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                                                                  Exhibit 10.2

                              SEPARATION AGREEMENT

          This Separation Agreement ("Agreement") is entered into as of July 29,
2002 by and among the following: Craig Dees, Ph.D. and Dees Family Foundation
(collectively, "Dees"), Eric A. Wachter, Ph.D. and Eric A. Wachter 1998
Charitable Remainder Unitrust (collectively, "Wachter"), Timothy D. Scott, Ph.D.
and Scott Family Investment Limited Partnership (collectively, "Scott"); Walter
Fisher, Ph.D., Fisher Family Investment Limited Partnership, and Walt Fisher
1998 Charitable Remainder Unitrust (collectively, "Fisher"), and John A. Smolik
and Smolik Family LLP (collectively, "Smolik"), Photogen Technologies, Inc.
("Technologies"), Photogen, Inc. ("Photogen"), Robert J. Weinstein, M.D.
("Weinstein"), Stuart P. Levine ("Levine") and Tannebaum, LLC ("Tannebaum,
LLC").

                                    RECITALS

          Dees, Wachter, Scott, Fisher and Smolik are collectively referred to
herein as the "Tennessee Stockholders." The Tennessee Stockholders are the
record and beneficial owners, collectively, of 20,548,435 shares of Technologies
Stock, constituting 52.9% of all of the issued and outstanding common stock of
Technologies. Craig Dees, Walter Fisher and John Smolik are former officers
and/or directors of Technologies and Photogen. Eric Wachter is a current
director and officer, and Timothy Scott is a current officer and former
director, of Technologies and Photogen.

          The Tennessee Stockholders are parties to the Voting Agreement,
pursuant to which they agreed to vote their Technologies Stock for the election
of certain nominees to the Board of Technologies and for certain other matters
as provided in the Voting Agreement. The Tennessee Stockholders are also parties
to the Lock Up Agreement, pursuant to which they agreed to refrain from selling
or otherwise disposing of their Technologies Stock, and to certain other
matters, as provided in the Lock Up Agreement.

          Technologies and its wholly-owned subsidiary Photogen have been
involved in two lines of businesses since May of 1997, namely the Diagnostic
Business and the Therapeutic Business. Photogen's first patents reflect these
two separate and distinct lines of business and its subsequent operations over
the last five years are consistent with, on the one hand, developing
technologies for the treatment of (among other things) cancer, pre-cancerous
conditions, psoriasis and other dermatological conditions ("Therapeutic
Business"); and, on the other hand, the diagnosis of cancer (through
lymphography and other methods) and cardiovascular disease ("Diagnostic
Business").

          Management of Technologies and Photogen believes that the medical need
and economic potential of PH-50 and N-1177 and other diagnostic technologies is
of such significance that management recently determined to focus substantially
all of its development efforts and resources in this area for the foreseeable
future, and to seek to license out, partner or otherwise co-develop PH-10 and
other therapeutic technologies, without significant use of its resources, to or
with other companies for further development and commercialization. Management's
decision to focus principally on the development of PH-50 and diagnostic
technologies is also based on the fact that developing programs for therapeutics
and diagnostic imaging products are significantly different and an attempt to
develop therapeutic and diagnostic

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programs concurrently would require substantial amounts of capital and diverse
management resources not currently available to Technologies or Photogen.

          As a result of the foregoing, certain differences have arisen between
the Tennessee Stockholders, on the one hand, and the current management of
Technologies and Photogen, on the other hand, concerning (among other things)
the management, direction and business plan of Technologies and Photogen and
particularly the resources and development of the Diagnostic Business compared
to the Therapeutic Business (the "Differences"). Such Differences are
increasingly likely to lead to conflicts that may prevent Technologies and
Photogen from devoting the necessary amount of time and resources to developing
the Diagnostic and Therapeutic Businesses, respectively.

          In order to effect the separation contemplated by this Agreement and
allow the Parties to devote full resources to their separate Businesses in a
timely manner, the Parties hereto desire to engage in a separation of the
Businesses, on and subject to the terms of this Agreement.

                                    AGREEMENT

          Now, therefore, in consideration of the promises and representations
herein, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the Parties hereby agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

     1.1  DEFINED TERMS. The following terms are defined for purposes of this
Agreement and any other document delivered in connection with this Agreement:

          (a)  "Claim" means any past, present and future allegations, claims,
actions, causes of action (in law or in equity), suits, debts, agreements,
Liabilities, demands, damages (including actual, consequential, punitive and
exemplary damages), losses, expenses (including attorneys' fees and expenses) or
interest, of any nature whatsoever, whether known or unknown, suspected or
unsuspected, fixed or contingent, other than an Excluded Claim.

          (b)  "Code" means the Internal Revenue Code of 1986, as amended.

          (c)  "Diagnostic Business" means the tangible and intangible assets,
properties, rights and employees associated with the business of research and
development of PH-50 and N-1177 technologies represented by and related to the
inventions listed on Schedule A hereto, and the manufacture, marketing,
licensing, lease and/or sale of products or services relating to such
technologies, together with Liabilities associated with the foregoing (including
those listed on Schedule A), all as more fully set forth in Schedule A hereto.

          (d)  "Excluded Claims" means any Claim (i) to enforce the provisions
of this Agreement, or any document delivered in connection with this Agreement,
including for Technologies to enforce paragraph 4 of Schedule F, (ii) for
indemnification under the bylaws of Technologies or Photogen or any written
indemnification agreement applicable to a Person (except for any act or omission
covered by paragraph 4 of Schedule F which is an Excluded

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Claim), or (iii) relating to a misrepresentation of a material fact related to
the transactions described herein or any omission of a material fact necessary
to make the statements by any Party to another Party not misleading in light of
the circumstances in which such statements were made.

          (e)  "GenNyc Intellectual Property" shall mean all the rights to and
under the General Patent Rights, the Joint Patent Rights and the NC-67722 Patent
Rights (as those terms are defined in the License Agreement dated September 30,
1999 between Massachusetts General Hospital and Photogen) which were initially
licensed to Photogen and thereafter assigned and transferred to Technologies
pursuant to that License Agreement.

          (f)  "Liability" means any liability or obligation of every kind and
nature, whether absolute or contingent, know or unknown, or accrued or
unaccrued.

          (g)  "Lien" means any lien, security interest, pledge, claim,
restriction (other than restrictions on distribution of securities generally
imposed by the securities laws), purchase right, option, or other encumbrance of
any kind.

          (h)  "Lock-Up Agreement" means the Agreement dated as of May 9, 2001
among the Tennessee Stockholders, Technologies and Photogen.

          (i)  "Party" is any Person that executes this Agreement.

          (j)  "Person" means any individual, partnership, corporation,
association, trust, joint venture, limited liability company, unincorporated
organization or group, or any governmental entity (or any department, agency or
political subdivision thereof).

          (k)  "Photogen Stock" means the shares of common stock, $.01 par value
per share, of Photogen, Inc.

          (l)  "Related Person" means, with respect to any Party, any or all of
the following (to the extent applicable): past, present and future stockholders,
partners, principals, controlling Persons, directors, officers, affiliates,
employees, agents, representatives, attorneys, insurers, and each of their
respective estates, trusts, trustees, heirs, predecessors, successors and
assigns, and any Person whose Claim or Liability arises out of or derives from
any relationship with a Party. A Related Person of the Tennessee Stockholders
includes any trust or family partnership that owns Technologies Stock. A Related
Person of Technologies includes Weinstein, Levine and the Tannebaum, LLC, the
Tannebaum Trust and the Tannebaum Estate. After the Closing, the Tennessee
Stockholders and Photogen will not be deemed Related Persons of Technologies.

          (m)  "Technologies Stock" means the shares of common stock, $.001 par
value per share, of Photogen Technologies, Inc.

          (n)  "Therapeutic Business" means the tangible and intangible assets,
properties, rights and employees associated with the business of research and
development of PH-10, laser and biotech technologies represented by and related
to the inventions listed on Schedule B hereto, and the manufacture, marketing,
licensing, lease and/or sale of products or

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services relating to such technologies, together with Liabilities associated
with the foregoing (including those listed on Schedule B), all as more fully set
forth in Schedule B hereto.

          (o)  "Voting Agreement" means the Amended and Restated Voting
Agreement, dated as of September 4, 2001, by and among the Tennessee
Stockholders, Technologies, Photogen and Weinstein.

     1.2  OTHER TERMS. Other capitalized terms in this Agreement and any other
document delivered in association with this Agreement shall have the meaning
given to such terms in this or such other documents. In all events, the singular
includes the plural and vice versa and the masculine includes the neuter and
vice versa. The word "including" or "includes" shall be construed to mean
"including without limitation" or "includes without limitation."

                                   ARTICLE II
                                BASIC TRANSACTION

     2.1  TRANSFER OF BUSINESSES. At the Closing (as hereinafter defined):

          (a)  Photogen will distribute, assign, transfer and deliver to
Technologies all of its right, title and interest in and to the technologies,
properties and Liabilities associated with the Diagnostic Business as set forth
in Schedule A hereto.

          (b)  Technologies will cause to be retained in Photogen and/or
distribute, assign, transfer and deliver to Photogen, to the extent applicable,
all of its right, title and interest in and to the technologies, properties and
Liabilities associated with the Therapeutic Business as set forth in Schedule B
hereto.

          (c)  All retentions, distributions, contributions, assignments and
transfers set forth in Sections 2.1(a) and 2.1(b) are on an "as is" basis and
without recourse and without any representation or warranty (other than those
expressly set forth in Sections 2.3(a) and (b)) or warranty of merchantability,
fitness for any particular purpose, non-infringement or any other express or
implied warranties whatsoever.

     2.2  ASSUMPTION OF LIABILITIES. At and as of the Closing:

          (a)  Technologies will assume and perform, in accordance with their
respective terms, the Liabilities that are part of the Diagnostic Business as
set forth in Schedule A hereto.

          (b)  Photogen will assume and perform, in accordance with their
respective terms, the Liabilities that are part of the Therapeutic Business as
set forth in Schedule B hereto.

          (c)  The obligation to repay the $2,500,000 loan from the Tannebaum,
LLC to Technologies will not be one of the Liabilities assumed by Photogen and
any Lien on the assets of the Therapeutic Business arising from such loan will
be released upon the Closing of the corporate separation.

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     2.3  SPLIT OFF TRANSACTION.

          (a)  At the Closing, Technologies, Photogen, and the Tennessee
Stockholders will engage in the following "split off" transaction in which (i)
each Tennessee Stockholder will transfer and deliver to Technologies all shares
of Technologies Stock he owns, of record or beneficially, directly or
indirectly, free and clear of any Lien, in exchange for (ii) all Photogen Stock,
which Technologies will distribute, assign, transfer and deliver to the
Tennessee Stockholders as jointly directed by them or to an entity controlled by
the Tennessee Stockholders (but in all cases in which Photogen Stock is not
distributed directly to one of the Tennessee Stockholders, the stock will be
distributed to an entity which is wholly owned by the Tennessee Stockholder and
is disregarded for federal income tax purposes), free and clear of all Liens.

          (b)  It is the intentions of the Parties to the split off transaction
to comply with Section 355 of the Code and related Treasury Regulations,
including making such representations to the other parties to the split-off
transaction as are normal and customary in such a transaction except for the
change of control of Technologies. However, notwithstanding the foregoing, each
of the Parties will obtain their own separate tax advice and will be responsible
for any tax associated with or resulting from the split off transaction. Any
Party taking a position on any Internal Revenue Service return or report, other
than consistent with the foregoing, agrees to notify the other Parties prior to
filing such return or report.

     2.4  TERMINATION OF AGREEMENTS; RESIGNATION.

          (a)  As of the Closing, all employment agreements (including any
covenants not to compete other than those set forth in Section 4.2(a), below and
Schedule C-1) to which any of the Tennessee Stockholders are a party with
Technologies will be transferred and assumed by Photogen and no further
compensation, perquisites, bonuses or other benefits will be due from
Technologies, except that accrued but unpaid base salaries as set forth below
will be paid forthwith, subject to normal withholding, after Technologies has
raised funding through an equity financing:

<Table>
<Caption>
                                      AMOUNT OF ACCRUED AND
          NAME OF EMPLOYEE            UNPAID BASE SALARY (1)
          -----------------------     ---------------------
          <S>                         <C>
          Craig Dees                  $25,000.00
          Eric Wachter                $25,000.00
          Tim Scott                   $25,000.00
          Walter Fisher               $62,500.00(2)
          John Smolik                 $78,125.00(2)
</Table>

          (1) through the Closing
          (2) with interest until paid at the rate of 2% per annum

          (b)  Any duties of any Party to Technologies or Photogen (whether
pursuant to agreement, bylaw, statute or otherwise) to (i) maintain the
confidentiality of, and not to use, confidential or proprietary information of,
or (ii) indemnify, another Party shall remain in full force and effect after the
Closing in accordance with the terms thereof.

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          (c)  As of the Closing, the Voting Agreement and the Lock Up Agreement
will be terminated and of no further force or effect.

          (d)  As of the Closing, each of the Tennessee Stockholders will resign
from any offices or other official capacities relating to Technologies,
including as an employee, officer or director of Technologies or trustee of any
employee benefit plan.

          (e)  As of the Closing, all persons associated with Technologies
(including Aidan King) other than a Tennessee Stockholder shall resign as an
officer, director or employee of Photogen.

          (f)  As of the Closing, Photogen's name will be changed to one not
confusingly similar.

     2.5  CERTAIN POST-CLOSING TRANSACTIONS AND ACTIVITIES. Photogen and
Technologies agree that until twelve months after the Closing, they will (i)
maintain their status as companies engaged in the active conduct of the
Therapeutic Business and Diagnostic Business, respectively, and (ii) not engage
in any transaction that would result in their ceasing to be engaged in the
active conduct of a trade or business within the scope of Code Section 355.

                                   ARTICLE III
                                    RELEASES

     3.1  IDENTITY OF RELEASED PERSONS.

          (a)  For purposes of Section 3.3, the Released Persons are
Technologies and each of its Related Persons.

          (b)  For purposes of Section 3.4, the Released Persons are each of the
Tennessee Stockholders, Photogen, and each of their Related Persons.

     3.2  PARTIES FULLY INFORMED.

          (a)  The parties hereto and, in particular, each of the Tennessee
Stockholders acknowledge that they are fully informed regarding all material
facts and information regarding the Therapeutic and Diagnostic Businesses,
including the risks and future prospects associated with those Businesses; in
particular, each Tennessee Stockholder is aware:

               (i)   that Technologies is in the process of attempting to raise
     capital (approximately $16-$20 million) through the sale of its common
     stock or other securities for the purpose of developing the Diagnostic
     Business, but there is no assurance that such a transaction will be
     completed;

               (ii)  that the Diagnostic Business being retained by
     Technologies, in which the Tennessee Stockholders will have no interest as
     a result of the separation of the Businesses under this Agreement, is
     believed to be of substantial potential value in the opinion of management;
     and

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               (iii) that Technologies has provided the Tennessee Stockholders
     with the opportunity to inquire of management regarding all information and
     facts available to management regarding the Diagnostic Business and its
     future prospects.

          (b)  Technologies is aware of and understands that:

               (i)   the Therapeutic Business being retained by the Tennessee
     Stockholders, in which Technologies and its remaining shareholders will
     have no interest as a result of the separation of the Businesses under this
     Agreement, is believed to be of substantial potential value in the opinion
     of the Tennessee Stockholders; and

               (ii)  the Tennessee Stockholders have provided Technologies with
     the opportunity to inquire regarding all information and facts available to
     the Tennessee Stockholders regarding the Therapeutic Business and its
     future prospects.

          (c)  Notwithstanding the foregoing, all Parties desire to proceed with
the separation of the Businesses as contemplated under this Agreement. The
Tennessee Stockholders have full knowledge and understanding that upon the
Closing of this transaction they will have no right to share in future success,
if any, of Technologies unless they should individually decide to purchase stock
of Technologies in the open market at prevailing market prices. Similarly,
Technologies understands that it and its shareholders will have no right to
share in the future success, if any, of the Therapeutic Business, unless they
are able to purchase stock in an entity that ultimately owns the Therapeutic
Business.

     3.3  RELEASE OF TECHNOLOGIES. Effective as of the Closing, each of the
Tennessee Stockholders, on behalf of himself and each of his Related Persons,
hereby fully releases, remises and discharges the Released Persons identified in
Section 3.1(a) of and from, and covenants not to directly or indirectly sue or
otherwise assert in any forum against such Released Persons, any and all Claims
arising out of, based upon or relating to any actual or alleged act or omission
of such Released Persons from the beginning of time through the Closing, whether
asserted before or after the date of this Agreement, whether based upon contract
(written or oral), tort, statute, regulation, course of dealing, contribution,
indemnity, breach of duty, misrepresentation, bad faith, intentional or
negligent acts or omissions, or otherwise, and whether in law or in equity;
provided, however, that the foregoing will not release or impair the Excluded
Claims. Further, none of the Tennessee Stockholders or any of their Related
Persons shall, directly or indirectly, voluntarily assist, encourage, support or
in any way facilitate the prosecution or assertion of any Claims against such
Released Persons.

     3.4  RELEASE OF TENNESSEE STOCKHOLDERS. Effective as of the Closing,
Technologies, on behalf of itself, and its Related Persons, hereby fully
releases, remises and discharges the Released Persons identified in Section
3.1(b) of and from, and covenants not to directly or indirectly sue or otherwise
assert in any forum against such Released Persons, any and all Claims arising
out of, based upon or relating to any actual or alleged act or omission of such
Released Persons from the beginning of time through the Closing, whether
asserted before or after the date of this Agreement, whether based upon contract
(written or oral), tort, statute, regulation, course of dealing, contribution,
indemnity, breach of duty, misrepresentation, bad faith, intentional or
negligent acts or omissions, or otherwise, and whether in law or in equity;
provided, however,

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that the foregoing will not release or impair the Excluded Claims. Further,
neither Technologies nor any of its Related Persons shall, directly or
indirectly, voluntarily assist, encourage, support or in any way facilitate the
prosecution or assertion of any Claims against such Released Persons.

     3.5  NO ADMISSIONS. None of the Parties admits any liability or wrongdoing,
or the validity of any claims or defenses in the Differences or otherwise, and
neither this Agreement, the Releases nor any document referred to herein may be
construed as, or may be used as an admission by any Party of any fault,
wrongdoing or liability whatsoever. The Parties have entered into this Agreement
to amicably resolve their Differences.

     3.6  UNKNOWN CLAIMS. The releases in Sections 3.3 and 3.4 include a release
of Claims which, at this time, may be unknown or unsuspected. Each releasing
Party waives any common law or statutory doctrine which limits the release of
unknown or unsuspected Claims.

                                   ARTICLE IV
                         OTHER AGREEMENTS OF THE PARTIES

     4.1  FAIRNESS OPINION. Prior to the Closing, Technologies will obtain a
fairness opinion from a nationally-recognized banking or valuation firm. The
opinion must be satisfactory to Technologies in that it concludes that the
split-off transaction contemplated by this Agreement is fair from a financial
point of view to the remaining stockholders of Technologies after the
separation. If the fairness opinion does not so conclude, the Parties will
cooperate in good faith to agree on modification to the terms of the transaction
so that a fairness opinion can be delivered which concludes that the transaction
is fair from a financial point of review to the remaining stockholders of
Technologies after the separation; but in all events, regardless of any such
modification, all of the Tennessee Stockholders' Technologies Stock will be
transferred to Technologies at the Closing.

     4.2  PH-10 AGREEMENT.

          (a)  Photogen and the Tennessee Stockholders agree not to develop or
sublicense the technologies that are part of the Therapeutic Business for
diagnostic x-ray purposes or to adversely affect the development of N1177 or
PH-50 and will, at the Closing, execute the form of a non-competition agreement
attached as Schedule C-1 to effect the foregoing. Photogen at the Closing will
also grant Technologies a royalty-free, fully paid up, exclusive and worldwide
license in the form attached as Schedule D hereto to fully use and commercialize
the technologies that are necessary to fulfill Technologies' contractual
commitments to Sentigen, Ltd., provided such license does not incur royalties
due to third-party licensees (such as those due to Massachusetts General
Hospital), or impose on Photogen other royalties, fees or penalties to other
third parties, including those for which the licensed technologies may infringe,
or for which an interference may be asserted (any such royalties, fees or
penalties due will be paid by Technologies).

          (b)  Similarly, Technologies agrees not to develop or sublicense
non-nanoparticulate PH-10, or to adversely affect the development of PH-10 and
will, at the Closing, execute the form of a non-competition agreement attached
as Schedule C-2 to effect the foregoing. Moreover, with the exception of the
GenNyc Intellectual Property, Technologies will

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use reasonable efforts to obtain release of all PH-10 technologies from any
contractual commitments to Sentigen, Ltd.

     4.3  INDEMNITY.

          (a)  After the Closing, Photogen shall indemnify, defend, reimburse
and hold harmless each of the Released Persons identified in Section 3.1(a) and
each of their Related Persons against any and all of the following Claims:
Claims arising out of or relating to (i) any Liability assumed by Photogen
pursuant to Section 2.2(b) hereto; (ii) any breach or alleged breach of any
representation, covenant or warranty by Photogen or its Related Persons under
this Agreement; and (iii) any violation by Photogen or its Related Persons of
the release set forth in Section 3.3 hereto. Notwithstanding the foregoing, this
indemnity does not cover or apply to any tax liability to Technologies or any of
its Related Persons resulting from the transactions contemplated by this
Agreement.

          (b)  After the Closing, Technologies shall indemnify, defend,
reimburse and hold harmless each of the Released Persons identified in Section
3.1(b) and each of their Related Persons against any and all of the following
Claims: Claims arising out of or relating to (i) any Liability assumed by
Technologies pursuant to Section 2.1(a) hereto; (ii) any breach or alleged
breach of any representation, covenant or warranty by Technologies or its
Related Persons under this Agreement; and (iv) any violation by Technologies or
its Related Persons of the release set forth in Section 3.4 hereto.
Notwithstanding the foregoing, this indemnity does not cover or apply to any tax
liability to the Tennessee Stockholders or any of their Related Persons
resulting from the transactions contemplated by this Agreement.

