TRUST AGREEMENT This TRUST AGREEMENT, dated as of August 17, 1995, between MORGAN STANLEY & CO. INCORPORATED, as sponsor (the "Sponsor") and STEVEN R. UMLAUF, as trustee (the "Trustee"). 1. The Sponsor hereby creates PEPS Trust (the "Trust") in order...Trust Agreement • October 10th, 1995 • Peps Trust • New York
