Document:

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                 MORGAN STANLEY DEAN WITTER SELECT EQUITY TRUST
                          REIT PORTFOLIO SERIES 2001-1
                            REFERENCE TRUST AGREEMENT

     This Reference Trust Agreement dated January 9, 2001 between DEAN WITTER
REYNOLDS INC., as Depositor, and The Chase Manhattan Bank, as Trustee, sets
forth certain provisions in full and incorporates other provisions by reference
to the document entitled "Sears Equity Investment Trust, Trust Indenture and
Agreement" dated January 22, 1991, as amended on March 16, 1993, July 18, 1995
and December 30, 1997 (the "Basic Agreement"). Such provisions as are
incorporated by reference constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:

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

                                       I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

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

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

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

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

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

     D.   Section 2.03 is amended to add the following to the end of the first
     paragraph thereof. The number of Units may be increased through a split of
     the Units or decreased through a reverse split thereof, as directed by the
     Depositor, which revised number of Units shall be recorded by Trustee on
     its books.

     E.   Section 3.01 is amended to substitute the following:

          SECTION 3.01. INITIAL COST The costs of organizing the Trust and sale
     of the Trust Units shall, to the extent of the expenses reimbursable to the
     Depositor provided below, be borne by the Unit Holders, PROVIDED, HOWEVER,
     that, to the extent all of such costs are not borne by Unit Holders, the
     amount of such costs not borne by Unit Holders shall be borne by the
     Depositor and, PROVIDED FURTHER, HOWEVER, that the liability on the part of
     the Depositor under this Section shall not include any fees or other
     expenses incurred in connection with the administration of the Trust
     subsequent to the deposit referred to in Section 2.01. Upon notification
     from the Depositor that the primary offering period is concluded, the
     Trustee shall withdraw from the Account or Accounts specified in the
     Prospectus or, if no Account is therein specified, from the Principal
     Account, and pay to the Depositor the Depositor's reimbursable expenses of
     organizing the Trust and sale of the Trust Units in an amount certified to
     the Trustee by the Depositor. If the balance of the Principal Account is
     insufficient to make such withdrawal, the Trustee shall, as directed by the
     Depositor, sell Securities identified by the Depositor, or distribute to
     the Depositor Securities having a value, as determined under Section 4.01
     as of the date of distribution, sufficient for such reimbursement. The
     reimbursement provided for in this Section shall be for the account of the
     Unitholders of record at the conclusion of the primary offering period and
     shall not be reflected in the computation of the Unit Value prior thereto.
     As used herein, the Depositor's reimbursable expenses of organizing the
     Trust and sale of the Trust Units shall include the cost of the initial
     preparation and typesetting of the registration statement, prospectuses
     (including preliminary prospectuses), the indenture, and other documents
     relating to the Trust, SEC

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     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.

     F.   The third through fifth paragraphs of Section 3.05 shall be amended to
     provide as follows:

          On each Distribution Date or within a reasonable period of time
     thereafter, the Trustee shall distribute by mail to each Unit Holder of
     record at the close of business on the preceding Record Date at his address
     appearing on the registration books of the Trustee such Unit Holder's
     income distribution, computed as hereinafter provided, plus such holder's
     pro rata share of the cash balance of the Principal Account, each computed
     as of the preceding Record Date; provided, however, that funds credited to
     the Principal Account in the event of the failure of consummation of a
     contract to purchase Securities pursuant to Section 2.01 hereof, funds
     representing the proceeds of the sale of Securities pursuant to Section
     3.08 hereof, and funds representing the proceeds of the sale of Securities
     under Sections 5.02 or 6.04 in excess of the amounts needed for the
     purposes of said Sections shall not be distributed until the next
     Distribution Date or at such earlier date as shall be determined by the
     Trustee. The Trustee shall not be required to make a distribution from the
     Principal Amount unless the cash balance on deposit therein available for
     distribution shall be sufficient to distribute at least $1.00 per Unit in
     the case of Units initially offered at approximately $1,000 or a
     proportionately lower amount in the case of Units initially offered at less
     that $1,000 (E.G. $.001 per Unit in the case of Units initially offered at
     approximately $1.00).

