8-K 1 bsa03sd2.txt MARCH 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 25, 2004 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-SD2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-11 54-2132831 Pooling and Servicing Agreement) (Commission 54-2132830 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A., 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On March 25, 2004 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-SD2 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Certificates, Series 2003-SD2 Trust, relating to the March 25, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-SD2 Trust By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 4/2/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset- Backed Certificates, Series 2003-SD2 Trust, relating to the March 25, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities ~~Mortgage Pass~~Asset-~~Through~~Backed Certificates Record Date: 112/3029/032004 Distribution Date: 123/2625/032004 BSA Series: 2003-SD2 Contact: ~~CTSLink~~ Customer Service - CTSLink Wells Fargo Bank ~~Minnesota~~, N.A. ~~Corporate~~Securities ~~Trust~~Administration Services ~~9062~~7485 ~~Old~~New ~~Annapolis~~Horizon ~~Road~~Way ~~Columbia~~Frederick, MD ~~21045-1951~~21703 Telephone: (301) 815-6600 Fax: (301) 815-~~6600~~6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution I-A 07384YLH7 SEN 6.~~21096~~16164% 4238,~~555~~822,~~970~~806.8571 ~~220~~199,~~261~~343.1237 1,~~633~~049,~~119~~671.6204 II-A 07384YLJ3 SEN 5.~~08804~~07933% ~~100~~92,~~056~~807,~~333~~697.6125 ~~424~~392,~~242~~833.4981 24,~~091~~972,~~722~~879.2832 III-A 07384YLK0 SEN 4.~~88119~~83118% 2724,~~421~~448,~~824~~600.1116 ~~111~~98,~~542~~429.4958 1889,~~692,916~~655.1892 B-1 07384YLL8 SUB 5.~~33877~~31331% 7,~~888~~855,~~192~~970.1070 3534,~~094~~784.3635 10,~~601~~878.6415 B-2 07384YLM6 SUB 5.~~33877~~31331% 6,~~538~~512,~~989~~279.3816 2928,~~091~~834.7981 89,~~788~~017.3354 B-3 07384YLN4 SUB 5.~~33877~~31331% 5,~~189~~168,~~487~~289.06 23 22,~~087~~883.8994 67,~~974~~156.6152 B-4 07384YMH6 SUB 5.~~33877~~31331% 3,~~840~~824,~~284~~597.3469 1716,~~085~~934.3240 5,~~161~~295.3092 B-5 07384YMJ2 SUB 5.~~33877~~31331% 2,~~594~~584,~~843~~244.3908 11,~~544~~442.3941 3,~~487~~578.4440 B-6 07384YMK9 SUB 5.~~33877~~31331% 6,~~435~~408,~~194~~908.6440 28,~~630~~377.0111 8,~~648~~874.8341 R-I 07384YLP9 RES 0.00000% 0.00 0.00 0.00 R-II 07384YLQ7 RES 0.00000% 0.00 0.00 0.00 Totals ~~202~~188,~~521~~433,~~119~~393.4838 ~~900~~833,~~579~~863.8678 56,~~461~~957,~~420~~007.2322

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 4037,~~922~~773,~~851~~135.2467 1,~~853~~249,~~380~~014.7441 0.00 II-A 0.00 9787,~~964~~834,~~611~~817.3493 25,~~515~~365,~~964~~713.7713 0.00 III-A 0.00 2523,~~728~~558,~~907~~944.9224 1988,~~804,458~~085.6750 0.00 B-1 0.00 7,~~877~~845,~~590~~092.4655 45,~~696~~662.0050 0.00 B-2 0.00 6,~~530~~503,~~201~~261.0561 37,~~880~~852.1235 0.00 B-3 0.00 5,~~182~~161,~~512~~132.4471 30,~~062~~040.5046 0.00 B-4 0.00 3,~~835~~819,~~123~~301.0477 22,~~246~~230.6232 0.00 B-5 0.00 2,~~591~~580,~~355~~665.9568 15,~~031~~020.8381 0.00 B-6 0.00 6,~~426~~400,~~545~~033.8199 37,~~278~~251.8452 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 Totals 0.00 ~~197~~181,~~059~~476,~~699~~386.2515 67,~~362~~790,~~000~~871.0900 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) I-A 44,326,300.00 4238,~~555~~822,~~970~~806.8571 