Notice of CONDITIONAL FULL Redemption of Corporate Asset Backed Corporation, CABCO Series 2004-1 Trust (Goldman Sachs Capital...

NOTICE IS HEREBY GIVEN

, pursuant to the terms of the Trust Agreement dated as of March 8, 2004, between Corporate Asset Backed Corporation, as Depositor, and U.S. Bank Trust National Association, as Trustee, (the "Trust Agreement") in respect of the CABCO Series 2004-1 Trust (Goldman Sachs Capital I) (the "Trust") that certain Call Option Holders have exercised their rights to purchase all of the above 2,500,000 outstanding Class A-1 (NYSE: GYA) and 2,500,000 outstanding Class B-1 Callable Certificates (the "Called Certificates") on May 28, 2013 (the "Call Date" and "Redemption Date") at the Call Price and effect an exchange for the $62,500,000 Goldman Sachs Capital I 6.345% Capital Securities due 2/15/2034 CUSIP 38143VAA7* Underlying Securities of the Trust.

THE EXERCISE OF THE CALL WARRANTS IS CONDITIONAL UPON RECEIPT BY THE TRUSTEE OF THE CALL PRICE WITH RESPECT TO SUCH EXERCISE ON THE REDEMPTION DATE. THERE CAN BE NO ASSURANCE THAT THE CALL OPTIONS WILL IN FACT BE EXERCISED ON THE REDEMPTION DATE.

If the Trustee receives the Call Price by 10:00 a.m. (New York City time) on the Redemption Date, then the Called Certificates issued by the Trust will be redeemed in full on the Redemption Date at a price of $25 principal plus $0.429166668 accrued interest to the Redemption Date per Class A-1 Certificate and $0.849113564 accrued interest to the Redemption Date per Class B-1 Certificate. The total payment on the Called Certificates will be $65,695,700.58, consisting of $62,500,000.00 principal and $1,072,916.67 accrued interest on the Class A-1 Certificates, and $2,122,783.91 interest on the Class B-1 Certificates (the "Redemption Amount") selected for redemption. The Class B-1 Certificates are interest-only certificates and will not receive payment of principal. No interest will accrue on the Called Certificates after the Redemption Date. After giving effect to the redemption of Called Certificates and Call Option exercise, none of the Called Certificates and Call Options will remain outstanding and their amounts will be reduced to zero. If the Trustee does not receive the Call Price, then (i) the Called Certificates issued by the Trust will continue to accrue interest as if no exercise notice had been given and (ii) the Call Option holder(s) 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 partial redemption, Holders with questions may contact Bondholder Services at [phone].

U.S. Bank Trust National Association, as Trustee

*U.S. Bank shall not be held responsible for the selection or the use of the CUSIP number, nor is any representation made as to its correctness indicated in the Redemption Notice. It is included solely for the convenience of the Holders.

U.S. Bank [phone]