Feb. 2, 2007 -- On February 1, 2007, Corporate Backed Trust Certificates, BellSouth Capital Funding Debenture-Backed Series 2003-2 Trust, which was established by Lehman ABS Corporation, announced that it must be terminated under the terms of its trust agreement. As a consequence, the sole assets of the trust, $26,400,000 principal amount of 7.12% Debentures due July 15, 2097 issued by BellSouth Capital Funding Corporation, will be liquidated. The transfer books relating to the trust certificates will be closed permanently at the time of this press release. Notices were sent today to the registered holders of the Class A-1 Certificates (CUSIP Number 21988G320; (NYSE: JBD, the Class A-2 Certificates (CUSIP Number 21988GCE4), and the call warrants related to the Class A-1 Certificates and Class A-2 Certificates. Such notices informed the holders of the Class A-1 Certificates and Class A-2 Certificates that they (i) possess certain rights to receive, in lieu of any liquidation proceeds owed under the trust agreement, their pro rata portion of the underlying securities of the trust and (ii) must elect by 3:00 p.m. (New York City Time), February 16, 2007, if they wish to receive such distribution of the underlying securities. In the case of the call warrants related to the Class A-1 Certificates and Class A-2 Certificates, such notices informed the call warrant holders that they (i) possess certain call and optional exchange rights and (ii) must elect by 3:00 p.m. (New York City Time), February 16, 2007, if they wish to exercise such call and optional exchange rights. If the holders of the Class A-1 Certificates, Class A-2 Certificates and related call warrants do not exercise their rights described above and in the aforementioned notices, the underlying securities held by the trust will be liquidated and the proceeds will be distributed to certificateholders in accordance with the terms of the trust agreement. Sale procedures to liquidate the underlying securities are expected to begin February 21, 2007 and finish by 2 p.m. (New York City Time), February 23, 2007. The holders of the Class A-1 Certificates and Class A-2 Certificates will receive a distribution related to such liquidation shortly thereafter. CONTACT: U.S. Bank Trust National Association, David Kolibachuk, Corporate Trust Services, 212-361-2459

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Lehman ABS Corp., 6.00% Corporate Backed Trust Certificates, Series 2003-02, Class A-1, price to the public $25 per certificate. Underlying securities are the 7.12% One Hundred Year Debentures due 7/15/2097 issued by BellSouth Capital Funding Corp., a wholly-owned subsidiary of Bell South Corp. (NYSE: BLS). The certificates pay 6.00% per annum distributions semiannually on 1/15 & 7/15 to holders of record one day prior to the payment date. Certificates are callable at the option of the call warrant holder on or after 1/29/2008 at $25 per certificate plus accrued and unpaid interest. Certificate ratings at the IPO were A+ by S&P and Aa3 on watch for possible downgrade by Moody's. Lehman ABS Corp. is an indirect wholly-owned subsidiary of Lehman Brothers Inc. (NYSE: LEH). For further information on the Corporate Backed Trust Certificates, see the IPO Prospectus by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	6.00% $1.50	$25.00 $25.00	Called for 2/23/2007 7/15/2097	A2 A 1/30/2006	1/15 & 7/15 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

Company's Online Information Links

HOME PAGE:     http://www.lehman.com/ (This parent company URL is for reference only and does not have specific information on the security.)

Company's Online SEC EDGAR Filings

Company's SEC EDGAR Filings

Go to SEC Filings

Address and Phone Numbers

Address:   200 Vesey Street, 24th Floor, New York, NY 10285
Main Phone Number	212-526-7000
Fax Number	212-526-3738
Toll Free Phone Number	800-666-2388