Document:

Exhibit 10.20
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                               SUBLEASE AGREEMENT

          This SUBLEASE AGREEMENT ("Sublease") is made and entered into as of
the 12th day of December, 2002 by and between BNP Paribas, a French banking
corporation (as successor by merger to Banque Nationale de Paris)
("Sublandlord") and New York Marine and General Insurance Company, a New York
corporation ("Subtenant").

          WHEREAS, 919 Third Avenue Associates L.P., as predecessor to
Metropolitan 3rd Avenue LLC ("Landlord"), as landlord and Sublandlord, as
tenant ("Tenant"), entered into a lease dated as of December 8, 1998 as
amended by that certain Lease Modification and Partial Lease Termination
Agreement dated as of July 24, 2000 (collectively, "Master Lease"), whereby
Landlord leased to Tenant the entire, third, fourth, ninth and tenth floors
("Office Premises") and a portion of the basement floor (the Office Premises,
together with the portion of the basement, the "Master Premises") of the
building located at 919 Third Avenue, New York, New York (the "Building"), as
more particularly described in the Master Lease, upon the terms and conditions
contained therein. All capitalized terms used herein shall have the same
meaning ascribed to them in the Master Lease unless otherwise defined herein.
A copy of the Master Lease with certain confidential information deleted is
attached hereto as Exhibit A and made a part hereof.

          WHEREAS, Sublandlord and Subtenant are desirous of entering into a
sublease of that portion of the Master Premises, consisting of the entire
tenth floor of the Building, as shown cross-hatched in black on the demising
plan annexed hereto as Exhibit B and made a part hereof ("Sublease Premises"),
on the terms and conditions hereafter set forth.

          NOW, THEREFORE, in consideration of the mutual covenants herein
contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto mutually
covenant and agree as follows:

     1.  Demise. Sublandlord hereby subleases and demises to Subtenant and
Subtenant hereby hires and subleases from Sublandlord the Sublease Premises
(which the parties stipulate contains 28,195 rentable square feet), upon and
subject to the terms, covenants and conditions hereinafter set forth.

     2.  Lease Term. Subject to Section 16 below, the term of this Sublease
("Term") shall commence on the earlier of (i) the date that Sublandlord
tenders possession of the Sublease Premises to Subtenant, at Subtenant's
request; or (ii) March 1, 2003 (such earlier date, the "Sublease Commencement
Date") and ending, unless sooner terminated as provided herein, on July 30,
2016 ("Sublease Expiration Date"). Within thirty (30) days following the
Sublease Commencement Date, Sublandlord and Subtenant shall confirm in writing
the actual Sublease Commencement Date.

     3.  Use. The Sublease Premises shall be used and occupied by Subtenant for
administrative and executive offices, subject to compliance with Article 2 of
the Master Lease (to the extent such provisions are incorporated herein by
reference) and for no other purpose.

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     4.  Subrental.

        (a)  Base Rental. Commencing on the first anniversary of the Sublease
Commencement Date ("Sublease Rent Commencement Date") and thereafter during
the Term of this Sublease and ending on the Sublease Expiration Date,
Subtenant shall pay to Sublandlord monthly installments of base rent ("Base
Rental") in the amount of One Hundred Two Thousand Seven Hundred Ninety Four
and 26/100 Dollars ($102,794.26) per month. The first monthly installment of
Base Rental shall be paid by Subtenant upon the execution of this Sublease and
shall be applied to the first month's installment of Base Rental due
hereunder. Base Rental and additional rent (including without limitation, late
fees) shall hereinafter be collectively referred to as rent ("Rent").

        (b)  Prorations. If the Sublease Commencement Date is not the first
(1st) day of a month, or if the Sublease Expiration Date is not the last day
of a month, a prorated installment of monthly Base Rental based on a thirty
(30) day month shall be paid for the fractional month during which the Term
commenced or terminated.

        (c)  Additional Rent. Beginning with the Sublease Commencement Date and
continuing to and including the Sublease Expiration Date, Subtenant shall pay
to Sublandlord as additional rent for this subletting all special or
after-hours cleaning, heating, ventilating, air-conditioning, elevator and
other Building charges incurred by Sublandlord at the request of, or on behalf
of, Subtenant, or with respect to the Sublease Premises and all other
additional expenses, costs and charges payable to Landlord in connection with
Subtenant's use of the Sublease Premises.

        (d)  Operating Expenses and Taxes. Commencing on January 1, 2004
and thereafter during the Term of this Sublease, Subtenant shall pay to
Sublandlord as additional rent for this subletting an amount equal to 19.53
percent (19.53%) ("Subtenant's Share") of the excess of Operating Expenses and
Taxes (as set forth in Article 6 of the Master Lease) over the total amount of
Operating Expenses and Taxes incurred by Sublandlord during the calendar year
2003 ("Base Year") pursuant to the terms and conditions of the Master Lease.
In no event shall Subtenant be responsible for paying any Taxes attributable
to the period of time prior to the Sublease Commencement Date. Subtenant's
Share is a percentage which reflects the ratio of the rentable square feet in
the Sublease Premises to the rentable square feet in the Office Premises.

        (e)  Electricity Expenses. Immediately following the Sublease
Commencement Date, Subtenant shall install or cause to be installed (subject
to all applicable requirements of the Master Lease), at Sublandlord's sole
cost and expense (after approval of such costs by Sublandlord, which shall not
be unreasonably withheld or delayed), a submeter to measure electricity
consumed in the Sublease Premises. During the Term of this Sublease, Subtenant
shall pay, as additional rent hereunder, 103% of the actual cost of
electricity consumed in the Sublease Premises as measured by the submeter and
Sublandlord's cost of electricity from Landlord.

        (f)  Payment of Rent. Except as otherwise specifically provided in this
Sublease, Rent shall be payable in lawful money without demand, and without
offset, counterclaim, or setoff in monthly installments, in advance, on the

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first day of each and every month during the Term of this Sublease. All of
said Rent is to be paid to Sublandlord at its office at the address set forth
in Section 12 herein, or at such other place or to such agent and at such
place as Sublandlord may designate by notice to Subtenant. Any additional rent
payable on account of items which are not payable monthly by Sublandlord to
Landlord under the Master Lease is to be paid to Sublandlord as and when such
items are payable by Sublandlord to Landlord under the Master Lease unless a
different time for payment is elsewhere stated herein. Upon written request
therefor, Sublandlord agrees to provide Subtenant with copies of any
statements or invoices received by Sublandlord from Landlord.

        (g)  Subtenant's Request To Audit. During the Term of this Sublease,
Subtenant may require Sublandlord to exercise its right to audit Landlord's
books and records, as set forth in Section 6.5(b) of the Master Lease, with
respect to Subtenant's Share of Operating Expenses and Taxes. Subtenant shall
make such request to Sublandlord in writing. Following Sublandlord's receipt
of such request, Sublandlord shall notify Landlord that it wishes to exercise
its right to audit Landlord's books and records pursuant to Section 6.5(b) of
the Master Lease, and Sublandlord shall conduct such audit on Subtenant's
behalf, subject to the terms and conditions of the Master Lease. Subtenant
agrees to pay all costs and expenses incurred by Sublandlord in connection
with such audit.