5754,~~368~~475.6665 1995,~~575,750~~195.9639 0.00 0.00 II-A 102,857,300.00 ~~100~~92,~~056~~807,~~333~~697.6125 9995,~~294~~746.4299 14,~~992~~877,~~427~~132.8633 0.00 0.00 III-A 28,146,100.00 2724,~~421~~448,~~824~~600.1116 7164,~~970~~890.3128 1824,~~620,945~~765.8764 0.00 0.00 B-1 7,898,700.00 7,~~888~~855,~~192~~970.1070 10,~~601~~878.6415 0.00 0.00 0.00 B-2 6,547,700.00 6,~~538~~512,~~989~~279.3816 89,~~788~~017.3354 0.00 0.00 0.00 B-3 5,196,400.00 5,~~189~~168,~~487~~289.0623 67,~~974~~156.6152 0.00 0.00 0.00 B-4 3,845,400.00 3,~~840~~824,~~284~~597.3469 5,~~161~~295.3092 0.00 0.00 0.00 B-5 2,598,300.00 2,~~594~~584,~~843~~244.3908 3,~~487~~578.4440 0.00 0.00 0.00 B-6 6,443,767.00 6,~~435~~408,~~194~~908.6440 8,~~648~~874.8341 0.00 0.00 0.00 R-I 50.00 0.00 0.00 0.00 0.00 0.00 R-II 50.00 0.00 0.00 0.00 0.00 0.00 Totals 207,860,067.00 ~~202~~188,~~521~~433,~~119~~393.4838 ~~272~~259,~~295~~913.5486 56,~~189~~697,~~124~~093.6936 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution I-A 1,~~633~~049,~~119~~671.6204 4037,~~922~~773,~~851~~135.2467 0.~~92321830~~85216081 1,~~633~~049,~~119~~671.6204 II-A 24,~~091~~972,~~722~~879.2832 9787,~~964~~834,~~611~~817.3493 0.~~95243227~~85394831 24,~~091~~972,~~722~~879.2832 III-A 1889,~~692,916~~655.1892 2523,~~728~~558,~~907~~944.9224 0.~~91411982~~83702340 1889,~~692,916~~655.1892 B-1 10,~~601~~878.6415 7,~~877~~845,~~590~~092.4655 0.~~99732747~~99321313 10,~~601~~878.6415 B-2 89,~~788~~017.3354 6,~~530~~503,~~201~~261.0561 0.~~99732747~~99321313 89,~~788~~017.3354 B-3 67,~~974~~156.6152 5,~~182~~161,~~512~~132.4471 0.~~99732747~~99321313 67,~~974~~156.6152 B-4 5,~~161~~295.3092 3,~~835~~819,~~123~~301.0477 0.~~99732747~~99321313 5,~~161~~295.3092 B-5 3,~~487~~578.4440 2,~~591~~580,~~355~~665.9568 0.~~99732746~~99321313 3,~~487~~578.4440 B-6 8,~~648~~874.8341 6,~~426~~400,~~545~~033.8199 0.~~99732747~~99321313 8,~~648~~874.8341 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 56,~~461~~957,~~420~~007.2322 ~~197~~181,~~059~~476,~~699~~386.2515 0.~~94804020~~87306999 56,~~461~~957,~~420~~007.2322

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 44,326,300.00 ~~960~~875.~~06142741~~84135626 1.~~29423525~~22896903 3522.~~54889445~~45157818 0.00000000 II-A 102,857,300.00 ~~972~~902.~~76842392~~29567809 0.~~96536094~~93087209 1947.~~37079682~~41649188 0.00000000 III-A 28,146,100.00 ~~974~~868.~~26727362~~63189429 2.~~55702602~~30548033 5729.~~59042532~~30301676 0.00000000 B-1 7,898,700.00 ~~998~~994.~~66966716~~59033765 1.~~34220062~~37720764 0.00000000 0.00000000 B-2 6,547,700.00 ~~998~~994.~~66966721~~59033859 1.~~34220108~~37720726 0.00000000 0.00000000 B-3 5,196,400.00 ~~998~~994.~~66966746~~59033754 1.~~34220037~~37720730 0.00000000 0.00000000 B-4 3,845,400.00 ~~998~~994.~~66966765~~59033911 1.~~34220107~~37720913 0.00000000 0.00000000 B-5 2,598,300.00 ~~998~~994.~~66966478~~59033984 1.~~34220067~~37720817 0.00000000 0.00000000 B-6 6,443,767.00 ~~998~~994.~~66966636~~59033823 1.~~34220092~~37720839 0.00000000 0.00000000 R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000000 0.00000000 0.00000000 0.00000000 ALL CLASSES ARE PER $1,000 DENOMINATION

