Document:

PARAGON TRADE BRANDS, INC.

                                       AND

                  NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION

                                   as Trustee

               --------------------------------------------------

                          FIRST SUPPLEMENTAL INDENTURE

                          Dated as of JANUARY 28, 2000

               --------------------------------------------------

              Supplement to Indenture dated as of January 28, 2000
                   (11.25% Senior Subordinated Notes due 2005)

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                          FIRST SUPPLEMENTAL INDENTURE

         THIS FIRST SUPPLEMENTAL INDENTURE, dated as of January 28, 2000 ("First
Supplemental  Indenture") by and between PARAGON TRADE BRANDS,  INC., a Delaware
corporation  (hereinafter  called the  "Company"),  and NORWEST BANK  MINNESOTA,
NATIONAL ASSOCIATION, as Trustee under the Indenture (as hereinafter defined).

                                    RECITALS

                  On January 28, 2000, the Company and the Trustee  entered into
an Indenture,  (hereinafter  called the "Indenture;" all capitalized  terms used
and not  otherwise  defined  herein  shall  have the  meanings  set forth in the
Indenture)  providing  for  the  issuance  by  the  Company  its  11.25%  Senior
Subordinated Notes due 2005.

                  Pursuant  to Section  9.01 of the  Indenture,  the Company and
the  Trustee  desire to amend  Section 3.01(a) of the Indenture to cure a defect
contained therein.

                  Concurrently  with  the  execution  hereof,  the  Company  has
delivered an Officers'  Certificate and has caused its counsel to deliver to the
Trustee an Opinion of Counsel.

                  All conditions and requirements of the Indenture  necessary to
make this First Supplemental  Indenture a valid, binding and legal instrument in
accordance  with its terms have been  performed  and  fulfilled  by the  parties
hereto and the  execution  and delivery  thereof have been in all respects  duly
authorized by the parties hereto.

                  For and in consideration of the mutual premises and agreements
herein contained,  the Company and the Trustee covenant and agree, for the equal
and proportionate benefit of all Holders of the Notes, as follows:

                  SECTION 1.  AMENDMENTS TO INDENTURE.  Pursuant  to  the  terms
hereof and Section 9.01 of the Indenture,

                  (a) the Company and the Trustee  hereby amend Section  3.01(a)
of the Indenture by deleting the references to "5.6250%" and "2.8125%" contained
therein  and   substituting  in  their  place   "105.6250%"   and   "102.8125%",
respectively.

                  (b) the  Company  and the Trustee  hereby  amend  Section 8 of
Exhibit A to the Indenture by deleting the references to "5.6250%" and "2.8125%"
contained  therein and substituting in their place  "105.6250%" and "102.8125%",
respectively.

                  (c) the  Company  and the Trustee  hereby  amend  Section 8 of
Exhibit B to the Indenture by deleting the references to "5.6250%" and "2.8125%"
contained  therein and substituting in their place  "105.6250%" and "102.8125%",
respectively.

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                  SECTION 2. NOTATIONS ON GLOBAL NOTE.  Pursuant to Section 9.05
of the  Indenture,  the  Trustee is hereby  authorized  to place an  appropriate
notation on the Note regarding the terms of Section 8 thereof  changed  pursuant
to this First Supplemental Indenture.

                  SECTION 3. EFFECTIVE  DATE. This First  Supplemental Indenture
shall be effective as of the date first above written and upon the execution and
delivery hereof by each of the parties hereto.

                  SECTION 4.  GOVERNING LAW. This First  Supplemental  Indenture
shall be governed by, and construed in accordance with, the laws of the State of
New York applicable to agreements made and to be performed in said state.

                  SECTION 5. COUNTERPARTS. This First Supplemental Indenture may
be executed in any number of  counterparts,  each of which so executed  shall be
deemed to be an original,  but all such counterparts  shall together  constitute
but one and the same instrument.

                  SECTION  6. EFFECT OF  HEADINGS.  The Section  headings herein
are for  convenience  only and shall not affect the construction hereof.

                  SECTION 7. THE TRUSTEE.  The Trustee shall not be  responsible
in any manner  whatsoever  for or in respect of the validity or  sufficiency  of
this First Supplemental Indenture or for or in respect of the correctness of the
recitals of fact contained herein.

                  SECTION 8.  EFFECT OF FIRST SUPPLEMENTAL INDENTURE.  Except as
amended by this First  Supplemental  Indenture,  the terms and provisions of the
Indenture shall remain in full force and effect.

                                       2

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         IN  WITNESS  WHEREOF,   the  parties  hereto  have  caused  this  First
Supplemental Indenture to be duly executed by their respective officers hereunto
duly authorized, all as of the day and year first above written.

                                                  PARAGON TRADE BRANDS, INC.

Dated:  _______________                           By: /s/ Alan J. Cyron
                                                     ---------------------------
                                                  Name: ALAN J. CYRON
                                                  Title: Chief Financial Officer

                                                  NORWEST BANK MINNESOTA,
                                                  NATIONAL ASSOCIATION, as
                                                  Trustee

Dated:  __________________                        By: /s/ Jane Schweiger
                                                     ---------------------------
                                                  Name: JANE Y. SCHWEIGER
                                                  Title: Corporate Trust Officer

Agreed and Acknowledged:
                                                  PTB HOLDINGS, INC.