     5.   Late Charge. Subtenant shall pay to Sublandlord an administrative
charge at an annual interest rate equal to the prime rate charged by Citibank,
N.A., plus three percent (3%) ("Interest Rate") on all amounts of Rent not
paid by the third day following the date such amount was due, such charge to
accrue from the date such amount was due until paid.

     6.   Signage. Any signs proposed by Subtenant to be installed in, on or
about the Sublease Premises shall be subject to Landlord's prior written
approval. Installation of any sign shall also be subject to any covenants,
conditions or restrictions encumbering the Sublease Premises and any
applicable municipal or other governmental permits and approvals. The cost of
all such signs, including the installation, maintenance and removal thereof,
shall be at Subtenant's sole cost and expense. If Subtenant fails to maintain
its signs, or if Subtenant fails to remove same upon the expiration or earlier
termination of this Sublease and repair any damage caused by such removal,
Sublandlord may do so at Subtenant's expense and Subtenant shall reimburse
Sublandlord for all actual costs incurred by Sublandlord to effect such
removal.

     7.   Incorporation of Terms of Master Lease.

          This Sublease is subject and subordinate to the Master Lease.
Subject to the modifications set forth in this Sublease, the terms of the
Master Lease are incorporated herein by reference, and shall, as between
Sublandlord and Subtenant (as if they were Landlord and Tenant, respectively,
under the Master Lease) constitute the terms of this Sublease except to the
extent that they are inapplicable to, inconsistent with, or modified by, the
terms of this Sublease. In the event of any inconsistencies between the terms
and provisions of the Master Lease and the terms and provisions of this
Sublease, the terms and provisions of this Sublease shall govern. Subtenant
acknowledges that it has reviewed the Master Lease and is familiar with the
terms and conditions thereof.

         (a)  For the purposes of incorporation herein, the terms of the Master
Lease are subject to the following additional modifications:

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                (i) In all provisions of the Master Lease (under the terms
thereof and without regard to modifications thereof for purposes of
incorporation into this Sublease) requiring the approval or consent of
Landlord, Subtenant shall be required to obtain the approval or consent of
both Sublandlord and Landlord.

                 (ii) In all provisions of the Master Lease requiring Tenant to
submit, exhibit to, supply or provide Landlord with evidence, certificates, or
any other matter or thing, Subtenant shall be required to submit, exhibit to,
supply or provide, as the case may be, the same to both Landlord and
Sublandlord.

                (iii) Sublandlord shall have no obligation to restore or
 rebuild any portion of the Sublease Premises after any destruction or taking
by eminent domain.

         (b)  The following provisions of the Master Lease are specifically
excluded: The terms (and definitions of) "Anticipated Delivery Date",
"Delivery Date", "Final Delivery Date", "Final Delivery Space", "Initial
Alterations", "Landlord's Work", "Landlord's Initial Work", "Premises Area",
"Space", "Special Use Area" and "Third Floor Space" in the Definitions section
of the Master Lease (and all references thereto in the Master Lease); the
definitions of "Commencement Date", "Expiration Date", "Premises", "Premises
Area", "Rent Commencement Date" and "Term" (it being understood, that except
as otherwise expressly provided herein, for purposes of incorporation into
this Sublease, such terms as used therein shall be deemed to refer to the
"Sublease Commencement Date", the "Sublease Expiration Date", the "Sublease
Premises", the "Master Lease Premises Area", the "Sublease Rent Commencement
Date" and the "Term" of this Sublease (as defined herein), respectively);
Article 1; Section 2.1(b) (excluded with respect to the ancillary uses
described in (i) and (ii) and the child care facility and the Cafeteria
referenced in (viii) of the second sentence); Sections 2.1(d)-(e); Section 2.2
(excluded solely with respect to the parenthetical referencing the cafeteria
in (f) thereof); Sections 2.3-2.6; Section 3.1 (excluded solely with respect
to the amount of the Alteration Threshold stated in the second sentence
thereof, it being understood that the $100,000 amount referenced therein has
been increased annually by the CPI Fraction since the commencement of the
Master Lease term); the portion of the fourth sentence of Section 3.2,
starting with the words "; provided, however . . . ," through the end of the
sentence; the third sentence of Section 3.3(a); Section 3.3(b); Section
4.1(a); the first two sentences of Section 4.1(b); the third sentence of
Section 4.1(b) (excluded solely to the extent that Sublandlord would be deemed
to be responsible for removing and abating such ACM and restoring any
Alterations as provided therein, it being understood that such obligations
shall be Landlord's, and it being further understood that Rent shall abate
with respect to the Sublease Premises only to the extent that Rent is actually
abated under the Master Lease with respect to the Sublease Premises); Article
5 (excluded to the extent Sublandlord would be deemed to have any maintenance
and repair obligations thereunder, it being understood that Landlord's
obligations referenced therein shall be deemed to be Landlord's, not
Sublandlord's, and (ii) it being further understood that (i) any claim by
Subtenant for reimbursement of repair costs pursuant to Section 5.1(b) shall
be limited to the amount of reimbursement actually paid by Landlord to
Sublandlord; and (ii) that in Section 5.4, Rent shall abate with respect to
the Sublease Premises only to the extent that Rent is actually abated under
the Master Lease with respect to the Sublease Premises); Section 6.1(b), (e)
and (i) (all excluded solely with respect to the definitions of "Tenant's
Share," "Base Taxes" and "Base Expense Year" set forth therein, it being
understood that for purposes of incorporation into this Sublease, "Tenant's
Share" shall mean "Subtenant's Share," "Base Taxes" shall mean Taxes payable

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during the Base Year (as defined herein) and "Base Expense Year" shall mean
the Base Year); Section 6.1(f) (excluded solely to the extent that the term
"Comparison Year" with respect to Taxes means any Tax Year commencing
subsequent to June 30, 2000, it being understood that for purposes of
incorporation into this Sublease, the term "Comparison Year" with respect to
Taxes shall mean any calendar year commencing subsequent to the Base Year (as
defined herein); the third sentence of Section 6.5(b) (excluded except to the
extent it is referenced in Section 4(g) hereof); Section 7.3 (excluded solely
to the extent that Sublandlord would be deemed to have any compliance or other
obligations thereunder, it being understood that such obligations shall be
Landlord's (not Sublandlord's); Sections 8.2 and 8.4; Article 9 (excluded (i)
to the extent that Sublandlord would be deemed responsible for providing any
of the services described therein or costs or liability incurred by Landlord
in connection therewith, it being understood that such obligations shall be
Landlord's; and (ii) Sections 9.2 (c) - (d); the first and third sentences of
Section 9.2(i); 9.2(j); 9.2(k); 9.3(d) - (e); the fourth through seven
sentences of 9.4(b); and the first sentence of Section 9.4(c); Sections 9.9 -
9.11 are excluded in their entirety); 10.1(b); 10.4 (excluded solely to the
extent Sublandlord would be deemed to have any obligations to maintain such
insurance thereunder, it being understood that such obligations shall be
Landlord's); Articles 11 and 12 (excluded (i) to the extent that Sublandlord
would be deemed to have any repair or restoration obligations thereunder, it
being understood that such obligations shall be Landlord's; (ii) to the extent
that Subtenant would be entitled to any greater rental abatement than the
rental abatements (if any) actually received by Sublandlord that is
attributable to the Sublease Premises; (iii) to the extent that Subtenant
would be deemed to have any right to terminate this Sublease pursuant to
Section 11.3 thereof, it being understood that Tenant's termination rights as
referenced therein shall be deemed to refer to Sublandlord for purposes of
incorporation into this Sublease; and (iv) to the extent that the first
sentence of Section 12.1 would be deemed to apply to the Sublease Premises
and/or Subtenant's business conducted therein, it being understood that such
provision shall not confer on Subtenant any independent right to terminate
this Sublease or abate rent hereunder); Section 13.2 (and all references
elsewhere to such Section); the third sentence of Section 13.12; Article 14
(excluded to the extent that Sublandlord would be deemed obligated to perform
any of the work described therein, it being understood that such obligations
shall be Landlord's and to the extent that the references to "Premises" in the
phrase "a substantial portion of the Premises" in the third sentence of
Section 14.1 would be deemed to refer to the Sublease Premises it being
understood that such term shall be deemed to refer to the Master Premises for
the purposes of incorporation into this Sublease); Section 14.2 (excluded
solely with respect to the reference in the third sentence to "3500 Rentable
Square Feet", it being understood that Subtenant shall only be entitled to a
Secure Area consisting of a proportionate share of the amount of Rentable
Square Feet allocated to the Office Premises); Section 14.4 (excluded to the
extent that Sublandlord would be deemed to have any obligations with respect
to the Base Building Upgrade Work, it being understood that such obligations
shall be Landlord's); the second sentence of Article 15 (excluded solely to
the extent that the representation contained therein would be deemed to be
made by Sublandlord, it being understood that such representation was made by
Landlord); Section 18.2 (excluded, it being understood that Subtenant shall be
responsible for paying a late charge as provided in Section 5 of this
Sublease); Section 20.2 (excluded solely to the extent that the term "Existing
Rent" as used therein would be deemed to refer to the total amount of Fixed

