Agreements, dated July 7, 1999 (the "Standard Terms") are,
except to the extent otherwise expressly stated, hereby incorporated by
reference herein in their entirety with the same force and effect as though set
forth herein. Capitalized terms used herein and not defined shall have the
meanings defined in the Standard Terms. References to "herein", "hereunder",
"this Trust Agreement" and the like shall include the Terms Schedule attached
hereto and the Standard Terms so incorporated by reference.

                  WHEREAS, the Depositor and the Trustee desire to establish the
Trust identified in Schedule I attached hereto (the "Trust") for the primary
purposes of (i) holding the Securities, (ii) entering into any Swap Agreement
with the Swap Counterparty and (iii) issuing the Units;

                  WHEREAS, the Depositor desires that the respective beneficial
interests in the Trust be divided into transferable fractional shares, such
shares to be represented by the Units; and

                  WHEREAS, the Depositor desires to appoint the Trustee as
trustee of the Trust and the Trustee desires to accept such appointment;

                  WHEREAS, the Depositor shall transfer, convey and assign to
the Trust without recourse, and the Trust shall acquire, all of the Depositor's
right, title and interest in and under the Securities and other property
identified in Schedule II to the Trust Agreement (the "Trust Property"); and

                  WHEREAS, the Trust agrees to acquire the Trust Property
specified herein in consideration for Units having an initial Unit Principal
Balance identified in Schedule I attached hereto, subject to the terms and
conditions specified in the Trust Agreement;

                  NOW THEREFORE, the Depositor hereby appoints the Trustee as
trustee hereunder and hereby requests the Trustee to receive the Securities from
the Depositor and to issue in accordance with the instructions of the Depositor
Units having an initial Unit Principal Balance identified in Schedule I attached
hereto, and the Trustee accepts such appointment and, for itself and its
successors and assigns, hereby declares that it shall hold all the estate,
right, title and interest in any property contributed to the trust account
established hereunder (except property to be applied to the payment or
reimbursement of or by the Trustee for any fees or expenses which under the
terms hereof is to be so applied) in trust for the benefit of all present and
future Holders of the fractional shares of beneficial interest issued hereunder,
namely, the Unitholders, and subject to the terms and provisions hereof and of
the Standard Terms.

                  IN WITNESS WHEREOF, each of the undersigned has executed this
instrument as of the date set forth in the Terms Schedule attached hereto.

                             LASALLE BANK NATIONAL ASSOCIATION
                                 as Trustee on behalf of the Trust
                                 identified in Schedule I hereto, and
                                 not in its individual capacity

                             By:   /s/ Brian D. Ames
                                  ----------------------------
                                  Name:  Brian D. Ames
                                  Title: Vice President

                             MSDW STRUCTURED ASSET CORP.

                             By:   /s/ John Kehoe
                                  ----------------------------
                                  Name:  John Kehoe
                                  Title: Vice President

Attachments: Terms Schedule (consisting of Schedules I, II and III)

<PAGE>

                                   Schedule I
                           (Terms of Trust and Units)

Trust:                       SATURNS Trust No. 2002-3

Date of Trust Agreement:     March 19, 2002

Trustee:                     LaSalle Bank National Association.
                             References to Chase Bank of Texas,
                             National Association in the Standard
                             Terms shall be inapplicable.

Units:                       The Trust will issue two classes of
                             Units: the Class A Units and the Class B
                             Units. Only the Class A Units will be
                             publicly offered.

Initial Unit Principal
Balance of the Class
A Units:                     $54,550,000

Initial Notional Amount
of the Class B Units:        $54,550,000

Issue Price of Units:        Class A Units:  100%

                             Class B Units: $1,142,000

Number of Units:             Class A Units:

                             2,182,000 (Unit Principal Balance of $25 each)

                             Class B Units:

                             One (1) Unit representing 100% of the Notional
                             Amount of the Class B Units

Minimum Denomination:        Class A Units:

                             $25 and $25 increments in excess thereof. The
                             minimum denomination specified in Section 5.01(a)
                             of the Standard Terms shall not apply. Each $25 of
                             Unit Principal Balance is a Unit.

                             Class B Units:

                             The entire Notional Amount of such class.

Cut-off Date:                March 19, 2002

Closing Date:                March 19, 2002

Specified Currency:          United States dollars

Business Day:                New York, New York and Chicago, Illinois

Interest Rate:               Class A Units:

                             7.875% per annum on the basis of a
                             360 day year consisting of twelve 30
                             day months. During an extension
                             period with respect to the
                             securities, while interest will
                             continue to accrue on the Unit
                             Principal Balance at 7.875% per
                             annum and interest will accrue on
                             any deferred interest at 7.875% per
                             annum.

Class B Unit Units:          0.222% per annum on the basis of a 360 day year
                             consisting of twelve 30 day months. During an
                             extension period with respect to the securities,
                             interest will continue to accrue on the Unit
                             Notional Amount at 0.222% per annum and interest
                             will accrue on any deferred interest at a rate
                             equal to 8.125% per annum.

                             The right of the Class A Units to
                             interest is pari passu with the
                             right of the Class B Units to
                             interest.

                             The Class B Units are also entitled
                             to the Class B Unit Payment
                             Obligation of the Swap Counterparty
                             specified in Schedule III. Payment
                             of the Class B Unit Payment
                             Obligation shall result in a
                             reduction of the Notional Amount of
                             the Class B Units equal to the Class
                             B Unit Corresponding Portion.

Interest Reset Period:       Not Applicable

Rating:                      Class A Units Only:

                             Baa2 by Moody's

                             BBB- by S&P

Rating Agencies:             Moody's and S&P

Scheduled Final
Distribution Date:           September 1, 2031. The Units will have the same
                             final maturity as the Securities.

Prepayment/Redemption:       The Trust Property is subject to redemption in
                             accordance with the terms of the Securities and as
                             described in Schedule II and is subject to call in
                             accordance with Schedule III. Any such call or
                             redemption will cause a redemption of a
                             corresponding portion of the Class A Units and a
                             reduction in the Notional Amount of the Class B
                             Units.

                             If the rights under the Swap Agreement are
                             partially exercised or if there is a partial
                             redemption of the Securities, the Trustee will
                             randomly select Units to be redeemed in full from
                             the proceeds of such partial exercise of the Swap
                             Agreement or partial redemption of the Securities.

