8-K 1 bsa03sd2_dec.txt DECEMBER 8K 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): December 27, 2004 BEAR STEARNS ASSET BACKED SECURITIES TRUST Series 2003-SD2 (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-11 54-2132830 Pooling and Servicing Agreement) (Commission 54-2132831 (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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On December 27, 2004 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-SD2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-SD2 Trust, relating to the December 27, 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 (Registrant) 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: 12/29/2004 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 December 27, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities ~~Mortgage~~Asset ~~Pass-Through~~Backed Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~BSA~~Bear Stearns Asset Backed Securities Asset Backed Certificates Series: 2003-SD2 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution I-A 07384YLH7 SEN 6.~~08310~~09041% 2826,~~259~~412,~~119~~080.9018 ~~143~~134,~~252~~105.6384 1,~~847~~666,~~039~~129.7190 II-A 07384YLJ3 SEN 5.~~05805~~04717% 5956,~~368~~849,~~620~~710.40 ~~250~~239,~~241~~207.2673 21,~~518~~591,~~910~~877.0096 III-A 07384YLK0 SEN 4.~~80194~~83035% 18,~~745~~529,~~627~~899.8829 7574,~~012~~619.8511 ~~215~~1,~~728~~192,102.5904 B-1 07384YLL8 SUB 5.~~27572~~27499% 7,~~766~~747,~~927~~407.0968 34,~~146~~070.7736 1911,~~519~~172.4129 B-2 07384YLM6 SUB 5.~~27572~~27499% 6,~~438~~422,~~465~~284.6484 28,~~306~~242.2894 169,~~180~~261.8038 B-3 07384YLN4 SUB 5.~~27572~~27499% 5,~~109~~096,~~709~~867.1975 22,~~464~~414.4922 127,~~841~~350.4403 B-4 07384YMH6 SUB 5.~~27572~~27499% 3,~~781~~771,~~247~~744.7391 16,~~624~~586.0080 95,~~502~~439.8212 B-5 07384YMJ2 SUB 5.~~27572~~27499% 2,~~554~~548,~~952~~531.9296 11,~~232~~207.6854 63,~~420~~675.9716 B-6 07384YMK9 SUB 5.~~27572~~27499% 6,~~276~~239,~~368~~361.0888 27,~~593~~438.6351 158,~~773~~997.4259 R-I 07384YLP9 RES 0.00000% 0.00 0.00 0.00 R-II 07384YLQ7 RES 0.00000% 0.00 0.01 0.00 Totals ~~138~~133,~~301~~617,~~038~~888.8389 ~~608~~587,~~874~~893.6006 4,~~661~~496,~~917~~005.1647

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 2624,~~412~~745,~~080~~950.1829 1,~~990~~800,~~292~~235.3474 0.00 II-A 0.00 5655,~~849~~257,~~710~~832.4045 21,~~769~~831,~~151~~085.2669 0.00 III-A 0.00 1817,~~529~~337,~~899~~797.2925 ~~290~~1,~~741~~266,721.4415 0.00 B-1 0.00 7,~~747~~736,~~407~~235.6839 5345,~~666~~242.1865 0.00 B-2 0.00 6,~~422~~413,~~284~~023.8446 4437,~~487~~504.0832 0.00 B-3 0.00 5,~~096~~089,~~867~~517.7571 3529,~~305~~764.9325 0.00 B-4 0.00 3,~~771~~766,~~744~~305.9179 2622,~~126~~025.8292 0.00 B-5 0.00 2,~~548~~544,~~531~~856.9680 1714,~~653~~882.6570 0.00 B-6 211,~~232~~026.7884 6,~~239~~229,~~361~~337.8845 4336,~~367~~436.0510 8182,~~278~~305.6044 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.01 0.00 Totals 211,~~232~~026.7884 ~~133~~129,~~617~~120,~~888~~856.8959 5,~~270~~083,~~791~~898.7653 8182,~~278~~305.6044 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 2826,~~259~~412,~~119~~080.9018 4139,~~690~~882.5651 1,~~805~~626,~~349~~247.1539 0.00 0.00 II-A 102,857,300.00 5956,~~368~~849,~~620~~710.40 