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Rent and Additional Rent payable by Subtenant under this Sublease, it being
understood that for purposes of incorporation into this Sublease, such term
shall mean the total amount of Fixed Rent and Additional Rent payable by
Sublandlord under the Master Lease); Article 21; Section 22.3 (excluded solely
to the extent Sublandlord would be deemed to have any repair obligation
thereunder, it being understood that such repair obligations shall be
Landlord's); Articles 25 and 27; Section 28.2; Articles 29 and 30 (excluded
except with respect to the definition of "Soft Costs" contained in Section
30.1(a) and the disbursement procedure set forth in Section 30.2, the latter
of which is incorporated herein and shall apply to the disbursement of
Sublandlord's Contribution pursuant to Section 15(b) of this Sublease);
Articles 31 and 33; Section 34.1(c); Exhibit A; Exhibit D (excluded with
respect to paragraphs 1, 2, 7, and 8 and to the extent, in the remaining
provisions thereof, (i) that Sublandlord would be deemed to have any
obligations thereunder, it being understood that the obligations of "Landlord"
referenced therein shall be deemed to refer to Landlord, not Sublandlord; (ii)
that Landlord has already performed the work described therein in the Sublease
Premises; and/or (iii) that such Exhibit applies to portions of the Office
Premises other than the Sublease Premises);Exhibits E-1 and E-2; F (excluded
solely with respect to the rates referenced therein, it being understood that
such rates were the rates charged by Landlord as of the date of the Master
Lease, and that the current rates charged by Landlord may be different); and
Exhibit L; all of the provisions of the Lease Modification and Partial
Termination Agreement as of July 24, 2000, except to the extent that Sections
5(C) and 5(D) thereof amend the definitions of "Office Premises" and "Premises
Area".

     8.   Subtenant's Obligations. Subtenant covenants and agrees that all
obligations of Sublandlord under the Master Lease shall be done or performed
by Subtenant with respect to the Sublease Premises, except as otherwise
provided by this Sublease, and Subtenant's obligations shall run to
Sublandlord and Landlord as Sublandlord may determine to be appropriate or be
required by the respective interests of Sublandlord and Landlord. Subtenant
agrees to indemnify and defend Sublandlord, and hold it harmless, from and
against any and all claims, damages, losses, expenses and liabilities
(including reasonable attorneys' fees) incurred as a result of the
non-performance, non-observance or non-payment of any of Sublandlord's
obligations under the Master Lease which, as a result of this Sublease, became
an obligation of Subtenant. If Subtenant makes any payment to Sublandlord
pursuant to this indemnity, Subtenant shall be subrogated to the rights of
Sublandlord concerning said payment. Subtenant shall not do, nor permit to be
done, any act or thing which is, or with notice or the passage of time would
be, a default under this Sublease or the Master Lease.

     9.   Sublandlord's Obligations. Sublandlord agrees that Subtenant shall be
entitled to receive all services and repairs to be provided by Landlord to
Sublandlord under the Master Lease with respect to the Sublease Premises.
Subtenant shall look solely to Landlord for all such services and shall not,
under any circumstances, seek or require Sublandlord to perform any of such
services, nor shall Subtenant make any claim upon Sublandlord for any damages
which may arise by reason of Landlord's default under the Master Lease.
Notwithstanding the foregoing, in the event Landlord defaults in its
obligation to provide services or repairs or to perform any work required by
the Master Lease to the Sublease Premises (including , without limitation, any
work described in Exhibits D and I of the Master Lease that applies to the
Sublease Premises), Sublandlord, at Sublandlord's expense, shall seek to
enforce by legal action, if necessary, Landlord's obligations to provide such
services or repairs or to perform any such work.  Any condition resulting from
a default by Landlord shall not constitute as between Sublandlord and

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Subtenant an eviction, actual or constructive, of Subtenant and no such
default shall excuse Subtenant from the performance or observance of any of
its obligations to be performed or observed under this Sublease, or entitle
Subtenant to receive any reduction in or abatement of the Rent provided for in
this Sublease (except to the extent Sublandlord is excused from performing or
observing its obligations with respect to the Sublease Premises under the
Master Lease and/or except to the extent Sublandlord actually receives a
rental abatement with respect to the Sublease Premises pursuant to the Master
Lease). In furtherance of the foregoing, Subtenant does hereby waive any cause
of action and any right to bring any action against Sublandlord by reason of
any act or omission of Landlord under the Master Lease. Sublandlord covenants
and agrees with Subtenant that Sublandlord will pay all fixed rent and
additional rent payable by Sublandlord pursuant to the Master Lease to the
extent that failure to perform the same would adversely affect Subtenant's use
or occupancy of the Sublease Premises.

     10.  Default by Subtenant. In the event Subtenant shall be in default of
any covenant of, or shall fail to honor any obligation under this Sublease,
Sublandlord shall have available to it against Subtenant all of the remedies
available (a) to Landlord under the Master Lease in the event of a similar
default on the part of Sublandlord thereunder and (b) at law and in equity. In
the event Sublandlord shall be in default of any covenant of, or shall fail to
honor any obligations under this Sublease, Subtenant shall have available to
it against Sublandlord all remedies available at law.

     11.  Quiet Enjoyment. So long as Subtenant pays all of the Rent due
hereunder and performs all of Subtenant's other obligations hereunder,
Sublandlord shall do nothing to affect Subtenant's right to peaceably and
quietly have, hold and enjoy the Sublease Premises.