          The Trustee shall, as of each Record Date, compute and report to the
     Depositor the per-Unit amount of the

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     monthly income distribution to be made on the next following Distribution
     Date (the "Monthly Income Distribution") by (i) estimating the annual
     income of the Trust for the ensuing twelve months (by reference to the most
     recent distributions made on Securities and any information received by the
     Trustee with respect to future dividends or other income), (ii) deducting
     therefrom the estimated costs and expenses to be incurred during the
     twelve-month period for which such income has been estimated and (iii)
     dividing the amount so obtained by the result of 12 multiplied by the
     number of Units outstanding on such Record Date. However, unless the
     Trustee or the Sponsor determines that the Monthly Income Distribution
     should be adjusted as provided hereafter, the amount of the Monthly Income
     Distribution shall be the amount computed by the Trustee on the most recent
     prior, or concurrently occurring, Quarterly Computation Date (such
     "Quarterly Computation Date" being the first Record Date and each Record
     Date occurring at three-month intervals thereafter). The Trustee will
     adjust the amount of the Monthly Income Distribution computed on each
     Quarterly Computation Date to reconcile, over the ensuing three Monthly
     Income Distributions, any variance between net income and distributions
     made during the preceding three months. Notwithstanding the preceding, the
     Trustee may reduce the amount of any Monthly Income Distribution in the
     event the Trustee or the Sponsor determines that such adjustment is
     necessary to avoid, or to respond to, a significant discrepancy between
     estimated and actual net income. Notwithstanding the foregoing, the Trustee
     may adjust the amount of the Monthly Income Distribution in order to
     maintain an average annual cash balance in the Income Account of $0.

          In the event the amount on deposit in the Income Account of the Trust
     on a Distribution Date is not sufficient for the payment of the amount of
     income to be distributed on the basis of the aforesaid computation, the
     Trustee shall advance out of its own funds and cause to be deposited in and
     credited to the Income Account such amount as may be required to permit
     payment of the income distribution to be made on such Distribution Date and
     shall be entitled to be reimbursed, without interest, out of the income
     subsequently received on the first Record Date following the date of such
     advance on which such reimbursement may be made without reducing the cash
     balance of the Income Account to an amount less than that required for the
     next ensuing distribution. The Trustee shall be deemed to be the beneficial
     owner of the dividends or

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     other income received by the Trust to the extent of all amounts advanced by
     it pursuant to this paragraph, and such advances shall be considered a lien
     on the Trust prior to the interest of Unit Holders.

          The amounts to be distributed to each Unit Holder shall be that
     per-Unit income distribution and pro rata share of the cash balance of the
     Principal Account of the Trust, computed as hereinabove provided, as shall
     be represented by the Units owned by such Unit Holder as evidenced by the
     record books of the Trustee as of the applicable Record Date.

          In computing the distribution to be made to any Unit Holder, fractions
     of one cent shall be omitted. After any such distribution, any cash balance
     remaining in the Income Account or the Principal Account shall be held in
     the same manner as other amounts subsequently deposited in each of such
     Accounts, respectively.

     G.   Section 3.15 shall be amended by adding the following to
     the end thereof:

          The Depositor represents that the price paid by any Unit holder for
     Units acquired through reinvestment of Trust distributions will be reduced
     by the aggregate amount of unpaid deferred sales charge at the time of the
     purchase to offset any subsequent collection by the Depositor of deferred
     sales charge in respect of the Units so acquired.

                                       II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

          The following special terms and conditions are hereby agreed to:

     A.   The Trust is denominated Morgan Stanley Dean Witter Select Equity
     Trust REIT Portfolio Series 2001-1 (the "REIT" Trust").

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

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

     D.   The aggregate number of Units referred to in Sections 2.03 and 9.01 of
     the Basic Agreement is 25,060 for the REIT Trust.

     E.   A Unit is hereby declared initially equal to 1/25,060th for the
     REIT Trust.

     F.   The term "In-Kind Distribution Date" shall mean January 15, 2003.

     G.   The term "Record Date" shall mean monthly on the 1st day of each month
     beginning February, 2001.

     H.   The term "Distribution Dates" shall mean monthly on the 15th day of
     each month beginning February, 2001.

     I.   The term "Termination Date" shall mean February 28, 2003.

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

     K.   The Trustee's annual fee as defined in Section 6.04 of the Indenture
     shall be $.90 per 100 Units if the greatest number of Units outstanding
     during the period is 10,000,000 or more; $.96 per 100 Units if the greatest
     number of Units outstanding during the period is between 5,000,000 and
     9,999,999; and $1.00 per 100 Units if the greatest number of Units
     outstanding during the period is 4,999,999 or less.

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

     M.   The Indenture is amended to provide that the period during which the
     Trustee shall liquidate the Trust Securities shall not exceed 30 business
     days commencing on the first business day following the In-Kind Date.