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A 0.00000000 3623.~~84312970~~68054721 ~~923~~852.~~21829794~~16080905 0.~~92321830~~85216081 3623.~~84312970~~68054721 II-A 0.00000000 2048.~~33615776~~34736397 ~~952~~853.~~43226626~~94831412 0.~~95243227~~85394831 2048.~~33615776~~34736397 III-A 0.00000000 6031.~~14745133~~60849709 ~~914~~837.~~11982193~~02339720 0.~~91411982~~83702340 6031.~~14745133~~60849709 B-1 0.00000000 1.~~34220062~~37720764 ~~997~~993.~~32746655~~21313001 0.~~99732747~~99321313 1.~~34220062~~37720764 B-2 0.00000000 1.~~34220108~~37720726 ~~997~~993.~~32746613~~21312980 0.~~99732747~~99321313 1.~~34220108~~37720726 B-3 0.00000000 1.~~34220037~~37720730 ~~997~~993.~~32746517~~21313024 0.~~99732747~~99321313 1.~~34220037~~37720730 B-4 0.00000000 1.~~34220107~~37720913 ~~997~~993.~~32746658~~21312997 0.~~99732747~~99321313 1.~~34220107~~37720913 B-5 0.00000000 1.~~34220067~~37720817 ~~997~~993.~~32746411~~21313166 0.~~99732746~~99321313 1.~~34220067~~37720817 B-6 0.00000000 1.~~34220092~~37720839 ~~997~~993.~~32746544~~21312984 0.~~99732747~~99321313 1.~~34220092~~37720839 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall I-A 44,326,300.00 6.~~21096~~16164% 4238,~~555~~822,~~970~~806.8571 ~~220~~199,~~261~~343.1240 0.00 0.00 II-A 102,857,300.00 5.~~08804~~07933% ~~100~~92,~~056~~807,~~333~~697.6125 ~~424~~392,~~242~~833.4988 0.00 0.00 III-A 28,146,100.00 4.~~88119~~83118% 2724,~~421~~448,~~824~~600.1116 ~~111~~98,~~542~~429.4960 0.00 0.00 B-1 7,898,700.00 5.~~33877~~31331% 7,~~888~~855,~~192~~970.1070 3534,~~094~~784.36 0.00 0.00 B-2 6,547,700.00 5.~~33877~~31331% 6,~~538~~512,~~989~~279.3816 2928,~~091~~834.7981 0.00 0.00 B-3 5,196,400.00 5.~~33877~~31331% 5,~~189~~168,~~487~~289.06 23 22,~~087~~883.8995 0.00 0.00 B-4 3,845,400.00 5.~~33877~~31331% 3,~~840~~824,~~284~~597.3469 1716,~~085~~934.3240 0.00 0.00 B-5 2,598,300.00 5.~~33877~~31331% 2,~~594~~584,~~843~~244.3908 11,~~544~~442.3941 0.00 0.00 B-6 6,443,767.00 5.~~33877~~31331% 6,~~435~~408,~~194~~908.6440 28,~~630~~377.0111 0.00 0.00 R-I 50.00 0.00000% 0.00 0.00 0.00 0.00 R-II 50.00 0.00000% 0.00 0.00 0.00 0.00 Totals 207,860,067.00 ~~900~~833,~~579~~863.8692 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance I-A 0.00 0.00 ~~220~~199,~~261~~343.1237 0.00 4037,~~922~~773,~~851~~135.2467 II-A 0.0100 0.00 ~~424~~392,~~242~~833.4981 0.00 9787,~~964~~834,~~611~~817.3493 III-A 0.00 0.00 ~~111~~98,~~542~~429.4958 0.00 2523,~~728~~558,~~907~~944.9224 B-1 0.00 0.00 3534,~~094~~784.3635 0.00 7,~~877~~845,~~590~~092.4655 B-2 0.00 0.00 2928,~~091~~834.7981 0.00 6,~~530~~503,~~201~~261.0561 B-3 0.00 0.00 2322,~~087~~883.8994 0.00 5,~~182~~161,~~512~~132.4471 B-4 0.00 0.00 1716,~~085~~934.3240 0.00 3,~~835~~819,~~123~~301.0477 B-5 0.00 0.00 11,~~544~~442.3941 0.00 2,~~591~~580,~~355~~665.9568 B-6 0.00 0.00 28,~~630~~377.0111 0.00 6,~~426~~400,~~545~~033.8199 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 Totals 0.0100 0.00 ~~900~~833,~~579~~863.8678 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall I-A 44,326,300.00 6.~~21096~~16164% ~~960~~875.~~06142741~~84135626 4.~~96908427~~49718113 0.00000000 0.00000000 II-A 102,857,300.00 5.~~08804~~07933% ~~972~~902.~~76842392~~29567809 43.~~12457346~~81921244 0.00000000 0.00000000 III-A 28,146,100.00 4.~~88119~~83118% ~~974~~868.~~26727362~~63189429 3.~~96298208~~49709551 0.00000000 0.00000000 B-1 7,898,700.00 5.~~33877~~31331% ~~998~~994.~~66966716~~59033765 4.~~44305519~~40380822 0.00000000 0.00000000 B-2 6,547,700.00 5.~~33877~~31331% ~~998~~994.~~66966721~~59033859 4.~~44305481~~40380744 0.00000000 0.00000000 B-3 5,196,400.00 5.~~33877~~31331% ~~998~~994.~~66966746~~59033754 4.~~44305481~~40380841 0.00000000 0.00000000 B-4 3,845,400.00 5.~~33877~~31331% ~~998~~994.~~66966765~~59033911 4.~~44305404~~40380715 0.00000000 0.00000000 B-5 2,598,300.00 5.~~33877~~31331% ~~998~~994.~~66966478~~59033984 4.~~44305507~~40380633 0.00000000 0.00000000 B-6 6,443,767.00 5.~~33877~~31331% ~~998~~994.~~66966636~~59033823 4.~~44305482~~40380759 0.00000000 0.00000000 R-I 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 ALL CLASSES ARE PER $1,000 DENOMINATION