     12.  Notices. Anything contained in any provision of this Sublease to the
contrary notwithstanding, Subtenant agrees, with respect to the Sublease
Premises, to comply with and remedy any default in this Sublease or the Master
Lease which is Subtenant's obligation to cure, within the period allowed to
Sublandlord under the Master Lease, even if such time period is shorter than
the period otherwise allowed therein due to the fact that notice of default
from Sublandlord to Subtenant is given after the corresponding notice of
default from Landlord to Sublandlord. Sublandlord agrees to forward to
Subtenant, within three (3) business days following receipt thereof by
Sublandlord, a copy of each notice of default received by Sublandlord in its
capacity as Tenant under the Master Lease. Subtenant agrees to forward to
Sublandlord, promptly upon receipt thereof, copies of any notices received by
Subtenant from Landlord or from any governmental authorities. All notices,
demands and requests shall be in writing and shall be sent either by hand
delivery or by a nationally recognized overnight courier service (e.g.,
Federal Express), in either case return receipt requested, to the address of
the appropriate party. Notices, demands and requests so sent shall be deemed
given when the same are received.

     Notices to Sublandlord shall be sent to the attention of:

                  BNP Paribas
                  787 Seventh Avenue
                  New York, New York 10019
                      Attn:  Sue Bacon

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                  with a copy to:

                  Kramer Levin Naftalis and Frankel LLP
                  919 Third Avenue
                  New York, New York 10022
                      Attn:  Neil Tucker, Esq.

                  Prior to Subtenant's occupancy of the Sublease Premises,
                  notices to Subtenant shall be sent to the attention of:

                  New York Marine and General Insurance Company
                  330 Madison Avenue
                  7th Floor
                  New York, New York 10017
                      Attn: A. George Kallop
                      Executive Vice President

                  with a copy to:

                  New York Marine and General Insurance Company
                  330 Madison Avenue
                  7th Floor
                  New York, New York 10017
                      Attn:  Paul Hart, Esq.
                      General Counsel

                  Following Subtenant's occupancy of the Sublease, notices to
                  Subtenant shall be sent to the attention of:

                  New York Marine and General Insurance Company
                  919 Third Avenue
                  10th Floor
                  New York, New York 10022
                      Attn: A. George Kallop
                      Executive Vice President

                  with a copy to:

                  New York Marine and General Insurance Company
                  919 Third Avenue
                  10th Floor
                  New York, New York 10022
                        Attn: Paul Hart, Esq.
                        General Counsel

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     13.  Broker.

     Sublandlord and Subtenant represent and warrant to each other that, with
the exception of Cushman & Wakefield, Inc. ("Sublandlord's Broker"), who is
representing Sublandlord, and Julian J. Studley, Inc. ("Subtenant's Broker"),
who is representing Subtenant, no brokers were involved in connection with the
negotiation or consummation of this Sublease. Sublandlord agrees to pay the
commission of Sublandlord's Broker pursuant to a separate agreement with
Sublandlord's Broker and Sublandlord's Broker, in turn, shall pay a portion of
such commission to Subtenant's Broker, pursuant to a separate agreement with
Subtenant's Broker. Each party agrees to indemnify the other, and hold it
harmless, from and against any and all claims, damages, losses, expenses and
liabilities (including reasonable attorneys' fees) incurred by said party as a
result of a breach of this representation and warranty by the other party.

     14.  Condition of Premises. Subtenant acknowledges that it is subleasing
the Sublease Premises "as-is" and that Sublandlord is not making any
representation or warranty concerning the condition of the Sublease Premises
and that, except with respect to causing Landlord, at Landlord's cost, to
perform Landlord's Life Safety Work (as defined below), Sublandlord is not
obligated to perform any work to prepare the Sublease Premises for Subtenant's
occupancy. Subtenant acknowledges that it is not authorized to make or do any
alterations or improvements in or to the Sublease Premises except as permitted
by the provisions of this Sublease and the Master Lease and that, except as
set forth herein, it must deliver the Sublease Premises to Sublandlord on the
Sublease Expiration Date in the condition required by the Master Lease.

     15.  Alterations to the Sublease Premises.

         (a)  Landlord's Life Safety Work. Sublandlord agrees that following
the Sublease Commencement Date, Sublandlord shall require Landlord (at no cost
to Subtenant) to perform the life safety work described on Exhibit C attached
hereto and incorporated herein, to the extent such work has not yet been
completed by Landlord ("Landlord's Life Safety Work").

         (b)  Subsequent Alterations. In the event that Subtenant elects to
perform additional Alterations to the Sublease Premises (subject to
Sublandlord's prior approval and the provisions of the Master Lease),
Sublandlord shall contribute an amount up to, but not exceeding $50.00 per
rentable square foot ("Sublandlord's Contribution") of the square footage of
the Sublease Premises towards the hard and soft construction costs incurred by
Subtenant in connection therewith. In no event shall Sublandlord's
Contribution apply to Soft Costs (as defined in Section 30.1(b) of the Master
Lease), or costs for cabling and wiring, to the extent such Soft Costs, or
costs for cabling and wiring exceed fifteen percent (15%) of the total cost of
the work to be performed by Subtenant in the Sublease Premises. Sublandlord's
Contribution shall be disbursed to Subtenant's contractors on a progress
payment basis, in accordance with the provisions set forth in Article 30 of
the Master Lease. In the event Subtenant does not utilize all of Sublandlord's
Contribution on or prior to June 1, 2004 (such date being subject to extension
for any period of time following the Sublease Commencement Date for which the
construction of Subtenant's proposed Alterations may be delayed as a result of
Unavoidable Delays (as defined in Article 24 of the Master Lease)),
Sublandlord shall have no obligation to pay (and Subtenant hereby waives any
claim to) all or any remaining balance of Sublandlord's Contribution. No part
of Landlord's Contribution may be used for any personal property, equipment or
trade fixtures. With respect to any Alterations performed by Subtenant

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hereunder, Sublandlord agrees that (i) Sublandlord shall not withhold its
consent to any core drilling required to be performed by Subtenant in
connection with any of its proposed Alterations, provided that Landlord
consents to such Alterations and such core drilling, and further provided that
such core drilling is conducted in accordance with all Building Rules and
Regulations and construction requirements of Landlord; and (ii) unless
Sublandlord notifies Subtenant at the time Sublandlord approves Subtenant's
Alterations that Subtenant shall be required to remove such Alterations as of
the Sublease Expiration Date, Subtenant shall have no obligation to remove
such Alterations. Subtenant shall submit to Sublandlord a minimum of two (2)
sets of plans and specifications relating to any Alterations proposed by
Subtenant, and provided that Sublandlord approves such proposed Alterations,
Sublandlord shall forward such plans and specifications to Landlord within
five (5) business days following Sublandlord's receipt thereof.

     16.  Consent of Landlord. Article 13 of the Master Lease requires
Sublandlord to obtain the written consent of Landlord to this Sublease.
Sublandlord shall solicit Landlord's consent to this Sublease promptly
following the execution and delivery of this Sublease by Sublandlord and
Subtenant. In the event Landlord's written consent to this Sublease has not
been obtained within forty-five (45) days after the execution hereof, this
Sublease may be terminated by either party hereto upon notice to the other,
and upon such termination, Sublandlord shall promptly return to Subtenant all
amounts previously delivered by Subtenant hereunder, and thereafter neither
party hereto shall have any further rights against or obligations to the other
party hereto.