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                  (Signatures and acknowledgments on separate pages)

<PAGE>

                  The Schedule of Portfolio Securities in the prospectus
         included in this Registration Statement is hereby incorporated by
         reference herein as Schedule A hereto.Prepared by MERRILL CORPORATION www.edgaradvantage.com

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ADC TELECOMMUNICATIONS

MANAGEMENT INCENTIVE PLAN DOCUMENT

FISCAL YEAR 2001  

 
 
 

ADC TELECOMMUNICATIONS
  MANAGEMENT INCENTIVE PLAN DOCUMENT
  FISCAL YEAR 2001    
  

PLAN NAME AND EFFECTIVE DATE  

    The name of this Plan is the ADC Telecommunications, Inc. ("Company"), Management Incentive Plan—Fiscal Year ("FY") 2001, effective
November 1, 2000 through October 31, 2001. 

PURPOSE  

    The purpose of the Plan is to provide, with full regard to the protection of shareholder's investments, a direct financial incentive for eligible managers and
key employees to make a significant contribution to the Company's established goals. 

ELIGIBILITY  

    For Fiscal Year 2001 eligibility is limited to regular (not temporary) executives and certain management and higher-level individual contributor positions. In
order to be eligible, you can not participate in any other ADC incentive plan other than the stock option program and must be employed in an eligible
job no later than October 1, 2001. Participation is communicated to you through an incentive opportunity statement ("Participant Form"), which provides a statement of the target incentive level
for your job and of the relevant performance goals. 

TIME OF PAYMENT  

    Payments which become due under this Plan are made as soon as administratively feasible following the close of the Company's fiscal year. In the past, this
payment date has generally occurred in late December. 

PLAN GOALS  

    The Plan reinforces the key goals that support ADC's long-term strategic plans. These goals differ across business groups and are listed on the
Participant Form attached to this document. The goal weights and the threshold, target, and maximum performance levels also are specified on the attachment. 

    Economic
Value Added (EVA) is a key measure of ADC success. Simply stated, EVA is a financial measure of the economic return ADC produces after taking into account the cost of all the
capital used to produce the return. A certain level of improvement in Economic Value Added as compared to the previous fiscal year (EVAI) is an important goal under this Plan. 

Individual Performance  

    In addition to the business performance goals, an individual performance factor might be applied to the calculation of your MIP payout. This is an optional
feature of the Plan, and each business group can determine if and under what circumstances it will be used. The factor ranges from 50% to 150% of your overall payout. 

MINIMUM PERFORMANCE PAYOUT REQUIREMENTS  

    To ensure protection of shareholder interest before an incentive payout can be generated, the following criteria must be met: (1) ADC EVA must be
positive, and (2) performance on at least one of the core goals (EVAI or revenue) must be at or above the threshold level. 

Page 2

 

CALCULATION OF PAYMENTS  

    Prior to making any payments under this Plan, the Board of Directors must agree that the claimed performance levels have been achieved. The size of your award
will be based on four factors: 

	1.
	Target Incentive Opportunity—expressed as a percentage of an individual's FY 2001 eligible base salary earnings. This is
noted on the attachment to this Plan summary.

	2.
	FY2001 Eligible Base Salary Earnings. This is the amount actually paid to you during the fiscal year in Base Salary. Base Salary for
purposes of this Plan excludes any salary continuation pay paid by ADC payroll and any disability insurance paid by an insurer.

	3.
	Business Performance against the established goals.

	4.
	The Individual Performance Factor, which might or might not be considered by your business group. 

    The
range of potential awards can be from zero to three times your target award. At target business and individual performance, the award would be 100% of the stated target percent of
your Base Salary Earnings. 

    This
can be displayed as follows for the business performance factors: 

	Threshold
	 	Target
	 	Maximum

	0% of Target Incentive Opportunity	 	100% of Target Incentive Opportunity	 	300% of Target Incentive Opportunity

	•
	Results
between threshold-target and target-maximum are interpolated for each goal.

	•
	Your
individual target incentive opportunity is indicated on your participant form 

    Here
is an example of a hypothetical award calculation. Refer to the attached Goal Sheet for the performance factors and weightings that apply to you. 

    Assume
we have a Business Group Plan participant with the following facts: 

	Grade:	 	15
	Target Payout:	 	15% of base salary earnings
	Base Salary Earnings:	 	$60,000
	ADC EVA is positive.	 	 
	 	 	 

