May 30, 2012 -- Revised Notice of Call Warrant Exercise on Term Assets: Conditional Full Redemption of CorTS Trust III for Verizon Global Funding Notes. Class A CUSIP: 22082R204* U.S. Bank Trust National Association serves as trustee for the above-referenced Trust formed pursuant to the terms of the Base Trust Agreement dated as of December 15, 2000, as supplemented by the CorTS Supplement 2004-7, dated as of April 26, 2004 by and between Structured Products Corporation and the Trustee. Capitalized terms used herein have the meanings set forth in the Trust Agreement. The assets of the Trust include the following securities: $25,000,000 principal amount 7.75% Notes due December 1, 2030 CUSIP No. 92344GAM8 issued by Verizon Global Funding Corp. The Warrantholder has given notice to the Trustee to exercise all Call Warrants for the purchase of all of the Term Assets held by the Trust, and agrees to make payment equal to the sum of the principal amount of the Term Assets being purchased pursuant to the exercise of the Call Warrants plus accrued and unpaid interest to and including the Warrant Exercise Date, determined to be Wednesday, June 13, 2012. THE EXERCISE OF THE CALL WARRANTS IS CONDITIONAL UPON RECEIPT BY THE TRUSTEE OF THE WARRANT EXERCISE PURCHASE PRICE ON THE WARRANT EXERCISE DATE. THERE CAN BE NO ASSURANCE THAT THE CALL WARRANTS WILL IN FACT BE EXERCISED ON THE WARRANT EXERCISE DATE. If the Trustee receives the Warrant Exercise Purchase Price by 11:00 a.m. (New York City time) on the Redemption Date, then (i) $25,000,000 Class A Certificates issued by the Trust will be redeemed in full on the Redemption Date at a price of $25.00 per Class A Certificate plus accrued interest of $0.052084 per Class A Certificate to the Redemption Date and $0.500000 accrued interest plus Warrant Class B purchase price of $163.002520 per Class B Certificate to the Redemption Date. If the Certificates are redeemed, no interest will accrue on such Certificates after the Redemption Date. If the Trustee does not receive the Warrant Exercise Purchase Price, then (i) the Certificates issued by the Trust will not be redeemed and will continue to accrue distributions as if no exercise notice had been given and (ii) the Call Warrantholder may elect to deliver a conditional notice of exercise in the future. This press release is being issued by U.S. Bank Trust National Association as trustee of the Trust. For more information about this conditional redemption, Holders with questions may contact Bondholder Services at (800) 934-6802.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Structured Products Corp., 6.25% CorTS (Corporate-Backed Trust Securities) Class A Certificates, principal amount $25 per certificate, issued by CorTS Trust III for Verizon Global Funding Notes, the Trust. The underlying securities are the 7.75% Notes due 12/01/2030 issued by Verizon Global Funding Corp., a subsidiary of Verizon Communications Inc. (NYSE: VZ). The CorTS certificates will pay 6.25% ($1.5625) per annum interest semiannually on 6/1 & 12/1 to holders of record on the day immediately prior to the payment date. The CorTS certificates are redeemable on or after 4/26/2009 under the call warrants at $25 per share plus accrued and unpaid interest. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. The certificates must be rated at least A2 by Moody's and A+ by S&P to be issued. See the IPO prospectus for further information on the CorTS Certificates by clicking on the ‘Link to IPO Prospectus’ provided below. Structured Products Corp. is an indirect, wholly-owned subsidiary of Citigroup Global Markets Holdings Inc., formerly Salomon Smith Barney Holdings, a member of Citigroup (NYSE: C).

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	6.25% $1.5625	$25.00 $25.00	Called for 6/13/2012 12/01/2030	A3 A- 4/03/2012	6/1 & 12/1 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

Company's Online Information Links

Home Page:   We know of no Home Page for this company.

Company's Online SEC EDGAR Filings

Company's SEC EDGAR Filings

Go to SEC Filings

Address and Phone Numbers

Address:   388 Greenwich Street, New York, NY 10013
Main Phone Number	212-816-7496
Fax Number	Not Available