Additional Distribution:     If any of the Securities are redeemed by the
                             Security Issuer prior to March 19, 2007, each of
                             the Class A Units being redeemed in connection with
                             such redemption of Securities (or related exercise
                             of the rights under the Swap Agreement) will
                             receive a pro rata distribution from the proceeds
                             of the redemption of the Securities remaining after
                             payment of principal and interest on the Class A
                             Units up to a maximum of $2.50 per Class A Unit.
                             The Class A Units will also receive any additional
                             amounts available at maturity or upon a redemption
                             by the Security Issuer if all or a portion of the
                             Swap Agreement has expired unexercised.

Corporate Trust Office:      The definition of "Corporate Trust Office" in the
                             Standard Terms shall not apply.

                             The Corporate Trust Office shall be the Trustee's
                             Asset-Backed Securities Trust Services Group having
                             an office at 135 S. LaSalle Street, Suite 1625,
                             Chicago, Illinois 60603 or such other addresses as
                             the Trustee may designate from time to time by
                             notice to the Unitholders, the Depositor, the Swap
                             Counterparty and the Guarantor.

Swap Agreement:              The ISDA Agreement referred to in Schedule III. In
                             addition, in connection with an additional issuance
                             of Units, any additional Swap Agreement entered
                             into in connection therewith.

Swap Counterparty:           Party A to the Swap Agreement referred to in
                             Schedule III or any assignee thereof. In addition,
                             in connection with an additional issuance of Units,
                             Party A to any additional Swap Agreement or any
                             assignee thereof.

                             In the event that there is more than one Swap
                             Counterparty at any time when a partial redemption
                             of the Securities occurs, the Trustee shall
                             randomly select which options under the Swap
                             Agreements shall be selected for exercise or
                             termination (and receipt of a Swap Termination
                             Payment).

Guaranty:                    Morgan Stanley Dean Witter & Co. (the "Guarantor")
                             shall guarantee the obligations of Morgan Stanley &
                             Co. International Limited ("MSIL") for so long as
                             MSIL is Party A to any Swap Agreement with the
                             Trust.

Swap Notional Amount:        The notional amount specified in Schedule III.

Swap Payment Date:           Not Applicable

Swap Rate:                   Not Applicable

Additional Swap Agreements:  In connection with an additional issuance of Units,
                             the Depositor may arrange for the Trust to enter
                             into an additional Swap Agreement with identical
                             terms as the Swap Agreement entered into as of the
                             Closing Date with an additional Swap Counterparty,
                             except that such Swap Agreement may have a
                             different Swap Counterparty and premium amount than
                             the Swap Agreement entered into on the Closing
                             Date. The Rating Agency Condition must be satisfied
                             in connection with respect to the Swap
                             Counterparty.

Distribution Date:           Each March 1 and September 1, commencing
                             September 1, 2002.

                             If any payment with respect to the Securities held
                             by the Trust is not received by the Trustee by 12
                             noon (New York City time) on a Distribution Date,
                             the corresponding distribution on the Units will
                             not occur until the next Business Day that the
                             Trust is in receipt of proceeds of such payment
                             prior to 12 noon, with no adjustment to the amount
                             distributed.

Record Date:                 Each February 15 and August 15, regardless of
                             whether such day is a Business Day.

Form:                        Global Security

Depositary:                  DTC

Trustee Fees and Expenses:   As compensation for and in payment of trust
                             expenses related to its services hereunder other
                             than Extraordinary Trust Expenses, the Trustee will
                             receive Trustee Fees on each Distribution Date in
                             the amount equal to $3,750. The Trustee Fee shall
                             cease to accrue after termination of the Trust. The
                             "Trigger Amount" with respect to Extraordinary
                             Trust Expenses for the Trust is $25,000 and the
                             Maximum Reimbursable Amount is $100,000. The
                             Trustee Fee will be paid by the Expense
                             Administrator. Expenses will be reimbursed by the
                             Expense Administrator in accordance with the
                             Expense Administration Agreement.

Expense Administrator:       The Depositor will act as Expense Administrator on
                             behalf of the Trust pursuant to an Expense
                             Administration Agreement, dated as of the date of
                             the Trust Agreement (the "Expense Administration
                             Agreement"), between the Depositor as Expense
                             Administrator (the "Expense Administrator") and the
                             Trust.

                             The Expense Administrator will receive a fee equal
                             to 0.035% per annum of the principal amount of the
                             Securities held by the Trust as its fee, payable on
                             the basis of a 360 day year consisting of twelve 30
                             day months. The Expense Administrator will be
                             entitled to interest on any deferred fee amounts
                             that would have been payable but for deferral of
                             interest on the Securities at the rate of 8.125%
                             per annum and any additional amounts available as
                             interest on deferred interest with respect to the
                             Securities after application of such amounts to the
                             deferred interest payable on the Units. The Expense
                             Administrator's fee is payable only from available
                             interest receipts received with respect to the
                             Securities after application of such receipts to
                             payment of accrued interest on the Units and any
                             Swap Termination Payments currently owing. The
                             Expense Administrator will be entitled to its fee
                             in connection with an exercise of the Options or a
                             redemption of the Securities. The Expense
                             Administrator will not be entitled to receive its
                             fee from the proceeds of a termination other than
                             in connection with an exercise of Options or a
                             redemption of Securities.

                             The Expense Administrator will be responsible for
                             paying the Trustee Fee and reimbursing certain
                             other expenses of the Trust in accordance with the
                             Expense Administration Agreement.

Listing:                     The Depositor has applied to list the Class A Units
                             on the New York Stock Exchange

ERISA  Restrictions:         None of the restrictions in the Standard Terms
                             relating to the Employee Retirement Income Security
                             Act of 1974, as amended, and related matters shall
                             apply to the Class A Units.

                             The restrictions shall apply to the Class B Units
                             and no ERISA Benefit Plan may acquire an interest
                             in the Class B Units.

Alternative ERISA
Restrictions:                Not applicable

Deemed Representations:      Not applicable

QIB Restriction:             Applicable to the Class B Units. Not applicable to
                             the Class A Units.

Trust Wind-Up Event:         The Trust Wind-Up Events specified in Sections
                             9.01(a), 9.01(c), 9.01(d), 9.01(f) and 9.01(h)
                             shall not apply. The Trust Wind Events specified in
                             Sections 9.01(b) (Security Default), 9.01(e) (Early
                             Termination Date designated due to "illegality" or
                             "tax event" under the Swap Agreement), 9.01(g)
                             (Disqualified Securities), 9.01(i) (Excess Expense
                             Event) shall apply. Pursuant to Section 9.01(j),
                             the following events also shall constitute Trust
                             Wind-Up Events: (i) redemption by the Security
                             Issuer of all Securities held by the Trust and (ii)
                             exercise of the call rights under the Swap
                             Agreement as to all Securities held by the Trust.