Dated:  _______________                           By: /s/ Alan J. Cyron
                                                     ---------------------------
                                                  Name: ALAN J. CYRON
                                                  Title: Chief Financial Officer

                                                  PTB INTERNATIONAL, INC.

Dated:  _______________                           By: /s/ Alan J. Cyron
                                                     ---------------------------
                                                  Name: ALAN J. CYRON
                                                  Title: Chief Financial Officer

                                                  PTB ACQUISITION SUB, INC.

Dated:  _______________                           By: /s/ Alan J. Cyron
                                                     ---------------------------
                                                  Name: ALAN J. CYRON
                                                  Title: Chief Financial Officer

                                       3<PAGE>

                                                Executed in 6 Parts
                                              Counterpart No. (   )

                     NATIONAL EQUITY TRUST

                S&P 500 STRATEGY TRUST SERIES 10

                   REFERENCE TRUST AGREEMENT

       This Reference Trust Agreement dated February 9, 2000 among
Prudential Securities Incorporated, as Depositor and The Chase Manhat-
tan Bank, as Trustee, sets forth certain provisions in full and incor-
porates other provisions by reference to the document entitled
"National Equity Trust Low Five Portfolio Series, Trust Indenture and
Agreement" (the "Basic Agreement") dated April 25, 1995.  Such provi-
sions as are set forth in full herein and such provisions as are in-
corporated by reference constitute a single instrument (the
"Indenture").

                        WITNESSETH THAT:

       In consideration of the premises and of the mutual agree-
ments herein contained, the Depositor and the Trustee agree as fol-
lows:

                            Part I.

             STANDARD TERMS AND CONDITIONS OF TRUST

       Subject to the provisions of Part II hereof, all the provi-
sions 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:

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                              -2-

  A.   Article I, entitled "Definitions", paragraph 22, shall be
       amended as follows:

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

  B.   Article II, entitled "Deposit of Securities; Acceptance of
       Trust", shall be amended as follows:

       The second sentence of Section 2.03 Issue of Units
       shall be amended by deleting the words "on any day on
       which the Depositor is the only Unit Holder."

  C.   Article III, entitled "Administration of Trust", shall be
       amended as follows:

       (i)  Section 3.01 Initial Costs shall be amended to
            substitute the following language:

            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

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                              -3-

            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. As directed
            by the Depositor, the Trustee will advance funds to the
            Trust in an amount necessary to reimburse the Depositor
            pursuant to this Section and shall recover such advance
            from the sale or sales of Securities at such time as
            the Depositor shall direct, but in no event later than
            the termination of the Trust.  Repayment of any such
            advance shall be secured by a lien on the assets of the
            Trust prior to the interest of the Unit Holders as
            provided in Section 6.04.

      (ii)  The third paragraph of Section 3.05 Distribution
            shall be amended to add the following sentence at
            the end thereof:

            "The Trustee shall make a special distribution of
            the cash balance in the Income and Principal ac-
            counts available for such distribution to Unit
            Holders of record on such dates as the Depositor
            shall direct."

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                                       -4-

                  (iii)  The second to the last paragraph of Section 3.08
            Sale of Securities shall be  amended to replace
            the word "equal" with the following phrase: "be
            sufficient to pay."

  D.   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.

                                    Part II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

       The following special terms and conditions are hereby agreed
to:

       A.   The Trust is denominated National Equity Trust, S&P 500
  Strategy Trust Series 10.

       B.   The Units of the Trust shall be subject to a deferred
  sales charge.

       C.   The contracts for the purchase of common stock 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 as of the date hereof.

       D.   The term "Depositor" shall mean Prudential Securities
  Incorporated.

       E.   The aggregate number of Units referred to in Sec-
  tions 2.03 and 9.01 of the Basic Agreement is 375,000 as of the
  date hereof.

       F.   A Unit of the Trust is hereby declared initially equal
  to 1/375,000th of the Trust.

       G.   The term "First Settlement Date" shall mean
  February 15, 2000.

       H.   The terms "Computation Day" and "Record Date" shall
  mean on the tenth day of May 2000, August 2000, November 2000,
  and February 2001.

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                                      -5-

       I.   The term "Distribution Date" shall mean on the twenty-
  fifth day of May 2000, August 2000, November 2000, and February
  2001 or as soon thereafter as possible.

       J.   The term "Termination Date" shall mean March 14, 2001.

       K.   The Trustee's Annual Fee shall be $.95 (per 1,000
  Units) for 100,000,000 and above units outstanding; $1.01 (per
  1,000 Units) for 50,000,000 - 99,999,999 units outstanding; $1.05
  (per 1,000 Units) for 49,999,999 and below units outstanding.  In
  calculating the Trustee's annual fee, the fee applicable to the
  number of units outstanding shall apply to all units outstanding.

       L.   The Depositor's Portfolio supervisory service fee shall
          be $.25 per 1,000 Units.

       [Signatures and acknowledgments on separate pages]

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                              -6-

       The Schedule of Portfolio Securities in Part A of the pro-
       spectus included in this Registration Statement for National
       Equity Trust, S&P 500 Strategy Trust Series 10 is hereby in-
       corporated by reference herein as Schedule A hereto.

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