     17.  Termination of the Lease. If for any reason the term of the Master
Lease shall terminate prior to the Sublease Expiration Date, this Sublease
shall automatically be terminated and Sublandlord shall not be liable to
Subtenant by reason thereof unless said termination shall have been caused by
the default of Sublandlord under the Master Lease at a time when Subtenant is
not in default hereunder. Sublandlord agrees to indemnify and defend
Subtenant, and hold it harmless, from and against any and all actual and
direct claims, damages, losses, expenses and liabilities (including reasonable
attorneys' fees) incurred by Subtenant as a result of the termination of this
Sublease due to a termination of the Master Lease, provided that: (i) the
termination of the Master Lease (and the Sublease) was caused by Sublandlord's
default under the Master Lease; and (ii) Subtenant was not in default of any
of the terms, covenants or conditions of this Sublease at the time of
Sublandlord's default under the Master Lease.

     18.  Limitation of Estate. Subtenant's estate shall in all respects be
limited to, and be construed in a fashion consistent with, the estate granted
to Sublandlord by Landlord. Subtenant shall stand in the place of Sublandlord
and shall defend, indemnify and hold Sublandlord harmless with respect to all
covenants, warranties, obligations and payments made by Sublandlord under or
required of Sublandlord by the Master Lease with respect to the Subleased
Premises, except to the extent such covenants, warranties, obligations and
payments are otherwise expressly modified herein, and then, as so modified. In
the event Sublandlord is prevented from performing any of its obligations
under this Sublease by a breach by Landlord of a term of the Master Lease,
then, except as otherwise expressly provided in Section 9 above, Sublandlord's
sole obligation in regard to its obligation under this Sublease shall be to
use reasonable efforts in diligently pursuing the correction or cure by
Landlord of Landlord's breach.

                                      -10-
<PAGE>

     19.  Entire Agreement. It is understood and acknowledged that there are no
oral agreements between the parties hereto affecting this Sublease and this
Sublease supersedes and cancels any and all previous negotiations,
arrangements, brochures, agreements and understandings, if any, between the
parties hereto or displayed by Sublandlord to Subtenant with respect to the
subject matter thereof, and none thereof shall be used to interpret or
construe this Sublease. This Sublease, and the exhibits and schedules attached
hereto, contain all of the terms, covenants, conditions, warranties and
agreements of the parties relating in any manner to the rental, use and
occupancy of the Sublease Premises and shall be considered to be the only
agreements between the parties hereto and their representatives and agents.
None of the terms, covenants, conditions or provisions of this Sublease can be
modified, deleted or added to except in writing signed by the parties hereto.
Time is of the essence with respect to Subtenant's obligations hereunder. All
negotiations and oral agreements acceptable to both parties have been merged
into and are included herein. There are no other representations or warranties
between the parties, and all reliance with respect to representations is based
totally upon the representations and agreements contained in this Sublease.

                                     -11-

<PAGE>

          IN WITNESS WHEREOF, the parties have entered into this Sublease as
of the date first written above.

                                  SUBLANDLORD:

                                  BNP Paribas,
                                  a French banking corporation

                                      By:  /s/ Larry B. Sobin
                                           -------------------------------------
                                      Its: Chief Administrative Officer
                                           BNP Paribas Securities Corp.

                                           /s/ Suzanne L. Bacon
                                           -------------------------------------
                                           Director, Premise and Logistics

                                  SUBTENANT:

                                  New York Marine and General Insurance Company,
                                  a New York corporation

                                      By:  /s/ George R. Trumbull
                                           -------------------------------------
                                      Its:   CEO

                                     -12-TRUST AGREEMENT

                  TRUST AGREEMENT, between MS Structured Asset Corp. (the
"Depositor") and LaSalle Bank National Association (the "Trustee"), made as of
the date set forth in Schedule I attached hereto, which Schedule together with
Schedules II and III attached hereto, are made a part hereof. The terms of the
Standard Terms for Trust Agreements, dated March 5, 2003 (the "Standard Terms")
are, except to the extent otherwise expressly stated, hereby incorporated by
reference herein in their entirety with the same force and effect as though set
forth herein. Capitalized terms used herein and not defined shall have the
meanings defined in the Standard Terms. References to "herein", "hereunder",
"this Trust Agreement" and the like shall include the Schedule I attached hereto
and the Standard Terms so incorporated by reference.

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

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

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

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

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

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

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

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

                      By:  ____________________________
                           Name:  Ann M. Kelly
                           Title: Assistant Vice President

                      MS STRUCTURED ASSET CORP.

                      By: ____________________________
                           Name:  John Kehoe
                           Title: Vice President

Attachments: Schedules I, II and III

<PAGE>

                                   Schedule I
                           (Terms of Trust and Units)

Trust:                        SATURNS Trust No. 2003-5

Date of Trust Agreement:      March 14, 2003

Trustee:                      LaSalle Bank National Association

Initial Unit Principal
Balance of the Units:         $75,027,675

Issue Price:                  100%

Number of Units:              3,001,107 (Unit Principal Balance of $25 each)

Minimum Denomination:         $25 and $25 increments in excess thereof. Each
                              $25 of Unit Principal Balance is a Unit.

Cut-off Date:                 March 14, 2003

Closing Date:                 March 14, 2003

Specified Currency:           United States dollars

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

Interest Rate:                8.125% per annum on the basis of a 360 day year
                              consisting of twelve 30 day months.

Interest Reset Period:        Not Applicable

Rating:                       Baa1 by Moody's

                              BBB by S&P

Rating Agencies:              Moody's and S&P

Scheduled Final Distribution
Date:                         July 16, 2031. The Units will have the same final
                              maturity as the Underlying Securities.

Prepayment/Redemption:

                              The Trust Property is subject to redemption in
                              accordance with the terms of the Underlying
                              Securities and as described in Schedule II and is
                              subject to call in accordance with Schedule III.
                              Any such call or redemption will cause a
                              redemption of a corresponding portion of the
                              Units.

                              If the call rights under the Swap Agreement are
                              partially exercised, the Trustee will randomly
                              select Units to be redeemed in full from the
                              proceeds of such partial exercise of the Swap
                              Agreement. If sufficient funds are not available
                              to redeem each such redeemed Unit in full, one
                              Unit may be fractionally redeemed as a result of
                              each such partial exercise.

Additional Distribution:      If any of the Underlying Securities are redeemed
                              by the Underlying Security Issuer due to a tax
                              event or following a tax event prior to March 14,
                              2008, each of the Units being redeemed in
                              connection with such redemption of Underlying
                              Securities or related exercise of the call rights
                              under the Swap Agreement will be redeemed at their
                              stated Unit Principal Balance without any
                              additional distribution.

                              If the Underlying Security Issuer gives notice of
                              a self-tender as to Underlying Securities held by
                              the Trust and a Swap Counterparty exercises its
                              call rights under a Swap Agreement in connection
                              with such self-tender prior to March 14, 2008,
                              each redeemed Unitholder shall receive an
                              additional distribution of $1.50 per Unit from the
                              proceeds of such exercise in respect of principal,
                              price or premium with respect to the Underlying
                              Securities in excess of the corresponding Unit
                              Principal Balance of the Units to be redeemed. The
                              Units may also receive any additional amounts
                              available at maturity or upon a redemption by the
                              Underlying Security Issuer if all or a portion of
                              the Swap Agreement has expired unexercised.

