Document:

CERTIFICATE OF AMENDMENT
                                       TO
                           CERTIFICATE OF DESIGNATIONS
                                     OF THE
               SERIES A CONVERTIBLE PARTICIPATING PREFERRED STOCK
                                ($1.00 Par Value)
                                       OF
                      FORTUNE NATURAL RESOURCES CORPORATION

      Pursuant to Section 151 of the General Corporation Law of the State of
Delaware, Fortune Natural Resources Corporation, a corporation organized and
existing under the General Corporation Law of the State of Delaware (the
"Corporation"), in accordance with Section 141(c), thereof,

      DOES HEREBY CERTIFY THAT:

      Pursuant to the authority expressly granted to and vested in the Board of
Directors in accordance with the provisions of the Certificate of Incorporation
of the Corporation, as amended, the Board of Directors adopted the following
resolutions, which amend the Certificate of Designations of the Series A
Convertible Participating Preferred Stock of the Corporation:

      RESOLVED that, the issuance of a series of Preferred Stock, par value
$1.00 per share, which shall consist of up to 500,000 shares of Preferred Stock
designated as Series A Convertible Participating Preferred Stock shall be
amended so that none of such stock shall be issued unless not less than 25,000
shares have been subscribed and paid for (the "Minimum Offering"); and

      RESOLVED FURTHER, that the price at which Common Stock shall be delivered
upon conversion shall be amended to $0.45 (the "Conversion Price") and shall be
adjusted as hereinafter provided; and

      RESOLVED FURTHER, that the price of the Common Stock at which automatic
conversion of Preferred Stock takes place shall be amended so that such
conversion shall occur if the closing price of the Common Stock is more than
$.90 for a period of ten (10) consecutive trading days, on the same basis as set
forth in Section 4.01 of the Certificate of Designation.

      All capitalized terms not otherwise defined herein shall have the meanings
set forth in the Certificate of Designations and all terms not specifically
amended hereby shall remain in full force and effect.

      1.   Section 1.  Designation;  Amount is hereby  amended  and
                       --------------------
restated in its entirety to read as follows:

      "The designation of such series of the Preferred Stock authorization by
      this resolution shall be the Series A Convertible Participating Preferred
      Stock (the `Preferred Stock'). The maximum number of shares of Preferred
      Stock shall be five hundred thousand (500,000) and the minimum number of
      shares of Preferred Stock shall be twenty five thousand (25,000) (the
      `Minimum Issue')."

<PAGE>

      2. The last sentence of the first paragraph of Section 4.01 Conversion
Privilege; Conversion Price; Stock Purchase Warrants is amended to read in its
entirety as follows:

      "The price at which Common Stock shall be delivered upon conversion shall
      be $0.45 (the "Conversion Price") and shall be adjusted as hereinafter
      provided."

      3.   Section 4.18.  Automatic  Conversion  is hereby  amended and
restated in its entirety to read as follows:

      "If at any time, the closing price of the Common Stock is more than $.90
      for a period of ten (10) consecutive trading days, the Preferred Stock
      shall automatically convert into shares of Common Stock on the same basis
      as set forth in Section 4.01 above."

      IN WITNESS WHEREOF, Fortune Natural Resources Corporation has caused this
Certificate of Amendment to be signed by its President under the seal of the
Corporation, this 6th day of May, 2002.

                          FORTUNE NATURAL RESOURCES CORPORATION

                          By: /s/ Ronald P. Nowak
                              -----------------------------------
                              Name:   Ronald P. Nowak
                              Title:  President

[SEAL]

ATTEST:

/s/ Dean W. Drulias
--------------------------
Name:   Dean W. Drulias
Title:  Corporate SecretaryCERTIFICATE OF AMENDMENT
                                       TO
                           CERTIFICATE OF DESIGNATIONS
                                     OF THE
               SERIES A CONVERTIBLE PARTICIPATING PREFERRED STOCK
                                ($1.00 Par Value)
                                       OF
                      FORTUNE NATURAL RESOURCES CORPORATION

      Pursuant to Section 151 of the General Corporation Law of the State of
Delaware, Fortune Natural Resources Corporation, a corporation organized and
existing under the General Corporation Law of the State of Delaware (the
"Corporation"), in accordance with Section 141(c), thereof,

      DOES HEREBY CERTIFY THAT:

      Pursuant to the authority expressly granted to and vested in the Board of
Directors in accordance with the provisions of the Certificate of Incorporation
of the Corporation, as amended, the Board of Directors adopted the following
resolutions, which amend the Certificate of Designations of the Series A
Convertible Participating Preferred Stock of the Corporation:

      RESOLVED, that the price at which Common Stock shall be delivered upon
conversion shall be amended to $0.35 (the "Conversion Price") and shall be
adjusted as hereinafter provided; and

      RESOLVED FURTHER, that the Series A Convertible Participating Preferred
Stock shall be on a parity with shares of Series C Convertible Preferred Stock
to be issued by the Corporation.

      All capitalized terms not otherwise defined herein shall have the meanings
set forth in the Certificate of Designations and all terms not specifically
amended hereby shall remain in full force and effect.

      1. The last sentence of the first paragraph of Section 4.01 Conversion
Privilege; Conversion Price; Stock Purchase Warrants is amended to read in its
entirety as follows:

      "The price at which Common Stock shall be delivered upon conversion shall
      be $0.35 (the "Conversion Price") and shall be adjusted as hereinafter
      provided."