          (c)  The indemnity obligations of the Parties set forth in this
Section 4.3 shall be subject to the following conditions: (i) the Party seeking
indemnification and/or defense must promptly notify the indemnifying Party of
the Claim giving rise to the indemnification obligation (provided, that failure
to promptly notify will be a defense to indemnity only to the extent the
indemnifying Party is prejudiced thereby); and (ii) the Party seeking
indemnification shall not settle the lawsuit without the prior consent of the
indemnifying Party (such consent not to be unreasonably withheld, delayed or
conditioned).

     4.4  VOTING; WAIVER. Each Tennessee Stockholder, Tannebaum, LLC, Weinstein
and Levine agrees to approve (i) the separation transactions in this Agreement,
in all capacities as holders of Technologies Stock, directors, officers or
otherwise, and (ii) a financing transaction approved by a majority of the Board
of Directors of Technologies ("Financing Transaction"). Each Tennessee
Stockholder irrevocably waives the right to participate in any offering by
Technologies of Technologies Stock to its stockholders (even if the Tennessee
Stockholders are stockholders of record and otherwise would have been eligible
to participate in such offering). The Parties represent that there is no known
bar to their voting for the transactions in this Agreement or the proposed
Financing Transaction, will take all reasonable measures to avoid the creation
of any such bar, will not dispose, transfer, assign or otherwise affect
ownership or voting rights of their shares, and will cause all shares under
their direct or indirect control, as listed in Schedules E-1 and E-2 opposite
his or its name as appropriate, to be voted in favor of this Agreement and the
proposed Financing Transaction.

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     4.5  FURTHER ACTS. If, at any time hereafter, any further assignments or
assurances or any other acts are necessary, desirable or proper to: (a) vest,
perfect or confirm ownership of and title to any of the assets to be transferred
and/or retained as contemplated by this Agreement including, in particular, to
provide Technologies with all intellectual and other property related to PH-50
(including N1177); (b) ensure proper and complete compliance with federal, state
and local administrative or regulatory laws; or (c) otherwise carry out the
purposes of this Agreement, each Party shall execute and deliver all such
assignments and assurances and do all such acts as such other Party shall
reasonably request.

     4.6  NON-INTERFERENCE.

          (a)  None of the Tennessee Stockholders, Photogen, nor any Person
acting on their behalf or any of them, will take any action before and after the
Closing intended or having the effect in any way to disparage Technologies
(including its products or technology), Weinstein, Levine, the Tannebaum, LLC or
any of their respective Related Persons, or make or solicit any comments or
statements to the media or other Persons that may reasonably be considered to be
derogatory or detrimental to their professional or personal reputation.

          (b)  None of Technologies, Weinstein, Levine, the Tannebaum, LLC, nor
any Person acting on behalf of any of them, will take any action before and
after the Closing intended or having the effect in any way to disparage any of
the Tennessee Stockholders, Photogen, (including its products or technology), or
any of their respective Related Persons, or make or solicit any comments or
statements to the media or other Persons that may reasonably be considered to be
derogatory or detrimental to their professional or personal reputation.

     4.7  USE OF THE NAME PHOTOGEN. The Parties agree that upon the Closing,
Photogen will have changed its corporate name to a name not confusingly similar
to "Photogen" and will not thereafter use "Photogen" or similar words as its
name or in any other materials or products.

                                    ARTICLE V
                                 REPRESENTATIONS

     5.1  REPRESENTATION OF TENNESSEE STOCKHOLDERS. Each Tennessee Stockholder
represents and warrants to Technologies as follows:

          (a)  He is the record and beneficial owner of the Technologies Stock
set forth opposite his name on Schedule E-1 hereto.

          (b)  The transfer contemplated by Section 2.3(a) above will vest in
Technologies all right, title and interest in and to all Technologies Stock
owned beneficially by such Tennessee Stockholder, free and clear of all Liens.

          (c)  He does not own (beneficially or of record) or control, directly
or indirectly, any Technologies Stock (or rights to acquire, or instruments
convertible into or exercisable for, Technologies Stock) except as set forth in
Schedule E-1 hereto.

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          (d)  He has not conveyed to any other Person any interest or right in
the Differences or any Claim against Technologies, Weinstein, Levine, the
Tannebaum, LLC or any Related Person.

          (e)  He is receiving the Photogen Stock solely for his Technologies
Stock and no part of the consideration received is for accrued but unpaid
salary.

          (f)  He is acquiring the Photogen Stock for his own account and not
with a view to the resale or distribution thereof except in compliance with
applicable securities laws.

          (g)  His "Statement of Facts" set forth in Schedule F-1 does not
contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements made
therein, in the light of the circumstances under which they were made, not
misleading.

     5.2  REPRESENTATION OF WEINSTEIN, LEVINE AND THE TANNEBAUM LLC ("CHICAGO
STOCKHOLDERS"). Each Chicago Stockholder represents and warrants to the
Tennessee Stockholders as follows:

          (a)  He is the record and beneficial owner of the Technologies Stock
set forth opposite his name on Schedule E-2 hereto.

          (b)  He does not own (beneficially or of record) or control, directly
or indirectly, any Technologies Stock (or rights to acquire, or instruments
convertible into or exercisable for, Technologies Stock) except as set forth in
Schedule E-2 hereto.

          (c)  He has not conveyed to any other Person any interest or right in
the Differences of any Claim against Photogen, the Tennessee Stockholders or any
Related Person.

     5.3  Technologies represents and warrants to the Tennessee Stockholders
that Technologies is acquiring the Technologies Stock from the Tennessee
Stockholders for its own account for the purpose of cancellation.

     5.4  Each Party (a "Representing Party") hereby represents and warrants, as
to himself or itself only, to each other Party as follows:

          (a)  The Representing Party has full power and authority to execute
and deliver this Agreement and all of the other documents contemplated hereby to
be executed and delivered in connection with this Agreement, and this Agreement
and such other documents constitute the valid and legally binding obligation of
the Representing Party, enforceable in accordance with their respective terms
and conditions.

          (b)  The Representing Party has been represented by counsel of his or
its choice in negotiating and concluding this Separation Agreement, has entered
into this Agreement as his or its free and voluntary act, and has discussed this
Agreement (including the releases herein) with his or its counsel.

                                       11
<Page>

          (c)  Except for matters expressly covered by Article V of this
Agreement, the Representing Party is relying on his or its own due diligence on
all matters concerning the transactions contemplated by this Agreement. The
Representing Party understands that if the facts (other than facts expressly
covered by this Article V) upon which he or it relied on in entering into this
Agreement are later found to be different from the facts he or it now believes
to be true, that Representing Party accepts the risk of those possible
differences, waives the benefit of any statute or common law that limits or
restricts the effectiveness of a release of unknown claims and agrees that this
Agreement (including the releases) will nonetheless be effective. Without
limiting the generality of the foregoing, each Representing Party acknowledges
that Technologies and Photogen are continuously planning and achieving
scientific developments and strategic, collaborative and financing transactions
which Technologies and Photogen believe are not appropriate for public
disclosure at this time but which may be material and may come to fruition
during the next 12 months or thereafter. Each Representing Party represents and
warrants that he or it is entering into this Agreement with awareness of the
foregoing.

                                   ARTICLE VI
                               CLOSING CONDITIONS

     6.1  AT THE CLOSING. The consummation of the transactions contemplated in
Article II and the other transactions contemplated hereby to be consummated by
the Closing (the "Closing") shall take place as soon as practicable after all of
the conditions in Section 6.2 below have been fulfilled or waived by the
appropriate Party. At the Closing, the Parties shall each deliver or cause to be
delivered such documents and other items consisted with this Agreement that
would customarily be necessary to Close.

     6.2  CONDITIONS TO CLOSING. The Closing shall by subject to the following
conditions:

          (a)  That the Parties have executed mutually acceptable definitive
agreements, instruments of transfer or assignment, and closing documents
containing commercially reasonable representations, warranties and covenants
customary for transactions of this type;

          (b)  That all representations and warranties in this Agreement and the
other agreements to be executed in connection with this Agreement are true,
correct and complete, at and as of the Closing;

          (c)  That all covenants and agreements required to be performed by the
Parties before the Closing have been performed;

          (d)  That there is no litigation or proceeding filed by a Person
seeking damages as a result of the transactions herein or seeking to enjoin such
transactions;

          (e)  That the fairness opinion contemplated by Section 4.1 above has
been obtained and is satisfactory to Technologies;

          (f)  That all requisite Technologies stockholder and Board consents
and approvals have been obtained, including that the holders of a majority of
Technologies Stock, (other than the Tennessee Stockholders), approve the
transactions in this Agreement;

                                       12
<Page>

          (g)  That all requisite third party and governmental filings have been
made and all necessary consents and approvals have been obtained;

          (h)  That Technologies shall be permitted to consummate the
transactions contemplated by this Agreement under Section 78.288 of the Nevada
General Corporation Law; and

          (i)  That Photogen shall, immediately following the closing (but
contemporaneous with the closing of the Financing Transaction) reimburse
Technologies in the amount of $60,000 out of its post-closing assets.

          (j)  That Technologies shall receive written advice from BDO Seidman
that, if the Corporate Separation is not tax free to Technologies under Sec. 355
of the Code, that the resulting tax would not exceed the amount of its current
NOL's (Net Operating Losses) (whether such NOL's are currently on the books of
Photogen or Technologies) which would be eligible to offset such tax. Any NOL's
remaining after offsetting any such tax shall be allocated between Technologies
and Photogen in accordance with the Code pursuant to written advice from BDO
Seidman.

          (k)  The closing of the Corporate Separation and its related
transactions under this Agreement shall be contemporaneous with the closing of
the proposed Financing Transaction with Mi3 and others pursuant to the Agreement
dated July 29, 2002, in accordance with a time sequence and agenda mutually
agreeable to the parties hereto.

                                   ARTICLE VII
                               DISPUTE RESOLUTION

     7.1  If the parties are unable to resolve any dispute or claim relating to
this Agreement, then such dispute or claim shall be resolved by final and
binding arbitration conducted by the American Arbitration Association ("AAA")
pursuant to its commercial arbitration rules. If the parties cannot otherwise
agree, the arbitration shall be conducted at a time and place selected by the
AAA. Each party to the dispute shall select one arbitrator and the two so chosen
shall choose a third (however, the parties to the dispute may by mutual
agreement elect to jointly select only one arbitrator). Each arbitrator shall be
qualified by education and training to pass upon the particular matter to be
decided. The arbitration shall be kept confidential. The arbitration shall be
conducted as expeditiously as possible with due consideration for the complexity
of the dispute in question, and the arbitration panel shall render its award or
decision within 30 days after any final arguments of the parties. Each party to
the dispute shall pay its own fees and expenses of the arbitration (including
legal fees) and the parties to the dispute shall share equally the costs of the
arbitrator(s). The decision of the arbitrator(s) may be enforced in any court
having jurisdiction over the parties to the dispute. Notwithstanding the
foregoing, any party shall be entitled to seek injunctive or other equitable
relief from any court having jurisdiction over the parties before, during or
after the arbitration procedures described above. Seeking such relief shall not
operate to waive the right or obligation to compel the parties to arbitration.

                                       13

<Page>

                                  ARTICLE VIII
                                  MISCELLANEOUS

     8.1  GENERAL. This Agreement:

          (a)  Shall be binding upon and inure to the benefit of the Parties,
their respective successors and assigns and the other Related Persons subject to
the releases set forth above, but may not be assigned without the written
consent of the other Parties hereto;

          (b)  May be executed in one or more counterparts, each of which shall
be deemed an original but all of which together will constitute one and the same
instrument and shall be binding upon the Party executing the same;

          (c)  May be executed by a signature page delivered by telecopier, in
which case the Party so executing this Agreement shall promptly thereafter
deliver its originally executed signature page (but the failure to deliver an
original shall not affect the binding nature of such Party's signature);

          (d)  Shall be governed by the internal laws of the State of Nevada
without regard to its conflict of laws provisions;

          (e)  May only be amended by a writing dated after the date hereof and
signed by or on behalf of all the Parties; and

          (f)  Together with the Recitals set forth above and the Schedules (all
of which are incorporated into this Agreement by reference), constitutes the
full and entire understanding and agreement among the Parties with regard to the
subject matter hereof and thereof, and supersedes any prior negotiations,
representations or agreements, written or oral, with respect to such subject
matter (none of which prior matters shall be binding upon the Parties).

     8.2  SEVERABILITY. If any term or provision of this Agreement is held by a
court of competent jurisdiction to be invalid, illegal or contrary to public
policy, such term or provision shall be modified to the extent necessary to be
valid and enforceable and shall be enforced as modified; provided, however, that
if no modification is possible such provision shall be deemed stricken from this
Agreement. In any case, the remaining provisions of this Agreement shall not be
affected thereby.

     8.3  NOTICES. All notices and other communications hereunder shall be in
writing and addressed to the Party to be notified at the address set forth in
Schedule 0 (which address may be changed by like notice); and shall be deemed
effective and duly given (i) three days after being mailed by certified or
registered mail, postage prepaid, return receipt requested, (ii) upon receipt if
delivered by personal delivery, expedited courier or messenger service, or (iii)
upon the transmitting Party obtaining a confirmation of receipt of a facsimile
transmission.

                            [Signature pages follow]

                                       14
<Page>

          IN WITNESS WHEREOF, the Parties have executed this Agreement effective
as of the date first set forth above.

                                  Photogen Technologies, Inc.

                                  By:
                                      ------------------------------------------
                                  Its:   President

                                  Photogen, Inc.

                                  By:
                                      ------------------------------------------
                                  Its:   President

                                  ----------------------------------------------
                                  Craig Dees, Ph.D.

                                  Dees Family Foundation

                                  By:
                                      ------------------------------------------

                                  ----------------------------------------------
                                  Eric A. Wachter, Ph.D.

                                  Eric A. Wachter 1998 Charitable Remainder
                                  Unitrust

                                  By:
                                      ------------------------------------------

                                  ----------------------------------------------
                                  Timothy D. Scott, Ph.D.

                                  Scott Family Investment Limited Partnership

                                  By:
                                      ------------------------------------------

                    [SIGNATURE PAGE TO SEPARATION AGREEMENT]

<Page>

                                  ----------------------------------------------
                                  Walter Fisher, Ph.D.

                                  Fisher Family Investment Limited Partnership

                                  By:
                                      ------------------------------------------

                                  Walt Fisher 1998 Charitable Remainder Unitrust

                                  By:
                                      ------------------------------------------

                                  ----------------------------------------------
                                  John A. Smolik

                                  Smolik Family LLP

                                  By:
                                      ------------------------------------------

                                  ----------------------------------------------
                                  Robert J. Weinstein, M.D.

                                  ----------------------------------------------
                                  W.F. Investments Enterprises, LP

                                  ----------------------------------------------
                                  Robert and Lois Weinstein
                                  Family Foundation, Inc.

                                  ----------------------------------------------
                                  Lois B. and Robert J. Weinstein
                                  Joint Revocable Trust

                    [SIGNATURE PAGE TO SEPARATION AGREEMENT]

<Page>

                                  ----------------------------------------------
                                  Stuart P. Levine

                                  ----------------------------------------------
                                  SL Enterprises, LP

                                  ----------------------------------------------
                                  Stuart and Sherri Levine
                                  Family Foundation, Inc.

                                  Tannebaum, LLC,
                                  By: STRO, LLC (its manager)

                                  By:
                                      ------------------------------------------
                                  Its:
                                      ------------------------------------------

                    [SIGNATURE PAGE TO SEPARATION AGREEMENT]

<Page>

                                    SCHEDULES

A    Diagnostic Line of Business

B    Therapeutic Line of Business

C-1  Form of Non-Competition Agreement
     (Photogen, Inc., Tennessee Stockholders to Photogen Technologies)

C-2  Form of Non-Compensation Agreement
     (Photogen Technologies to Photogen, Inc.)

D    Form of License Agreement

E-1  Stock Holdings of Tennessee Group

E-2  Stock Holdings of Certain Chicago Stockholders

F    Statement of Facts

G    Addresses for Notices

<Page>

                                                                      Schedule A

                DIAGNOSTIC LINE OF BUSINESS (AS OF JULY 29, 2002)

I.   SPECIFIC INTELLECTUAL PROPERTY (INCLUDING ALL RELATED INTERNATIONAL PATENTS
     AND APPLICATIONS):

-    Photogen/Alliance Patents:

     U.S. 5,114,703  Percutaneous Lymphography using Particulate Fluorocarbon
                     Emulsions (Wolf and Long)
     U.S. 5,496,536  Percutaneous Lymphography (Wolf)

-    GENNYC Intellectual Property:

     PHO-112   Enhanced Radiation Therapy (Wolf, McIntire, Bacon and Illig)
     SEN-104   Radiodense Compositions (McIntire, Bacon, Illig and Wolf)

-    Photogen Intellectual Property:

     PHO-125   Medicaments and Methods for deliveries pharmalogic active
               substances using nanoparticulates
     PHO-124   Method for Vascular Imaging using Nanoparticulate Contrast Agents
               (Koenig)
     PHO-111   Photogen(R) trademark (issued)
     SEN-101   Sentagen(TM) trademark (pending)
     SEN-102   Nanolymph(TM) trademark (pending)
     SEN-107   Sentigen(TM) trademark (pending)

     License:  License Agreement as of September 30, 1999 between The General
               Hospital Corporation d/b/a Massachusetts General Hospital and
               Photogen, Inc. (Recently assigned to Photogen Technologies,
               Inc.), including all technology, intellectual property, know how
               and patents covered thereby from MGH and Nycomed Imaging, AS

II.  OTHER ASSETS:

(a)  Except as set forth in Schedule B and to the extent related to the
     Diagnostic Business, all of Technologies' and Photogen's right, title and
     interest in and to all of their respective property and assets, real,
     personal or mixed, tangible and intangible, of every kind and description,
     wherever located, including the following to the extent related to the
     Diagnostic Business:

-    all real property, and leases for real property;

-    all tangible personal property, including all machinery, equipment, tools,
     furniture, office equipment, computer hardware, supplies, materials, and
     other items of tangible personal property of every kind owned or leased by
     Technologies or Photogen (wherever located and whether or not carried on
     their books), together with any express or implied warranty by the
     manufacturers or sellers or lessors of any item or component part thereof
     and all maintenance records and other documents relating thereto;

                                        1
<Page>

                                                                      Schedule A

-    all inventories, wherever located, including all finished goods, work in
     process, raw materials, spare parts, samples and all other materials and
     supplies to be used or consumed by Technologies or Photogen in the eventual
     production of finished goods or services;

-    all accounts receivable, notes and other rights to payment from third
     parties and the full benefit of all security for such accounts or rights to
     payment;

-    all cash, cash equivalents and securities (other than the Photogen Stock);

-    all contracts, agreements and similar arrangements, whether written or
     oral, and all outstanding offers or solicitations made by or to
     Technologies or Photogen to enter into any of the foregoing, including the
     following:

          -    Picker lease
          -    Elan JV documents
          -    lease for New Hope space
          -    research contracts relating to the Diagnostic Business
          -    consulting or other service providers relating to the Diagnostic
               Business

-    all governmental permits and authorizations and all pending applications
     therefor or renewals thereof;

-    all data and records related to the operations of Technologies or Photogen,
     including research and development reports and records, records relating to
     clinical or pre-clinical studies, trials or experiments and financial
     records;

-    all intellectual property not specifically identified above, including the
     following to the extent related to the Diagnostic Business:

     -    all inventions (whether patentable or unpatentable and whether or not
          reduced to practice), all improvements thereto, and all patents,
          patent applications, and patent disclosures, together with all
          reissuances, continuations, continuations-in-part, revisions,
          extensions and reexaminations thereof,

     -    the name "Photogen," and all trade names, trade marks, service marks,
          logos, and all translations, adaptations, derivations and combinations
          thereof and all goodwill associated therewith, and all applications,
          registrations and renewals in connection therewith,

     -    all copyrightable works, all copyrights and all applications,
          registrations and renewals in connection therewith,

     -    all trade secrets and confidential information, including ideas,
          research and development, know how, formulas, compositions, processes
          and techniques, technical data, specifications, business and marketing
          plans,

     -    all computer software and licenses to use computer software, and

                                        2
<Page>

                                                                      Schedule A

     -    all copies and tangible embodiments thereof (in whatever form or
          medium)

-    all intangible rights and property not otherwise listed herein, including
     going concern value, goodwill, telephone, telecopy and e-mail addresses,
     URLs, and web sites and listings;

-    all insurance policies and benefits, including rights to defense and
     indemnity, and proceeds;

-    all claims against third parties, whether inchoate, known or unknown,
     contingent or non-contingent; and

-    all rights relating to deposits and prepaid expenses, claims for refunds
     and rights to offset in respect thereof.

(b)  All of the assets and properties listed on Schedule B to this Agreement are
     not part of the Diagnostic Business and are excluded from the assets and
     properties transferred to Technologies and shall remain the property of
     Photogen after the Closing.

(c)  Photogen and Technologies will cooperate after the closing to effect a
     transfer of all Knoxville-based employees' 401(k) contributions to another
     plan or investment vehicle of their selection.

III. LIABILITIES ASSUMED:

-    Picker lease: 60 month lease at $32,776 / mo, 25 payments remaining,
     totaling $554,894

-    All accounts payable of Photogen Technologies, Inc. (and of Photogen, Inc.
     as set forth in the attachment hereto dated July __ 2002 and from July __,
     2002 to Closing with the approval of Technologies.

-    Accrued but unpaid base salaries as set forth in Section 2.4(a), upon
     receipt of equity financing.

-    Loan from Tannebaum, LLC to Photogen Technologies, Inc.

-    Loan from Elan to Photogen Technologies, Inc.

-    Normal 1/2 salary of Dan Hamilton until closing and then payment of back
     salary; unpaid severance of Jay Harkins at closing; normal full salary of
     Heather Long until closing.