Swap Agreement:               The ISDA Master Agreement referred to in Schedule
                              III and any assignment thereof.

Swap Counterparty:            Party A to the Swap Agreement referred to in
                              Schedule III or any assignee thereof.

                              In the event of a self-tender for the Underlying
                              Securities, the Trustee shall tender to the
                              Underlying Security Issuer an amount of the
                              Underlying Securities equal to the total number of
                              options exercised, and shall apply the proceeds of
                              such tender in cash settlement of such options as
                              provided in the Swap Agreement; provided, however,
                              that to the extent any amount of Underlying
                              Securities tendered is not accepted by the
                              Underlying Security Issuer and paid for in
                              accordance with the terms of the tender offer,
                              such options relating to the securities so
                              tendered and not accepted shall be deemed
                              rescinded and no settlement thereof shall be
                              deemed to have occurred, with the number of such
                              rescinded options to be allocated among the Swap
                              Counterparties in proportion to the number of
                              options initially exercised (and each Swap
                              Counterparty shall be entitled to exercise such
                              rescinded options in the future).

Swap Termination Payment:     With respect to each $1,000 face amount of
                              Underlying Securities and each corresponding
                              option under the Swap Agreement, an amount equal
                              to the excess (if any) of the sale proceeds or
                              redemption proceeds of the Underlying Securities,
                              as applicable, reduced by (x) accrued interest on
                              the Underlying Securities, (y) the $1,000 of Unit
                              Principal Balance of Units to be redeemed in
                              relation to such sale or redemption and (z) any
                              additional distribution on the Units to be
                              redeemed in relation to such sale or distribution.

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

Swap Payment Date:            Not Applicable

Swap Rate:                    Not Applicable

Distribution                  Date: Each January 16 and July 16, or the next
                              succeeding Business Day if such day is not a
                              Business Day, commencing July 16, 2003 and any
                              other date upon which funds are available for
                              distribution in accordance with the terms hereof.

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

Record Date:                  The record date for each Distribution Date shall
                              be the third Business Day prior to such
                              Distribution Date, without adjustment for any
                              change in the Distribution Date due to the receipt
                              of funds for distribution after 12 noon.

Form:                         Global Security

Depositary:                   DTC

Trustee Fees and Expenses:    As compensation for and in payment of trust
                              expenses related to its services hereunder other
                              than Extraordinary Trust Expenses, the Trustee
                              will receive Trustee Fees on each Distribution
                              Date in the amount equal to $2,000. The Trustee
                              Fee shall cease to accrue after termination of the
                              Trust. The "Trigger Amount" with respect to
                              Extraordinary Trust Expenses for the Trust is
                              $25,000 and the Maximum Reimbursable Amount is
                              $100,000. The Trustee Fee will be paid by the
                              Expense Administrator. Expenses will be reimbursed
                              by the Expense Administrator in accordance with
                              the Expense Administration Agreement.

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

                              The Expense Administrator will receive a fee equal
                              to $6,500 payable on each Distribution Date.
                              Amounts in respect of an additional payment
                              obligation of the Swap Counterparty in respect of
                              the Expense Administrator's fee shall also be
                              considered part of the Expense Administrator's fee
                              hereunder and under the Expense Administration
                              Agreement. The Expense Administrator's fee is
                              payable only from available interest receipts
                              received with respect to the Underlying Securities
                              after application of such receipts to payment of
                              accrued interest on the Units. The Amounts
                              specified in the paragraph are also referred to as
                              the "Expense Administrator's Fee".

                              In addition, the Expense Administrator shall own
                              that portion of the Underlying Securities which
                              represent the interest of a fractional Unitholder
                              that would remain after a partial exercise of the
                              Swap Agreement had the Swap Counterparty not been
                              obligated to pay the Fractional Unit Make Whole
                              Amount (pursuant to and as defined in the Swap
                              Agreement and the Expense Administration
                              Agreement). The Expense Administrator shall
                              receive all interest and principal with respect to
                              such portion of the Underlying Securities.

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

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

ERISA Restrictions:           No ERISA Restrictions apply.

QIB Restriction:              Not Applicable

Trust Wind-Up Event:          If (i) cash settlement applies under the Swap
                              Agreement (other than in connection with a
                              self-tender or redemption by the Underlying
                              Security Issuer for the Underlying Securities),
                              (ii) a Trust Wind-Up Event has occurred in
                              connection with the exercise of any call rights
                              under the Swap Agreement and (iii) the Selling
                              Agent cannot obtain a bid for the Underlying
                              Securities in excess of 100% of the aggregate Unit
                              Principal Balance of the Units and accrued
                              interest on the Underlying Securities, then the
                              Underlying Securities will not be sold, the Swap
                              Counterparty's exercise of the call rights will be
                              rescinded (and the Swap Counterparty shall be
                              entitled to exercise such options in the future)
                              and any related Trust Wind-Up Event will be deemed
                              not to have occurred.

Termination:                  If a Trust Wind-Up Event occurs, any Underlying
                              Securities held by the Trust will be liquidated
                              (by delivery to the Underlying Security Issuer in
                              the event of a redemption, pursuant to the terms
                              of the Swap Agreement in the event of an exercise
                              of options under the Swap Agreement or otherwise
                              by sale thereof).

                              If the related Trust Wind-Up Event occurs due to a
                              redemption of the Underlying Securities by the
                              Underlying Security Issuer or an exercise of the
                              call rights under the Swap Agreement as to all
                              Underlying Securities held by the Trust, (i)
                              amounts received as accrued interest on the
                              Underlying Securities will be applied to amounts
                              treated as accrued interest outstanding on the
                              Units, (ii) amounts received as principal or par
                              on the Underlying Securities (including any
                              portion of the Call Strike Price (as defined in
                              the Swap Agreement)) will be applied to the Unit
                              Principal Balance of the Units up to 100% of the
                              Unit Principal Balance of each Unit, and (iii) any
                              additional amounts received in respect of
                              principal or premium (or any portion of the Call
                              Strike Price in excess of the amount in (ii)) will
                              be applied to the Units as an additional
                              distribution, but only up to the amount specified
                              under "Additional Distribution" in this Trust
                              Agreement. Remaining accrued interest will be
                              applied to the Expense Administrator's fee.
                              Amounts in respect of an additional payment
                              obligation of each Swap Counterparty in respect of
                              the Expense Administrator's Fee will be paid to
                              the Expense Administrator. Remaining amounts will
                              be allocated to the Swap Termination Payment.

                              If the Trust is terminated for any other reason,
                              the proceeds of liquidation will be applied to
                              redeem the Units up to their stated principal
                              balance. If the proceeds of liquidation exceed the
                              stated principal balance of the Units and the
                              accrued interest on the Underlying Securities, the
                              excess will be paid to the Swap Counterparty as a
                              Swap Termination Payment under the Swap Agreement,
                              other than amounts payable to the Expense
                              Administrator in respect of the Expense
                              Administrator's Fee.

Self-Tenders by
Underlying Security Issuer:   The Trust will not participate in any self-tender
                              by the Underlying Security Issuer for the
                              Underlying Securities and the Trustee will not
                              accept any instructions to the contrary from the
                              Unitholders except in connection with an exercise
                              by a Swap Counterparty of its call rights. Any
                              Swap Counterparty may exercise its call rights in
                              connection with any self-tender in accordance with
                              the Swap Agreement and the Trustee may participate
                              in the self tender by the Underlying Security
                              Issuer on behalf of an exercising Swap
                              Counterparty.