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance I-A 0.00000000 0.00000000 4.~~96908427~~49718045 0.00000000 ~~923~~852.~~21829794~~16080905 II-A 0.~~00000010~~00000000 0.00000000 43.~~12457346~~81921176 0.00000000 ~~952~~853.~~43226626~~94831412 III-A 0.00000000 0.00000000 3.~~96298208~~49709480 0.00000000 ~~914~~837.~~11982193~~02339720 B-1 0.00000000 0.00000000 4.~~44305519~~40380696 0.00000000 ~~997~~993.~~32746655~~21313001 B-2 0.00000000 0.00000000 4.~~44305481~~40380744 0.00000000 ~~997~~993.~~32746613~~21312980 B-3 0.00000000 0.00000000 4.~~44305481~~40380648 0.00000000 ~~997~~993.~~32746517~~21313024 B-4 0.00000000 0.00000000 4.~~44305404~~40380715 0.00000000 ~~997~~993.~~32746658~~21312997 B-5 0.00000000 0.00000000 4.~~44305507~~40380633 0.00000000 ~~997~~993.~~32746411~~21313166 B-6 0.00000000 0.00000000 4.~~44305482~~40380759 0.00000000 ~~997~~993.~~32746544~~21312984 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 67,~~394~~844,~~732~~517.5568 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~124~~129,~~376~~084.1805 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 67,~~519~~973,~~108~~601.73 Withdrawals Reimbursement for Servicer Advances 96126,~~941~~935.1989 Payment of Service Fee 6055,~~167~~794.4584 Payment of Interest and Principal 67,~~362~~790,~~000~~871.0900 Total Withdrawals (Pool Distribution Amount) 67,~~519~~973,~~108~~601.73 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 5854,~~479~~224.7956 Master Servicing Fee 1,~~687~~570.6628 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 6055,~~167~~794.4584

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 913 02 0 915 1,~~554~~976,~~194~~875.8381 0294,509.0010 0.00 12,~~554~~271,~~194~~384.8391 30 Days 6934 32 12 0 7338 94,~~714~~629,~~746~~973.6341 ~~333~~222,~~503~~223.7115 ~~500~~132,~~248~~702.2948 0.00 104,~~548~~984,~~498~~899.6304 60 Days 2422 0 32 0 2724 3,~~164~~108,~~630~~371.3895 0.00 ~~429~~174,~~109~~736.0423 0.00 3,~~593~~283,~~739~~108.4218 90 Days 128 24 107 0 2419 1,~~243~~702,~~692~~071.8925 ~~216~~532,~~299~~820.5532 12,~~120~~298,~~843~~475.6979 0.00 24,~~580~~533,~~836~~367.1336 120 Days 46 21 49 0 1016 ~~617~~930,~~783~~150.6790 ~~151~~109,~~887~~125.8691 ~~581~~1,~~819~~314,520.5825 0.00 12,~~351~~353,~~491~~797.1106 150 Days 07 02 03 0 012 0965,492.0012 0223,544.0059 0287,688.0036 0.00 01,476,725.0007 180+ Days 17 04 07 02 120 ~~612~~1,~~121~~229,533.3650 0293,800.0012 0876,730.0051 0166,418.0040 ~~612~~2,~~121~~566,482.3653 Totals ~~110~~84 1626 1832 02 144 1512,~~352~~565,~~974~~593.9313 23,~~255~~358,~~885~~389.9590 25,~~632~~379,~~020~~362.6072 0166,418.0040 2021,~~240~~469,~~881~~764.4815 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 01.~~827206~~262136% 0.~~000000~~194175% 0.000000% 01.~~827206~~456311% 01.~~787320~~087425% 0.~~000000~~162001% 0.000000% 01.~~787320~~249426% 30 Days 63.~~341912~~300971% 0.~~275735~~194175% 0.