                                        3
<Page>

                                                                      Schedule B

               THERAPEUTIC LINE OF BUSINESS (AS OF JULY 29, 2002)

I.   SPECIFIC INTELLECTUAL PROPERTY (INCLUDING ALL RELATED INTERNATIONAL PATENTS
     AND APPLICATIONS):

     The following Patents patent applications, drafts, and disclosures, U.S.
and international:*

PHO-0001  Method for Improved Selectivity in Photo-Activation of Molecular
          Agents (Fisher, Wachter, and Dees) - including U.S. 5,829,448;
          5,998,597; and 6,042,603.
PHO-0002  Method for Improved Selectivity in Photo-Activation and Detection of
          Molecular Diagnostic Agents (Wachter, Fisher, and Dees) - including
          U.S. 5,832,931.
PHO-102   Treatment of Pigmented Tissues Using Optical Energy (Dees and
          Wachter).
PHO-104   Improved Methods and Apparatus For Multi-Photon Photo-Activation of
          Therapeutic Agents (Wachter, Fisher and Smolik).
PHO-105   Improved Method for Targeted Topical Treatment of Disease (Dees,
          Scott, Smolik, Wachter and Fisher).
PHO-106   Method for Improved Imaging and Photodynamic Therapy (Dees and Scott).
PHO-107   High Energy Phototherapeutic Agents (Dees, Scott, Smolik and Wachter)
          - including U.S. 6,331,286.
PHO-108   Method and Agents for Improved Radiation Therapy (Wachter, Smolik and
          Dees) - ABANDONED 15 April 2002.
PHO-109   Improved Methods and Apparatus for Multi-photon Photo-activation and
          Detection of Molecular Agents (Fisher, Wachter, Smolik and Dees).
PHO-110   Method for Enhanced Protein Stabilization and for Production of Cell
          Lines Useful for Production of such Stabilized Proteins (Dees and
          Smolik).
PHO-113   Improved Topical Medicaments and Methods for Photodynamic Treatment of
          Disease (Dees, Scott, Smolik, Wachter and Fisher).
PHO-118   PulseView(R) trademark (issued).
PHO-119   Improved Intracorporeal Medicaments for Photodynamic Treatment of
          Disease (Dees, Scott, Wachter, Fisher, and Smolik).
PHO-120   Improved Intracorporeal Medicaments for High Energy Phototherapeutic
          Treatment of Disease (Dees, Scott, Wachter, Fisher, and Smolik).
PHO-121   Improved Methods and Apparatus for Optical Imaging (Fisher and
          Wachter).
PHO-122   Improved Medicaments for Chemotherapeutic Treatment of Disease (Scott
          and Dees).
PHO-123   Phototherapeutic Vaccination and Immunotherapy Against Tumors (Dees,
          Scott and Wachter).

*Note:    Applications for PHO-114 and PHO-115 were filed as provisionals and
          never pursued as utility applications within the one-year deadline,
          and were therefore abandoned and the rights reverted to Mary Hendrix.
          PHO-116 was never prepared or filed.

                                        1
<Page>

                                                                      Schedule B

     The following other intellectual property:

     To the extent related to the Therapeutic Business, all ideas and inventions
(whether patentable or unpatentable, tangible or intangible, and whether or not
reduced to practice, including patent disclosures and other forms of invention
disclosures, draft patent applications, patent applications, patents, other
patent files or records, disclosures, draft patent applications, patent
applications, patents, other patent files or records, and all improvements
thereto, together with all reissuances, continuations, continuations-in-part,
divisionals, revisions, extensions, and reexaminations thereof, and all data,
manuscripts and draft manuscripts, reports, records, notes and notebooks,
analyses, and all similar works and all other intellectual properties produced
or conceived by the Tennessee Stockholders, under the auspices of their
respective Employment Agreements with, or resulting from any other duties to,
Photogen, Inc. or Photogen Technologies, Inc., including that intellectual
property identified in writing by E. Wachter to Technologies on July __. 2002.

II.  OTHER ASSETS

     To the extent related to the Therapeutic Business and except as set forth
on Schedule A:

          (a)  All right, title and interest in and to all property and assets,
real, personal or mixed, tangible and intangible, of every kind and description,
located anywhere in the state of Tennessee, at the Massachusetts Eye and Ear
Infirmary, or in any way part of or otherwise associated with the Laserscope
Aura XP laser believed to be located in New Hope, PA, together with any express
or implied warranty by the manufacturers or sellers or lessors of any item or
component part thereof and all maintenance records and other documents relating
thereto;

          (b)  All other data, reports, market studies, and similar properties;

          (c)  All inventories, wherever located, including all finished goods,
work in process, raw materials, spare parts, samples and all other materials and
supplies;

          (d)  All contracts, agreements and similar arrangements, whether
written or oral, and all outstanding offers or solicitations made by or to
Technologies or Photogen to enter into any of the foregoing, including the
following:

     -    lease and utility contracts for the Knoxville facility;
     -    research contracts;
     -    consulting or other service providers;

          (e)  All governmental permits and authorizations and all pending
applications therefore or renewals thereof, along with all supporting documents
and other records thereof, relating in any way to any use of PH-10;

          (f)  All data and records related to the operations of Technologies or
Photogen, including research and development reports and records, records
relating to clinical or pre-clinical studies, trials or experiments and
financial records;

          (g)  All intellectual property not specifically identified above,
including the following to the extent related to the Therapeutic Business:

                                        2
<Page>

                                                                      Schedule B

     -    all copyrightable works, all copyrights and all applications,
          registrations and renewals in connection therewith,

     -    all trade secrets and confidential information, including ideas,
          research and development, know how, formulas, substances, compositions
          of matter, formulations, processes and techniques, technical data,
          specifications, protocols, designs and commercial information relating
          to design, development, manufacture, assembly, use, or sale, and all
          business and marketing plans,

     -    all computer software and licenses to use computer software, and

     -    all copies and tangible embodiments thereof (in whatever form or
          medium);

          (h)  All goodwill and all telephone and telecopy addresses in the
state of Tennessee;

          (i)  All claims against third parties, whether inchoate, known or
unknown, contingent or non-contingent; and

          (j)  All rights relating to deposits and prepaid expenses, claims for
refunds and rights to offset in respect thereof

III. LIABILITIES ASSUMED:

          (a)  All liabilities associated with the Therapeutic Business,
excluding accounts payable accrued on the books of Photogen, Inc. prior to the
Corporate Separation as provided on Schedule A(III) (which will be retired by
Technologies using its available capital) but including the following:

     -    All costs of maintaining and operating the Knoxville, TN facility
          including but not limited to lease expense (including any costs or
          penalties that may be incurred should the lease be terminated
          including early termination charges or penalties), utilities, costs,
          including residual value payments, of any leased equipment.

     -    Costs, if any, of any environmental violations or remediation, if any.

     -    Costs for salary, insurance, benefits and other compensation items for
          employees based in Knoxville.

          (b)  Photogen shall be liable after the Closing for:

               (1)  all maintenance costs relating to the above-referenced U.S.
     and foreign patent and patent application filings, accruing after the
     Corporate Separation;

               (2)  the royalty payable to Dr. Wolf pursuant to Section 4.1 of
     the Settlement Agreement regarding PH-10 dated June 13, 2002;

               (3)  IMRA FCPA-2 Laser: PO PHGN--6091 (replaces PHGN-5625; due
     January 2003), $20,000; and

                                        3
<Page>

                                                                      Schedule B

               (4)  Laserscope Aura XP Laser: Leased through HPSC, Inc.; 26
     months remaining at $63,203, $2,180.89/month with 10% residual value
     ($6499.50) due at completion.

                                        4
<Page>

                                                                    Schedule C-1

                        FORM OF NON-COMPETITION AGREEMENT

          THIS NON-COMPETITION AGREEMENT (this "Noncompetition Agreement"), is
entered into as of ________, 2002, by and between Photogen, Inc., a Tennessee
corporation ("Photogen"), Craig Dees, Ph. D., Eric A. Wachter, Ph.D., Timothy D.
Scott, Ph.D., Walter Fisher, Ph.D., and John A. Smolik (Dees, Wachter, Scott,
Fisher and Smolik are, collectively, the "Tennessee Stockholders," each of
Photogen and the Tennessee Stockholders shall be referred to individually as a
"Restricted Party" and collectively as the "Restricted Parties"), and Photogen
Technologies, a Nevada corporation ("Photogen Technologies").

                                    RECITALS

A.   Pursuant to that certain Separation Agreement of even date herewith by and
     among Photogen, Photogen Technologies, each of the Tennessee Stockholders,
     the Dees Family Foundation, the Eric A. Wachter 1998 Charitable Remainder
     Trust, the Scott Family Investment Limited Partnership, the Fisher Family
     Investment Limited Partnership, the Walt Fisher 1998 Charitable Remainder
     Trust, the Smolik Family LLP, Robert J. Weinstein, M.D., Stuart P. Levine
     and Tannebaum, LLC (the "Separation Agreement"), Photogen and the Tennessee
     Stockholders, on the one hand, and Photogen Technologies, on the other
     hand, have separated their business interests in order to devote their full
     resources to the Therapeutic Business and Diagnostic Business,
     respectively.

B.   In order to induce Photogen Technologies to enter into the Separation
     Agreement, and as a condition to the closing of the transactions
     contemplated by the Separation Agreement, Photogen and the Tennessee
     Stockholders have to enter into this Noncompetition Agreement with Photogen
     Technologies.

                              TERMS AND CONDITIONS

          NOW THEREFORE, in consideration of (i) the execution and delivery of
the Separation Agreement and the consummation of the transactions associated
therewith, (ii) the mutual covenants, agreements and promises set forth in this
Noncompetition Agreement and (iii) other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, each of the parties hereto
agree as follows:

     2.   DEFINITIONS. The following terms are defined for purposes of this
Noncompetition Agreement (capitalized terms used but not defined in this
Noncompetition Agreement shall have the meaning given such terms in the
Separation Agreement):

          (a)  "Competitive Business" means engaging in the research,
development, sale, lease, license (or sub-license) marketing, financing or
distribution of technology, products or services that are part of the
Therapeutic Business for diagnostic x-ray purposes or otherwise adversely affect
the development of PH-50 or N-1177 or any analog of PH-50 or N-1177.

          (b)  "Confidential Information" means any and all information that has
or could have value or utility to Photogen Technologies, whether or not reduced
to written or other tangible form and all copies thereof, relating to Photogen
Technologies' private or proprietary

                                        1
<Page>

                                                                    Schedule C-1

matters, confidential matters or trade secrets. Confidential Information
includes, but is not limited to, the following:

          i.   technical information (whether or not subject to patent
     registration or protection), such as research and development, methods,
     trade secrets, Know-How, formulas, compositions, protocols, processes and
     techniques, discoveries, machines, inventions, ideas, computer programs
     (including software and data used in all such programs), drawings,
     specifications;

          ii.  except to the extent publicly disclosed by Photogen Technologies
     without any fault by any Restricted Party or any other person or entity,
     information relating to Photogen Technologies' patents, patent
     applications, and patent disclosures, together with all reissuances,
     continuations, continuations-in-part, revisions, extensions, and
     reexaminations thereof, and all improvements and inventions related
     thereto;

          iii. business information, such as information concerning any
     products, customers, suppliers, production, developments, costs,
     purchasing, pricing, profits, markets, sales, accounts, customers,
     financing, acquisitions, strategic alliances or collaborations, expansions;
     and

          iv.  other information relating to Photogen Technologies' business
     practices, strategies or policies.

          (c)  "Know-How" means information and know-how, whether patentable or
not, including but not limited to any and all discoveries, inventions,
substances, compositions of matter, data, techniques, processes, systems,
formulations, designs and commercial information relating to design,
development, manufacture, assembly, use or sale.

          (d)  "Restricted Period" means a period starting on the date of this
Noncompetition Agreement and ending on the fifth anniversary of such date.

          (e)  "Restricted Territory" means the entire world.

     3.   NONCOMPETITION.

          (a)  Each of the Restricted Parties, during the Restricted Period and
in the Restricted Territory, shall not, directly or indirectly through any other
person or entity:

          i.   own, manage, control, participate in, consult with, be employed
     by, or render services for, any person or entity engaged in a Competitive
     Business or in any other manner or in any other capacity (except as owner
     of 2% or less of stock of a publicly registered and traded entity) engage
     in any Competitive Business;

          ii.  solicit, induce or attempt to influence any other person or
     entity to engage in any Competitive Business or to curtail or cease any
     business or business relationship with Photogen Technologies, its
     affiliates, employees or independent contractors;

                                        2
<Page>

                                                                    Schedule C-1

          iii. solicit any other employee or independent contractor to terminate
     any employment or engagement with Photogen Technologies and engage in a
     Competitive Business; or

          iv.  disparage Photogen Technologies, its affiliates, employees,
     independent contractors or their services or products.

     4.   CONFIDENTIAL INFORMATION. The Restricted Parties above have knowledge
of Photogen Technologies' Confidential Information. Each Restricted Party agrees
that, during the term of this Agreement and at all times thereafter, such
Restricted Party will hold in trust, keep confidential and not disclose,
directly or indirectly, to any third parties or make any use of the Photogen
Technologies' Confidential Information. Confidential Information of Photogen
Technologies will not be subject to these restrictions if it becomes generally
known to the public or in the industry without any fault by the Restricted Party
or any other person or entity, or if Technologies ceases to have a legally
protectable interest in it. If a Restricted Party is required by valid subpoena
or similar legal requirement to disclose Confidential Information, such
Restricted Party will promptly notify Photogen Technologies in writing and
cooperate with Photogen Technologies' efforts to obtain a protective order or
similar relief, and such Restricted Party will disclose only the minimum amount
of Confidential Information necessary.

     5.   NO CONFLICTS. Each Restricted Party represents and warrants, and
agrees with, Photogen Technologies that such Restricted Party is under no
contractual or other obligation or restriction which is inconsistent with his or
its obligations under this Noncompetition Agreement.

     6.   SEVERABILITY; CHOICE OF LAW; INJUNCTION. If any provision of this
Noncompetition Agreement is deemed by a court of competent jurisdiction to be
unenforceable or invalid, the enforceability and validity of all other
provisions shall not be affected and that court shall modify the unenforceable
or invalid provision to the extent necessary to render it enforceable and valid
and that provision shall be enforced as modified. Each Restricted Party agrees
that the time period, geographic scope and other terms of the covenants and
restrictions in this Noncompetition Agreement are reasonable and appropriate
under the circumstances of Photogen Technologies' business. This Noncompetition
Agreement shall be governed and interpreted in accordance with the laws of the
State of Nevada without regard to its provisions on conflicts of law. Without
limiting any other available remedies at law or in equity, Photogen Technologies
will be entitled to injunctive relief restraining any individual or entity from
participating in any breach or threatened breach of this Noncompetition
Agreement without having to post a bond or security.

     7.   MISCELLANEOUS. This Noncompetition Agreement may not be amended or
modified except by a written instrument signed by all parties hereto after the
date of this Noncompetition Agreement. This Noncompetition Agreement may be
assigned by Photogen Technologies and shall inure to the benefit of Photogen
Technologies, its successors and assigns, but may not be assigned or delegated
by any of the Restricted Parties. This Noncompetition Agreement supersedes all
prior agreements, negotiations and representations, written or oral, between or
among the parties hereto with respect to the subject matter contained herein.
Any waiver of any breach of, or failure to enforce, any of the provisions of
this Noncompetition

                                        3
<Page>

                                                                    Schedule C-1

Agreement shall not operate as a waiver of any other breach or waiver of
performance of such provisions or any other provisions. Any waiver must be in
writing signed by Photogen Technologies.

                            (SIGNATURE PAGE FOLLOWS)

                                        4
<Page>

                                                                    Schedule C-1

     IN WITNESS WHEREOF, the parties hereto have executed this Noncompetition
Agreement effective as of the first date set forth above.

                                        Photogen Technologies, Inc.

                                        By:
                                            ------------------------------------
                                        Its:     President

                                        Photogen, Inc.

                                        By:
                                            ------------------------------------
                                        Its:     President

                                        ----------------------------------------
                                        Craig Dees, Ph.D.

                                        ----------------------------------------
                                        Eric A. Wachter, Ph.D.

                                        ----------------------------------------
                                        Timothy D. Scott, Ph.D.

                                        ----------------------------------------
                                        Walter Fischer, Ph.D.

                                        ----------------------------------------
                                        John A. Smolik

                                        5
<Page>

                                                                    Schedule C-2

                        FORM OF NON-COMPETITION AGREEMENT

          THIS NON-COMPETITION AGREEMENT (this "Noncompetition Agreement"), is
entered into as of ________, 2002, by and between Photogen, Inc., a Tennessee
corporation ("Photogen"), Craig Dees, Ph. D., Eric A. Wachter, Ph.D., Timothy D.
Scott, Ph.D., Walter Fisher, Ph.D., and John A. Smolik (Dees, Wachter, Scott,
Fisher and Smolik are, collectively, the "Tennessee Stockholders") and Photogen
Technologies, a Nevada corporation ("Photogen Technologies" and shall also be
referred to as the "Restricted Party").

                                    RECITALS

A.   Pursuant to that certain Separation Agreement of even date herewith by and
     among Photogen, Photogen Technologies, each of the Tennessee Stockholders,
     the Dees Family Foundation, the Eric A. Wachter 1998 Charitable Remainder
     Trust, the Scott Family Investment Limited Partnership, the Fisher Family
     Investment Limited Partnership, the Walt Fisher 1998 Charitable Remainder
     Trust, the Smolik Family LLP, Robert J. Weinstein, M.D., Stuart P. Levine
     and Tannebaum, LLC (the "Separation Agreement"), Photogen and the Tennessee
     Stockholders, on the one hand, and Photogen Technologies, on the other
     hand, have separated their business interests in order to devote their full
     resources to the Therapeutic Business and Diagnostic Business,
     respectively.

B.   In order to induce Photogen and the Tennessee Stockholders to enter into
     the Separation Agreement, and as a condition to the closing of the
     transactions contemplated by the Separation Agreement, Photogen
     Technologies has to enter into this Noncompetition Agreement with Photogen
     and the Tennessee Stockholders.

                              TERMS AND CONDITIONS

          NOW THEREFORE, in consideration of (i) the execution and delivery of
the Separation Agreement and the consummation of the transactions associated
therewith, (ii) the mutual covenants, agreements and promises set forth in this
Noncompetition Agreement and (iii) other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, each of the parties hereto
agree as follows:

     8.   DEFINITIONS. The following terms are defined for purposes of this
Noncompetition Agreement (capitalized terms used but not defined in this
Noncompetition Agreement shall have the meaning given such terms in the
Separation Agreement):

          (a)  "Competitive Business" means engaging in the research,
development, sale, lease, license (or sub-license) marketing, financing or
distribution of technology, products or services involving non-nanoparticulate
PH-10 or any non-nanoparticulate analog of PH-10, or otherwise adversely affect
the development of PH-10 or any non-nanoparticulate analog of PH-10.

          (b)  "Confidential Information" means any and all information that has
or could have value or utility to Photogen, whether or not reduced to written or
other tangible form and all

                                        1
<Page>

                                                                    Schedule C-2

copies thereof, relating to Photogen's private or proprietary matters,
confidential matters or trade secrets. Confidential Information includes, but is
not limited to, the following:

          i.   technical information (whether or not subject to patent
     registration or protection), such as research and development, methods,
     trade secrets, Know-How, formulas, compositions, protocols, processes and
     techniques, discoveries, machines, inventions, ideas, computer programs
     (including software and data used in all such programs), drawings,
     specifications;

          ii.  except to the extent publicly disclosed by Photogen without any
     fault by the Restricted Party or any other person or entity, information
     relating to Photogen's patents, patent applications, and patent
     disclosures, together with all reissuances, continuations,
     continuations-in-part, revisions, extensions, and reexaminations thereof,
     and all improvements and inventions related thereto;

          iii. business information, such as information concerning any
     products, customers, suppliers, production, developments, costs,
     purchasing, pricing, profits, markets, sales, accounts, customers,
     financing, acquisitions, strategic alliances or collaborations, expansions;
     and

          iv.  other information relating to Photogen's business practices,
     strategies or policies.

          (c)  "Know-How" means information and know-how, whether patentable or
not, including but not limited to any and all discoveries, inventions,
substances, compositions of matter, data, techniques, processes, systems,
formulations, designs and commercial information relating to design,
development, manufacture, assembly, use or sale.

          (d)  "Restricted Period" means a period starting on the date of this
Noncompetition Agreement and ending on the fifth anniversary of such date.

          (e)  "Restricted Territory" means the entire world.

     9.   NONCOMPETITION.

          (a)  The Restricted Party, during the Restricted Period and in the
Restricted Territory, shall not, directly or indirectly through any other person
or entity:

          i.   own, manage, control, participate in, consult with, be employed
     by, or render services for, any person or entity engaged in a Competitive
     Business or in any other manner or in any other capacity (except as owner
     of 2% or less of stock of a publicly registered and traded entity) engage
     in any Competitive Business;

          ii.  solicit, induce or attempt to influence any other person or
     entity to engage in any Competitive Business or to curtail or cease any
     business or business relationship with Photogen, its affiliates, employees
     or independent contractors;

          iii. solicit any other employee or independent contractor to terminate
     any employment or engagement with Photogen and engage in a Competitive
     Business; or

                                        2
<Page>

                                                                    Schedule C-2

          iv.  disparage Photogen, its affiliates, employees, independent
     contractors or their services or products.

     10.  CONFIDENTIAL INFORMATION. The Restricted Party has knowledge of
Photogen's Confidential Information. The Restricted Party agrees that, during
the term of this Agreement and at all times thereafter, such Restricted Party
will hold in trust, keep confidential and not disclose, directly or indirectly,
to any third parties or make any use of the Photogen's Confidential Information.
Confidential Information of Photogen will not be subject to these restrictions
if it becomes generally known to the public or in the industry without any fault
by the Restricted Party or any other person or entity, or if Photogen ceases to
have a legally protectable interest in it. If the Restricted Party is required
by valid subpoena or similar legal requirement to disclose Confidential
Information, such Restricted Party will promptly notify Photogen in writing and
cooperate with Photogen's efforts to obtain a protective order or similar
relief, and the Restricted Party will disclose only the minimum amount of
Confidential Information necessary.