                             If a Trust Wind-Up Event has occurred in connection
                             with the exercise of any Option under the Swap
                             Agreement and if the Selling Agent cannot obtain a
                             bid for the Securities in excess of 100% of the
                             aggregate Unit Principal Balance of the Class A
                             Units and accrued interest on the Securities, then
                             the Securities will not be sold, the Swap
                             Counterparty's exercise of the call option will be
                             rescinded (and the Swap Counterparty shall be
                             entitled to exercise such options in the future)
                             and any related Trust Wind-Up Event will be deemed
                             not to have occurred.

Termination:                 If a Trust Wind-Up Event occurs, any Securities
                             held by the Trust will be liquidated (by delivery
                             to the Security Issuer in the event of a
                             redemption).

                             If a Trust Wind-Up Event occurs due to a redemption
                             of the Securities by the Security Issuer or
                             exercise of the call rights under the Swap
                             Agreement as to all Securities held by the Trust,
                             (i) amounts received as accrued interest on the
                             Securities will be applied to the Class A Units and
                             the Class B Units pro rata in proportion to the
                             amount of accrued interest outstanding on each such
                             Class, (ii) amounts received as principal or par on
                             the Securities will be applied to the Unit
                             Principal Balance of the Class A Units up to 100%
                             of the Unit Principal Balance of each Class A Unit,
                             (iii) if prior to March 19, 2007, any amount
                             received as a make-whole premium or redemption
                             premium on the Securities will be applied to the
                             Class A Units up to $2.50 per Class A Unit.
                             Remaining accrued interest will be applied to the
                             Expense Administrator's fee. Any remaining amounts
                             (other than the Class B Unit Payment Obligation of
                             the Swap Counterparty) will be paid to the Swap
                             Counterparty as a Swap Termination Payment under
                             the Swap Agreement. Amounts in respect of the Class
                             B Unit Payment Obligation of the Swap Counterparty
                             (as described in Schedule III) shall be paid to the
                             Class B Units.

                             If the Trust is terminated for any other reason,
                             the proceeds of liquidation will be applied to
                             redeem the Class A Units and the Class B Units. The
                             Class A Units will have a claim on the proceeds of
                             the liquidation equal to their aggregate Unit
                             Principal Balance plus accrued interest. The Class
                             B Units will have a claim on the proceeds of
                             liquidation equal to the value calculated (x) by
                             discounting each remaining scheduled payment at a
                             rate of 8.125% (on the basis of a 360 day
                             consisting of twelve 30 day months) and adding (y)
                             accrued interest. If the proceeds of the
                             liquidation is less than the combined claim amounts
                             of the Class A Units and the Class B Units, the
                             proceeds will be distributed in proportion to the
                             claim amounts of the Class A Units and the Class B
                             Units in full satisfaction of the claims of the
                             Units. If the proceeds of liquidation exceed the
                             claims of the Class A Units and the Class B Units,
                             the excess will be paid to the Swap Counterparty as
                             a Swap Termination Payment under the Swap
                             Agreement.

Self-Tenders by Security
Issuer:                      The Trust will not participate in any self-tender
                             by the Security Issuer for the Securities and the
                             Trustee will not accept any instructions to the
                             contrary from the Unitholders.

Terms of Retained Interest:  The Depositor retains the right to receive any and
                             all interest that accrues on the Securities prior
                             to the Closing Date. The Depositor will receive
                             such accrued interest on the first Distribution
                             Date for the Units and such amount shall be paid
                             from the interest payment made with respect to the
                             Securities on the first Distribution Date.

                             The amount of the Retained Interest is $220,846.

                             If a Security Default occurs on or prior to the
                             first Distribution Date and the Depositor does not
                             receive such Retained Interest amount in connection
                             with such Distribution Date, the Depositor will
                             have a claim for such Retained Interest, and will
                             share pro rata with holders of the Units to the
                             extent of such claim in the proceeds from the
                             recovery on the Securities.

Call Option Terms:           Not applicable.

Security Default:            The definition of Security Default in the Standard
                             Terms shall not apply. A "Security Default" shall
                             mean one of the following events: (i) the
                             acceleration of the outstanding Securities under
                             the terms of the Securities and/or the applicable
                             Security Agreement and failure to pay the
                             accelerated amount on the acceleration date; (ii)
                             the failure of the Security Issuer (or the Security
                             Guarantor on its behalf or under the Security
                             Guaranty) to pay an installment of principal of, or
                             any amount of interest due on, the Securities after
                             the due date thereof and after the expiration of
                             any applicable grace period; or (iii) the
                             occurrence of any of the events of default under
                             such Securities and/or Security Agreement relating
                             to the insolvency or bankruptcy of the Security
                             Issuer or the Security Guarantor.

Sale of Securities:          If the Trust must sell the Securities it holds, the
                             Trust will sell the Securities through the Selling
                             Agent in accordance with Section 9.03(b) and the
                             following terms. The Selling Agent will solicit
                             bids for all of the Securities held by the Trust
                             from at least three registered broker-dealers of
                             national reputation. The Selling Agent will, on
                             behalf of the Trust, sell the Securities at the
                             highest bid price received. The Selling Agent may
                             not bid for the Securities.

                             If the Swap Counterparty exercises any of its
                             Options other than in connection with a redemption
                             of the Securities by the Security Issuer, a number
                             of Securities corresponding to the number of
                             Options exercised by the Swap Counterparty will be
                             sold by the Selling Agent on behalf of the Trust.

                             If the Selling Agent cannot obtain a bid for the
                             Securities in excess of 100% of the aggregate Unit
                             Principal Balance of the Class A Units to be
                             redeemed and accrued interest on the Securities to
                             be sold, then the Securities will not be sold, the
                             Swap Counterparty's exercise will be rescinded (and
                             the Swap Counterparty shall be entitled to exercise
                             such Option(s) in the future) and any related Trust
                             Wind-Up Event will be deemed not to have occurred.