	Goal
 
	 	Weight
	 	Achievement
	 
	 
	 	 
	 	(As a % of Target)
 
	 
	ADC EVA Improvement	 	30	%	100.4	%
	Group EVA Improvement	 	30	%	100.8	%
	Group Revenue	 	20	%	110.2	%
	Key Division Goal	 	20	%	99.8	%
	 	 	 	 	
	 
	Overall Result as % of Target	 	 	 	102.4	%
	Individual Performance Factor	 	 	 	100	%

Calculation
of Payment: 

    $60,000
(FY Base Salary Earnings) × 15% (Target Incentive Opportunity) × 102.4% (Overall Result as a % of
Target) × 100% (Individual Performance Factor) = $9,216. 

Page 3

 

EFFECT OF CHANGES IN EMPLOYMENT STATUS  

    Termination of Employment.  If you leave employment with ADC for any reason other than death prior to the end of the
Fiscal Year, you will not receive an award under the Plan. 

    Change in Job Within the Company but not Eligible for the Management Incentive Plan.  A participant, who changes jobs
within the Company but is not eligible for this Plan, retains the right to a pro rata payout for full months served under this Plan. The first of the month will be used as the basis for rounding to
full months. If terms are inconsistent with those other plans, ADC reserves the full authority to define the appropriate prorating. 

    Change Based upon Promotion or Demotion to Another MIP Eligible Position with the Same MIP Goals.  A current participant
who is promoted or demoted from a MIP eligible position to another MIP eligible position with the same MIP goals during the fiscal year has a pro rata calculation of payment based upon the full months
of service in each position during the Fiscal Year, provided at least three months was served in each position. The 1st of the month will be used as the basis for rounding to full
months. If a participant is in an eligible position for less than three months during the fiscal year, the payment calculation is based on the incentive level of the position served in the longest. 

    Change Based upon a Transfer to Another Position or ADC group with Different MIP Goals.  A transfer is defined as a
change in position which results in the MIP participant working under new MIP goals. How a transfer payout is calculated is based on the quarter in which the effective date occurs. To minimize
compensation issues related to the movement of executives and key managers between business units and groups, the following guidelines will be used: 

	Fiscal Year Qtr

of Effective Date
 
	 	Impact on MIP

Payout Calculation

	1st Quarter	 	Payout is based on the new MIP goals for the entire fiscal year
	2nd & 3rd Quarter	 	The participant's payout for the period prior to the effective date of the transfer will be based on the old Plan goals applied to months of service. The participant's payout for service after the
effective date of the transfer will be based on the overall MIP results of the old goals and job or the new goals and job, whichever results in a higher payout for the participant. For this comparison, the calculation will be made using annual
earnings (prorated for number of full months eligibility) multiplied by new and old goal performance and target incentive levels. The 1st of the month will be used as the basis for rounding to full months.
	4th Quarter	 	Payout is based on the old MIP goals for the entire fiscal year

    Death.  If you die during the fiscal year and were a participant at the time of your death, your heirs as determined by
will or applicable laws of descent and distribution have a pro-rata calculation of payment based upon the time that you served in the eligible position during the fiscal year. 

COMPLIANCE WITH SECTION 162(M) OF THE INTERNAL REVENUE CODE OF 1986  

    If a current Plan year payout causes your total cash compensation to exceed one million dollars in the Fiscal Year, you must defer the portion that exceeds the
one million dollars in the ADC Telecommunications Deferred Compensation Plan. 

ADMINISTRATION  

    A Management Incentive Plan Committee ("Committee") appointed and authorized by the Company's Board of Directors will administer this Plan. Subject to the
complete and full discretion of 

Page 4

 

the Board of Directors, the Committee is authorized to make all decisions as required in administration of the Plan and to exercise its discretion to define, interpret, construe, apply and make any
exceptions to the terms of the Plan. 

AMENDMENT OR TERMINATION OF PLAN  

    The Board of Directors reserves and retains the right to modify, rescind or terminate this plan in whole or in part, at its sole discretion. Nothing in this
Plan limits this right in any way or creates any right to any employee of future participation in this Plan or any other plan, or constitutes any guarantee of compensation or employment with ADC.
Further, neither the Board of Directors nor the Company has any obligation under this Plan or otherwise to adopt this or any other plan in any future fiscal year. 

Page 5

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ADC TELECOMMUNICATIONS MANAGEMENT INCENTIVE PLAN DOCUMENT FISCAL YEAR 2001

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