     11.  NO CONFLICTS. The Restricted Party represents and warrants, and agrees
with, Photogen that such Restricted Party is under no contractual or other
obligation or restriction which is inconsistent with his or its obligations
under this Noncompetition Agreement.

     12.  SEVERABILITY; CHOICE OF LAW; INJUNCTION. If any provision of this
Noncompetition Agreement is deemed by a court of competent jurisdiction to be
unenforceable or invalid, the enforceability and validity of all other
provisions shall not be affected and that court shall modify the unenforceable
or invalid provision to the extent necessary to render it enforceable and valid
and that provision shall be enforced as modified. The Restricted Party agrees
that the time period, geographic scope and other terms of the covenants and
restrictions in this Noncompetition Agreement are reasonable and appropriate
under the circumstances of Photogen's business. This Noncompetition Agreement
shall be governed and interpreted in accordance with the laws of the State of
Nevada without regard to its provisions on conflicts of law. Without limiting
any other available remedies at law or in equity, Photogen will be entitled to
injunctive relief restraining any individual or entity from participating in any
breach or threatened breach of this Noncompetition Agreement without having to
post a bond or security.

     13.  MISCELLANEOUS. This Noncompetition Agreement may not be amended or
modified except by a written instrument signed by all parties hereto after the
date of this Noncompetition Agreement. This Noncompetition Agreement may be
assigned by Photogen and shall inure to the benefit of Photogen, its successors
and assigns, but may not be assigned or delegated by the Restricted Party. This
Noncompetition Agreement supersedes all prior agreements, negotiations and
representations, written or oral, between or among the parties hereto with
respect to the subject matter contained herein. Any waiver of any breach of, or
failure to enforce, any of the provisions of this Noncompetition Agreement shall
not operate as a waiver of any other breach or waiver of performance of such
provisions or any other provisions. Any waiver must be in writing signed by
Photogen.

                            (SIGNATURE PAGE FOLLOWS)

                                        3
<Page>

                                                                    Schedule C-2

     IN WITNESS WHEREOF, the parties hereto have executed this Noncompetition
Agreement effective as of the first date set forth above.

                                        Photogen Technologies, Inc.

                                        By:
                                            ------------------------------------
                                        Its:  President

                                        Photogen, Inc.

                                        By:
                                            ------------------------------------
                                        Its:  President

                                        ----------------------------------------
                                        Craig Dees, Ph.D.

                                        ----------------------------------------
                                        Eric A. Wachter, Ph.D.

                                        ----------------------------------------
                                        Timothy D. Scott, Ph.D.

                                        ----------------------------------------
                                        Walter Fischer, Ph.D.

                                        ----------------------------------------
                                        John A. Smolik

                                        4

<Page>

                                                                      Schedule D

                            FORM OF LICENSE AGREEMENT

                      PATENT AND KNOW HOW-LICENSE AGREEMENT

          This Agreement (the "Agreement"), is entered into as of _________,
2002, by Photogen Technologies, Inc., a Nevada corporation ("Technologies"), and
Photogen, Inc., a Tennessee corporation ("Photogen"). Capitalized terms not
otherwise defined in this Agreement shall have the meaning ascribed to such
terms in the Existing License Agreement (as defined below).

                                   WITNESSETH:

          WHEREAS, Photogen has certain patents and know-how relating to the
Field of Use and Technologies wishes to license such patents and know-how from
Photogen;

          WHEREAS, Technologies is party to the Existing License Agreement (as
defined below) and has certain contractual commitments to Sentigen (as defined
below) under the Existing License Agreement involving such patents and know-how;
and

          WHEREAS, Photogen and Technologies are parties to the Separation
Agreement (as defined below), and Section 4.2 of the Separation Agreement calls
for Photogen and Technologies to enter into this Agreement in order that
Technologies may fulfill its contractual commitments to Sentigen under the
Existing License Agreement.

          NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties do hereby agree as follows:

                                    ARTICLE I
                          DEFINITIONS AND GENERAL TERMS

     1.1  The effectiveness of this Agreement is conditioned upon the parties
executing the Separation Agreement and closing the transactions that are the
subject of the Separation Agreement.

     1.2  Terms not otherwise defined herein shall have the meaning indicated in
the Separation Agreement.

     1.3  The following terms shall have the following meanings:

          "Affiliate" means, with respect to any specified Person, any other
Person which, directly or indirectly, through one or more intermediaries, owns
or controls, is under common ownership or control with, or is owned or
controlled by, such specified Person. A Person shall be deemed to "own" or
"control" another Person if it owns more than 50% of the capital stock or other
equity interest, or has the power to direct the management, policies or
operations, of such other Person.

                                        1
<Page>

                                                                      Schedule D

          "Confidential Information" means any and all information that has or
could have value or utility to either party, whether or not reduced to written
or other tangible form and all copies thereof, relating to either party's
private or proprietary matters, confidential matters or trade secrets.
Confidential Information includes, but is not limited to, the following:

          (a)  technical information (whether or not subject to patent
registration or protection), such as research and development, methods, trade
secrets, Know-How, formulas, compositions, protocols, processes and techniques,
discoveries, machines, inventions, ideas, computer programs (including software
and data used in all such programs), drawings, specifications;

          (b)  except to the extent publicly disclosed by either party without
any fault by the other party or any other person or entity, information relating
to such party's patents, patent applications, and patent disclosures, together
with all reissuances, continuations, continuations-in-part, revisions,
extensions, and reexaminations thereof, and all improvements and inventions
related thereto;

          (c)  business information, such as information concerning any
products, customers, suppliers, production, developments, costs, purchasing,
pricing, profits, markets, sales, accounts, customers, financing, acquisitions,
strategic alliances or collaborations, expansions; and

          (d)  other information relating to either party's business practices,
strategies or policies.

          "Elan" means Elan Pharma International Limited, incorporated under the
laws of Ireland and having its registered office at WIL House, Shannon Business
Park, Shannon, County Clare, Ireland, and its Affiliates and/or its successor in
interest.

          "Existing License Agreement" means that certain License Agreement
dated October 20, 1999, by and between Technologies and Sentigen (as defined
below).

          "Field of Use" means research, development, manufacture and
commercialization of nanoparticulate x-ray, CT and/or MRI diagnostic imaging
agents using radio-opaque molecules containing Iodine that passively target to
lymphnodes involved in a disease state following parenteral administration to a
mammal to locate, diagnose and/or treat cancer and/or other diseases.

          "Improvement" means any modification, review, or variation of the
Photogen Patents or Photogen Know-How that improves the underlying intellectual
property, improves the performance of a Product, increases the marketability or
consumer acceptance of a Product expands the application of any intellectual
property or would, if implemented, replace or displace any intellectual
property.

          "Photogen Know-How" means information and know-how relating to the
field of use, whether patentable or not, including but not limited to any and
all discoveries, inventions, substances, compositions of matter, data,
techniques, processes, systems, formulations, designs and commercial information
relating to design, development, manufacture, assembly, use or sale.

                                        2
<Page>

                                                                      Schedule D

          "Photogen Patents" means any and all patents and patent applications
as set forth in Appendix 1 to this Agreement, including all divisionals,
continuations, continuations-in-part, reissues, re-examinations, substitutions,
renewals, divisions, extensions, patents-of-additions, re-examinations,
re-issues, supplementary protection certificates and foreign counterparts of
such patents and patent applications and any patents issuing thereon and
extensions thereon.

          "Product" means any article, device, composition, method, good or
service the manufacture, sale or use of which but for this License, would
infringe on a claim in the Photogen Patents or on any Photogen Know-How.

          "Project" means all activities undertaken by Elan, Technologies and
Sentigen in order to develop the Products.

          "Sentigen" means Sentigen, Ltd., an exempted limited liability company
incorporated under the laws of Bermuda, defined as "Newco" in the Existing
License Agreement, and having its registered office at Clarendon House, 2 Church
Street, Hamilton, Bermuda, or any successor.

          "Sentigen Release" shall have the meaning provided in Section 6.1
INFRA.

          "Separation Agreement" means that certain Separation Agreement dated
of even date herewith and entered into by and among Craig Dees, Ph.D., Dees
Family Foundation, Eric A. Wachter, Ph.D., Eric A. Wachter 1998 Charitable
Remainder Unitrust, Timothy D. Scott, Ph.D., Scott Family Investment Limited
Partnership, Walter Fisher, Ph.D., Fisher Family Investment Limited Partnership,
Walt Fisher 1998 Charitable Remainder Unitrust, and John A. Smolik, Smolik
Family LLP, Technologies, Photogen, Robert J. Weinstein, M.D., Stuart P. Levine
and Tannebaum, LLC.

          "Settlement Agreement" means that certain Settlement Agreement and
Mutual Release of Claims dated as of June 13, 2002, by and among Technologies,
Photogen, The General Hospital Corporation d/b/a Massachusetts General Hospital
and Gerald L. Wolf, Ph.D., M.D.

                                   ARTICLE II
                                  LICENSE GRANT

     2.1  Photogen hereby grants to Technologies a royalty-free, fully paid-up,
worldwide, exclusive license to the Photogen Patents and necessary, related
Confidential Information and Photogen Know-How to the extent required to make,
have made, use, sell, lease, market, export, import or otherwise commercialize
Products solely in the Field of Use, with the right to sublicense. Such license
and sub-license shall each be irrevocable except as hereinafter expressly
provided.

     2.2  Any Improvement or development to the Photogen Patents, Photogen
Know-How or related Confidential Information within the Field of Use shall be
subject to the license and sub-license in Section 2.1 above. Any Improvement or
development to the Photogen Patents or Photogen Know-How outside the Field of
Use shall, if conceived of or otherwise developed by Photogen, be owned by
Photogen and not subject to the foregoing license or sub-license. Technologies
hereby grants Photogen a paid-up, worldwide, exclusive license under any

                                        3
<Page>

                                                                      Schedule D

Improvement or development to the Photogen Patents or Photogen Know-How
conceived or otherwise developed or owned by Technologies, to make, have made,
use, sell and import any products outside the Field of Use.

     2.3  All rights not expressly granted to Technologies in this Agreement are
hereby reserved to Photogen.

                                   ARTICLE III
                  REPRESENTATIONS AND DISCLAIMER OF WARRANTIES

     3.1  Nothing in this Agreement shall be deemed to be a representation or
warranty by Photogen of the validity of the Photogen Patents, Confidential
Information or Photogen Know-How. TECHNOLOGIES IS LICENSING THE PHOTOGEN
PATENTS, CONFIDENTIAL INFORMATION AND PHOTOGEN KNOW-HOW ON AN "AS IS, WHERE IS"
BASIS AND WITHOUT RECOURSE AND WITHOUT ANY REPRESENTATION AND WARRANTY
WHATSOEVER, AND WITHOUT THE WARRANTIES OF MERCHANTABIILITY, FITNESS FOR ANY
PARTICULAR PURPOSE, NON-INFRINGEMENT OR ANY OTHER IMPLIED OR EXPRESS WARRANTIES
WHATSOEVER, EACH OF WHICH WARRANTIES IS HEREBY DISCLAIMED. Except to the extent
set forth in either the Separation Agreement or the Settlement Agreement,
Photogen shall have no liability whatsoever to Technologies or any other person
for or on account of any injury, loss, or damage, of any kind or nature
sustained by, or any damage assessed or asserted against, or any other liability
incurred by or imposed upon Technologies or any other person, including any such
liability arising out of or in connection with or resulting from (a) the
production, use, or sale of any Products, or the practice of the Photogen
Patents, Photogen Know-How, or Confidential Information; or (b) any advertising
or other promotional activities with respect to any of the foregoing.
Technologies shall hold Photogen, and its officers, agents, or employees,
harmless in the event Photogen, or its officers, agents, or employees, is held
so liable.

     3.2  Photogen shall have the right to file, prosecute and maintain all of
the Photogen Patents under this Agreement and shall have the right to determine
whether or not, and where, to file a patent application, to abandon the
prosecution of any patent or patent application, or to discontinue the
maintenance of any patent or patent application; PROVIDED, HOWEVER, that
Photogen shall keep Technologies advised on a regular basis with its prosecution
and maintenance activities and shall cooperate on a good faith basis with
Technologies' suggestions and recommendations regarding such matters.

     3.3  In the event that Photogen elects to abandon the prosecution of any
licensed patent application or discontinue the maintenance of any licensed
patent or licensed patent application, Photogen shall promptly provide written
notice of such election to Technologies. If Technologies elects to continue the
prosecution or maintenance of the licensed patent application or patent,
Technologies shall notify Photogen within thirty (30) days or receipt of such
notice, whereupon Technologies shall continue with the prosecution or
maintenance of the licensed patent or patent application at its sole expense.

                                        4
<Page>

                                                                      Schedule D

     3.4  In the event that Technologies elects to continue with the prosecution
or maintenance of the licensed patent or patent application, the licensed right
to practice such Patent in the Field of Use shall revert to Technologies.

                                   ARTICLE IV
                                   LITIGATION

     4.1  Each party shall notify the other party in writing of any suspected
infringement(s) of the Photogen Patents and shall inform the other party of the
evidence of such infringement(s).

     4.2  Technologies shall have the first right to institute suit for
infringement of Photogen Patents in the Field of Use. Photogen agrees to join as
a party plaintiff in any such lawsuit initiated by Technologies, if requested by
Technologies, with all reasonable costs, attorney's fees and expenses to be paid
by Technologies.

     4.3  If Technologies does not institute suit for infringement within ninety
(90) days of receipt of written notice from Photogen of Photogen's desire to
bring suit for infringement in its own name and on its own behalf, then Photogen
may, at its own expense, bring suit or take any other appropriate action.

     4.4  Technologies shall be entitled to any recovery of damages resulting
from a lawsuit brought by it pursuant to Section 4.2. Photogen shall be entitled
to recovery of damages resulting from any lawsuit brought by Photogen to enforce
any Photogen Patent pursuant to Section 4.3.

     4.5  Neither party may settle with an alleged infringer without the prior
approval of the other party, such approval not to be unreasonably withheld,
delayed or conditioned.

                                    ARTICLE V
                            CONFIDENTIAL INFORMATION

     5.1  It is contemplated that in the course of the performance of this
Agreement each party may (each in such instance a "Disclosing Party"), from time
to time, have disclosed or will disclose Confidential Information to the other
(each in such instance a "Receiving Party"). Each Receiving Party agrees that,
during the term of this Agreement and at all times thereafter, such Receiving
Party will hold in trust, keep confidential and not disclose, directly or
indirectly, to any third parties or make any use of the Disclosing Party's
Confidential Information (except under the terms of this Agreement); PROVIDED,
HOWEVER, no provision of this Agreement shall be construed to preclude
disclosure of Confidential Information as may be inherent in or reasonably
necessary for marketing or sublicensing a Product pursuant to this Agreement,
for securing from any governmental agency any necessary approval or license, or
for obtaining patents by either party relating to the subject or performance of
this Agreement. Confidential Information of either Disclosing Party will not be
subject to these restrictions if it becomes generally known to the public or in
the industry without any fault by the Receiving Party or any other person or
entity, or if the Disclosing Party ceases to have a legally protectable interest
in it. If a Receiving Party is required by valid subpoena or similar legal
requirement to disclose Confidential Information, such Receiving Party will
promptly notify the Disclosing Party in writing and cooperate with the
Disclosing Party's efforts to obtain a protective order or similar relief, and

                                        5
<Page>

                                                                      Schedule D

such Receiving Party will disclose only the minimum amount of Confidential
Information necessary.

                                   ARTICLE VI
                              TERM AND TERMINATION

     6.1  Unless otherwise terminated as herein provided, this Agreement shall
terminate upon the earlier of (i) the date of and Sentigen's written waiver and
release, and Elan's written approval of such waiver and release, of all of
Sentigen's rights to all Photogen Intellectual Property (as defined in the
Existing License Agreement) and the GenNyc Intellectual Property (as defined in
the Existing License Agreement) under the Existing License Agreement (the
"Sentigen Release"), or (ii) the expiration of the last to expire patent of the
Photogen Patents licensed or sub-licensed hereunder. Technologies shall use
commercially reasonable efforts to seek, but Sentigen shall be under no
obligation to grant, the Sentigen Release. At any time that Technologies or an
entity wholly-owned by Technologies shall become fully vested with the
technology that is the subject of this License, with no obligations to any third
party, this License shall terminate.

     6.2  Technologies may surrender and thereby terminate the license or
sub-license granted hereunder, in any country, at any time upon sixty (60) days
prior written notice to Photogen, and such termination shall terminate all
sublicenses granted under such license.

     6.3  This Agreement is not terminable by either party for any reason other
than those set forth in Section 6.1 hereof.

     6.4  In the event of a breach by either party of any representation,
warranty or any other material term or provision of this Agreement, the parties
shall cooperate in good faith to cure such breach as promptly as practicable.

     6.5  Termination, expiration, cancellation or abandonment of this Agreement
through any means and for any reason shall not relieve the parties of any
obligation accruing prior thereto and shall be without prejudice to the rights
and remedies of either party with respect to any antecedent breach of any of the
provisions of this Agreement.

                                   ARTICLE VII
                                  MISCELLANEOUS

     7.1  Consistently with Section 4.2(a) of the Separation Agreement,
Technologies shall pay (i) all fees or penalties incurred by Photogen as a
result of a defense against or assertion of any third party infringement,
interference, or similar proceeding, or otherwise, due to Technologies' use or
ownership of the license or sub-license granted to it hereunder, and (ii) all
liability for royalty payments to third parties incurred by Photogen due to
Technologies' use or ownership of such license or sub-license.

     7.2  This Agreement is provided for in the Separation Agreement and shall
be subject to Sections 7.1, 7.2 and 7.3 of the Separation Agreement, which
provisions are incorporated herein by reference.

                                        6
<Page>

                                                                      Schedule D

     7.3  Nothing in this Agreement shall render Photogen and Technologies as
partners or joint venturers or in an agency/principal relationship.

     7.4  This Agreement, the Separation Agreement and the Settlement Agreement
set forth the entire agreement and understanding of the parties with respect to
the transactions contemplated hereby and supersede any and all prior agreements,
arrangements and understandings among the parties relating to the subject matter
hereof.

     7.5  This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

     7.6  Technologies may assign its rights and delegate its duties under this
Agreement to a third party without the consent of Photogen. Photogen may assign
its rights and delegate its duties under this Agreement to a third party with
the advance written consent of Technologies, such consent not to be unreasonably
withheld, delayed or conditioned.

                            (SIGNATURE PAGE FOLLOWS)

                                        7
<Page>

                                                                      Schedule D

          IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed in duplicate originals by its duly authorized officers
or representatives.

PHOTOGEN TECHNOLOGIES, INC.             PHOTOGEN, INC.

By:                                     By:
    ------------------------------          ------------------------------
Name:                                   Name:
      ----------------------------            ----------------------------
Title:                                  Title:
       ---------------------------             ---------------------------

                                        8
<Page>

                                   APPENDIX 1
                                       TO
             PHOTOGEN PATENT AND PHOTOGEN KNOW-HOW-LICENSE AGREEMENT

     The following Photogen Patents and patent applications, U.S. and
international, and all Photogen Know-How related thereto:

PHO-106   Method for Improved Imaging and Photodynamic Therapy (Dees and Scott).

PHO-107   High Energy Phototherapeutic Agents (Dees, Scott, Smolik and Wachter)
          - including U.S. 6,331,286.

PHO-108   Method and Agents for Improved Radiation Therapy (Wachter, Smolik and
          Dees) - ABANDONED 15 April 2002.

PHO-120   Improved Intracorporeal Medicaments for High Energy Phototherapeutic
          Treatment of Disease (Dees, Scott, Wachter, Fisher, and Smolik).

<Page>

                                                                    Schedule E-1

                                 STOCK HOLDINGS

<Table>
          <S>                                                             <C>
          Craig Dees, Ph.D.                                                3,999,667
          Dees Family Foundation                                              22,000
                                                                          ----------
                                                          TOTAL DEES       4,021,667

          Eric A. Wachter, Ph.D.                                           4,324,667
          Eric A. Wachter 1998 Charitable Remainder Unitrust                 200,000
                                                                          ----------
                                                       TOTAL WACHTER       4,524,667

          Walter Fisher, Ph.D.                                             1,310,167
          Fisher Family Investment Limited Partnership                     2,284,000
          Walt Fisher 1998 Charitable Remainder Unitrust                     400,000
                                                                          ----------
                                                        TOTAL FISHER       3,994,167

          Timothy D. Scott, Ph.D.                                          1,707,667
          Scott Family Investment Limited Partnership                      2,300,000
                                                                          ----------
                                                         TOTAL SCOTT       4,007,667

          John A. Smolik                                                   2,000,267
          Smolik Family LLP                                                2,000,000
                                                                          ----------
                                                        TOTAL SMOLIK       4,000,267

                                                         GRAND TOTAL      20,548,435
                                                                          ==========
</Table>

<Page>

                                                                    Schedule E-2

                                 STOCK HOLDINGS

<Table>
          <S>                                                             <C>
          Tannebaum, LLC                                                   4,116,921
          WEINSTEIN GROUP
            W. F. Investments Enterprises L.P.                             1,400,170
            Robert and Lois Weinstein Family Foundation, Inc.                100,000
            Louis B. and Robert J. Weinstein Joint
              Revocable Trust                                              1,499,251
            Robert J. Weinstein, M.D. and Lois Weinstein                     450,000
                                                                          ----------
                                                     TOTAL WEINSTEIN       3,449,421

          LEVINE GROUP
            Stuart P. Levine                                               2,049,621
            S L Investment Enterprise, L.P.                                1,000,000
            Stuart and Sherri Levine Family Foundation, Inc.                 100,000
            Harris Bank                                                      140,000
                                                                          ----------
                                                        TOTAL LEVINE       3,289,621

                                                         GRAND TOTAL      10,855,963
                                                                          ==========
</Table>

<Page>

                                                                      Schedule F

                               STATEMENT OF FACTS

1.   Disclose all inventions, discoveries, improvements, know-how, works or
     other intellectual property relating to Photogen's Diagnostic or
     Therapeutic Business conceived, reduced to practice, discovered or made by
     any of the founders (i.e., Dees, Wachter, Fisher, Scott or Smolik) while
     subject to their employment agreements which are not disclosed on either
     Schedule A or B. If "None," state that specifically.