6361,~~700~~591.4212 21,~~455~~530,~~209~~286.5884 0.00 0.00 III-A 28,146,100.00 18,~~745~~529,~~627~~899.8829 5049,~~354~~480.6436 ~~165~~1,~~373~~142,621.9568 0.00 0.00 B-1 7,898,700.00 7,~~766~~747,~~927~~407.0968 11,~~105~~172.3429 ~~8,414~~0.0700 0.00 0.00 B-2 6,547,700.00 6,~~438~~422,~~465~~284.6484 9,~~205~~261.8738 ~~6,974~~0.9200 0.00 0.00 B-3 5,196,400.00 5,~~109~~096,~~709~~867.1975 7,~~305~~350.9903 ~~5,535~~0.4500 0.00 0.00 B-4 3,845,400.00 3,~~781~~771,~~247~~744.7391 5,~~406~~439.5212 ~~4,096~~0.3000 0.00 0.00 B-5 2,598,300.00 2,~~554~~548,~~952~~531.9296 3,~~653~~675.1316 ~~2,767~~0.8300 0.00 0.00 B-6 6,443,767.00 6,~~276~~239,~~368~~361.0888 8,~~974~~997.1059 ~~6,799~~0.3200 0.00 211,~~232~~026.7884 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 ~~138~~133,~~301~~617,~~038~~888.8389 ~~201~~196,~~396~~849.5756 4,~~460~~299,~~520~~155.5791 0.00 211,~~232~~026.7884 (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,~~847~~666,~~039~~129.7190 2624,~~412~~745,~~080~~950.1829 0.~~59585574~~55826790 1,~~847~~666,~~039~~129.7190 II-A 21,~~518~~591,~~910~~877.0096 5655,~~849~~257,~~710~~832.4045 0.~~55270467~~53722811 21,~~518~~591,~~910~~877.0096 III-A ~~215~~1,~~728~~192,102.5904 1817,~~529~~337,~~899~~797.2925 0.~~65834696~~61599288 ~~215~~1,~~728~~192,102.5904 B-1 1911,~~519~~172.4129 7,~~747~~736,~~407~~235.6839 0.~~98084592~~97943147 1911,~~519~~172.4129 B-2 169,~~180~~261.8038 6,~~422~~413,~~284~~023.8446 0.~~98084592~~97943147 169,~~180~~261.8038 B-3 127,~~841~~350.4403 5,~~096~~089,~~867~~517.7571 0.~~98084592~~97943147 127,~~841~~350.4403 B-4 95,~~502~~439.8212 3,~~771~~766,~~744~~305.9179 0.~~98084592~~97943147 95,~~502~~439.8212 B-5 63,~~420~~675.9716 2,~~548~~544,~~531~~856.9680 0.~~98084592~~97943147 63,~~420~~675.9716 B-6 3710,~~006~~024.2043 6,~~239~~229,~~361~~337.8845 0.~~96827863~~96672295 158,~~773~~997.4259 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 4,~~683~~497,~~149~~032.9431 ~~133~~129,~~617~~120,~~888~~856.8959 0.~~64282616~~62119126 4,~~661~~496,~~917~~005.1647

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 ~~637~~595.~~52489831~~85573756 0.~~94053778~~89974823 4036.~~72862274~~68809240 0.00000000 II-A 102,857,300.00 ~~577~~552.~~19403873~~70467337 0.~~61930869~~59880164 2314.~~87005667~~87776599 0.00000000 III-A 28,146,100.00 ~~666~~658.~~01155684~~34695713 1.~~78904502~~75798281 540.~~87555469~~59609253 0.00000000 B-1 7,898,700.00 ~~983~~980.~~31713953~~84592148 1.~~40597060~~41444668 10.~~06524745~~00000000 0.00000000 B-2 6,547,700.00 ~~983~~980.~~31714037~~84592147 1.~~40597004~~41444782 10.~~06524734~~00000000 0.00000000 B-3 5,196,400.00 ~~983~~980.~~31714071~~84592218 1.~~40597144~~41444654 10.~~06524709~~00000000 0.00000000 B-4 3,845,400.00 ~~983~~980.~~31713996~~84592240 1.~~40597077~~41444843 10.~~06524679~~00000000 0.00000000 B-5 2,598,300.00 ~~983~~980.~~31713813~~84592233 1.~~40596929~~41444791 10.~~06524651~~00000000 0.00000000 B-6 6,443,767.00 ~~974~~968.~~02157465~~27862957 1.~~39267916~~39632454 10.~~05517782~~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 4137.~~66916052~~58784063 ~~595~~558.~~85573756~~26789716 0.~~59585574~~55826790 4137.~~66916052~~58784063 II-A 0.00000000 2415.~~48936536~~47656763 ~~552~~537.~~70467337~~22810583 0.~~55270467~~53722811 2415.