Additional Issuance
of Units:                    Upon no less than 5 days' notice to the Trustee,
                             the Depositor may deposit additional Securities at
                             any time in exchange for additional Units in a
                             minimum aggregate amount of $250,000 (with respect
                             to the Class A Units issued ) and, if in excess of
                             such amount, in a $25 integral multiple in excess
                             thereof (with respect to the Class A Units issued).
                             The principal amount of Securities deposited must
                             be in the same ratio to the Unit Principal Balance
                             (and Notional Amount with respect to the Class B
                             Units) of the Units received for such deposit as
                             the ratio of the aggregate principal amount of the
                             Securities deposited on the Closing Date to the
                             aggregate Unit Principal Balance (and aggregate
                             Notional Amount with respect to the Class B Units)
                             on the Closing Date. The Depositor must either
                             arrange for the Swap Counterparty and the Trust to
                             increase proportionally the notional amount under
                             the Swap Agreement or arrange for an additional
                             Swap Agreement to be entered into between the Trust
                             and an additional Swap Counterparty. The Depositor
                             must also arrange the issuance of Class B Units
                             with a Notional Amount equal to the Unit Principal
                             Balance being issued in connection with an
                             additional issuance. Any accrued interest will be
                             reflected in the price of the Securities and Class
                             A Units. The Rating Agency Condition must be
                             satisfied in connection with any such additional
                             issuance.

Selling Agent:               Morgan Stanley & Co. Incorporated. Notwithstanding
                             any provision of the Standard Terms to the
                             contrary, any sale of the Securities shall be
                             conducted by and through the Selling Agent and not
                             the Trustee.

Rating Agency Condition:     The definition of Rating Agencies Condition in the
                             Standard Terms shall not apply.

                             "Rating Agency Condition": With respect to any
                             specified action or determination, means receipt of
                             (i) oral or written confirmation by Moody's (for so
                             long as the Units are outstanding and rated by
                             Moody's) and (ii) written confirmation by S&P (for
                             so long as the Units are outstanding and rated by
                             S&P), that such specified action or determination
                             will not result in the reduction or withdrawal of
                             their then-current ratings on the Units; provided,
                             however, that if the Rating Agency Condition
                             specified herein is to be satisfied only with
                             respect to Moody's or S&P, only clause (i) or
                             clause (ii) shall be applicable. Such satisfaction
                             may relate either to a specified transaction or may
                             be a confirmation with respect to any future
                             transactions which comply with generally applicable
                             conditions published by the applicable rating
                             agency.

Eligible Account:

                             The definition of "Eligible Account" in the
                             Standard Terms shall not apply.

                             "Eligible Account": A non-interest bearing account,
                             held in the United States, in the name of the
                             Trustee for the benefit of the Trust that is either
                             (i) a segregated account or segregated accounts
                             maintained with a Federal or State chartered
                             depository institution or trust company the
                             short-term and long-term unsecured debt obligations
                             of which (or, in the case of a depository
                             institution or trust company that is the principal
                             subsidiary of a holding company, the short-term and
                             long-term unsecured debt obligations of such
                             holding company) are rated P-1 and Aa2 by Moody's,
                             A-1+ and AA by S&P, and, if rated by Fitch, F1 and
                             AA by Fitch at the time any amounts are held on
                             deposit therein including when such amounts are
                             initially deposited and all times subsequent or
                             (ii) a segregated trust account or segregated
                             accounts maintained as a segregated account or as
                             segregated accounts and held by the Trustee in its
                             Corporate Trust Office in trust for the benefit of
                             the Unitholders.

Permitted Investments:       The following shall be a Permitted Investment in
                             addition to the investments specified in the
                             Standard Terms:

                             Units of the Dreyfus Cash Management Fund Investor
                             Shares or any other money market funds which are
                             rated in the highest applicable rating category by
                             each Rating Agency (or such lower rating if the
                             Rating Agency Condition is satisfied).

Non-U.S. Persons             Notwithstanding anything to the contrary herein or
                             in the Standard Terms, any beneficial owner of any
                             Units which is a non-U.S. person shall not be
                             entitled to exercise any rights of the Unitholders
                             to instruct or direct the Trustee.

Other Terms:                 The Trust shall not merge or consolidate with any
                             other trust, entity or person and the Trust shall
                             not acquire the assets of, or an interest in, any
                             other trust, entity or person except as
                             specifically contemplated herein.

                             The Trustee shall provide to the Unitholders copies
                             of any notices it receives with respect to a
                             redemption of the Securities or an exercise of the
                             call rights under the Swap Agreement and any other
                             notices with respect to the Securities. Any such
                             notice with respect to an exercise of call rights
                             or redemption by the Security Issuer shall be sent
                             at least 20 calendar days prior to the exercise
                             date or redemption date, as applicable.

                             The reference to "B2" in the definition of
                             Certificate in the Standard Terms shall be replaced
                             with "Exhibit B2".

                             The reference to "Section 10.02(ix)" in the
                             definition of Available Funds in the Standard Terms
                             shall be replaced with "Section 10.02(a)(ix)".

                             The reference to "Section 3.04" in the definition
                             of Unit Account in the Standard Terms shall be
                             replaced with "Section 3.05".

                             The transfer by the Depositor to the Trustee
                             specified in Section 2.01(a) of the Standard Terms
                             shall be in trust.

                             Section 2.06 of the Standard Terms shall be
                             incorporated herein by inserting "cash in an amount
                             equal to the premium under the Swap Agreement and"
                             after the phrase "constituting the Trust Property,"
                             therein.

                             The reference to "calendar day" in the last
                             sentence of Section 3.06 of the Standard Terms
                             shall be replaced with "Business Day".

                             Section 4.02(d) of the Standard Terms shall be
                             incorporated herein by striking "and the Trustee on
                             behalf of the Unitholders" from the first sentence
                             of the second paragraph thereof.

                             Section 5.03(c) of the Standard Terms shall be
                             incorporated herein by striking "(if so required by
                             the Trustee or the Unit Registrar)" from the first
                             sentence thereof.

                             Section 7.01(c)(i) of the Standard Terms shall be
                             incorporated herein by replacing the first word
                             thereof ("after") with "alter".

                             Section 7.02 of the Standard Terms shall be
                             incorporated herein by striking "(i) the Trustee
                             determines that such amendment will not adversely
                             affect the interests of the Unitholders and (ii)"
                             from the first sentence thereof, inserting "on
                             which it may conclusively rely" after "Opinion of
                             Counsel" in such sentence, and striking "clause
                             (ii)" from the second sentence of such Section.

                             Section 9.03(a) of the Standard Terms shall be
                             incorporated herein by striking "or oral" after the
                             "at any time by" in the third sentence thereof.

                             Clause (ix) of Section 10.02(a) shall not apply.