~~091912~~194175% 0.000000% 63.~~709559~~689320% 42.~~921271~~546821% 0.~~168945~~122239% 0.~~253414~~072996% 0.000000% 52.~~343630~~742055% 60 Days 2.~~205882~~135922% 0.000000% 0.~~275735~~194175% 0.000000% 2.~~481618~~330097% 1.~~603130~~709830% 0.000000% 0.~~217377~~096118% 0.000000% 1.~~820507~~805947% 90 Days 10.~~102941~~776699% 0.~~183824~~388350% 0.~~919118~~679612% 0.000000% 21.~~205882~~844660% 0.~~630027~~936262% 0.~~109572~~293090% 01.~~567794~~264328% 0.000000% 12.~~307393~~493680% 120 Days 0.~~367647~~582524% 0.~~183824~~097087% 0.~~367647~~873786% 0.000000% 01.~~919118~~553398% 0.~~312955~~511650% 0.~~076943~~060027% 0.~~294737~~723081% 0.000000% 01.~~684635~~294759% 150 Days 0.~~000000~~679612% 0.~~000000~~194175% 0.~~000000~~291262% 0.000000% 01.~~000000~~165049% 0.~~000000~~531091% 0.~~000000~~122966% 0.~~000000~~158249% 0.000000% 0.~~000000~~812306% 180+ Days 0.~~091912~~679612% 0.~~000000~~388350% 0.~~000000~~679612% 0.~~000000~~194175% 01.~~091912~~941748% 0.~~310087~~676332% 0.~~000000~~161611% 0.~~000000~~482265% 0.~~000000~~091542% 01.~~310087~~411751% Totals 108.~~110294~~155340% 12.~~470588~~524272% 13.~~654412~~106796% 0.~~000000~~194175% 13.~~235294~~980583% 76.~~777469~~911986% 1.~~142781~~847358% 12.~~333322~~959039% 0.~~000000~~091542% 1011.~~253572~~809925%

Delinquency Status By Groups

DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 58 01 0 59 ~~852~~1,~~780~~412,655.2058 0188,508.0035 0.00 ~~852~~1,~~780~~601,163.2093 30 Days 3718 2 1 0 400 519 2,~~309~~536,~~727~~007.6688 ~~216~~106,~~072~~491.6896 ~~500,248~~0.2900 0.00 62,~~026~~642,~~048~~499.6384 60 Days 1612 0 32 0 1914 21,~~256~~624,~~938~~124.1235 0.00 ~~429~~174,~~109~~736.0423 0.00 21,~~686~~798,~~047~~860.1658 90 Days 74 24 75 0 1613 ~~739~~1,~~711~~124,665.7658 ~~216~~532,~~299~~820.5532 ~~811~~563,~~592~~017.9960 0.00 12,~~767~~220,~~604~~503.3050 120 Days 41 2 1 4 0 76 ~~617~~179,~~783~~631.6706 ~~151~~109,~~887~~125.8691 71502,~~663~~639.5286 0.00 ~~841~~791,~~335~~396.0583 150 Days 05 01 02 0 08 0713,795.0033 080,651.0011 0184,102.0036 0.00 0978,548.0080 180 Days 17 03 05 0 1 ~~612~~16 1,~~121~~229,533.3650 0234,547.0027 0461,329.0033 071,663.0052 ~~612~~1,~~121~~997,073.3662 Totals 6547 1118 1219 01 8885 97,~~536~~407,~~282~~757.5770 12,~~437~~476,~~040~~292.2915 12,~~812~~074,~~613~~333.8473 071,663.0052 12,~~785~~030,~~936~~047.7010 0-29 Days 12.~~538462~~597403% 0.~~000000~~324675% 0.000000% 12.~~538462~~922078% 13.~~731274~~067576% 0.~~000000~~409345% 0.000000% 13.~~731274~~476921% 30 Days 115.~~384615~~844156% 0.~~615385~~324675% 0.~~307692~~000000% 0.000000% 126.~~307692~~168831% 105.~~779560~~506931% 0.~~438661~~231247% 10.~~015581~~000000% 0.000000% 125.~~233801~~738178% 60 Days 43.~~923077~~896104% 0.000000% 0.~~923077~~649351% 0.000000% 54.~~846154~~545455% 43.~~581930~~526780% 0.000000% 0.~~871157~~379439% 0.000000% 53.~~453087~~906219% 90 Days 21.~~153846~~298701% 01.~~615385~~298701% 21.~~153846~~623377% 0.000000% 4.~~923077~~220779% 12.~~501728~~442207% 01.~~439121~~157017% 1.~~647658~~222590% 0.000000% 34.~~588507~~821815% 120 Days 10.~~230769~~324675% 0.~~615385~~324675% 01.~~307692~~298701% 0.000000% 21.~~153846~~948052% 10.~~254195~~390068% 0.~~308356~~236966% 01.~~145488~~091480% 0.000000% 1.~~708039~~718515% 150 Days 01.~~000000~~623377% 0.~~000000~~324675% 0.~~000000~~649351% 0.000000% 02.~~000000~~597403% 01.~~000000~~550004% 0.