Business: Structured Obligations Corp., Select Notes Trust LT 2004-1, Long Term Certificates Series 2003-5, 6.30% Initial Pass-Through Rate, issued in $1000 denominations per certificate. Underlying securities are ten publicly issued investment grade rated corporate long term debt securities plus some U.S. Treasury STRIPS. The underlying debt securities mature on varying dates ranging from 1/15/2028 to 2/01/2034. Certificate holders will receive their return of principal when the individual underlying securities mature or are removed from the trust for any reason. The certificates pay an initial pass-through interest rate of 6.30% ($63.00) per annum distributions monthly on the 1st day of each month to holders of record on the business day immediately preceding the payment date (NOTE: the ex-dividend date is one business day prior to the record date). It is a condition of issuance that the certificates are rated at least A- by S&P at the date of issue. Structured Obligations Corporation is a wholly-owned subsidiary of J.P. Morgan Securities Holdings Inc. which in turn is a wholly owned subsidiary of JPMorgan Chase & Co. (NYSE: JPM). For further information on the Long Term Certificates, see the IPO Prospectus by clicking on the ‘Link to IPO Prospectus’ provided below.