                             Section 10.02(a)(x) of the Standard Terms shall be
                             replaced with the following:

                             (x) the Trustee shall have the power to sell the
                             Securities and other Trust Property, in accordance
                             with Article IX and XI, through the Selling Agent
                             or, if the Selling Agent shall have resigned or
                             declined to sell some or all of the Securities, any
                             broker selected by the Trustee (at the direction of
                             the Depositor) with reasonable care, in an amount
                             sufficient to pay any amount due to the Swap
                             Counterparty under the Swap Agreement (including
                             Termination Payments) or reimbursable to itself in
                             respect of unpaid Extraordinary Trust Expenses and
                             to use the proceeds thereof to make such payments
                             after the distribution of funds or Trust Property
                             to Unitholders. Any such broker shall be instructed
                             by the Trustee to sell such Trust Property in a
                             reasonable manner designed to maximize the sale
                             proceeds.

                             Section 10.05(b) of the Standard Terms shall be
                             incorporated herein by replacing ", pursuant to the
                             first sentence of this paragraph" with "the Trustee
                             shall be indemnified by the Trust, however," in the
                             last sentence thereof.

                             Section 10.06(a) of the Standard Terms shall be
                             incorporated herein by inserting "or association"
                             after the word "corporation" in the second sentence
                             thereof.

                             Section 10.07(a) of the Standard Terms shall be
                             incorporated herein by replacing "notice or
                             resignation" with "notice of resignation" in the
                             second sentence thereof and striking the last two
                             sentences thereof.

                             Section 10.10(b) of the Standard Terms shall be
                             incorporated herein by inserting "The Trustee shall
                             not be liable for the acts or omissions of any
                             co-trustee." after the last sentence thereof.

                             Section 10.14 of the Standard Terms shall be
                             replaced with the following:

                             SECTION 10.14. Non-Petition. Prior to the date that
                             is one year and one day after all distributions in
                             respect of the Units have been made, none of the
                             Trustee, the Trust or the Depositor shall take any
                             action, institute any proceeding, join in any
                             action or proceeding or otherwise cause any action
                             or proceeding against any of the others under the
                             United States Bankruptcy Code or any other
                             liquidation, insolvency, bankruptcy, moratorium,
                             reorganization or similar law ("Insolvency Law")
                             applicable to any of them, now or hereafter in
                             effect, or which would be reasonably likely to
                             cause any of the others to be subject to, or seek
                             the protection of, any such Insolvency Law.

                             Section 12.01(a) of the Standard Terms shall be
                             incorporated herein by replacing "(v)" with "(vi)"
                             in the last proviso thereof.

                             Section 12.01(c) of the Standard Terms shall be
                             incorporated herein by inserting ",provided at the
                             expense of the party requesting such amendment,"
                             after "Opinion of Counsel".

                             Section 12.05 of the Standard Terms shall be
                             incorporated herein by striking "the Trustee and"
                             in the last sentence of the second paragraph
                             thereof.

                             The reference to "its President, its Treasurer, or
                             one of its Vice Presidents, Assistant Vice
                             Presidents or Trust Officers" in the first sentence
                             of Section 5.02(a) of the Standard Terms shall be
                             replaced with "a Responsible Officer".

                             The reference to "the proper officers" in the
                             second sentence of Section 5.02(a) of the Standard
                             Terms shall be replaced with "a Responsible
                             Officer".

                             The reference to "one of its authorized
                             signatories" in the first sentence of Section
                             5.02(d) of the Standard Terms shall be replaced
                             with "a Responsible Officer".

                             The reference to the "Trust" in the first sentence
                             of Section 5.08(b) of the Standard Terms shall be
                             replaced with the "Trustee".

                             References to D&P in the Standard Terms shall be
                             incorporated as references to Fitch Inc. ("Fitch").

<PAGE>

                                   Schedule II
                            (Terms of Trust Property)

Securities:                  DPL Capital Trust II 8.125% trust preferred capital
                             securities due September 1, 2031

Security Issuer:             DPL Capital Trust II

Security Guarantor:          DPL Inc.

                             The Security Guarantor will be considered the
                             "Security Issuer" for purposes of determining
                             whether the Security Issuer is an Eligible Issuer
                             and whether the Securities are Disqualified
                             Securities.

Guarantor Debentures:        The Security Guarantor's 8.125% junior subordinated
                             debentures due 2031. Such debentures are the only
                             assets of the Security Issuer.

                             In the event that the Guarantor Debentures are
                             exchanged for the Securities or distributed in
                             liquidation of the Security Issuer, the Guarantor
                             Debentures shall be treated as the Securities for
                             all purposes and the Security Guarantor shall be
                             treated as the Security Issuer for all purposes.
                             Such exchange or liquidation shall not be
                             considered a redemption.

Principal Amount:            $54,550,000

Security Rate:               8.125%

Credit Ratings:              Baa2 by Moody's

                             BBB- by S&P

Listing:                     Not applicable

Security Agreement:          As to the Securities, the Amended and Restated
                             Trust Agreement, dated as of August 31, 2001, among
                             the Security Guarantor as depositor, The Bank of
                             New York, as property trustee (referred to herein
                             as the property trustee and also as the "Security
                             Trustee"), The Bank of New York (Delaware) as
                             Delaware trustee, and two individual administrative
                             trustees who are employees or officers affiliated
                             with the Security Guarantor, as amended and
                             supplemented from time to time. As to the Guarantor
                             Debentures, the indenture dated as of August 31,
                             2001, between the Security Guarantor and The Bank
                             of New York, as trustee, as supplemented by the
                             First Supplemental Indenture dated August 31, 2001,
                             and as may be further supplemented or amended from
                             time to time.

Form:                        Global

Currency of
Denomination:                United States dollars

Acquisition Price by Trust:  $54,110,050

Security Payment Date:       Each March 1 and September 1

Original Issue Date:         On or about January 13, 1997

                             The Security Issuer offered to exchange the
                             securities then issued for publicly registered
                             securities and such offering closed on or about May
                             5, 1997.

Maturity Date:               September 1, 2031

Sinking Fund Terms:          Not Applicable

Redemption Terms:            The Guarantor Debentures and the Securities may be
                             redeemed upon a "tax event" or an "investment
                             company event" (as defined in the underlying
                             indenture and trust agreement). The Guarantor
                             Debentures may also be distributed in exchange for
                             the Securities or in liquidation of the Issuer. In
                             such event the Guarantor Debentures would become
                             the Securities under the Trust Agreement.