~~000000~~175134% 0.~~000000~~399778% 0.000000% 02.~~000000~~124915% 180 Days 02.~~307692~~272727% 0.~~000000~~974026% 01.~~000000~~623377% 0.~~000000~~324675% 05.~~307692~~194805% 12.~~242700~~669927% 0.~~000000~~509318% 01.~~000000~~001775% 0.~~000000~~155617% 14.~~242700~~336637% Totals 2015.~~000000~~259740% 35.~~384615~~844156% 36.~~692308~~168831% 0.~~000000~~324675% 27.~~076923~~597403% 1916.~~360113~~085916% 25.~~917412~~377259% 34.~~679883~~504407% 0.~~000000~~155617% 2526.~~957408~~123199% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 02 01 0 03 0256,142.0031 0106,000.0075 0.00 0362,143.0006 30 Days 119 0 01 0 1110 1,~~832~~164,~~986~~666.3133 0.00 0111,748.0052 0.00 1,~~832~~276,~~986~~414.3185 60 Days 36 0 0 0 36 ~~261~~1,~~941~~026,947.1009 0.00 0.00 0.00 ~~261~~1,~~941~~026,947.1009 90 Days 02 0 31 0 3 0480,292.0019 0.00 ~~309~~1,~~250~~608,921.7073 0.00 ~~309~~2,~~250~~089,213.7092 120 Days 0 0 3 0 3 0.00 0.00 ~~510~~531,~~156~~167.0682 0.00 ~~510~~531,~~156~~167.0682 150 Days 0 01 01 0 02 0.00 0142,893.0048 0103,586.00 0.00 0246,479.0048 180 Days 0 01 02 01 04 0.00 059,252.0085 0415,401.0018 094,754.0088 0569,408.0091 Totals 1417 04 69 01 2031 2,~~094~~671,~~927~~905.4161 0458,288.0064 ~~819~~2,~~406~~876,826.7600 094,754.0088 26,~~914~~101,~~334~~775.1713 0-29 Days 0.~~000000~~408998% 0.~~000000~~204499% 0.000000% 0.~~000000~~613497% 0.~~000000~~239512% 0.~~000000~~099118% 0.000000% 0.~~000000~~338630% 30 Days 21.~~131783~~840491% 0.000000% 0.~~000000~~204499% 0.000000% 2.~~131783~~044990% 1.~~564935~~089047% 0.000000% 0.~~000000~~104493% 0.000000% 1.~~564935~~193540% 60 Days 01.~~581395~~226994% 0.000000% 0.000000% 0.000000% 01.~~581395~~226994% 0.~~223636~~960270% 0.000000% 0.000000% 0.000000% 0.~~223636~~960270% 90 Days 0.~~000000~~408998% 0.000000% 0.~~581395~~204499% 0.000000% 0.~~581395~~613497% 0.~~000000~~449108% 0.000000% 01.~~264027~~504458% 0.000000% 01.~~264027~~953566% 120 Days 0.000000% 0.000000% 0.~~581395~~613497% 0.000000% 0.~~581395~~613497% 0.000000% 0.000000% 0.~~435552~~496680% 0.000000% 0.~~435552~~496680% 150 Days 0.000000% 0.~~000000~~204499% 0.~~000000~~204499% 0.000000% 0.~~000000~~408998% 0.000000% 0.~~000000~~133616% 0.~~000000~~096860% 0.000000% 0.~~000000~~230476% 180 Days 0.000000% 0.~~000000~~204499% 0.~~000000~~408998% 0.~~000000~~204499% 0.~~000000~~817996% 0.000000% 0.~~000000~~055406% 0.~~000000~~388430% 0.~~000000~~088603% 0.~~000000~~532438% Totals 23.~~713178~~476483% 0.~~000000~~817996% 1.~~162791~~840491% 0.~~000000~~204499% 36.~~875969~~339468% 12.~~788571~~498424% 0.~~000000~~428533% 02.~~699579~~690040% 0.~~000000~~088603% 25.~~488150~~705600% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 3 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 43 0 0 43 ~~701~~308,~~414~~077.6392 0.00 0.00 ~~701~~308,~~414~~077.6392 30 Days 217 1 01 0 229 2929,~~572,032~~299.6620 ~~117~~115,~~431~~731.0319 020,953.0096 0.00 21,~~689~~065,~~463~~984.6935 60 Days 54 0 0 0 54 ~~645~~457,~~751~~300.1651 0.00 0.00 0.00 ~~645~~457,~~751~~300.1651 90 Days 52 0 01 0 53 ~~503~~97,~~981~~113.1348 0.00 0126,536.0046 0.00 ~~503~~223,~~981~~649.1394 120 Days 05 0 02 0 07 0750,519.0084 0.00 0280,712.0057 0.00 01,031,232.0041 150 Days 02 0 0 0 02 0251,696.0079 0.00 0.00 0.00 0251,696.0079 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 3120 54 04 0 3628 32,~~721~~485,~~764~~929.9582 ~~818~~423,~~845~~809.6611 0428,202.0099 0.00 43,~~540~~337,~~610~~941.6192 0-29 Days 1.