Depositor Optional Exchange:  Depositor Optional Exchange applies to this Series
                              of Units.

                              Section 5.12(c)(ii) of the Standard Terms shall be
                              incorporated herein by replacing 5.12 (c)(ii) with
                              the following: "(ii) such exchange is to be
                              effected on any Distribution Date or any date that
                              is 90 days before or after a Distribution Date (or
                              the succeeding Business Day if such date is not a
                              Business Day) with 45 days notice".

                              Pursuant to 5.12(c)(iii) each Swap Counterparty
                              and the Expense Administrator must consent to such
                              an exchange.

Terms of Retained Interest:   Notwithstanding any other provision herein or in
                              the Standard Terms, the Depositor retains the
                              right to receive any and all interest that accrues
                              on the Underlying Securities prior to the Closing
                              Date. The Depositor will receive such accrued
                              interest on the first Distribution Date (or
                              redemption date if earlier) for the Units and such
                              amount shall be paid from the interest payment
                              made with respect to the Underlying Securities on
                              the first Distribution Date.

                              The amount of the Retained Interest is $982,133.

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

Call Option Terms:            Not Applicable.

Sale of Underlying
Securities:                   If the Swap Counterparty is not an affiliate of
                              the Selling Agent, the Selling Agent will extend a
                              right of first refusal to each Swap Counterparty
                              to purchase the Underlying Securities at the
                              highest bid received by the Selling Agent.

                              If more than one Swap Counterparty exercises such
                              right of first refusal, Underlying Securities will
                              be sold to each exercising Swap Counterparty in
                              proportion to the number of options held by such
                              Swap Counterparty; provided, that if only one Swap
                              Counterparty exercises such right of first
                              refusal, such Swap Counterparty shall be entitled
                              to purchase all of the Underlying Securities to be
                              sold by the Selling Agent.

                              If cash settlement applies and if the Swap
                              Counterparty exercises any of its call rights
                              other than in connection with a redemption of or a
                              self-tender for the Underlying Securities by the
                              Underlying Security Issuer (or extent thereof in
                              the event of an exercise of call rights in excess
                              of the amount to be redeemed), a number of
                              Underlying Securities corresponding to the number
                              of call rights exercised by the Swap Counterparty
                              will be sold by the Selling Agent on behalf of the
                              Trust. If the Selling Agent cannot obtain a bid
                              for the Underlying Securities in excess of the
                              amount specified in the Swap Agreement, then the
                              Underlying Securities will not be sold, the Swap
                              Counterparty's exercise will be rescinded (and the
                              Swap Counterparty shall be entitled to exercise
                              such call rights in the future) and any related
                              Trust Wind-Up Event will be deemed not to have
                              occurred.

Selling Agent:                Morgan Stanley & Co. Incorporated.

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

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

<PAGE>

                                   Schedule II
                            (Terms of Trust Property)

Underlying Securities:        Ford Motor Company 7.45% debentures due July 16,
                              2031

Underlying Security Issuer:   Ford Motor Company

Principal Amount:             $82,000,000

Underlying Security Rate:     7.45%

Credit Ratings:               Baa1 by Moody's

                              BBB by S&P

Listing:                      None.

Underlying Security
Issuance Agreement:           An indenture dated as of February 15, 1992 between
                              the Underlying Security Issuer and the Underlying
                              Security Trustee as supplemented and amended from
                              time to time.

Form:                         Global

Acquisition Price by Trust:   $72,869,303

Underlying Security
Payment Date:                 Each January 16 and July  16

Original Issue Date:          The Underlying Securities were originally issued
                              in a public offering on or about July 16, 1999 in
                              a principal amount of $1,800,000,000. Further
                              Underlying Securities were issued under the same
                              series in public offerings on or about July 28,
                              2000 in a principal amount of $1,500,000,000 and
                              October 24, 2001 in a principal amount of
                              $1,500,000,000.

Maturity Date:                July 16, 2031

Sinking Fund Terms:           Not Applicable

Redemption                    Terms: The Underlying Security Issuer may redeem
                              the Underlying Securities upon a "tax event" for a
                              redemption price equal to the principal amount
                              plus accrued interest if any.

CUSIP No.:/ISIN No.           345370CA6

Underlying Security Trustee:  Bank of New York

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

<PAGE>

                                                                  MORGAN STANLEY

                                  Schedule III
                              (Call Option Confirm)

--------------------------------------------------------------------------------
Date:   March 14, 2003

To:     SATURNS Trust No. 2003-5           From:    Morgan Stanley & Co.
                                                    International Limited

Attn:   Asset-Backed Securities Group      Contact: Chris Boas
        SATURNS Trust No. 2003-5

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

Tel:    312-904-9387                       Tel:     212-761-1395
--------------------------------------------------------------------------------

Re: Bond Option Transaction. MS Reference Number SQ27T

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

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

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

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

I. General Terms

Trade Date:                   March 7, 2003

Option Style:                 American

Option Type:                  Call

Buyer:                        MSIL ("Party A")

Seller:                       SATURNS Trust No. 2003-5 ("Party B")

Bonds:                        The obligation identified as follows:
                              Bond Issuer:            Ford Motor Company
                              Issue:                  7.45% debentures due 2031
                              CUSIP:                  345370CA6
                              Coupon:                 7.45%
                              Maturity Date:          July 16, 2031
                              Face Amount Purchased:  USD 82,000,000

Premium:                      USD $205,000

Premium Payment Date:         March 14, 2003

Number of Options:            82,000

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

Strike Price:                 (i) For any Exercise Date prior to March 14, 2008,
                              (A) 91.498%, in the case of an exercise related to
                              a redemption, of the corresponding portion of the
                              face amount of the Bonds, but exclusive of accrued
                              interest on the Bonds or (B) 96.988%, in the case
                              of an exercise related to a self-tender by the
                              Bond Issuer for Bonds held by the Trust, in each
                              case, of the corresponding portion of the face
                              amount of the Bonds, but exclusive of accrued
                              interest on the Bonds or (ii) for any Exercise
                              Date on or after March 14, 2008, 91.498% of the
                              face amount of the Bonds exclusive of accrued
                              interest.

Calculation Agent:            Party A

II. Exercise Terms

Automatic Exercise:           Inapplicable

Exercise Period:              Any Business Day from, and including, 9:00 a.m.
                              (New York time) on March 14, 2008, to, and
                              including, the Expiration Time on the Expiration
                              Date; provided, however, the Exercise Period shall
                              also include any Business Day prior to March 14,
                              2008, if notice of redemption or self-tender has
                              been delivered by the Bond Issuer as to Bonds held
                              by the Trust.

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

Rescission of Exercise:       Party A may rescind its notice of exercise at any
                              time prior to the Settlement Date by providing
                              notice of rescission to Party B.

                              If Cash Settlement applies and if Party B cannot
                              obtain a bid for the Bonds held by it in excess of
                              the Strike Price together with accrued interest on
                              the Bonds, then Party A's notice of exercise shall
                              be rescinded; provided that this provision shall
                              not apply in connection with a redemption. If Cash
                              Settlement applies and if Party A exercises its
                              Options in connection with a self-tender for
                              settlement prior to March 14, 2008, Party A's
                              notice of exercise shall be automatically
                              rescinded if the price offered by the Bond Issuer
                              does not exceed the Strike Price together with
                              accrued interest on the Bonds.