~~48936536~~47656763 III-A 0.00000000 742.~~66459971~~35407534 ~~658~~615.~~34695713~~99288178 0.~~65834696~~61599288 742.~~66459971~~35407534 B-1 0.00000000 21.~~47121805~~41444668 ~~980~~979.~~84592148~~43147480 0.~~98084592~~97943147 21.~~47121805~~41444668 B-2 0.00000000 21.~~47121890~~41444782 ~~980~~979.~~84592147~~43147365 0.~~98084592~~97943147 21.~~47121890~~41444782 B-3 0.00000000 21.~~47121854~~41444654 ~~980~~979.~~84592218~~43147371 0.~~98084592~~97943147 21.~~47121854~~41444654 B-4 0.00000000 21.~~47121756~~41444843 ~~980~~979.~~84592240~~43147397 0.~~98084592~~97943147 21.~~47121756~~41444843 B-5 0.00000000 21.~~47121964~~41444791 ~~980~~979.~~84592233~~43147443 0.~~98084592~~97943147 21.~~47121964~~41444791 B-6 30.~~29508811~~15935399 51.~~74294508~~55567853 ~~968~~966.~~27862957~~72295103 0.~~96827863~~96672295 21.~~44785698~~39632454 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.~~08310~~09041% 2826,~~259~~412,~~119~~080.9018 ~~143~~134,~~252~~050.6328 0.00 0.00 II-A 102,857,300.00 5.~~05805~~04717% 5956,~~368~~849,~~620~~710.40 ~~250~~239,~~241~~108.2662 0.00 0.00 III-A 28,146,100.00 4.~~80194~~83035% 18,~~745~~529,~~627~~899.8829 7574,~~012~~588.8519 0.00 0.00 B-1 7,898,700.00 5.~~27572~~27499% 7,~~766~~747,~~927~~407.0968 34,~~146~~056.7724 0.00 0.00 B-2 6,547,700.00 5.~~27572~~27499% 6,~~438~~422,~~465~~284.6484 28,~~306~~231.2824 0.00 0.00 B-3 5,196,400.00 5.~~27572~~27499% 5,~~109~~096,~~709~~867.1975 22,~~464~~404.4994 0.00 0.00 B-4 3,845,400.00 5.~~27572~~27499% 3,~~781~~771,~~247~~744.7391 16,~~624~~579.0093 0.00 0.00 B-5 2,598,300.00 5.~~27572~~27499% 2,~~554~~548,~~952~~531.9296 11,~~232~~202.6890 0.00 0.00 B-6 6,443,767.00 5.~~27572~~27499% 6,~~276~~239,~~368~~361.0888 27,~~593~~427.6314 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 ~~608~~587,~~874~~649.5948 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(55.0057) 0.00 ~~143~~134,~~252~~105.6384 0.00 2624,~~412~~745,~~080~~950.1829 II-A 0(99.0011) 0.00 ~~250~~239,~~241~~207.2673 0.00 5655,~~849~~257,~~710~~832.4045 III-A 0(30.0092) 0.00 7574,~~012~~619.8511 0.00 1817,~~529~~337,~~899~~797.2925 B-1 0(14.0012) 0.00 34,~~146~~070.7736 0.00 7,~~747~~736,~~407~~235.6839 B-2 0(11.0070) 0.00 28,~~306~~242.2894 0.00 6,~~422~~413,~~284~~023.8446 B-3 0(9.0028) 0.00 22,~~464~~414.4922 0.00 5,~~096~~089,~~867~~517.7571 B-4 0(6.0087) 0.00 16,~~624~~586.0080 0.00 3,~~771~~766,~~744~~305.9179 B-5 0(4.0064) 0.00 11,~~232~~207.6854 0.00 2,~~548~~544,~~531~~856.9680 B-6 0(11.0037) 0.00 27,~~593~~438.6351 0.00 6,~~239~~229,~~361~~337.8845 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.01 0.00 0.00 Totals 0(243.0058) 0.00 ~~608~~587,~~874~~893.6006 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.~~08310~~09041% ~~637~~595.~~52489831~~85573756 3.~~23177504~~02417030 0.00000000 0.00000000 II-A 102,857,300.00 5.~~05805~~04717% ~~577~~552.~~19403873~~70467337 2.~~43289742~~32466359 0.00000000 0.00000000 III-A 28,146,100.00 4.~~80194~~83035% ~~666~~658.~~01155684~~34695713 2.~~66512412~~65003642 0.00000000 0.00000000 B-1 7,898,700.00 5.~~27572~~27499% ~~983~~980.~~31713953~~84592148 4.~~32308734~~31162596 0.00000000 0.00000000 B-2 6,547,700.00 5.~~27572~~27499% ~~983~~980.~~31714037~~84592147 4.~~32308750~~31162698 0.00000000 0.00000000 B-3 5,196,400.00 5.~~27572~~27499% ~~983~~980.