~~619433~~287554% 0.000000% 0.000000% 1.~~619433~~287554% 21.~~261368~~069736% 0.000000% 0.000000% 21.~~261368~~069736% 30 Days 83.~~502024~~004292% 0.~~404858~~429185% 0.~~000000~~429185% 0.000000% 83.~~906883~~862661% 83.~~292258~~226797% 0.~~378599~~401852% 0.~~000000~~072758% 0.000000% 83.~~670857~~701408% 60 Days 21.~~024291~~716738% 0.000000% 0.000000% 0.000000% 21.~~024291~~716738% 21.~~081908~~587881% 0.000000% 0.000000% 0.000000% 21.~~081908~~587881% 90 Days 20.~~024291~~858369% 0.000000% 0.~~000000~~429185% 0.000000% 21.~~024291~~287554% 10.~~624840~~337206% 0.000000% 0.~~000000~~439371% 0.000000% 10.~~624840~~776578% 120 Days 02.~~000000~~145923% 0.000000% 0.~~000000~~858369% 0.000000% 03.~~000000~~004292% 02.~~000000~~606023% 0.000000% 0.~~000000~~974716% 0.000000% 03.~~000000~~580739% 150 Days 0.~~000000~~858369% 0.000000% 0.000000% 0.000000% 0.~~000000~~858369% 0.~~000000~~873965% 0.000000% 0.000000% 0.000000% 0.~~000000~~873965% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 128.~~550607~~583691% 21.~~024291~~716738% 01.~~000000~~716738% 0.000000% 1412.~~574899~~017167% 118.~~999006~~631872% 21.~~639966~~471589% 01.~~000000~~486845% 0.000000% 1411.~~638972~~590306%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~124~~129,~~376~~084.1805

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 163,533,767.00 78.67493230% ~~156~~143,~~136~~703,~~848~~250.0148 79.~~23327205~~18564657% 20.~~766728~~814353% 0.000000% Class 2A 60,676,467.00 29.19101676% 5855,~~172~~868,~~236~~432.6755 2930.~~52010824~~78551069% 4948.~~713164~~400136% ~~301~~271.~~956104~~854562% Class 3A 32,530,367.00 15.65012822% 32,~~443~~309,~~328~~488.7531 1617.~~46370556~~80368721% 1312.~~056403~~981823% 7972.~~304156~~916488% Class B-1 24,631,667.00 11.85011982% 24,~~565~~464,~~738~~395.2976 1213.~~46614012~~48075976% 34.~~997565~~322927% 24.281080% Class B-2 18,083,967.00 8.70006792% 1817,~~035~~961,~~537~~134.2415 9.~~15232149~~89722930% 3.~~313819~~583530% 20.128024% Class B-3 12,887,567.00 6.20011683% 12,~~853~~800,~~024~~001.8044 67.~~52240149~~05326001% 2.~~629920~~843969% 15.974047% Class B-4 9,042,167.00 4.35012224% 98,~~017~~980,~~901~~699.7667 4.~~57622831~~94868771% 12.~~946173~~104572% 11.820991% Class B-5 6,443,867.00 3.10009859% 6,~~426~~400,~~545~~033.8199 3.~~26121770~~52664834% 1.~~315011~~422039% 7.987331% Class B-6 100.00 0.00004811% 0.00 0.00000000% 3.~~261218~~526648% 19.808528% Class R-I 50.00 0.00002405% 0.00 0.00000000% 0.000000% 0.000000% Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~692724~~666948% Weighted Average Net Coupon 5.~~346213~~321630% Weighted Average Pass-Through Rate 5.~~336213~~311630% Weighted Average Maturity(Stepdown Calculation ) ~~329~~326 Beginning Scheduled Collateral Loan Count 1,~~114~~053 Number Of Loans Paid In Full 2623 Ending Scheduled Collateral Loan Count 1,~~088~~030 Beginning Scheduled Collateral Balance ~~202~~188,~~521~~433,~~119~~394.9715 Ending Scheduled Collateral Balance ~~197~~181,~~059~~476,~~699~~387.7507 Ending Actual Collateral Balance at 3029-~~Nov~~Feb-~~2003~~2004 ~~197~~181,~~403~~794,~~219~~252.3575 Monthly P &I Constant 1,~~233~~149,~~042~~782.8539 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 67,~~173~~602,~~804~~813.1816 Ending Scheduled Balance for Premium Loans ~~197~~181,~~059~~476,~~699~~387.7507 Scheduled Principal ~~272~~259,~~295~~913.5386 Unscheduled Principal 56,~~189~~697,~~124~~093.6929