CUSIP No.:/ISIN No.          23330AAA8

Security Trustee:            The Bank of New York

Guarantor Debenture Trustee: The Bank of New York

Available Information
Regarding the Security
Issuer (if other than U.S.
Treasury obligations):       The Security Guarantor is subject to the
                             informational requirements of the Securities
                             Exchange Act of 1934, as amended, and in accordance
                             therewith files reports and other information with
                             the Securities and Exchange Commission (the
                             "Commission"). Such reports and other information
                             can be inspected and copied at the public reference
                             facilities maintained by the Commission at 450
                             Fifth Street, N.W., Washington, D.C. 20549 and at
                             the following Regional Offices of the Commission:
                             Woolworth Building, 233 Broadway, New York, New
                             York 10279, and Northwest Atrium Center, 500 West
                             Madison Street, Chicago, Illinois 60661. Copies of
                             such materials can be obtained from the Public
                             Reference Section of the Commission at 450 Fifth
                             Street, N.W., Washington, D.C. 20549 at prescribed
                             rates.

<PAGE>

                                  Schedule III
                             (Call Option Confirm)

                                                                  MORGAN STANLEY

--------------------------------------------------------------------------------
Date: March 19, 2002

To:   SATURNS Trust No. 2002-3          From:      Morgan Stanley & Co.
                                                   International Limited

Attn: Asset-Backed Securities Group     Contact:   Chris Boas
      SATURNS Trust No. 2002-3

Fax:  312-904-2084                      Fax:       212-761-0406

Tel:  312-904-7807                      Tel:       212-761-1395
--------------------------------------------------------------------------------

Re: Bond Option Transaction. MS Reference Number SQ18U

         The purpose of this letter agreement is to confirm the terms and
conditions of the Transaction entered into between you and Morgan Stanley & Co.
International Limited ("MSIL"), with Morgan Stanley & Co. Incorporated
("MS&Co."), as agent, on the Trade Date specified below (the "Transaction").
This letter agreement constitutes a "Confirmation" as referred to in the
Agreement below.

         The definitions and provisions contained in the 1997 ISDA Government
Bond Option Definitions as published by the International Swaps and Derivatives
Association, Inc. ("ISDA") are incorporated into this Confirmation and this
transaction shall be deemed a "Government Bond Option Transaction" for purposes
of such definitions. In the event of any inconsistency between those definitions
and this Confirmation, this Confirmation will govern.

         1. This Confirmation supplements, forms a part of, and is
subject to, the ISDA Master Agreement dated as of the date hereof, as amended
and supplemented from time to time (the "Agreement"), between you and us. All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below.

         2. The terms of the particular Transaction to which this Confirmation
relates are as follows:

I. General Terms

Trade Date:                  March 5, 2002

Option Style:                American

Option Type:                 Call

Buyer:                       MSIL ("Party A")

Seller:                      SATURNS Trust No. 2002-3 ("Party B")

Bonds:                       The obligation identified as follows:
                             Bond Issuer:           DPL Capital Trust II
                             Issue:                 8.125% Debentures due 2031
                             CUSIP:                 23330AAA8
                             Coupon:                8.125%
                             Maturity Date:         September 1, 2031
                             Face Amount Purchased: USD 54,550,000

Premium:                     USD $136,375

Premium Payment Date:        March 19, 2002

Number of Options:           54,550

Option Entitlement:          USD 1,000 of face amount of the Bonds per Option.

Strike Price:                (i) For any Exercise Date prior to March 19, 2007,
                             the redemption price of the Bonds including any
                             make-whole amount (expressed as a percentage)
                             subject to a maximum of 110% of the face amount of
                             the Bonds but exclusive of accrued interest or (ii)
                             for any Exercise Date on or after March 19, 2007,
                             100% of the face amount of the Bonds exclusive of
                             accrued interest.

Calculation Agent:           Party A

II. Exercise Terms

Automatic Exercise:          Inapplicable

Exercise Period:             Any Business Day from, and including, 9:00 a.m.
                             (New York time) on March 19, 2007, to, and
                             including, the Expiration Time on the Expiration
                             Date; provided, however, the Exercise Period shall
                             also include any Business Day prior to March 19,
                             2007, if notice of redemption has been delivered by
                             the Bond Issuer.

Exercise Date:               For each Option exercised, the day during the
                             Exercise Period on which that Option is exercised.

Rescission of Exercise:      If Party B cannot obtain a bid for the Bonds held
                             by it in excess of the Strike Price together with
                             accrued interest on the Bonds, then Party A's
                             notice of exercise shall be rescinded and the
                             Options for which notice of exercise was given
                             shall continue in full force and effect without
                             regard to such provision of notice.

Multiple Exercise:           Inapplicable

Partial Exercise:            Inapplicable

Minimum Number of Options:   1

Written Confirmation
of Exercise:                 Applicable. Buyer shall give irrevocable exercise
                             notice which may be given orally (including by
                             telephone) during the Exercise Period but no later
                             than the Notification Date. Buyer will execute and
                             deliver a written exercise notice confirming the
                             substance of such oral notice, however, failure to
                             provide such written notice will not affect the
                             validity of the oral notice.

Limitation on
Rights of MSIL:              Buyer may, by written notice thereof to Seller,
                             delegate its rights to provide a notice of exercise
                             hereunder to a third party (the "Third Party"). Any
                             such delegation will be irrevocable by Buyer
                             without the written consent of the Third Party. Any
                             such Third Party will have the same rights and
                             obligations regarding providing notice of exercise
                             hereunder as the Buyer had prior to such
                             delegation. While any such delegation is effective,
                             Seller will only recognize a notice of exercise
                             that is provided by the Third Party.

Notification Date:           Any date at least 25 calendar days prior to the
                             Exercise Date.

Limited Right to
Confirm Exercise:            Inapplicable

Expiration Date:             September 1, 2028

Expiration Time:             4:00 p.m. New York time

Business Days:               New York and Chicago

III. Settlements:

Settlement:                  Cash Settlement

Spot Price:
                             The cash proceeds received by Party B in connection
                             with sale of the Bonds by Party B, excluding any
                             amounts in respect of accrued interest. In the
                             event of a redemption by the Bond Issuer, the
                             redemption price paid by the Bond Issuer, excluding
                             accrued interest.