     ANSWER:   None

2.   Disclose any corporate opportunity that came to the attention of any of the
     founders while subject to their employment agreements which was not
     disclosed to the Board of Directors and which any of the founders took for
     themselves. If "None," state that specifically.

     ANSWER:   None

3.   Since February 1, 2002, have Dees, Wachter and Scott indicate what
     percentage of their time they spent on Company Business versus the
     percentage of their time they spent developing their new business venture.

ANSWER:   Prior to this query in June 2002, Dees, Wachter and Scott were not
requested to record or track their time spent or percentage of time spent on
tasks assigned to them by Photogen.

     Since February 1, 2002, Dees, Wachter and Scott have made themselves
available full-time to Photogen, and during the last year of their Employment
Agreements (May 17, 2001 through May 16, 2002), as well as all years of the
Employment Agreements since May 16, 1997, Dees, Wachter and Scott have worked to
whatever extent made necessary by their responsibilities, and have "competently
and faithfully promoted [Photogen's] interests and performed the duties assigned
to them" by Photogen in a timely and professional manner as required by their
Employment Agreements.

     However, in September 2001, Dr. Williams instructed Dees, Wachter and Scott
to place "experimentation not critical to lead product development ... on hold,"
and in December 2001, Dr. Williams instructed them to discontinue all R&D
activities, purchase no more supplies, and avoid any other expenditures
unrelated to PH-50. Similar directives have been made since that time.

     Since February 1, 2002, Dees, Wachter and Scott have devoted a portion of
their non-work time to a company called Provectus Pharmaceuticals, which was
formed in order to have an entity in which to place all, or a portion of, the
entity and/or assets to be received by the Tennessee stockholders as part of the
Separation Agreement.

<Page>

4.   Dees, Wachter and Scott (and Fisher and Smolik if they are part of
     Provectus) hereby indemnify and hold Technologies harmless from any claim,
     or liabilities resulting from their acts or omission relating to Provectus
     (and any other none Photogen activities), including the issuance of press
     releases, statements, fund raising, sale of securities or related
     activities.

     ANSWER:   Agreed

5.   Any other material facts regarding the foregoing, if "none," state that
     specifically.

     ANSWER:   None.

                                                     Please initial:

                                                     Dees: _______________
                                                     Fisher: _____________
                                                     Scott: ______________
                                                     Wachter: ____________
                                                     Smolik: _____________

<Page>

                                                                      Schedule G

                              ADDRESSES FOR NOTICES

          Photogen, Inc.
          7327 Oak Ridge Highway
          Knoxville, TN 37931

          Dees Family Foundation
          c/o:  Craig Dees, Ph.D.
          1006 Wyndham Way #1517
          Knoxville, TN 37923

          Fisher Family Investment Limited Partnership,
          Walt Fisher 1998 Charitable Remainder Unitrust
          c/o:  Walter Fisher, Ph.D.
          2009 Still Water Lane
          Knoxville, TN 37922

          Scott Family Investment Limited Partnership
          c/o:  Timothy D. Scott, Ph.D.
          10225 Bob Gray Road
          Knoxville, TN 37932

          Smolik Family LLP
          c/o:  John A. Smolik
          119 Tanasi Court
          Loudon, TN 37774

          Eric A. Wachter 1998 Charitable Remainder Unitrust
          c/o:  Eric A. Wachter, Ph.D.
          138 Bay Path Drive
          Oak Ridge, TN 37830

          Photogen Technologies, Inc.
          140 Union Square Drive
          New Hope, PA 18938

          Tannebaum, LLC
          875 N. Michigan Avenue
          Suite 2930
          Chicago, IL 60611-1901

          Robert J. Weinstein, M.D.
          875 N. Michigan Avenue
          Suite 2930
          Chicago, IL 60611-1901

          Stuart P. Levine
          875 N. Michigan Avenue
          Suite 2930
          Chicago, IL 60611-1901<Page>

                                                                    EXHIBIT 4.11

================================================================================

                                 TRUST AGREEMENT

                                 by and between

                     HARLEY-DAVIDSON CUSTOMER FUNDING CORP.,
                               as Trust Depositor,

                                       and

                            WILMINGTON TRUST COMPANY,
                                as Owner Trustee

                           Dated as of August 1, 2002

================================================================================

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                           Page
                                                                                                           ----
<S>                                                                                                          <C>
ARTICLE ONE        DEFINITIONS................................................................................1
     Section 1.01.     Capitalized Terms......................................................................1
     Section 1.02.     Other Definitional Provisions..........................................................3
     Section 1.03.     Usage of Terms.........................................................................3
     Section 1.04.     Section References.....................................................................4
     Section 1.05.     Accounting Terms.......................................................................4
ARTICLE TWO        ORGANIZATION...............................................................................4
     Section 2.01.     Name...................................................................................4
     Section 2.02.     Office.................................................................................4
     Section 2.03.     Purposes and Powers....................................................................4
     Section 2.04.     Appointment of Owner Trustee...........................................................5
     Section 2.05.     Initial Capital Contribution of Owner Trust Estate.....................................5
     Section 2.06.     Declaration of Trust...................................................................5
     Section 2.07.     Liability of Trust Depositor...........................................................5
     Section 2.08.     Title to Trust Property................................................................6
     Section 2.09.     Situs of Trust.........................................................................6
     Section 2.10.     Representations and Warranties of the Trust Depositor..................................6
     Section 2.11.     Federal Income Tax Allocations.........................................................7
ARTICLE THREE      TRUST CERTIFICATE AND TRANSFER OF INTERESTS................................................7
     Section 3.01.     Initial Ownerhip.......................................................................7
     Section 3.02.     The Trust Certificate..................................................................7
     Section 3.03.     Authentication and Delivery of Trust Certificate.......................................8
     Section 3.04.     Registration of Transfer and Exchange of Trust Certificate.............................8
     Section 3.05.     Mutilated, Destroyed, Lost or Stolen Trust Certificate.................................9
     Section 3.06.     Persons Deemed Owner...................................................................9
     Section 3.07.     Access to List of Certificateholder' Names and Addresses...............................9
     Section 3.08.     Maintenance of Office or Agency........................................................9
     Section 3.09.     Temporary Trust Certificate............................................................9
     Section 3.10.     Appointment of Paying Agent............................................................9
     Section 3.11.     Ownerhip by Trust Depositor of Trust Certificate......................................10
     Section 3.12.     Book-Entry Certificate..................................................................
     Section 3.13.     Notices to Clearing Agency..............................................................
     Section 3.14.     Definitive Trust Certificate............................................................
ARTICLE FOUR       ACTIONS BY OWNER TRUSTEE..................................................................10
     Section 4.01.     Prior Notice to Owner with Respect to Certain Matters.................................10
     Section 4.02.     Action by Owner with Respect to Certain Matters.......................................11
     Section 4.03.     Action by Owner with Respect to Bankruptcy............................................11
     Section 4.04.     Restrictions on Owner' Power..........................................................11
     Section 4.05.     Majority Control........................................................................
ARTICLE FIVE       APPLICATION OF TRUST FUNDS; CERTAIN DUTIES................................................11
     Section 5.01.     Establishment of Trust Account..........................................................
     Section 5.02.     Application of Trust Funds............................................................11
     Section 5.03.     Method of Payment.....................................................................12
</Table>

                                      - i -
<Page>

<Table>
<S>                                                                                                          <C>
     Section 5.04.     No Segregation of Moneys; No Interest...................................................
     Section 5.05.     Accounting and Reports to the Certificateholder, Owner, the Internal Revenue
     Service and Others......................................................................................12
     Section 5.06.     Signature on Returns; Tax Matters Partner.............................................12
ARTICLE SIX        AUTHORITY AND DUTIES OF OWNER TRUSTEE.....................................................13
     Section 6.01.     General Authority.....................................................................13
     Section 6.02.     General Duties........................................................................13
     Section 6.03.     Action Upon Instruction...............................................................13
     Section 6.04.     No Duties Except as Specified in this Agreement or in Instructions....................14
     Section 6.05.     No Action Except Under Specified Documents or Instructions............................14
     Section 6.06.     Restrictions..........................................................................14
ARTICLE SEVEN      CONCERNING THE OWNER TRUSTEE..............................................................15
     Section 7.01.     Acceptance of Trusts and Duties.......................................................15
     Section 7.02.     Furnishing of Documents...............................................................16
     Section 7.03.     Representations and Warranties........................................................16
     Section 7.04.     Reliance; Advice of Counsel...........................................................16
     Section 7.05.     Not Acting in Individual Capacity.....................................................17
     Section 7.06.     Owner Trustee Not Liable for Trust Certificate, Notes or Contracts....................17
     Section 7.07.     Owner Trustee May Own Trust Certificate and Notes.....................................17
ARTICLE EIGHT      COMPENSATION OF OWNER TRUSTEE.............................................................18
     Section 8.01.     Owner Trustee's Fees and Expenses.....................................................18
     Section 8.02.     Indemnification.......................................................................18
     Section 8.03.     Payments to the Owner Trustee.........................................................18
ARTICLE NINE       TERMINATION OF TRUST AGREEMENT............................................................18
     Section 9.01.     Termination of Trust Agreement........................................................18
ARTICLE TEN        SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES....................................19
     Section 10.01.    Eligibility Requirements for Owner Trustee............................................19
     Section 10.02.    Resignation or Removal of Owner Trustee...............................................20
     Section 10.03.    Successor Owner Trustee...............................................................20
     Section 10.04.    Merger or Consolidation of Owner Trustee..............................................21
     Section 10.05.    Appointment of Co-Trustee or Separate Trustee.........................................21
ARTICLE ELEVEN     MISCELLANEOUS.............................................................................22
     Section 11.01.    Supplements and Amendments............................................................22
     Section 11.02.    No Legal Title to Trust Estate in Owner...............................................23
     Section 11.03.    Limitations on Rights of Others.......................................................23
     Section 11.04.    Notices...............................................................................23
     Section 11.05.    Severability of Provisions............................................................23
     Section 11.06.    Counterparts..........................................................................23
     Section 11.07.    Successors and Assigns................................................................24
     Section 11.08.    Covenants of the Trust Depositor......................................................24
     Section 11.09.    No Petition...........................................................................24
     Section 11.10.    No Recourse...........................................................................24
     Section 11.11.    Headings..............................................................................24
     Section 11.12.    Governing Law.........................................................................25
     Section 11.13.    Trust Certificate Transfer Restrictions...............................................25
     Section 11.14.    Trust Depositor Payment Obligation....................................................25
</Table>

                                     - ii -
<Page>

                                    EXHIBITS

<Table>
<S>                                                                                                         <C>
Exhibit A  -  Form of Certificate of Trust..................................................................A-1
Exhibit B  -  Form of Trust Certificate.....................................................................B-1
</Table>

                                     - iii -
<Page>

     TRUST AGREEMENT dated as of August 1, 2002, between HARLEY-DAVIDSON
CUSTOMER FUNDING CORP., a Nevada corporation, as Trust Depositor (the "TRUST
DEPOSITOR"), and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as
owner trustee (the "OWNER TRUSTEE").

     WHEREAS, in connection herewith, the Trust Depositor is willing to assume
certain obligations pursuant hereto; and

     WHEREAS, in connection herewith, the Trust Depositor is willing to purchase
the Trust Depositor Certificate (as defined herein) to be issued pursuant to
this Agreement and to assume certain obligations pursuant hereto;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

                                   ARTICLE ONE

                                   DEFINITIONS

     SECTION 1.01.     CAPITALIZED TERMS. Except as otherwise provided in this
Agreement, whenever used in this Agreement the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

     "ADMINISTRATION AGREEMENT" means the Administration Agreement, dated as of
the date hereof, among the Trust, the Trust Depositor, the Indenture Trustee and
Harley-Davidson Credit, as administrator.

     "AGREEMENT" means this Trust Agreement, as the same may be amended and
supplemented from time to time.

     "APPLICANT" shall have the meaning set forth in Section 3.07.

     "BENEFIT PLAN" means (i) an employee benefit plan (as such term is defined
in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA,
(ii) a plan described in Section 4975(e)(1) of the Code or (iii) any entity
whose underlying assets include plan assets by reason of a plan's investment in
the entity.

     "BUSINESS TRUST STATUTE" means Chapter 38 of Title 12 of the Delaware Code,
12 DEL. CODE Section 3801 ET SEQ., as the same may be amended from time to time.

     "CERTIFICATE OF TRUST" means the Certificate of Trust filed for the Trust
pursuant to Section 3810(a) of the Business Trust Statute, substantially in the
form of EXHIBIT A hereto.

     "CERTIFICATE REGISTER" and "CERTIFICATE REGISTRAR" mean the register
maintained and the registrar (or any successor thereto) appointed pursuant to
Section 3.04.

                                      - 1 -
<Page>

     "CERTIFICATEHOLDER" or "HOLDER" means with respect to a Definitive Trust
Certificate the Person in whose name the Trust Certificate is registered in the
Certificate Register.

     "CLEARING AGENCY" means an organization registered as a "Clearing Agency"
pursuant to Section 17A of the Exchange Act.

     "CLOSING DATE" shall have the meaning assigned to such term in the Sale and
Servicing Agreement.

     "CODE" means the Internal Revenue Code of 1986, as amended.

     "DEFINITIVE TRUST CERTIFICATE" shall have the meaning set forth in Section
3.09.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

     "EXPENSES" shall have the meaning assigned to such term in Section 8.02.

     "HARLEY-DAVIDSON CREDIT" means Harley-Davidson Credit Corp., a Nevada
corporation.

     "INDEMNIFIED PARTIES" shall have the meaning assigned to such term in
Section 8.02.

     "INDENTURE" means the Indenture dated as of the date hereof between the
Trust and BNY Midwest Trust Company.

     "NOTE DEPOSITORY AGREEMENT" means the Agreement dated as of the Closing
Date among the Trust, the Indenture Trustee, the Administrator and DTC, as the
Clearing Agency, relating to the Notes, as the same may be amended and
supplemented from time to time.

     "NOTES" means the Class A-1 Notes, the Class A-2 Notes and the Class B
Notes, in each case issued pursuant to the Indenture.

     "OWNER" means the Holder of the Trust Certificate.

     "OWNER TRUSTEE" means Wilmington Trust Company, a Delaware corporation, not
in its individual capacity but solely as owner trustee under this Agreement, and
any successor Owner Trustee hereunder.

     "OWNER TRUSTEE CORPORATE TRUST OFFICE" means the office of the Owner
Trustee at which its corporate trust business shall be administered, which
initially shall be Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890-0001 Attn: Corporate Trust Administration, or such other office
at such other address as the Owner Trustee may designate from time to time by
notice to the Certificateholder, the Servicer, the Indenture Trustee, the Trust
Depositor and Harley-Davidson Credit.

     "PAYING AGENT" means any paying agent or co-paying agent appointed pursuant
to Section 3.10.

                                      - 2 -
<Page>

     "PERSON" means any individual, corporation, estate, partnership, joint
venture, association, joint stock company, trust (including any beneficiary
thereof) unincorporated organization or government or any agency or political
subdivision thereof.

     "RECORD DATE" means, with respect to any Distribution Date, the last
Business Day of the preceding calendar month.

     "SALE AND SERVICING AGREEMENT" means the Sale and Servicing Agreement,
dated as of the date hereof, among the Trust, as Issuer, the Trust Depositor,
Harley-Davidson Credit, as servicer, and BNY Midwest Trust Company, as Indenture
Trustee, as the same may be amended or supplemented from time to time.

     "SECRETARY OF STATE" means the Secretary of State of the State of Delaware.

     "TAX MATTERS PARTNER" shall have the meaning provided in Section 5.06(b)
hereof.

     "TREASURY REGULATIONS" means regulations, including proposed or temporary
regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury
Regulations.

     "TRUST" means the trust established by this Agreement.

     "TRUST CERTIFICATE" means the trust certificate evidencing the beneficial
equity interest of the Owner, substantially in the form of EXHIBIT B hereto.

     "TRUST DEPOSITOR" means Harley-Davidson Customer Funding Corp. in its
capacity as Trust Depositor hereunder, and its successors.

     "TRUST ESTATE" means all right, title and interest of the Trust in and to
the property and rights assigned to the Trust pursuant to Article Two of the
Sale and Servicing Agreement, all funds on deposit from time to time in the
Trust Accounts and all other property of the Trust from time to time, including
any rights of the Owner Trustee and the Trust pursuant to the Sale and Servicing
Agreement and the Administration Agreement.

     "UNDERWRITERS" shall have the meaning set forth in the Sale and Servicing
Agreement.

     SECTION 1.02.     OTHER DEFINITIONAL PROVISIONS. Capitalized terms used
that are not otherwise defined herein shall have the meanings ascribed thereto
in the Sale and Servicing Agreement or, if not defined therein, in the
Indenture.

     SECTION 1.03.     USAGE OF TERMS. With respect to all terms in this
Agreement, the singular includes the plural and the plural the singular; words
importing any gender include the other genders; references to "WRITING" include
printing, typing, lithography and other means of reproducing words in a visible
form; references to agreements and other contractual instruments include all
amendments, modifications and supplements thereto or any changes therein entered
into in accordance with their

                                      - 3 -
<Page>

respective terms and not prohibited by this Agreement; references to Persons
include their permitted successors and assigns; and the term "INCLUDING" means
"INCLUDING WITHOUT LIMITATION".

     SECTION 1.04.     SECTION REFERENCES. All section references, unless
otherwise indicated, shall be to Sections in this Agreement.

     SECTION 1.05.     ACCOUNTING TERMS. All accounting terms used but not
specifically defined herein shall be construed in accordance with generally
accepted accounting principles in the United States.

                                   ARTICLE TWO

                                  ORGANIZATION

     SECTION 2.01.     NAME. The Trust created hereby shall be known as
"HARLEY-DAVIDSON MOTORCYCLE TRUST 2002-2", in which name the Owner Trustee may
conduct the activities of the Trust, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

     SECTION 2.02.     OFFICE. The office of the Trust shall be in care of the
Owner Trustee at the Owner Trustee Corporate Trust Office or at such other
address in Delaware as the Owner Trustee may designate by written notice to the
Owner and the Trust Depositor.

     SECTION 2.03.     PURPOSES AND POWERS.

               (a)     The sole purpose of the Trust is to manage the Trust
Estate and collect and disburse the periodic income therefrom for the use and
benefit of the Owner, and in furtherance of such purpose to engage in the
following ministerial activities:

                       (i)    to issue the Notes pursuant to the Indenture and
     the Trust Certificate pursuant to this Agreement and to sell the Notes;

                       (ii)   with the proceeds of the sale of the Notes, to
     purchase the Contracts, to fund the Pre-Funding Account and to pay the
     organizational, start-up and transactional expenses of the Trust and to pay
     the balance to the Trust Depositor pursuant to the Sale and Servicing
     Agreement;

                       (iii)  to assign, grant, transfer, pledge, mortgage and
     convey the Trust Estate pursuant to the Indenture and to hold, manage and
     distribute to the Owner pursuant to the Sale and Servicing Agreement any
     portion of the Trust Estate released from the Lien of, and remitted to the
     Trust pursuant to, the Indenture;

                       (iv)   to enter into and perform its obligations under
     the Transaction Documents to which it is to be a party;

                                      - 4 -
<Page>

                       (v)    to engage in those activities, including entering
     into agreements, that are necessary, suitable or convenient to accomplish
     the foregoing or are incidental thereto or connected therewith; and

                       (vi)   subject to compliance with the Transaction
     Documents, to engage in such other activities as may be required in
     connection with conservation of the Trust Estate and the making of
     distributions to the Owner and the Noteholders.

The Trust shall not engage in any activities other than in connection with the
foregoing. Nothing contained herein shall be deemed to authorize the Owner
Trustee to engage in any business operations or any activities other than those
set forth in the introductory sentence of this Section. Specifically, the Owner
Trustee shall have no authority to engage in any business operations, or acquire
any assets other than those specifically included in the Trust Estate under
Section 1.01, or otherwise vary the assets held by the Trust. Similarly, the
Owner Trustee shall have no discretionary duties other than performing those
ministerial acts set forth above necessary to accomplish the purpose of this
Trust as set forth in the introductory sentence of this Section.

     SECTION 2.04.     APPOINTMENT OF OWNER TRUSTEE. The Trust Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein, and the
Owner Trustee hereby accepts such appointment.

     SECTION 2.05.     INITIAL CAPITAL CONTRIBUTION OF OWNER TRUST ESTATE. The
Trust Depositor hereby sells, assigns, transfers, conveys and sets over to the
Owner Trustee, as of the date hereof, the sum of $1,000. The Owner Trustee
hereby acknowledges receipt in trust from the Trust Depositor, as of the date
hereof, of the foregoing contribution, which shall constitute the initial Trust
Estate. The Trust Depositor shall pay organizational expenses of the Trust as
they may arise or shall, upon the request of the Owner Trustee, promptly
reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.

     SECTION 2.06.     DECLARATION OF TRUST. The Owner Trustee hereby declares
that it will hold the Trust Estate in trust upon and subject to the conditions
set forth herein for the sole purpose of conserving the Trust Estate and
collecting and disbursing the periodic income therefrom for the use and benefit
of the Owner, subject to the obligations of the Trust under the Transaction
Documents. It is the intention of the parties hereto that the Trust constitute a
business trust under the Business Trust Statute and that this Agreement
constitute the governing instrument of such business trust. Effective as of the
date hereof, the Owner Trustee shall have all rights, powers and duties set
forth herein and in the Business Trust Statute for the sole purpose and to the
extent necessary to accomplish the purpose of this Trust as set forth in the
introductory sentence of Section 2.03.

