Report Of Independent
Registered Public Accounting Firm
To the Board of Directors
Structured Obligations Corporation
New York, New York
We have examined the compliance of Structured Obligations Corporation(Depositor) and U.S. Bank National Association (Trustee) with the Base TrustAgreement and the Select Notes Trust Supplement LT 2003-5 (the Agreements)relating to the administration of the underlying securities and related creditsupport deposited in or held by the Select Notes Trust LT 2003-5 for the year endedDecember 31, 2011. Depositor’s management is responsible for compliance withthose requirements. Our responsibility is to express an opinion on compliance withthe Agreements based on our examination.
Our examination was conducted in accordance with the standards of the PublicCompany Accounting Oversight Board (United States) and, accordingly, includedexamining, on a test basis, evidence about Depositor’s and Trustee’s compliancewith those requirements described above and performing such other procedures aswe considered necessary in the circumstances. We believe that our examinationprovides a reasonable basis for our opinion. Our examination does not provide alegal determination of Depositor’s and Trustee’s compliance with specifiedrequirements.
In our opinion, Depositor and Trustee complied, in all material respects, with therequirements described above of the Agreements for the year ended December 31,2011.
This report is intended solely for the information and use of Structured ObligationsCorporation, U.S. Bank National Association, the Securities and ExchangeCommission and the Certificate Holders of the Select Notes Trust LT 2003-5, and isnot intended to be, and should not be used by anyone other than those specifiedparties.
/s/ RubinBrown LLP
Overland Park, Kansas
March 6, 2012