Payment Obligation
of Party A:                  To the Expense Administrator (the "Expense
                             Administrator Payment Obligation"):

                             If the Bond Issuer has not given notice of
                             redemption in connection with the exercise of
                             Options hereunder and if any such exercise is an
                             exercise of less than all Options remaining
                             unexercised hereunder, Party A shall pay to the
                             Expense Administrator an amount equal to the
                             present value of a stream of payments equal to
                             $7,550 payable on each payment date for the Bonds
                             until the maturity of the Bonds discounted at a
                             rate of 6.0% per annum on the basis of a 360 day
                             year consisting of twelve 30 day months from the
                             date of such exercise until the Scheduled Final
                             Distribution Date (as defined in the Trust
                             Agreement), assuming for this purpose that the
                             Trust (as defined in the Trust Agreement) is not
                             terminated prior to the Scheduled Final
                             Distribution Date, multiplied by the Option
                             Entitlement multiplied by the number of Options
                             exercised and divided by $54,550,000.

                             To Party B for Payment on the Class B Units (the
                             "Class B Unit Payment Obligation")

                             Upon any exercise hereunder or upon any redemption
                             of Bonds held by Party B by the Bond Issuer, Party
                             A shall pay to Party B, for payment to the
                             registered holder of the Class B Units, the present
                             value of the Class B Unit Interest, calculated as
                             the sum of (i) the amount of outstanding accrued
                             interest in respect of the Class B Unit
                             Corresponding Portion and (ii) the present value of
                             the remaining scheduled payments (other than any
                             accrued interest) in respect of the Class B Unit
                             Corresponding Portion discounted at a rate of
                             8.125% per annum on the basis of a 360 day year
                             consisting of twelve 30 day months.

Settlement Date:             As applicable, the Business Day of settlement of
                             the sale of the Bonds by Party B or the Business
                             Day of settlement of a redemption of Bonds by the
                             Bond Issuer.

         3. Additional Definitions.

         "Class B Unit" means the Class B Unit issued under the Trust Agreement.

         "Class B Unit Corresponding Portion" means the portion of the Class B
Unit to be redeemed or corresponding notional amount reduction under the Trust
Agreement in connection with an exercise hereunder or a redemption by the Bond
Issuer.

          "Class B Unit Interest" means at any time and from time to time, the
interest on the Class B Unit Corresponding Portion that would have accrued at
the rate and in the manner specified in the Trust Agreement and would have been
payable at the times specified in the Trust Agreement had (i) the rights to
purchase the Bonds hereunder not been exercised and (ii) had no redemption by
the Bond Issuer occurred. For the avoidance of doubt, Class B Unit Interest
shall not include amounts actually paid on the Class B Units in connection with
the exercise of the right to purchase the Bonds hereunder or a redemption by the
Bond Issuer and the Class B Unit Interest shall not be construed to entitle the
Class B Unit to any "double" payment of interest.

         "Trust Agreement" means the trust agreement dated as of March 19, 2002,
between the MSDW Structured Asset Corp. and LaSalle Bank National Association.

         4. Representations. Morgan Stanley & Co. Incorporated is acting as
agent for both parties but does not guarantee the performance of Party A.

         5. Additional Termination Event. As set forth in the Agreement, a Trust
Wind-Up Event will result in an Additional Termination Event under the Agreement
with respect to which Party B shall be the Affected Party and this Transaction
shall be an Affected Transaction.

         6. Swap Termination Payments. In the event an Early Termination Date is
designated with respect to which this Transaction is an Affected Transaction,
there shall be payable to Party A as a termination payment in lieu of the
termination payment determined in accordance with Section 6(e) of the Agreement
an amount equal to the excess (if any) of the sale proceeds (or redemption
amount), excluding accrued interest, in excess of the Strike Price (expressed as
a dollar amount).

         7. Assignment. The rights under this Confirmation and the Agreement may
be assigned at any time and from time to time in whole or in part; provided that
the Rating Agency Condition (as defined in the Trust Agreement) is satisfied
with respect to such assignment and any transfer.

         8. Account Details.

Payments to Party A:         Citibank, N.A., New York
                             SWIFT BIC Code: CITIUS33
                             ABA No.  021 000 089
                             FAO: Morgan Stanley & Co. International Limited
                             Account No. 3042-1519

Operations Contact:          Barbara Kent
                             Tel  212-537-1449
                             Fax  212-537-1868

Payments to Party B:         LaSalle Bank, Chicago, Illinois
                             ABA No. 071 000 505
                             Reference:  SATURNS 2002-3
                             Unit Account / AC-2090067/
                             Account No.: 67-8953-506

Operations Contact:          Brian Ames
                             Tel:  312-904-7807
                             Fax: 312-904-2084

<PAGE>

         Please confirm that the foregoing correctly sets forth the terms of our
agreement MS Reference Number SQ18U by executing this Confirmation and returning
it to us.

Best Regards,

MORGAN STANLEY & CO. INTERNATIONAL LIMITED

BY:  /s/ Chris Boas
    ------------------------
    Name:   Chris Boas
    Title:  Attorney in fact

Acknowledged and agreed as of the date first written above:

SATURNS TRUST NO. 2002-3
BY:  LaSalle Bank National Association,
     solely as Trustee and not in its individual capacity.

BY:  /s/ Brian D. Ames
    ------------------------
     Name:   Brian D. Ames
     Title:  Vice President

MORGAN STANLEY & CO. INCORPORATED hereby agrees to and
acknowledges its role as agent for both parties in accordance with
the Schedule to the Agreement.

BY:  /s/ Susan Portelli
    ------------------------
    Name:   Susan Portelli
    Title:  Attorney in fact<BR>
<BR>
<BR>
<HR WIDTH="85%">
<BR>
<BR>
<BR>