     SECTION 2.07.     LIABILITY OF TRUST DEPOSITOR.

               (a)     All liabilities of the Trust, to the extent not paid by a
third party, are and shall be obligations of the Trust and when due and payable
shall be satisfied out of the Trust Estate.

               (b)     Except as provided in the Business Trust Statute, the
Certificateholder shall not be personally liable for any liability of the Trust.

                                      - 5 -
<Page>

     SECTION 2.08.     TITLE TO TRUST PROPERTY. Legal title to the Trust Estate
shall be vested at all times in the Trust as a separate legal entity except
where applicable law in any jurisdiction requires title to any part of the Trust
Estate to be vested in an Owner Trustee or Owner Trustees, in which case title
shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be.

     SECTION 2.09.     SITUS OF TRUST. The Trust will be located and
administered in the State of Delaware. All bank accounts maintained by the Owner
Trustee on behalf of the Trust shall be located in the State of Illinois or the
State of Delaware. The Trust shall not have any employees in any state other
than Delaware; PROVIDED, HOWEVER, that nothing herein shall restrict or prohibit
the Owner Trustee from having employees within or without the State of Delaware.
Payments will be received by the Trust only in Delaware and payments will be
made by the Trust only from Delaware. The only office of the Trust will be at
the Owner Trustee Corporate Trust Office.

     SECTION 2.10.     REPRESENTATIONS AND WARRANTIES OF THE TRUST DEPOSITOR.

     The Trust Depositor hereby represents and warrants to the Owner Trustee
that:

                       (i)    The Trust Depositor is duly organized and validly
     existing as a corporation organized and existing and in good standing under
     the laws of the State of Nevada, with power and authority to own its
     properties and to conduct its business and had at all relevant times, and
     has, power, authority and legal right to acquire and own the Contracts.

                       (ii)   The Trust Depositor is duly qualified to do
     business as a foreign corporation in good standing and has obtained all
     necessary licenses and approvals in all jurisdictions in which the
     ownership or lease of property or the conduct of its business requires such
     qualifications.

                       (iii)  The Trust Depositor has the power and authority to
     execute and deliver this Agreement and to carry out its terms; the Trust
     Depositor has full power and authority to sell and assign the property to
     be sold and assigned to and deposited with the Owner Trustee on behalf of
     the Trust as part of the Trust Estate and has duly authorized such sale and
     assignment and deposit with the Owner Trustee on behalf of the Trust by all
     necessary corporate action; and the execution, delivery and performance of
     this Agreement have been duly authorized by the Trust Depositor by all
     necessary corporate action.

                       (iv)   The consummation of the transactions contemplated
     by this Agreement and the fulfillment of the terms hereof do not conflict
     with, result in any breach of any of the terms and provisions of, nor
     constitute (with or without notice or lapse of time) a default under, the
     articles of incorporation or bylaws of the Trust Depositor, or any
     indenture, agreement or other instrument to which the Trust Depositor is a
     party or by which it is bound; nor result in the creation or imposition of
     any Lien upon any of the properties of the Trust Depositor pursuant to the
     terms of any such indenture, agreement or other instrument (other than
     pursuant to the Transaction Documents); nor violate any law or any order,
     rule or regulation applicable to the Trust Depositor of any court or of any
     federal or state regulatory body, administrative agency or other
     governmental instrumentality having jurisdiction over the Trust Depositor
     or its properties.

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<Page>

                       (v)    There are no proceedings or investigations
     pending, or to the Trust Depositor's best knowledge threatened, before any
     court, regulatory body, administrative agency or other governmental
     instrumentality having jurisdiction over the Trust Depositor or its
     properties: (A) asserting the invalidity of this Agreement, any of the
     other Transaction Documents or the Trust Certificate, (B) seeking to
     prevent the issuance of the Trust Certificate or the consummation of any of
     the transactions contemplated by this Agreement or any of the other
     Transaction Documents, (C) seeking any determination or ruling that might
     materially and adversely affect the performance by the Trust Depositor of
     its obligations under, or the validity or enforceability of, this
     Agreement, any of the other Transaction Documents or the Trust Certificate
     or (D) involving the Trust Depositor and which might adversely affect the
     federal income tax or other federal, state or local tax attributes of the
     Trust Certificate.

     SECTION 2.11.     FEDERAL INCOME TAX TREATMENT.

     It is the intention of the Trust Depositor that the Trust be disregarded as
a separate entity pursuant to Treasury Regulations Section 301.7701-3(b)(1)(ii)
as in effect for periods after January 1, 1997. The Trust Certificate
constitutes the sole equity interest in the Trust and must at all times be held
by either the Trust Depositor or its transferee as sole owner. The Trust
Depositor agrees not to take any action inconsistent with such intended federal
income tax treatment. Because for federal income tax purposes the Trust will be
disregarded as a separate entity, Trust items of income, gain, loss and
deduction for any month as determined for federal income tax purposes shall be
allocated entirely to the Trust Depositor (or subsequent purchaser of the Trust
Certificate) as the sole Certificateholder.

                                 ARTICLE THREE

                   TRUST CERTIFICATE AND TRANSFER OF INTERESTS

     SECTION 3.01.     INITIAL OWNERSHIP.

               (a)     Upon the formation of the Trust by the contribution by
the Trust Depositor pursuant to Section 2.05 and until the issuance of the
Trust Certificate, the Trust Depositor shall be the sole beneficiary of the
Trust. The Trust Certificate must at all times be held by either the Trust
Depositor or its transferee as sole owner.

               (b)     No transfer of the Trust Certificate shall be made unless
such transfer is made in a transaction which does not require registration or
qualification under the Securities Act of 1933 or qualification under any state
securities or "Blue Sky" laws. Neither the Owner Trustee nor the Certificate
Registrar shall effect the registration of any transfer of the Trust Certificate
unless, (i) prior to such transfer the Owner Trustee shall have received a Tax
Opinion, and (ii) following such transfer, there would be no more than one
holder of the Trust Certificate and the holder of the Trust Certificate would
not be a Foreign Person, a partnership, Subchapter S corporation or grantor
trust.

     SECTION 3.02.     THE TRUST CERTIFICATE. The Trust Certificate shall be
substantially in the form of EXHIBIT B hereto. The Trust Certificate shall be
executed by the Owner Trustee on behalf of the Trust by manual or facsimile
signature of an authorized officer of the Owner Trustee and shall be deemed to
have been validly issued when so executed. The Trust Certificate bearing the
manual or facsimile signature of

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individuals who were, at the time when such signatures were affixed, authorized
to sign on behalf of the Owner Trustee shall be a valid and binding obligation
of the Trust, notwithstanding that such individuals or any of them have ceased
to be so authorized prior to the authentication and delivery of such Trust
Certificate or did not hold such offices at the date of such Trust Certificate.
The Trust Certificate shall be dated the date of its authentication.

     SECTION 3.03.     AUTHENTICATION AND DELIVERY OF TRUST CERTIFICATE. The
Owner Trustee shall cause to be authenticated and delivered upon the order of
the Trust Depositor, in exchange for the Contracts and the other Trust Assets,
simultaneously with the sale, assignment and transfer to the Trust of the
Contracts and other Trust Assets, and the constructive delivery to the Owner
Trustee of the Contract Files and the other Trust Assets, a Trust Certificate
duly authenticated by the Owner Trustee, evidencing the entire ownership of the
Trust, and Notes issued by the Owner Trustee and authenticated by the Indenture
Trustee in aggregate principal amount of, in the case of (i) Class A-1 Notes,
$350,000,000, (ii) Class A-2 Notes, $220,000,000 and (iii) Class B Notes,
$30,000,000, or be valid for any purpose, unless there appears on such Trust
Certificate a certificate of authentication substantially in the form set forth
in the form of Trust Certificate attached hereto as EXHIBIT B, executed by the
Owner Trustee or its authenticating agent, by manual signature, and such
certificate upon any Trust Certificate shall be conclusive evidence, and the
only evidence, that such Trust Certificate has been duly authenticated and
delivered hereunder. Upon issuance, authorization and delivery pursuant to the
terms hereof, the Trust Certificate will be entitled to the benefits of this
Agreement.

     SECTION 3.04.     REGISTRATION OF TRANSFER AND EXCHANGE OF TRUST
CERTIFICATE.

               (a)     The Certificate Registrar shall keep or cause to be kept,
a Certificate Register, subject to such reasonable regulations as it may
prescribe. The Certificate Register shall provide for the registration of the
Trust Certificate and transfers and exchanges of the Trust Certificate as
provided herein. The Owner Trustee is hereby initially appointed Certificate
Registrar for the purpose of registering the Trust Certificate and transfers and
exchanges of the Trust Certificate as herein provided. In the event that,
subsequent to the Closing Date, the Owner Trustee notifies the Servicer that it
is unable to act as Certificate Registrar, the Servicer shall appoint another
bank or trust company, having an office or agency located in the City of
Chicago, Illinois, agreeing to act in accordance with the provisions of this
Agreement applicable to it, and otherwise acceptable to the Owner Trustee, to
act as successor Certificate Registrar hereunder.

               (b)     Upon surrender for registration of transfer of the Trust
Certificate at the Owner Trustee Corporate Trust Office, the Owner Trustee shall
execute, authenticate and deliver (or shall cause its authenticating agent to
authenticate and deliver), in the name of the designated transferee, the new
Trust Certificate having the same aggregate principal amount.

               (c)     Every Trust Certificate presented or surrendered for
registration of transfer shall be accompanied by a written instrument of
transfer in form satisfactory to the Owner Trustee and the Certificate Registrar
duly executed by the Holder thereof or his attorney duly authorized in writing.

               (d)     No service charge shall be made for any registration of
transfer or exchange of the Trust Certificate, but the Owner Trustee may require
payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any transfer of the Trust Certificate.

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<Page>

               (e)     All Trust Certificates surrendered for registration of
transfer shall be canceled and subsequently destroyed by the Owner Trustee.

     SECTION 3.05.     MUTILATED, DESTROYED, LOST OR STOLEN TRUST CERTIFICATE.
If (i) any mutilated Trust Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Trust Certificate, and (ii) there is
delivered to the Certificate Registrar and the Owner Trustee such security or
indemnity as may be required by them to save each of them harmless, then, in the
absence of notice that such Trust Certificate has been acquired by a bona fide
purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner
Trustee or its authenticating agent shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Trust
Certificate, a new Trust Certificate of like tenor and fractional undivided
interest. In connection with the issuance of any new Trust Certificate under
this Section, the Owner Trustee may require the payment by the Holder of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto. Any duplicate Trust Certificate issued pursuant to this
Section shall constitute complete and indefeasible evidence of ownership in the
Trust, as if originally issued, whether or not the lost, stolen or destroyed
Trust Certificate shall be found at any time.

     SECTION 3.06.     PERSON DEEMED OWNER. Prior to due presentation of a Trust
Certificate for registration of transfer, the Owner Trustee, the Certificate
Registrar and any of their respective agents may treat the Person in whose name
any Trust Certificate is registered as the owner of such Trust Certificate for
the purpose of receiving distributions pursuant to Section 5.01 and for all
other purposes whatsoever, and none of the Owner Trustee, the Certificate
Registrar, any Paying Agent or any of their respective agents shall be affected
by any notice of the contrary.

     SECTION 3.07.     ACCESS TO LIST OF CERTIFICATEHOLDER'S NAME AND ADDRESS.
The Owner Trustee shall furnish or cause to be furnished to the Servicer and the
Trust Depositor, within 15 days after receipt by the Certificate Registrar of a
written request therefor from the Servicer or the Trust Depositor, the name and
address of the Certificateholder as of the most recent Record Date in such form
as the Servicer or the Trust Depositor may reasonably require. The
Certificateholder, by receiving and holding the Trust Certificate, agrees with
the Servicer, the Trust Depositor and the Owner Trustee that none of the
Servicer, the Trust Depositor or the Owner Trustee shall be held accountable by
reason of the disclosure of any such information as to the name and address of
the Certificateholder hereunder, regardless of the source from which such
information was derived.

     SECTION 3.08.     MAINTENANCE OF OFFICE OR AGENCY. The Owner Trustee shall
maintain in Wilmington, Delaware, an office or offices or agency or agencies
where the Trust Certificate may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Owner Trustee in respect
of the Trust Certificate and this Agreement may be served. The Owner Trustee
hereby designates the Owner Trustee Corporate Trust Office as its office for
such purposes. The Owner Trustee shall give prompt written notice to the Trust
Depositor, the Servicer and to the Certificateholder of any change in the
location of the Certificate Register or any such office or agency.

     SECTION 3.09.     TRUST CERTIFICATE. The Owner Trustee, on behalf of the
Trust, shall execute, authenticate and deliver, a Trust Certificate.

                                      - 9 -
<Page>

     SECTION 3.10.     APPOINTMENT OF PAYING AGENT. The Paying Agent shall make
distributions to the Certificateholder pursuant to Section 5.01(a) and shall
report the amounts of such distributions to the Owner Trustee. The Paying Agent
initially shall be BNY Midwest Trust Company, and any co-paying agent chosen by
the Paying Agent that is acceptable to the Owner Trustee. Each Paying Agent
shall be permitted to resign as Paying Agent upon 30 days' written notice to the
Owner Trustee. In the event that BNY Midwest Trust Company shall no longer be
the Paying Agent, the Owner Trustee shall appoint a successor to act as Paying
Agent (which shall be a bank or trust company). The Owner Trustee shall cause
such successor Paying Agent or any additional Paying Agent appointed by the
Owner Trustee to execute and deliver to the Owner Trustee an instrument in which
such successor Paying Agent or additional Paying Agent shall agree with the
Owner Trustee that, as Paying Agent, such successor Paying Agent or additional
Paying Agent will hold all sums, if any, held by it for payment to the
Certificateholder in trust for the benefit of the Certificateholder entitled
thereto until such sums shall be paid to such Certificateholder. The Paying
Agent shall return all unclaimed funds to the Owner Trustee and upon removal of
a Paying Agent such Paying Agent shall also return all funds in its possession
to the Owner Trustee. The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall
apply to the Owner Trustee also in its role as Paying Agent, for so long as the
Owner Trustee shall act as Paying Agent and, to the extent applicable, to any
other paying agent appointed hereunder. Any reference in this Agreement to the
Paying Agent shall include any co-paying agent unless the context requires
otherwise.

     SECTION 3.11.     OWNERSHIP BY TRUST DEPOSITOR OF TRUST CERTIFICATE. The
Trust Depositor shall on the Closing Date hold the Trust Certificate.

                                  ARTICLE FOUR

                            ACTIONS BY OWNER TRUSTEE

     SECTION 4.01.     PRIOR NOTICE TO OWNER WITH RESPECT TO CERTAIN MATTERS.
Subject to the provisions and limitation of Section 4.04, with respect to the
following matters, the Owner Trustee shall not take action unless at least 30
days before the taking of such action, the Owner Trustee shall have notified the
Certificateholder in writing of the proposed action, the Indenture Trustee shall
have consented to such action in the event any Notes are outstanding and the
Owner shall not have notified the Owner Trustee in writing prior to the 30th day
after such notice is given that such Owner have withheld consent or provided
alternative direction:

               (a)     the initiation of any claim or lawsuit by the Trust
(except claims or lawsuits brought in connection with the collection of the
Contracts) and the compromise of any action, claim or lawsuit brought by or
against the Trust (except with respect to the aforementioned claims or lawsuits
for collection of the Contracts);

               (b)     the election by the Trust to file an amendment to the
Certificate of Trust (unless such amendment is required to be filed under the
Business Trust Statute);

               (c)     the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is required;

                                     - 10 -
<Page>

               (d)     the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is not required
and such amendment materially and adversely affects the interest of the Owner;

               (e)     the amendment, change or modification of the
Administration Agreement, except to cure any ambiguity or to amend or supplement
any provision in a manner or add any provision that would not materially and
adversely affect the interests of the Owner; or

               (f)     the appointment pursuant to the Indenture of a successor
Note Registrar or Indenture Trustee or pursuant to this Agreement of a successor
Certificate Registrar, or the consent to the assignment by the Note Registrar,
Indenture Trustee or Certificate Registrar of its obligations under the
Indenture or the Agreement, as applicable.

     SECTION 4.02.     ACTION BY OWNER WITH RESPECT TO CERTAIN MATTERS. Subject
to the provisions and limitations of Section 4.04, the Owner Trustee shall not
have the power, except upon the direction of the Owner, to (a) remove the
Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint
a successor Administrator pursuant to Section 8 of the Administration Agreement,
(c) remove the Servicer pursuant to Section 8.01 of the Sale and Servicing
Agreement, (d) except as expressly provided in the Transaction Documents, sell
the Contracts or other Trust Assets after the termination of the Indenture, (e)
initiate any claim, suit or proceeding by the Trust or compromise any claim,
suit or proceeding brought by or against the Trust, (f) authorize the merger or
consolidation of the Trust with or into any other business trust or entity
(other than in accordance with Section 3.10 of the Indenture) or (g) amend the
Certificate of Trust. The Owner Trustee shall take the actions referred to in
the preceding sentence only upon written instructions assigned by the Owner.

     SECTION 4.03.     ACTION BY OWNER WITH RESPECT TO BANKRUPTCY. The Owner
Trustee shall not have the power to commence a voluntary proceeding in a
bankruptcy relating to the Trust without the prior approval of Owner and the
delivery to the Owner Trustee by such Owner of a certificate certifying that
such Owner reasonably believes that the Trust is insolvent.

     SECTION 4.04.     RESTRICTIONS ON OWNER'S POWER. The Owner shall not direct
the Owner Trustee to take or to refrain from taking any action if such action or
inaction would be contrary to any obligation of the Trust or the Owner Trustee
under this Agreement or any of the Transaction Documents or would be contrary to
the purpose of this Trust as set forth in Section 2.03, nor shall the Owner
Trustee be obligated to follow any such direction, if given.

                                  ARTICLE FIVE

                           APPLICATION OF TRUST FUNDS;
                                 CERTAIN DUTIES

     SECTION 5.01.     APPLICATION OF TRUST FUNDS.

               (a)     On each Distribution Date, the Paying Agent will
distribute to the Certificateholder amounts received pursuant to Section 7.05 of
the Sale and Servicing Agreement with respect to such Distribution Date.

                                     - 11 -
<Page>

               (b)     On each Distribution Date, the Paying Agent shall send to
the Certificateholder the statement or statements provided to the Owner Trustee
by the Servicer pursuant to Section 9.01 of the Sale and Servicing Agreement
with respect to such Distribution Date.

               (c)     In the event that any withholding tax is imposed on the
Trust's payment (or allocation of income) to the Certificateholder, such tax
shall reduce the amount otherwise distributable to the Certificateholder in
accordance with this Section. The Paying Agent is hereby authorized and directed
to retain from amounts otherwise distributable to the Owner sufficient funds for
the payment of any tax that is legally owed by the Trust (but such authorization
shall not prevent the Owner Trustee from contesting any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by law, pending
the outcome of such proceedings). The amount of any withholding tax imposed with
respect to the Certificateholder shall be treated as cash distributed to such
Certificateholder at the time it is withheld by the Trust and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is
payable with respect to a distribution, the Paying Agent may in its sole
discretion withhold such amounts in accordance with the paragraph (c).

     SECTION 5.02.     METHOD OF PAYMENT. Subject to Section 9.01(c) respecting
the final payment upon retirement of the Trust Certificate, distributions
required to be made to the Certificateholder of record on the related Record
Date shall be made by check mailed to such Certificateholder at the address of
such Holder appearing in the Certificate Register.

     SECTION 5.03.     ACCOUNTING AND REPORTS TO THE CERTIFICATEHOLDER, OWNER,
THE INTERNAL REVENUE SERVICE AND OTHERS. The Administrator shall (a) maintain
(or cause to be maintained) the books of the Trust on a calendar year basis and
the accrual method of accounting, (b) deliver to the Owner, as may be required
by the Code and applicable Treasury Regulations, such information as may be
required to enable the Owner to prepare its federal and state income tax
returns, (c) file such tax returns relating to the Trust and make such elections
as from time to time may be required or appropriate under any applicable state
or federal statute or any rule or regulation thereunder so as to maintain the
federal income tax treatment for the Trust as set forth in Section 2.11, (d)
cause such tax returns to be signed in the manner required by law and (e)
collect or cause to be collected any withholding tax as described in and in
accordance with Section 5.01(c) with respect to income or distributions to
Owner. The Owner Trustee shall elect under Section 1278 of the Code to include
in income currently any market discount that accrues with respect to the
Contracts. If applicable, the Owner Trustee shall not make the election provided
under Section 754 or Section 761 of the Code.

     SECTION 5.04.     SIGNATURE ON RETURNS; TAX MATTERS PARTNER.

               (a)     The Trust Depositor shall sign on behalf of the Trust the
tax returns of the Trust.

               (b)     If subchapter K of the Code should be applicable to the
Trust, the Certificateholder shall be designated the "TAX MATTERS PARTNER" of
the Trust pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury
Regulations.

                                     - 12 -
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                                   ARTICLE SIX

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

     SECTION 6.01.     GENERAL AUTHORITY. Subject to the provisions and
limitations of Sections 2.03 and 2.06, the Owner Trustee is authorized and
directed to execute and deliver the Transaction Documents to which the Trust is
to be a party and each certificate or other document attached as an exhibit to
or contemplated by the Transaction Documents to which the Trust is to be a party
and any amendment or other agreement, as evidenced conclusively by the Owner
Trustee's execution thereof. In addition to the foregoing, the Owner Trustee is
authorized, but shall not be obligated, to take all actions required of the
Trust pursuant to the Transaction Documents. The Owner Trustee is further
authorized from time to time to take such action as the Administrator recommends
with respect to the Transaction Documents.