Miscellaneous Reporting Senior Percentage 8382.~~958714~~829853% Senior Percentage Group 1 8382.~~822488~~597923% Senior Percentage Group 2 83.~~995089~~000575% Senior Percentage Group 3 8482.~~037875~~553373% Senior Prepay Percentage Group 1 100.000000% Senior Prepay Percentage Group 2 100.000000% Senior Prepay Percentage Group 3 100.000000% Subordinate Percentage 1617.~~041286~~170147% Subordinate Percentage Group 1 1617.~~177512~~402077% Subordinate Percentage Group 2 16.~~004911~~999425% Subordinate Percentage Group 3 1517.~~962125~~446627% Subordinate Prepay Percentage 0.000000% Subordinate Prepay Percent Group1 0.000000% Subordinate Prepay Percent Group 2 0.000000% Subordinate Prepay Percent Group 3 0.000000% Subordination Doubling Test passed? NO Delinquency Test passed? YES Realized Loss Test passed? YES

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 6.~~605947~~554557 5.~~394298~~388790 5.~~361296~~308453 Weighted Average Net Rate 6.~~220958~~170879 5.~~098044~~091898 4.~~891184~~841177 Weighted Average Maturity ~~327~~324 ~~349~~346 ~~257~~254 Beginning Loan Count ~~332~~313 ~~523~~501 ~~259~~239 Loans Paid In Full 75 7 12 6 Ending Loan Count ~~325~~308 ~~516~~489 ~~247~~233 Beginning Scheduled Balance 5047,~~769~~002,~~157~~158.2670 ~~119~~111,~~121~~815,~~646~~728.9834 3229,~~630~~615,~~315~~507.7311 Ending scheduled Balance 4945,~~124~~941,~~965~~010.6564 ~~117~~106,~~011~~823,~~004~~238.5799 3028,~~923~~712,~~729~~137.5344 Record Date 1102/3029/~~2003~~2004 1102/3029/~~2003~~2004 1102/3029/~~2003~~2004 Principal And Interest Constant ~~347~~322,~~922~~684.6067 ~~653~~617,~~695~~483.9324 ~~231~~209,~~424~~614.3248 Scheduled Principal 6865,~~440~~952.6581 ~~118~~115,~~214~~357.5502 8578,~~640~~604.3303 Unscheduled Principal 1995,~~575,750~~195.9632 14,~~992~~877,~~427~~132.8633 1824,~~620,945~~765.8764 Scheduled Interest ~~279~~256,~~481~~731.9593 ~~535~~502,~~481~~126.3822 ~~145~~131,~~783~~010.9945 Servicing Fees 1615,~~287~~028.9605 2927,~~408~~664.5832 1211,~~783~~532.2519 Master Servicing Fees ~~423~~391.0769 ~~992~~931.6780 ~~271~~246.9279 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest ~~262~~241,~~770~~312.9219 ~~505~~473,~~080~~530.1310 ~~132~~119,~~728~~231.8247 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~210958~~160879 5.~~088044~~081898 4.~~881185~~831177

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 5.~~692724~~666948 Weighted Average Net Rate 5.~~346213~~321630 Weighted Average Maturity ~~329~~326 Beginning Loan Count 1,~~114~~053 Loans Paid In Full 2623 Ending Loan Count 1,~~088~~030 Beginning Scheduled Balance ~~202~~188,~~521~~433,~~119~~394.9715 Ending scheduled Balance ~~197~~181,~~059~~476,~~699~~387.7507 Record Date 1102/3029/~~2003~~2004 Principal And Interest Constant 1,~~233~~149,~~042~~782.8539 Scheduled Principal ~~272~~259,~~295~~913.5386 Unscheduled Principal 56,~~189~~697,~~124~~093.6929 Scheduled Interest ~~960~~889,~~747~~868.3260 Servicing Fees 5854,~~479~~224.7956 Master Servicing Fees 1,~~687~~570.6628 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread Fee 1 0.00 Spread Fee 2 0.00 Spread Fee 3 0.00 Net Interest ~~900~~834,~~579~~073.8776 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 5.~~336213~~311630

Filing Compare · BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-SD2