      2. A new last sentence shall be added to the second paragraph of Section
7.02 Special Voting Rights to read as follows:

      "Notwithstanding anything contained herein to the contrary, the Series C
      Convertible Preferred Stock to be issued by the Corporation shall be
      Parity Preferred Stock."

<PAGE>

      IN WITNESS WHEREOF, Fortune Natural Resources Corporation has caused this
Certificate of Amendment to be signed by its President under the seal of the
Corporation, this 13th day of June, 2002.

                          FORTUNE NATURAL RESOURCES CORPORATION

                          By: /s/ Ronald P. Nowak
                              ---------------------------------
                              Name:  Ronald P. Nowak
                              Title: President and Chief Operating Officer

[SEAL]

ATTEST:

/s/ Dean W. Drulias
--------------------------
Name:  Dean W. Drulias
Title: Corporate SecretaryExecuted in 6 Parts
                                                           Counterpart No. (   )

                              NATIONAL EQUITY TRUST

                           LOW FIVE PORTFOLIO SERIES 46

                            REFERENCE TRUST AGREEMENT

     This  Reference  Trust  Agreement  dated  June 27,  2002 among  Prudential
Investment   Management  Services  LLC,  as  Depositor,   Prudential  Securities
Incorporated,  as Portfolio  Supervisor,  and The Bank of New York,  as Trustee,
sets forth  certain  provisions  in full and  incorporates  other  provisions by
reference to the document entitled  "National Equity Trust,  Trust Indenture and
Agreement"  (the "Basic  Agreement")  dated February 2, 2000. Such provisions as
are set  forth  in full  herein  and  such  provisions  as are  incorporated  by
reference constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:

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

                                     Part I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

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

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

(i)  Section  1.01-Definitions  shall be amended to add the following definition
     at the end thereof:

<PAGE>

                                      -2-

     "Portfolio  Supervisor" of the Trust shall have the meaning  assigned to it
in Part II of the Reference Trust Agreement.

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

(i)  The third  paragraph  of  Section  3.05-Distribution  shall be  amended  by
     deleting  any  reference  to  Depositor  and  replacing  it with  Portfolio
     Supervisor.

(ii) Section  3.14-Deferred  Sales Charge shall be amended to add the  following
     sentences at the end thereof:

"References to Deferred Sales Charge in this Trust Indenture and Agreement shall
include any Creation and  Development  Fee  indicated  in the  prospectus  for a
Trust.  The  Creation  and  Development  Fee  shall be  payable  on each date so
designated  and in an amount  determined  as specified in the  prospectus  for a
Trust."

C.   Article VIII, entitled "Depositor," shall be amended as follows:

(i)  Section  8.07-Compensation  shall be amended by deleting  any  reference to
     Depositor and replacing it with Portfolio Supervisor.

D.   Article IX,  entitled  "Additional  Covenants;  Miscellaneous  Provisions,"
     shall be amended as follows:

     (i) The first sentence of Section 9.05 - Written Notice shall be amended by
deleting the language "Prudential Securities  Incorporated at One Seaport Plaza,
New  York,  New  York  10292"  and  replacing  it  with  "Prudential  Investment
Management LLC at 100 Mulberry Street,  Gateway Center Three, Newark, New Jersey
07102".
                                    Part II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

     The following special terms and conditions are hereby agreed to:

<PAGE>

                                      -3-

A.   The Trust is denominated  National Equity Trust,  Low Five Portfolio Series
     46.

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

C.   The publicly  traded stocks  listed in  Schedule A  hereto are those which,
     subject to the terms of this Indenture, have been or are to be deposited in
     Trust under this Indenture as of the date hereof.

D.   The term "Depositor" shall mean Prudential  Investment  Management Services
     LLC.

E.   The  term  "Portfolio   Supervisor"   shall  mean   Prudential   Securities
     Incorporated.

F.   The aggregate number of Units referred to in Sections 2.03  and 9.01 of the
     Basic Agreement is 125,000 as of the date hereof.

G.   A Unit of the Trust is hereby  declared  initially  equal to 1/125,000th of
     the Trust.

H.   The term "First Settlement Date" shall mean July 3, 2002.

I.   The terms  "Computation  Day" and "Record Date" shall mean on the tenth day
     of October 2002, January 2003, April 2003 and July 2003.

J.   The term "Distribution Date" shall mean on the twenty-fifth day  of October
     2002, January 2003, April 2003 and July 2003.

K.   The term "Termination Date" shall mean August 5, 2003.

L.   The Trustee's Annual Fee shall be $.90 (per 1,000 Units) for 49,999,999 and
     below  units  outstanding  $.84 (per  1,000  Units) on the next  50,000,000
     Units, $.78 (per 1,000 Units) on the next 100,000,000  Units, and $.66 (per
     1,000 Units) on Units in excess of 200,000,000  Units.  In calculating  the
     Trustee's annual fee, the fee applicable to the number of units outstanding
     shall apply to all units outstanding.

M.   The Portfolio  Supervisor's portfolio supervisory service fee shall be $.25
     per 1,000 Units.

               [Signatures and acknowledgments on separate pages]

<PAGE>

                                      -4-

The Schedule of Portfolio  Securities  in Part A of the  prospectus  included in
this Registration Statement for National Equity Trust, Low Five Portfolio Series
46 is hereby incorporated by reference herein as Schedule A hereto.

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