     SECTION 6.02.     GENERAL DUTIES. Subject to the provisions and limitations
of Sections 2.03 and 2.06, it shall be the duty of the Owner Trustee to
discharge (or cause to be discharged through the Administrator all of its
responsibilities pursuant to the terms of this Agreement and the Transaction
Documents to which the Trust is a party and to administer the Trust in the
interest of the Owner, subject to the Transaction Documents and in accordance
with the provisions of this Agreement. Without limiting the foregoing, the Owner
Trustee shall on behalf of the Trust file and prove any claim or claims that may
exist against Harley-Davidson Credit in connection with any claims paying
procedure as part of an insolvency or receivership proceeding involving
Harley-Davidson Credit. Notwithstanding the foregoing, the Owner Trustee shall
be deemed to have discharged its duties and responsibilities hereunder and under
the Transaction Documents to the extent the Administrator has agreed in the
Administration Agreement to perform any act or to discharge any duty of the
Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee
shall not be held liable for the default or failure of the Administrator to
carry out its obligations under the Administration Agreement.

     SECTION 6.03.     ACTION UPON INSTRUCTION.

               (a)     Subject to Article Four, in accordance with the terms of
the Transaction Documents the Owner may by written instruction direct the Owner
Trustee in the management of the Trust.

               (b)     The Owner Trustee shall not be required to take any
action hereunder or under any other Transaction Document if the Owner Trustee
shall have reasonably determined, or shall have been advised by counsel, that
such action is likely to result in liability on the part of the Owner Trustee or
is contrary to the terms hereof or of any other Transaction Document or is
otherwise contrary to law.

               (c)     Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this
Agreement or under any other Transaction Document, the Owner Trustee shall
promptly give notice (in such form as shall be appropriate under the
circumstances) to the Owner requesting instruction as to the course of action to
be adopted, and to the extent the Owner Trustee acts in good faith in accordance
with any written instruction of the Owner received, the Owner Trustee shall not
be liable on account of such action to any Person. If the Owner Trustee shall
not have received appropriate instruction within ten days of such notice (or
within such shorter period of time as reasonably may be specified in such notice
or may be necessary under the

                                     - 13 -
<Page>

circumstances) it may, but shall be under no duty to, take or refrain from
taking such action not inconsistent with this Agreement and the other
Transaction Documents, as it shall deem to be in the best interests of the
Owner, and shall have no liability to any Person for such action or inaction.

               (d)     In the event that the Owner Trustee is unsure as to the
applicability of any provision of this Agreement or any other Transaction
Document or any such provision is ambiguous as to its application, or is, or
appears to be, in conflict with any other applicable provision, or in the event
that this Agreement permits any determination by the Owner Trustee or is silent
or in incomplete as to the course of action that the Owner Trustee is required
to take with respect to a particular set of facts, the Owner Trustee may give
notice (in such form as shall be appropriate under the circumstances) to the
Owner requesting instruction and, to the extent that the Owner Trustee acts or
refrains from acting in good faith in accordance with any such instruction
received, the Owner Trustee shall not be liable, on account of such action or
inaction, to any Person. If the Owner Trustee shall not have received
appropriate instruction within ten days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain
from taking such action not inconsistent with this Agreement or the other
Transaction Documents, as it shall deem to be in the best interests of the
Owner, and shall have no liability to any Person for such action or inaction.

     SECTION 6.04.     NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT OR IN
INSTRUCTIONS. The Owner Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of or
otherwise deal with the Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided by the terms
of this Agreement or any document or written instruction received by the Owner
Trustee pursuant to Section 6.03; and no implied duties or obligations shall be
read into this Agreement or any other Transaction Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing
or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to
it hereunder or to prepare or file any Commission filing for the Trust or to
record this Agreement or any other Transaction Document. The Owner Trustee
nevertheless agrees that it will, at its own cost and expense, promptly take all
action as may be necessary to discharge any liens on any part of the Trust
Estate that result from actions by, or claims against, the Owner Trustee that
are not related to the ownership or the administration of the Trust Estate.

     SECTION 6.05.     NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR
INSTRUCTIONS. The Owner Trustee shall not manage, control, use, sell, dispose of
or otherwise deal with any part of the Trust Estate except (i) in accordance
with the powers granted to and the authority conferred upon the Owner Trustee
pursuant to this Agreement, (ii) in accordance with the other Transaction
Documents and (iii) in accordance with any document or instruction delivered to
the Owner Trustee pursuant to Section 6.03.

     SECTION 6.06.     RESTRICTIONS. The Owner Trustee shall not take any action
(i) that is inconsistent with the purposes of the Trust set forth in Section
2.03 or (ii) that, to the actual knowledge of the Owner Trustee, would result in
the Trust's becoming taxable as a corporation for federal or state income tax
purposes. The Owner shall not direct the Owner Trustee to take actions that
would violate the provisions of this Section.

                                     - 14 -
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     SECTION 6.07.     PENNSYLVANIA MOTOR VEHICLE SALES FINANCE ACT LICENSES.
The Owner Trustee shall use its best efforts to maintain the effectiveness of
all licenses required under the Pennsylvania Motor Vehicle Sales Finance Act in
connection with the transactions contemplated by the Transaction Documents until
the lien and security interest of the Indenture shall no longer be in effect in
accordance with its terms.

                                  ARTICLE SEVEN

                          CONCERNING THE OWNER TRUSTEE

     SECTION 7.01.     ACCEPTANCE OF TRUSTS AND DUTIES. The Owner Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement. The Owner
Trustee also agrees to disburse all moneys actually received by it constituting
part of the Trust Estate upon the terms of the Transaction Documents and this
Agreement. The Owner Trustee shall not be answerable or accountable hereunder or
under any other Transaction Document under any circumstances, except (i) for its
own willful misconduct or negligence or (ii) in the case of the inaccuracy of
any representation or warranty contained in Section 7.03 expressly made by the
Owner Trustee. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

               (a)     the Owner Trustee shall not be liable for any error of
judgment made by a responsible officer of the Owner Trustee;

               (b)     the Owner Trustee shall not be liable with respect to any
action taken or omitted to be taken by it in accordance with the instructions of
the Administrator or any Owner;

               (c)     no provision of this Agreement or any other Transaction
Document shall require the Owner Trustee to expend or risk funds or otherwise
incur any financial liability in the performance of any of its rights or powers
hereunder or under any Transaction Document if the Owner Trustee shall have
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured or provided
to it;

               (d)     under no circumstances shall the Owner Trustee be liable
for indebtedness evidenced by or arising under any of the Transaction Documents,
including the principal of and interest on the Notes;

               (e)     the Owner Trustee shall not be responsible for or in
respect of the validity or sufficiency of this Agreement or for the due
execution hereof by the Trust Depositor or for the form, character, genuineness,
sufficiency, value or validity of any of the Trust Estate, or for or in respect
of the validity or sufficiency of the Transaction Documents, other than the
certificate of authentication on the Trust Certificate, and the Owner Trustee
shall in no event assume or incur any liability, duty, or obligation to any
Noteholder or to any Owner, other than as expressly provided for herein or
expressly agreed to in the Transaction Documents;

               (f)     the Owner Trustee shall not be liable for the default or
misconduct of the Administrator, the Trust Depositor, the Indenture Trustee or
the Servicer under any of the Transaction

                                     - 15 -
<Page>

Documents or otherwise and the Owner Trustee shall have no obligation or
liability to perform the obligations of the Trust under this Agreement or the
other Transaction Documents that are required to be performed by the
Administrator under the Administration Agreement, the Indenture Trustee under
the Indenture or the Servicer, or the Trust Depositor under the Sale and
Servicing Agreement; and

               (g)     the Owner Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by the Agreement, or to
institute, conduct or defend any litigation under this Agreement or otherwise or
in relation to this Agreement or any other Transaction Document, at the request,
order or direction of the Owner, unless such Owner have offered to the Owner
Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by the Owner Trustee therein or thereby. The
right of the Owner Trustee to perform any discretionary act enumerated in this
Agreement or in any other Transaction Document shall not be construed as a duty,
and the Owner Trustee shall not be answerable for other than its negligence or
willful misconduct in the performance of any such act.

     SECTION 7.02.     FURNISHING OF DOCUMENTS. The Owner Trustee shall furnish
to the Owner promptly upon receipt of a written request therefor, duplicates or
copies of all reports, notices, requests, demands, certificates, financial
statements and any other instruments furnished to the Owner Trustee under the
Transaction Documents.

     SECTION 7.03.     REPRESENTATIONS AND WARRANTIES. The Owner Trustee hereby
represents and warrants to the Trust Depositor and the Owner that:

               (a)     It is a banking corporation duly organized and validly
existing in good standing under the laws of the State of Delaware. It has all
requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement.

               (b)     It has taken all corporate action necessary to authorize
the execution an delivery by it of this Agreement, and this Agreement will be
executed and delivered by one of its officers who is duly authorized to execute
and deliver this Agreement on its behalf.

               (c)     Neither the execution nor the delivery by it of this
Agreement, nor the consummation by it of the transactions contemplated hereby
nor compliance by it with any of the terms or provisions hereof will contravene
any federal or Delaware law, governmental rule or regulation governing the
banking or trust powers of the Owner Trustee or any judgment or order binding on
it, or constitute any default under its charter documents or bylaws or any
indenture, mortgage, contract, agreement or instrument to which it is a party or
by which any of its properties may be bound or result in the creation or
imposition of any lien, charge or encumbrance on the Trust Estate resulting from
actions by or claims against the Owner Trustee individually which are unrelated
to this Agreement or the other Transaction Documents.

     SECTION 7.04.     RELIANCE; ADVICE OF COUNSEL.

               (a)     The Owner Trustee shall incur no liability to anyone in
acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper believed by
it to be genuine and believed by it to be signed by the proper party or parties.
The Owner Trustee may accept a certified copy of a resolution of the board of
directors or other

                                     - 16 -
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governing body of any corporate party as conclusive evidence that such
resolution has been duly adopted by such body and that the same is in full force
and effect. As to any fact or matter the method of determination of which is not
specifically prescribed herein, the Owner Trustee may for all purposes hereof
rely on a certificate, signed by the president or any vice president or by the
treasurer or other authorized officers of the relevant party, as to such fact or
matter and such certificate shall constitute full protection to the Owner
Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon.

               (b)     In the exercise or administration of the trusts hereunder
and in the performance of its duties and obligations under this Agreement or the
other Transaction Documents, the Owner Trustee (i) may act directly or through
its agents or attorneys pursuant to agreements entered into by any of them, and
the Owner Trustee shall not be liable for the conduct or misconduct of such
agents or attorneys as shall have been selected by the Owner Trustee with
reasonable care, and (ii) may consult with counsel, accountants and other
skilled persons to be selected with reasonable care and employed by it. The
Owner Trustee shall not be liable for anything done, suffered or omitted in good
faith by it in accordance with the written opinion or advice of any such
counsel, accountants or other such persons.

     SECTION 7.05.     NOT ACTING IN INDIVIDUAL CAPACITY. Except as provided in
this Article Seven, in accepting the trusts hereby created, Wilmington Trust
Company acts solely as Owner Trustee hereunder and not in its individual
capacity, and all Persons having any claim against the Owner Trustee by reason
of the transactions contemplated by this Agreement or any other Transaction
Document shall look only to the Trust Estate for payment or satisfaction
thereof.

     SECTION 7.06.     OWNER TRUSTEE NOT LIABLE FOR TRUST CERTIFICATE, NOTES OR
CONTRACTS. The recitals contained herein and in the Trust Certificate (other
than the signature and countersignature of the Owner Trustee and the certificate
of authentication on the Trust Certificate) shall be taken as the statements of
the Trust Depositor, and the Owner Trustee assumes no responsibility for the
correctness thereof. The Owner Trustee makes no representations as to the
validity or sufficiency of this Agreement, any other Transaction Document or the
Trust Certificate (other than the signature and countersignature of the Owner
Trustee and the certificate of authentication on the Trust Certificate) or the
Notes, or of any Contract or related documents. The Owner Trustee shall at no
time have any responsibility or liability for or with respect to the legality,
validity and enforceability of any Contract, or the perfection and priority of
any security interest created by any Contract in any Motorcycle or the
maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Trust Estate or its ability to generate the payments to be
distributed to the Certificateholder under this Agreement or the Noteholders
under the Indenture, including, without limitation, the existence, condition and
ownership of any Motorcycle; the existence and enforceability of any insurance
thereon; the existence and contents of any Contract on any computer or other
record thereof; the validity of the assignment of any Contract to the Trust or
of any intervening assignment; the completeness of any Contract; the performance
or enforcement of any Contract; the compliance by the Trust Depositor or the
Servicer with any warranty or representation made under any Transaction Document
or in any related document or the accuracy of any such warranty or
representation; or any action of the Administrator, the Indenture Trustee or the
Servicer or any subservicer taken in the name of the Owner Trustee.

     SECTION 7.07.     OWNER TRUSTEE MAY OWN TRUST CERTIFICATE AND NOTES. The
Owner Trustee in its individual or any other capacity may become the owner or
pledgee of the Trust Certificate or Notes and

                                     - 17 -
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may deal with the Trust Depositor, the Administrator, the Indenture Trustee and
the Servicer in banking transactions with the same rights as it would have if it
were not Owner Trustee.

                                  ARTICLE EIGHT

                          COMPENSATION OF OWNER TRUSTEE

     SECTION 8.01.     OWNER TRUSTEE'S FEES AND EXPENSES. The Owner Trustee
shall receive as compensation for its services hereunder such fees as have been
separately agreed upon between the Owner Trustee and the Trust Depositor.
Additionally, the Owner Trustee shall be entitled to be reimbursed by the Trust
Depositor for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, representatives,
experts and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and its duties hereunder.

     SECTION 8.02.     INDEMNIFICATION. The Trust Depositor shall be liable as
primary obligor for, and shall indemnify the Owner Trustee and its successors,
assigns and servants (collectively, the "INDEMNIFIED PARTIES") from and against,
any and all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively, "EXPENSES") which may at any time be imposed on, incurred by or
asserted against the Owner Trustee or any Indemnified Party in any way relating
to or arising out of this Agreement, the other Transaction Documents, the Trust
Estate, the administration of the Trust Estate or the action or inaction of the
Owner Trustee hereunder, except only that the Trust Depositor shall not be
liable for or required to indemnify an Indemnified Party from and against
Expenses arising or resulting from any of the matters described in the third
sentence of Section 7.01. The indemnities contained in this Section shall
survive the resignation or termination of the Owner Trustee or the termination
of this Agreement. In the event of any claim, action or proceeding for which
indemnity will be sought pursuant to this Section, the Owner Trustee's choice of
legal counsel shall be subject to the approval of the Trust Depositor, which
approval shall not be unreasonably withheld.

     SECTION 8.03.     PAYMENTS TO THE OWNER TRUSTEE. Any amounts paid to the
Owner Trustee pursuant to this Article shall be deemed not to be a part of the
Trust Estate immediately after such payment.

                                  ARTICLE NINE

                         TERMINATION OF TRUST AGREEMENT

     SECTION 9.01.     TERMINATION OF TRUST AGREEMENT.

               (a)     This Agreement (other than Article Eight) and the Trust
shall terminate and be of no further force or effect upon the earlier of (i)
final distribution by the Owner Trustee of all moneys or other property or
proceeds of the Trust Estate in accordance with the terms of the Indenture, the
Sale and Servicing Agreement and Article Five and (ii) the expiration of 21
years from the death of the survivor of the descendants of Joseph P. Kennedy,
the late Ambassador of the United States to the Court of St.

                                     - 18 -
<Page>

James's, living on the date hereof. The bankruptcy, liquidation, dissolution,
death or incapacity of any Owner shall not (i) operate to terminate this
Agreement or the Trust, (ii) entitle such Owner's legal representatives or heirs
to claim an accounting or to take any action or proceeding in any court for a
partition or winding up of all or any part of the Trust or Trust Estate or (iii)
otherwise affect the rights, obligations and liabilities of the parties hereto.

               (b)     Except as provided in Section 9.01(a), neither the Trust
Depositor nor any Holder shall be entitled to revoke or terminate the Trust.

               (c)     Notice of any termination of the Trust, specifying the
Distribution Date upon which the Certificateholder shall surrender the Trust
Certificate to the Paying Agent for payment of the final distribution and
cancellation, shall be given by the Owner Trustee by letter to the
Certificateholder mailed within five Business Days of receipt of notice of such
termination from the Servicer given pursuant to Section 10.01 of the Sale and
Servicing Agreement, stating (i) the Distribution Date upon or with respect to
which final payment of the Trust Certificate shall be made upon presentation and
surrender of the Trust Certificate at the office of the Paying Agent therein
designated, (ii) the amount of any such final payment and (iii) that the Record
Date otherwise applicable to such Distribution Date is not applicable, payments
being made only upon presentation and surrender of the Trust Certificate at the
office of the Paying Agent therein specified. The Owner Trustee shall give such
notice to the Certificate Registrar (if other than the Owner Trustee) and the
Paying Agent at the time such notice is given to the Certificateholder. Upon
presentation and surrender of the Trust Certificate, the Paying Agent shall
cause to be distributed to the Certificateholder amounts distributable on such
Distribution Date pursuant to Section 5.01.

               (d)     Upon the winding up of the Trust and its termination, the
Owner Trustee shall cause the Certificate of Trust to be canceled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810 of the Business Trust Statute.

                                   ARTICLE TEN

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

     SECTION 10.01.    ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE. The Owner
Trustee shall at all times be a corporation satisfying the provisions of Section
3807(a) of the Business Trust Statute; authorized to exercise corporate trust
powers; and (a) having a combined capital and surplus of at least $50,000,000
and subject to supervision or examination by federal or state authorities; and
having (or having a parent that has) a rating of at least Baa3 by Moody's; or
(b) which the Rating Agencies have otherwise indicated in writing is an entity
acceptable to act as Owner Trustee hereunder. If such corporation shall publish
reports of condition at least annually pursuant to law or to the requirements of
the aforesaid supervising or examining authority, then for the purpose of this
Section, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Owner Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Owner Trustee
shall resign immediately in the manner and with the effect specified in Section
10.02.

                                     - 19 -
<Page>

     SECTION 10.02.    RESIGNATION OR REMOVAL OF OWNER TRUSTEE. The Owner
Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Administrator. Upon receiving such
notice of resignation, the Administrator shall promptly appoint a successor
Owner Trustee by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Owner Trustee and one copy to the successor
Owner Trustee. If no successor Owner Trustee shall have been so appointed and
have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Owner Trustee may petition any court of competent
jurisdiction for the appointment of a successor Owner Trustee.

     If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 10.01 and shall fail to resign after written
request therefor by the Administrator, or if at any time the Owner Trustee shall
be legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property shall be appointed or any
public officer shall take charge or control of the Owner Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Administrator, may remove the Owner Trustee. If the
Administrator shall remove the Owner Trustee under the authority of the
immediately preceding sentence, the Administrator shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed and one
copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing
Owner Trustee.

     Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to
the outgoing Owner Trustee. The Administrator shall provide notice of such
resignation or removal of the Owner Trustee to each Rating Agency.

     SECTION 10.03.    SUCCESSOR OWNER TRUSTEE. Any successor Owner Trustee
appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to
the Administrator, and to its predecessor Owner Trustee an instrument accepting
such appointment under this Agreement, and thereupon the resignation or removal
of the predecessor Owner Trustee shall become effective, and such successor
Owner Trustee, without any further act, deed or conveyance, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor
under this Agreement, with like effect as if originally named as Owner Trustee.
The predecessor Owner Trustee shall upon payment of its fees and expenses
deliver to the successor Owner Trustee all documents and statements and monies
held by it under this Agreement; and the Administrator and the predecessor Owner
Trustee shall execute and deliver such instruments and do such other things as
may reasonably be required for fully and certainly vesting and confirming in the
successor Owner Trustee all such rights, powers, duties and obligations.

     No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee shall
be eligible pursuant to Section 10.01.

     Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section, the Administrator shall mail notice thereof to the
Certificateholder, the Indenture Trustee, the Noteholders and each Rating
Agency. If the Administrator shall fail to mail such notice within ten days
after acceptance of such appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of
the Administrator.

                                     - 20 -
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     SECTION 10.04.    MERGER OR CONSOLIDATION OF OWNER TRUSTEE. Any corporation
into which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, without
the execution or filing of any instrument or any further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding;
PROVIDED, that such corporation shall be eligible pursuant to Section 10.01 and,
PROVIDED, FURTHER, that the Owner Trustee shall mail notice of such merger or
consolidation to each Rating Agency.

     SECTION 10.05.    APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Estate or any financed Motorcycle may at the time be located, the
Administrator and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Administrator and Owner Trustee to act as co-trustee, jointly
with the Owner Trustee, or as separate trustee or separate trustees, of all or
any part of the Trust Estate, and to vest in such Person, in such capacity, such
title to the Trust or any part thereof and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable. If the
Administrator shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, the Owner Trustee alone shall have the
power to make such appointment. No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor
Owner Trustee pursuant to Section 10.01 and no notice of the appointment of any
co-trustee or separate trustee shall be required pursuant to Section 10.03.

     Each separate trustee and co-trustee shall, to the extent permitted by law,
be appointed and act subject to the following provisions and conditions:

          (a)  all rights, powers, duties and obligations conferred or imposed
     upon the Owner Trustee shall be conferred upon and exercised or performed
     by the Owner Trustee and such separate trustee or co-trustee jointly (it
     being understood that such separate trustee or co-trustee is not authorized
     to act separately without the Owner Trustee joining in such act), except to
     the extent that under any law of any jurisdiction in which any particular
     act or acts are to be performed, the Owner Trustee shall be incompetent or
     unqualified to perform such act or acts, in which event such rights,
     powers, duties and obligations (including the holding of title to the Trust
     Estate or any portion thereof in any such jurisdiction) shall be exercised
     and performed singly by such separate trustee or co-trustee, but solely at
     the direction of the Owner Trustee;

          (b)  no trustee under this Agreement shall be personally liable by
     reason of any act or omission of any other trustee under this Agreement;
     and

          (c)  the Administrator and the Owner Trustee acting jointly may at any
     time accept the resignation of or remove any separate trustee or
     co-trustee.