                              Upon any rescission of exercise (whether pursuant
                              to the foregoing sentence or otherwise) the
                              Options for which notice of exercise was given and
                              for which exercise was rescinded shall continue in
                              full force and effect without regard to such
                              provision of notice.

                              Any Options exercised under this Transaction may
                              be deemed rescinded to the extent so provided
                              under Schedule I to the Trust Agreement.

Multiple Exercise:            Applicable

Minimum Number of Options:    1

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

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

Notification Date:            The Swap Counterparty may give notice of its
                              intention to exercise the call rights under the
                              Swap Agreement on not less than 15 or more than
                              60-calendar days' notice. The Swap Counterparty
                              may give notice of its intention to exercise its
                              call rights under the Swap Agreement with respect
                              to Bonds held by the Trust as to which the Bond
                              Issuer has given notice of its intention to redeem
                              or notice of a self-tender with two business days
                              notice prior to the settlement of exercise but no
                              later than 4:00 p.m. New York time on the second
                              Business Day immediately preceding the scheduled
                              settlement of the redemption or self-tender.

Limited Right to
Confirm Exercise:             Inapplicable

Expiration Date:              July 16, 2028

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

Business Days:                New York and Chicago

III. Settlements:

Settlement:                   Cash Settlement if MSIL is Party A or if the
                              Options are exercised in connection with a
                              redemption or self-tender; otherwise Physical
                              Settlement. Party A will notify Party B separately
                              regarding the clearance system details for
                              Physical Settlement.

Spot Price
(Cash Settlement Only):       The cash proceeds received by Party B in
                              connection with sale of the Bonds by Party B,
                              excluding any amounts in respect of accrued
                              interest. In the event of redemption or
                              self-tender by the Bond Issuer, the redemption
                              price or self-tender price, as applicable, paid by
                              the Bond Issuer, excluding accrued interest.

Cash Settlement Amount
(Cash Settlement Only):       The Cash Settlement Amount shall be adjusted to
                              reflect the Additional Payment Obligation of Party
                              A.

Bond Payment (Physical
Settlement Only):             The Bond Payment shall also include the Additional
                              Payment Obligation of Party A.

Deposit of Bond Payment
(Physical Settlement Only):   Party A must deposit the Bond Payment with the
                              Trustee on the Business Day prior to the Exercise
                              Date. The Bonds are to be delivered "free" to
                              Party A.

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

                              If the Bond Issuer has not given notice of
                              redemption in connection with any exercise of
                              Options hereunder and if any such exercise is an
                              exercise of less than all Options remaining
                              unexercised hereunder, Party A shall pay to the
                              Expense Administrator an amount equal to the
                              present value of a stream of payments equal to
                              $6,500 payable on each payment date for the Bonds
                              until the maturity of the Bonds discounted at a
                              rate of 5.0% per annum on the basis of a 360 day
                              year consisting of twelve 30 day months from the
                              date of such exercise until the Scheduled Final
                              Distribution Date (as defined in the Trust
                              Agreement), assuming for this purpose that the
                              Trust (as defined in the Trust Agreement) is not
                              terminated prior to the Scheduled Final
                              Distribution Date, multiplied by the Option
                              Entitlement multiplied by the number of Options
                              exercised and divided by $82,000,000.

                              To Party B:

                              Upon any exercise, Party A shall pay to Party B
                              the Fractional Unit Make Whole Amount. Party A
                              shall be entitled to reimbursement of any amounts
                              paid or netted from payments received in respect
                              of the Fractional Unit Make Whole Amount from the
                              Expense Administrator to the extent, and only to
                              the extent, provided in the Expense Administration
                              Agreement.

Settlement Date:              For Cash Settlement, as applicable, the Business
                              Day of settlement of the sale of the Bonds by
                              Party B or the Business Day of settlement of a
                              redemption of Bonds by the Bond Issuer. For
                              Physical Settlement, the Exercise Date.

         3. Additional Definitions.

         "Expense Administration Agreement" means the expense administration
agreement dated as of the date hereof between Party B and the Expense
Administrator.

         "Expense Administrator" means LaSalle Bank National Association acting
pursuant to the Expense Administration Agreement.

         "Fractional Unit Make Whole Amount" means an amount equal to the Unit
Principal Balance (as defined in the Trust Agreement) of any fractional Unit (as
defined in the Trust Agreement) that would remain after any exercise hereunder
if no provision were made to pay to Party B an additional amount equal to such
Unit Principal Balance, together with accrued interest on such fractional Unit
and, if applicable, any Additional Distribution (as defined in the Trust
Agreement) on such fractional Unit.

         "Trust Agreement" means the trust agreement dated as of the date hereof
between the MS Structured Asset Corp. and LaSalle Bank National Association.

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

         5. Additional Termination Event. As set forth in the Agreement, a Trust
Wind-Up Event will result in an Additional Termination Event under the Agreement
with respect to which Party B shall be the Affected Party and this Transaction
shall be an Affected Transaction. A redemption by the Bond Issuer of a portion
of the Bonds held by Party B will result in a partial Additional Termination
Event to the extent of the Bonds being so redeemed (or, to the extent there are
multiple Swap Counterparties, to such portion of the Bonds being redeemed
allocable to the options held by Party A) if Party A does not exercise Options
hereunder corresponding to such Bonds.

         6. Swap Termination Payments. In the event an Early Termination Date is
designated with respect to which this Transaction is an Affected Transaction,
there shall be payable to Party A as a termination payment for each option so
terminated, in lieu of the termination payment determined in accordance with
Section 6(e) of the Agreement, the amount specified as the Swap Termination
Payment in the Trust Agreement.

         7. Assignment. The rights under this Confirmation and the Agreement may
be assigned at any time and from time to time in whole or in part; provided that
the Rating Agency Condition (as defined in the Trust Agreement) is satisfied
with respect to such assignment and any transfer. The transferee in any such
assignment or transfer must be a qualified institutional buyer as defined in
Rule 144A under the Securities Act of 1933, as amended.

         8. Account Details.

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

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

Payments to Party B:          LaSalle Bank, Chicago, Illinois
                              ABA No. 071 000 505
                              Reference:  SATURNS 2003-5
                              Unit Account / AC-2090067/
                              Account No.: 67-9180-604

                              Andy Streepey
Operations Contact:           Tel:  312-904-9387
                              Fax: 312-904-2084

<PAGE>

         Please confirm that the foregoing correctly sets forth the terms of our
agreement MS Reference Number SQ27T by executing this Confirmation and returning
it to us.

Best Regards,

MORGAN STANLEY & CO. INTERNATIONAL LIMITED

BY: /s/ John Kehoe
    ------------------------
    Name:  John Kehoe
    Title: Attorney in fact

Acknowledged and agreed as of the date first written above:

SATURNS TRUST NO. 2003-5
BY:  LaSalle Bank National Association,
      solely as Trustee and not in its individual capacity.

BY: /s/ Ann M. Kelly
    ------------------------
    Name:  Ann M. Kelly
    Title: Assistant Vice President

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

BY: /s/ John Kehoe
    ------------------------
    Name:  John Kehoe
    Title: Attorney in fact

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