Ms Structured Saturns Series 2003-1 Sample Contracts

Ms Structured Saturns Series 2003-1 – STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNSSM) Supplemental Trust Agreement No. 1 For the Trust Specified in Annex A (July 25th, 2005)

This Supplemental Trust Agreement No. 1, dated as of July 20, 2005 (this “Supplemental Trust Agreement No. 1”), is entered into by and among MS Structured Asset Corp. as Depositor for the Trust specified in Annex A (the “Depositor”) and LaSalle Bank National Association as Trustee for the Trust specified in Annex A (the “Trustee”), and is entered into with respect to the Trust Agreement entered into by the Depositor and the Trustee with respect to the Trust specified in Annex A (the “Trust Agreement”). Capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust Agreement.

Ms Structured Saturns Series 2003-1 – NOTICE TO UNITHOLDERS OF SATURNS TRUST 2003-1 (NYSE Ticker “DKG”) (July 25th, 2005)

This is a notice of an amendment and your right to elect a liquidation of your holding of SATURNs Sears Roebuck Acceptance Corp. Debenture Backed Series 2003-1 7.25% Callable Units (the “Units”).

Ms Structured Saturns Series 2003-1 – Structured Asset Trust Unit Repackagings (SATURNS), Sears Roebuck Acceptance Corp. Series 2003-1 Trust Amends Trust Agreement and Seeks Withdrawal of Listing (July 25th, 2005)

This announcement is not an offer to purchase or the solicitation of an offer to purchase with respect to any securities.