     Any notice, request or other writing given to the Owner Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article. Each separate trustee and co-trustee, upon its acceptance of
the trusts

                                     - 21 -
<Page>

conferred, shall be vested with the estates or property specified in its
instrument of appointment, either jointly with the Owner Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of or affording protection to, the Owner Trustee.
Each such instrument shall be filed with the Owner Trustee and a copy thereof
given to the Administrator.

     Any separate trustee or co-trustee may at any time appoint the Owner
Trustee as its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Owner Trustee, to the extent permitted by law, without the appointment of a new
or successor co-trustee or separate trustee.

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

     SECTION 11.01.    SUPPLEMENTS AND AMENDMENTS.

               (a)     The Agreement may be amended by the Trust Depositor, and
the Owner Trustee, without the consent of any of the Noteholders or the
Certificateholder, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or to add any other provisions with respect to
matters or questions arising under this Agreement that shall not be inconsistent
with the provisions of this Agreement; PROVIDED, HOWEVER, that any such action
shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of any Noteholder or Certificateholder.

               (b)     This Agreement may also be amended from time to time by
the Trust Depositor, and the Owner Trustee, with the consent of the Modified
Required Holders, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement, or of modifying
in any manner the rights of the Noteholders or the Certificateholder; PROVIDED,
HOWEVER, that no such amendment shall increase or reduce in any manner the
amount of, or accelerate or delay the timing of, (i) collections of payments on
Contracts or distributions that shall be required to be made for the benefit of
the Noteholders or the Certificateholder, or (ii) eliminate the
Certificateholder consent or reduce the aforesaid percentage of the Outstanding
Amount of the Notes required to consent to any such amendment, without the
consent of the Holder of all outstanding Notes and the Trust Certificate.

               (c)     Prior to the execution of any such amendment or consent,
the Trust Depositor shall furnish written notification of the substance of such
amendment or consent, together with a copy thereof, to the Indenture Trustee,
the Administrator and each Rating Agency.

               (d)     Promptly after the execution of any such amendment or
consent, the Owner Trustee shall furnish written notification of the substance
of such amendment or consent to each Certificateholder. It shall not be
necessary for the consent of Certificateholder, Noteholders or the Indenture
Trustee pursuant to this Section to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of

                                     - 22 -
<Page>

obtaining such consents (and any other consents of the Certificateholder
provided for in this Agreement or in any other Transaction Document) and of
evidencing the authorization of the execution thereof by the Certificateholder
shall be subject to such reasonable requirements as the Owner Trustee may
prescribe.

               (e)     Promptly after the execution of any amendment to the
Certificate of Trust, the Owner Trustee shall cause the filing of such amendment
with the Secretary of State.

               (f)     Prior to the execution of any amendment to this Agreement
or the Certificate of Trust, the Owner Trustee shall be entitled to receive and
rely upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement. The Owner Trustee may, but shall not
be obligated to, enter into any such amendment that affects the Owner Trustee's
own rights, duties or immunities under this Agreement or otherwise.

     SECTION 11.02.    NO LEGAL TITLE TO TRUST ESTATE IN OWNER. The Owner shall
not have legal title to any part of the Trust Estate. The Owner shall be
entitled to receive distributions with respect to their undivided ownership
interest herein only in accordance with Articles Five and Nine. No transfer, by
operation of law or otherwise, of any right, title or interest of the Owner to
and in their ownership interest in the Trust Estate shall operate to terminate
this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Trust
Estate.

     SECTION 11.03.    LIMITATIONS ON RIGHTS OF OTHERS. Except for Section 2.07,
the provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Trust Depositor, the Owner, the Administrator and, to the extent
expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Agreement (other than Section 2.07), whether express or implied,
shall be construed to give to any other Person any legal or equitable right,
remedy or claim in the Trust Estate or under or in respect of this Agreement or
any covenants, conditions or provisions contained herein.

     SECTION 11.04.    NOTICES. All notices, demands, certificates, requests and
communications hereunder ("NOTICES") shall be in writing and shall be effective
(a) upon receipt when sent through the U.S. mails, registered or certified mail,
return receipt requested, postage prepaid, with such receipt to be effective the
date of delivery indicated on the return receipt, or (b) one Business Day after
delivery to an overnight courier, or (c) on the date personally delivered to an
Authorized Officer of the party to which sent, or (d) on the date transmitted by
legible telecopier transmission with a confirmation of receipt, in all cases
addressed to the recipient at the address for such recipient set forth in the
Sale and Servicing Agreement.

     Each party hereto may, by notice given in accordance herewith to each of
the other parties hereto, designate any further or different address to which
subsequent notices shall be sent.

     SECTION 11.05.    SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions, or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Trust
Certificate or the rights of the Holder thereof.

     SECTION 11.06.    COUNTERPARTS. This Agreement may be executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

                                     - 23 -
<Page>

     SECTION 11.07.    SUCCESSORS AND ASSIGNS. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, each of the
Trust Depositor, and the Owner Trustee and their respective successors and
permitted assigns and each Owner and its successors and permitted assigns, all
as herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by an Owner shall bind the successors and assigns of such
Owner.

     SECTION 11.08.    COVENANTS OF THE TRUST DEPOSITOR. In the event that any
litigation with claims in excess of $1,000,000 to which the Trust Depositor is a
party which shall be reasonably likely to result in a material judgment against
the Trust Depositor that the Trust Depositor will not be able to satisfy shall
be commenced, during the period beginning immediately following the commencement
of such litigation and continuing until such litigation is dismissed or
otherwise terminated (and, if such litigation has resulted in a final judgment
against the Trust Depositor, such judgment has been satisfied), the Trust
Depositor shall not pay any dividend to the Servicer, or make any distribution
on or in respect of its capital stock to the Servicer, or repay the principal
amount of any indebtedness of the Trust Depositor held by the Servicer, unless
(i) after giving effect to such payment, distribution or repayment, the Trust
Depositor's liquid assets shall not be less than the amount of actual damages
claimed in such litigation or (ii) the Rating Agencies shall not downgrade the
then existing rating on the Certificate with respect to any such payment,
distribution or repayment. The Trust Depositor will not at any time institute
against the Trust any bankruptcy proceedings under any United States federal or
state bankruptcy or similar law in connection with any obligations relating to
the Certificate, the Notes, the Trust Agreement or any of the Transaction
Documents.

     SECTION 11.09.    NO PETITION.

               (a)     The Trust Depositor will not at any time institute
against the Trust any bankruptcy proceedings under any United States federal or
state bankruptcy or similar law in connection with any obligations relating to
the Trust Certificate, the Notes, this Agreement or any of the other Transaction
Documents.

               (b)     The Owner Trustee, by entering into this Agreement, each
Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee
and each Noteholder, by accepting the benefits of this Agreement, hereby
covenant and agree that they will not at any time institute against the Trust
Depositor or the Trust, or join in any institution against the Trust Depositor,
or the Trust of, any bankruptcy proceedings under any United States federal or
state bankruptcy or similar law in connection with any obligations relating to
the Trust Certificate, the Notes, this Agreement or any of the other Transaction
Documents.

     SECTION 11.10.    NO RECOURSE. The Certificateholder by accepting the Trust
Certificate acknowledges that such Certificateholder's Trust Certificate
represents beneficial interests in the Trust only and does not represent
interests in or obligations of the Trust Depositor, the Servicer, the Seller,
the Administrator, the Owner Trustee, the Indenture Trustee or any of the
respective Affiliates and no recourse may be had against such parties or their
assets, except as may be expressly set forth or contemplated in this Agreement,
the Trust Certificate or the other Transaction Documents.

     SECTION 11.11.    HEADINGS. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

                                     - 24 -
<Page>

     SECTION 11.12.    GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     SECTION 11.13.    TRUST CERTIFICATE TRANSFER RESTRICTIONS. The Trust
Certificate may not be acquired by or for the account of a Benefit Plan. By
accepting and holding a Trust Certificate, the Holder thereof shall be deemed to
have represented and warranted that it is not a Benefit Plan nor will it hold
such Trust Certificate for the account of a Benefit Plan. By accepting and
holding a Trust Certificate, the Holder thereof shall be deemed to have
represented and warranted that it is not a Benefit Plan.

     SECTION 11.14.    TRUST DEPOSITOR PAYMENT OBLIGATION. The Trust Depositor
shall be responsible for payment of the Administrator's compensation pursuant to
Section 3 of the Administration Agreement and shall reimburse the Administrator
for all expenses and liabilities of the Administrator incurred thereunder.

                            [signature page follows]

                                     - 25 -
<Page>

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

                                       HARLEY-DAVIDSON CUSTOMER FUNDING
                                       CORP.,
                                       as Trust Depositor

                                       By:  /s/ Perry A. Glassgow
                                          ------------------------------------
                                       Printed Name: Perry A. Glassgow
                                       Title: Treasurer

                                       WILMINGTON TRUST COMPANY,
                                       as Owner Trustee

                                       By:  /s/ Patricia A. Evans
                                          ------------------------------------
                                       Printed Name: Patricia A. Evans
                                       Title: Assistant Vice President

                             Signature Page to Trust
                                    Agreement

<Page>

                                    EXHIBIT A

                         FORM OF CERTIFICATE OF TRUST OF
                     Harley-Davidson Motorcycle Trust 2002-2

     This Certificate of Trust of Harley-Davidson Motorcycle Trust 2002-2 (the
"TRUST"), dated _______, 2002, is being duly executed and filed by Wilmington
Trust Company, a Delaware banking corporation, as Owner Trustee, to form a
business trust under the Delaware Business Trust Act (12 DEL. CODE, Section 3801
ET SEQ.).

     1.   NAME. The name of the business trust formed hereby is Harley-Davidson
Motorcycle Trust 2002-2.

     2.   DELAWARE TRUSTEE. The name and business address of the Owner Trustee
of the Trust in the State of Delaware is Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware l9890.

     IN WITNESS WHEREOF, the undersigned, being the sole Owner Trustee of the
Trust, has executed this Certificate of Trust as of the date first above
written.

                                   WILMINGTON TRUST COMPANY,
                                   not in its individual capacity but solely as
                                   Owner Trustee

                                   By:
                                      ------------------------------------------
                                   Printed Name:
                                                ----------------------------
                                   Title:
                                         -----------------------------------

<Page>

                                    EXHIBIT B

                            FORM OF TRUST CERTIFICATE

[TO BE INSERTED ON CEDE & CO. CERTIFICATE -

THIS TRUST CERTIFICATE REPRESENTS THE BENEFICIAL INTEREST IN THE TRUST (AS
DEFINED BELOW) AND IS ENTITLED TO PAYMENTS AS DESCRIBED IN THE SALE AND
SERVICING AGREEMENT AND INDENTURE REFERRED TO HEREIN.

THIS TRUST CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN
HARLEY-DAVIDSON CUSTOMER FUNDING CORP., HARLEY-DAVIDSON CREDIT CORP. OR ANY
AFFILIATE THEREOF, EXCEPT TO THE EXTENT SET FORTH IN THE TRUST AGREEMENT. THIS
TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR
ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR PLEDGED IN UNLESS
THE CONDITIONS SET FORTH IN SECTION 3.04 OF THE TRUST AGREEMENT HAVE BEEN
COMPLIED WITH.

               HARLEY-DAVIDSON MOTORCYCLE TRUST 2002-2 CERTIFICATE

NO. ___________                                 Initial Trust Certificate
                                                Fractional Interest 100%

     THIS CERTIFIES THAT Harley-Davidson Customer Funding Corp. is the
registered owner of 100% of the non-assessable, fully-paid, fractional undivided
beneficial interest in the Harley-Davidson Motorcycle Trust 2002-2 (the "TRUST")
formed by Harley-Davidson Customer Funding Corp., a Nevada corporation (the
"TRUST DEPOSITOR").

     The Trust was created pursuant to a Trust Agreement, dated as of August 1,
2002 (as amended and supplemented from time to time, the "TRUST AGREEMENT"),
among Harley-Davidson Customer Funding Corp., as Trust Depositor (the "TRUST
DEPOSITOR"), Harley-Davidson Credit Corp. (the "SELLER") and Wilmington Trust
Company, as owner trustee (the "OWNER TRUSTEE"), a summary of certain of the
pertinent provisions of which is set forth below. To the extent not otherwise
defined herein, the capitalized terms used herein have the meanings assigned to
them in (i) the Trust Agreement, (ii) the Sale and Servicing Agreement, dated as
of August 1, 2002 (the "SALE AND SERVICING AGREEMENT"), among the Trust,
Harley-Davidson Customer Funding Corp., as depositor (the "TRUST DEPOSITOR"),
Harley-Davidson Credit Corp. ("HARLEY-DAVIDSON CREDIT"), as Servicer (in such
capacity, the "SERVICER") and BNY Midwest Trust Company, as Indenture Trustee
(the "Indenture Trustee") or (iii) the Indenture, dated as of August 1, 2002
(the "INDENTURE"), between the Trust and the Indenture Trustee.

     This Trust Certificate is the duly authorized Trust Certificate designated
as "HARLEY-DAVIDSON MOTORCYCLE TRUST 2002-2 CERTIFICATE" (the "TRUST
CERTIFICATE"). Issued under the Indenture are three classes of notes designated
as "___% HARLEY-DAVIDSON MOTORCYCLE CONTRACT BACKED NOTES, CLASS A-1", "___%
HARLEY-DAVIDSON MOTORCYCLE CONTRACT BACKED NOTES, CLASS A-2" and "___%
HARLEY-DAVIDSON

<Page>

MOTORCYCLE CONTRACT BACKED NOTES, CLASS B" (collectively, the "NOTES"). This
Trust Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of this
Trust Certificate by virtue of its acceptance hereof assents and by which such
Holder is bound. The property of the Trust includes, among other things, (i) all
the right, title and interest of the Trust Depositor in and to the Initial
Contracts listed on the initial List of Contracts delivered on the Closing Date
(including, without limitation, all security interests and all rights to receive
payments which are collected pursuant thereto on or after the Initial Cutoff
Date, including any liquidation proceeds therefrom, but excluding any rights to
receive payments which were collected pursuant thereto prior to the Initial
Cutoff Date), (ii) all rights of the Trust Depositor under any physical damage
or other individual insurance policy (and rights under a "FORCED PLACED" policy,
if any) or any debt cancellation agreement relating to any such Contract, an
Obligor or a Motorcycle securing such Contract, (iii) all security interests in
each such Motorcycle, (iv) all documents contained in the related Contract
Files, (v) all rights (but not the obligations) of the Trust Depositor under any
related motorcycle dealer agreements between dealers (i.e., the originators of
such Contracts) and the Trust Depositor, (vi) all rights of the Trust Depositor
in the Lockbox, the Lockbox Account and related Lockbox Agreement to the extent
they relate to such Contracts, (vii) all rights (but not the obligations) of the
Trust Depositor under the Transfer and Sale Agreement, including but not limited
to the Trust Depositor's rights under Article V thereof, (viii) the remittances,
deposits and payments made into the Trust Accounts from time to time and amounts
in the Trust Accounts from time to time (and any investments of such amounts),
(ix) all rights of the Trust Depositor to certain rebates of premiums and other
amounts relating to insurance policies, debt cancellation agreements, extended
service contracts or other repair agreements and other items financed under such
Contracts and (x) all proceeds and products of the foregoing.

     Under the Trust Agreement, there will be distributed on the fifteenth day
of each month or if such day is not a Business Day the next succeeding Business
Day commencing [         ], 2002 (each, a "DISTRIBUTION DATE") to the person in
whose name this Trust Certificate is registered as of the last Business Day
immediately preceding the calendar month in which such Distribution Date occurs
(each, a "RECORD DATE"), such Certificateholder's fractional undivided
beneficial interest in the amount to be distributed to the Certificateholder on
such Distribution Date.

     The holder of this Trust Certificate acknowledges and agrees that its
rights to receive distributions in respect of this Trust Certificate are
subordinated to the rights of the Noteholders to the extent described in the
Sale and Servicing Agreement and the Indenture.

     It is the intent of the Seller, the Servicer, the Trust Depositor, Owner
Trustee, Indenture Trustee and the Certificateholder that, for purposes of
federal income, state and local income and single business tax and any other
income taxes, the Trust will be treated as a partnership and the
Certificateholder (including the Trust Depositor) will be treated as partners in
that partnership. The Trust Depositor and the Certificateholder, by acceptance
of a Trust Certificate, agree to treat, and to take no action inconsistent with
the treatment of, the Trust Certificate for such tax purposes as partnership
interests in the Trust and the Certificateholder (including the Trust Depositor)
as partners in that partnership.

     Each Certificateholder, by its acceptance of a Trust Certificate or
beneficial interest in a Trust Certificate, covenants and agrees that such
Certificateholder will not at any time institute against the Trust or the Trust
Depositor, or join in any institution against the Trust or the Trust Depositor,
Harley-Davidson Credit or the Servicer any bankruptcy, reorganization,
arrangement, insolvency or liquidation

<Page>

proceedings, or other proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the
Trust Certificate, the Notes, the Trust Agreement or any of the other
Transaction Documents.

     Distributions on this Trust Certificate will be made as provided in the
Sale and Servicing Agreement by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation
or surrender of this Trust Certificate or the making of any notation hereon.
Except as otherwise provided in the Trust Agreement and notwithstanding the
above, the final distribution on this Trust Certificate will be made after due
notice by the Owner Trustee of the pendency of such distribution and only upon
presentation and surrender of this Trust Certificate at the office or agency
maintained for that purpose by the Owner Trustee in the City of Wilmington,
Delaware.

     Reference is hereby made to the further provisions of this Trust
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon shall have been executed by
an authorized officer of the Owner Trustee, by manual signature, this Trust
Certificate shall not entitle the holder hereof to any benefit under the Trust
Agreement or any other Transaction Document or be valid for any purpose.

     THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

<Page>

                            [REVERSE OF CERTIFICATE]

     The Trust Certificate does not represent an obligation of, or an interest
in the Trust Depositor, Harley-Davidson Credit, as the Seller or Servicer, the
Owner Trustee, the Indenture Trustee or any of their respective Affiliates and
no recourse may be had against such parties or their assets, except as expressly
set forth or contemplated herein or in the Trust Agreement or the other
Transaction Documents. In addition, this Trust Certificate is not guaranteed by
any governmental agency or instrumentality and is limited in right of payment to
certain collections and recoveries with respect to the Contracts and certain
other amounts, in each case as more specifically set forth herein and in the
Sale and Servicing Agreement. A copy of each of the Sale and Servicing Agreement
and the Trust Agreement may be examined by any Certificateholder upon written
request during normal business hours at the principal office of the Trust
Depositor and at such other places, if any, designated by the Trust Depositor.

     The Trust Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Trust Depositor and the rights of the Certificateholder under the Trust
Agreement at any time by the Trust Depositor and the Owner Trustee with the
consent of the Holder of the Trust Certificate and the Modified Registered
Holders. Any such consent by the Holder of this Trust Certificate shall be
conclusive and binding on such Holder and on all future Holder of this Trust
Certificate and of any Trust Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent is
made upon this Trust Certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holder of
any of the Trust Certificate.

     As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Trust Certificate is registerable in the
Certificate Register upon surrender of this Trust Certificate for registration
of transfer at the offices or agencies of the Certificate Registrar maintained
by the Owner Trustee in Wilmington, Delaware, accompanied by a written
instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar in Chicago, Illinois executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon the new Trust
Certificate of authorized denominations evidencing the same aggregate interest
in the Trust will be issued to the designated transferee. The initial
Certificate Registrar appointed under the Trust Agreement is the Owner Trustee.

     The Owner Trustee, the Certificate Registrar and any of their respective
agents may treat the Person in whose name this Trust Certificate is registered
as the owner hereof for all purposes, and none of the Owner Trustee, the
Certificate Registrar or any such agent shall be affected by any notice to the
contrary.

     The obligations and responsibilities created by the Trust Agreement and the
Trust created thereby shall terminate upon the payment to the Certificateholder
of all amounts required to be paid to them pursuant to the Trust Agreement and
the Sale and Servicing Agreement and the deposition of all property held as part
of the Trust Estate. The Trust Depositor may at its option purchase the Trust
Estate at a price specified in the Sale and Servicing Agreement, and such
purchase of the Contracts and other property of the Trust will affect early
retirement of the Trust Certificate; however, such right of purchase is

<Page>

exercisable only as of any Distribution Date on which the Pool Balance has
declined to less than 10% of the sum of (i) the initial Pool Balance and (ii)
the Pre-Funded Amount on the Closing Date.

     The Trust Certificate may not be acquired by a Benefit Plan. By accepting
and holding this Trust Certificate, the Holder hereof by accepting a beneficial
interest in this Trust Certificate, shall be deemed to have represented and
warranted that it is not a Benefit Plan and is not acquiring this Trust
Certificate or an interest therein for the account of such an entity.

<Page>

     IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in
its individual capacity, has caused this Trust Certificate to be duly executed.

Dated:                             Harley-Davidson Motorcycle Trust 2002-2

                                   By:  WILMINGTON TRUST COMPANY, not in its
                                        individual capacity but solely as
                                        Owner Trustee

                                   By:
                                      ----------------------------------
                                             Authorized Signatory

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is the Trust Certificate referred to in the within-mentioned Trust
Agreement.

WILMINGTON TRUST COMPANY,
not in its individual capacity but solely
as Owner Trustee

By:
   -------------------------------------------------
                  Authorized Signatory

<Page>

                                   ASSIGNMENT

     FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

(Please print or type name and address, including postal zip code, of assignee)

--------------------------------------------------------------------------------
the within Trust Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

--------------------------------------------------------------------------------
to transfer said Trust Certificate on the books of the Certificate Registrar,
with full power of substitution in the premises.

Dated:
      ----------------

Signature Guaranteed:

------------------------------------------    ----------------------------------
NOTICE: Signature(s) must be guaranteed by    NOTICE: The signature to this
an eligible guarantor institution.            assignment must correspond with
                                              the name of the registered owner
                                              as it appears on the face of the
                                              within Trust Certificate in every
                                              particular, without alteration or
                                              enlargement or any change
                                              whatever.

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