<P ALIGN="JUSTIFY">Exhibit Number 4.1</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="CENTER">SECOND AMENDMENT TO RIGHTS AGREEMENT</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&#9;THIS SECOND AMENDMENT TO RIGHTS AGREEMENT (this
&quot;Amendment&quot;), dated as of March 4, 2002, is between ActionPoint, Inc.,
a Delaware corporation, (f/k/a Cornerstone Imaging, Inc.) (the
&quot;Company&quot;), and EquiServe Trust Company, N.A., a National Banking
Association (the &quot;Rights Agent&quot;).</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;WHEREAS, the Company and the Rights Agent are parties to
a Rights Agreement, dated as of September 9, 1997, between the Company and the
Rights Agent, as amended (the &quot;Rights Agreement&quot;); and</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;WHEREAS, pursuant to Section 27 of the Rights Agreement,
the Company and the Rights Agent desire to further amend the Rights Agreement as
set forth below;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;NOW, THEREFORE, the Rights Agreement is hereby amended as
follows:</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;1.&#9;<U>Amendment of Section 1.</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;&#9;Section 1 of the Rights Agreement is amended by
adding thereto new subsections (ff), (gg) and (hh) which shall read as
follows:</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY">&quot;(ff)  `Merger Agreement' shall mean the Agreement and
Plan of Merger and Recapitalization among the Company, Condor Merger Corp. and
Captiva Software Corporation dated as of March 4, 2002, as the same may be
amended from time to time.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(gg)  `Parent Voting Agreements' shall mean those certain
Parent Voting Agreements by and between Captiva Software Corporation and each
Stockholder (as defined therein) dated March 4, 2002, as the same may be amended
from time to time.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(hh)    `Company Voting Agreements' shall mean those certain
Company Voting Agreements by and between ActionPoint, Inc. and each Shareholder
(as defined therein) dated March 4, 2002, as the same may be amended from time
to time.&quot;</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY">&#9;2.&#9;<U>Amendment of Section 21.</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;&#9;Section 21 of the Rights Agreement is amended and
restated to read as follows:</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY">&quot;Section 21. <U>Change of Rights Agent</U>.  The Rights
Agent or any successor Rights Agent may resign and be discharged from its duties
under this Agreement upon 30 days' notice in writing mailed to the Company and
to each transfer agent of the Common Stock or Preferred Stock by registered or
certified mail, and, following the Distribution Date, to the holders of the
Right Certificates by first-class mail. In the event the Transfer Agency and
Services Agreement terminates, the Rights Agent will be deemed to resign
automatically on the effective date of such termination; and any required notice
will be sent by the Company.<FONT FACE="Courier New" SIZE=2>  </FONT>The Company
may remove the Rights Agent or any successor Rights Agent upon 30 days' notice
in writing, mailed to the Rights Agent or successor Rights Agent, as the case
may be, and to each transfer agent of the Common Stock or Preferred Stock by
registered or certified mail, and, following the Distribution Date, to the
holders of the Right Certificates by first-class mail.  If the Rights Agent
shall resign or be removed or shall otherwise become incapable of acting, the
Company shall appoint a successor to the Rights Agent.  If the Company shall
fail to make such appointment within a period of 30 days after giving notice of
such removal or after it has been notified in writing of such resignation or
incapacity by the resigning or incapacitated Rights Agent or by the holder of a
Right Certificate (who shall, with such notice, submit his Right Certificate for
inspection by the Company), then the registered holder of any Right Certificate
may apply to any court of competent jurisdiction for the appointment of a new
Rights Agent.  Any successor Rights Agent, whether appointed by the Company or
by such a court, shall be a corporation organized and doing business under the
laws of the United States or the laws of any state of the United States or the
District of Columbia, in good standing, having an office in the State of
California or the State of New York, which is authorized under such laws to
exercise corporate trust or stock transfer powers and is subject to supervision
or examination by federal or state authority and which has at the time of its
appointment as Rights Agent a combined capital and surplus of at least $50
million.  After appointment, the successor Rights Agent shall be vested with the
same powers, rights, duties and responsibilities as if it had been originally
named as Rights Agent without further act or deed; but the predecessor Rights
Agent shall deliver and transfer to the successor Rights Agent any property at
the time held by it hereunder, and execute and deliver any further assurance,
conveyance, act or deed necessary for the purpose.  Not later than the effective
date of any such appointment the Company shall file notice thereof in writing
with the predecessor Rights Agent and each transfer agent of the Common Stock or
Preferred Stock, and, following the Distribution Date, mail a notice thereof in
writing to the registered holders of the Right Certificates.  Failure to give
any notice provided for in this Section 21, however, or any defect therein,
shall not affect the legality or validity of the resignation or removal of the
Rights Agent or the appointment of the successor Rights Agent, as the case may
be.&quot;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P></DIR>
</DIR>

<P ALIGN="JUSTIFY">3.&#9;<U>Addition of New Section 35.</P>
</U><P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<P ALIGN="JUSTIFY">&#9;&#9;The Rights Agreement is amended by adding a Section
35 thereof which shall read as follows:</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY">&quot;Section 35.  <U>Exception For Merger and Voting
Agreements</U>.  Notwithstanding any provision of this Agreement to the
contrary, neither a Distribution Date, Flip-In Event nor a Stock Acquisition
Date shall be deemed to have occurred, none of Target or any of its Affiliates
or Associates shall be deemed to have become an Acquiring Person, and no holder
of any Rights shall be entitled to exercise such Rights under, or be entitled to
any rights pursuant to, any of Sections 3(a), 7(a), 11(a) or 13 of this
Agreement, in any such case by reason of (a) the approval, execution or delivery
of the Merger Agreement, the Parent Voting Agreements, the Company Voting
Agreements or any amendments thereof approved in advance by the Board of
Directors of the Company or (b) the commencement or, prior to termination of the
Merger Agreement, the consummation of any of the transactions contemplated by
the Merger Agreement in accordance with the provisions of the Merger Agreement,
including the Merger (as defined in the Merger Agreement), by the Parent Voting
Agreements and the Company Voting Agreements.&quot;</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY">&#9;4.&#9;<U>Effectiveness.</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;This Amendment shall be deemed effective as of March 4,
2002 as if executed by both parties hereto on such date.  Except as amended
hereby, the Rights Agreement shall remain in full force and effect and shall be
otherwise unaffected hereby.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;5.&#9;<U>Miscellaneous.</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;This Amendment shall be deemed to be a contract made
under the laws of the State of Delaware and for all purposes shall be governed
by and construed in accordance with the laws of such state applicable to
contracts to be made and performed entirely within such state.  This Amendment
may be executed in any number of counterparts, each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall
together constitute but one and the same instrument.  If any term, provision,
covenant or restriction of this Amendment is held by a court of competent
jurisdiction or other authority to be invalid, illegal, or unenforceable, the
remainder of the terms, provisions, covenants and restrictions of this Amendment
shall remain in full force and effect and shall in no way be affected, impaired
or invalidated.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P>IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date set forth above.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;ACTIONPOINT, INC.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;By: <U>&#9;/s/ Stephen
Francis&#9;&#9;&#9;</P>
</U><P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;Name: &#9;Stephen Francis</P>
<P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;Title: President and Chief Executive
Officer</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;EquiServe Trust Company, N.A.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;By: <U>&#9;/s/ Carol Mulvey-
Eori&#9;&#9;&#9;&#9;&#9;</P>
</U><P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;Name: &#9;Carol Mulvey-
Eori&#9;&#9;&#9;&#9;&#9;</P>
<P>&#9;&#9;&#9;&#9;&#9;Title: Managing Director</P

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