~~31714071~~84592218 4.~~32308714~~31162728 0.00000000 0.00000000 B-4 3,845,400.00 5.~~27572~~27499% ~~983~~980.~~31713996~~84592240 4.~~32308733~~31162688 0.00000000 0.00000000 B-5 2,598,300.00 5.~~27572~~27499% ~~983~~980.~~31713813~~84592233 4.~~32308817~~31162683 0.00000000 0.00000000 B-6 6,443,767.00 5.~~27572~~27499% ~~974~~968.~~02157465~~27862957 4.~~28222032~~25638295 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~~00125366) 0.00000000 3.~~23177504~~02542373 0.00000000 ~~595~~558.~~85573756~~26789716 II-A (0.~~00000000~~00096357) 0.00000000 2.~~43289742~~32562716 0.00000000 ~~552~~537.~~70467337~~22810583 III-A (0.~~00000000~~00109855) 0.00000000 2.~~66512412~~65113497 0.00000000 ~~658~~615.~~34695713~~99288178 B-1 (0.~~00000000~~00178764) 0.00000000 4.~~32308734~~31341360 0.00000000 ~~980~~979.~~84592148~~43147480 B-2 (0.~~00000000~~00178689) 0.00000000 4.~~32308750~~31341387 0.00000000 ~~980~~979.~~84592147~~43147365 B-3 (0.~~00000000~~00178585) 0.00000000 4.~~32308714~~31341313 0.00000000 ~~980~~979.~~84592218~~43147371 B-4 (0.~~00000000~~00178655) 0.00000000 4.~~32308733~~31341343 0.00000000 ~~980~~979.~~84592240~~43147397 B-5 (0.~~00000000~~00178578) 0.00000000 4.~~32308817~~31341262 0.00000000 ~~980~~979.~~84592233~~43147443 B-6 (0.~~00000000~~00176450) 0.00000000 4.~~28222032~~25814745 0.00000000 ~~968~~966.~~27862957~~72295103 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.20000000 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 5,~~339~~124,~~736~~031.2070 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~107~~108,~~383~~559.4967 Realized Loss (Gains, Subsequent Expenses & Recoveries) (211,~~232~~026.7884) Prepayment Penalties 0.00 Total Deposits 5,~~425~~231,~~886~~564.9153 Withdrawals Reimbursement for Servicer Advances ~~113~~107,~~415~~383.0449 Payment of Service Fee 4140,~~680~~282.1151 Payment of Interest and Principal 5,~~270~~083,~~791~~898.7653 Total Withdrawals (Pool Distribution Amount) 5,~~425~~231,~~886~~564.9153 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0(243.0059)

SERVICING FEES Gross Servicing Fee 4039,~~527~~169.5803 Master Servicing Fee 1,~~152~~113.5348 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 4140,~~680~~282.1151

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 1410 2 1 013 ~~15 2~~1,~~460~~619,~~403~~651.4048 92183,~~440~~772.3223 058,720.0010 21,~~552~~862,~~843~~143.7281 30 Days 2924 12 12 0 3128 3,~~504~~242,~~044~~276.9289 67300,~~979~~300.9019 40220,~~581~~449.8341 0.00 3,~~612~~763,~~606~~026.6549 60 Days 610 20 2 0 1012 ~~626~~1,~~995~~105,358.1104 ~~277,268~~0.6000 ~~549~~273,~~121~~525.9707 0.00 1,~~453~~378,~~385~~883.6811 90 Days 43 23 75 0 1311 1880,~~023,138~~880.0436 ~~297~~470,~~617~~937.1942 ~~955~~738,~~518~~311.7746 0.00 2,~~276~~090,~~274~~129.0024 120 Days 31 21 134 0 186 ~~615~~127,~~169~~787.0724 ~~340~~103,~~694~~701.0319 1397,~~294,673~~338.0807 0.00 2628,~~250,536~~826.1850 150 Days 20 24 510 21 1115 ~~202,097~~0.7600 ~~215~~535,~~120~~696.3543 ~~650~~1,~~718~~202,062.6434 ~~197~~148,~~302~~605.5945 1,~~265~~886,~~239~~364.3422 180+ Days 31 1113 1217 910 3541 ~~246~~130,~~147~~572.9703 ~~977~~1,~~590~~251,762.5474 23,~~668~~289,~~148~~776.0691 ~~843~~971,~~963~~809.7375 45,~~735~~643,~~850~~921.3043 Totals 4739 3433 4142 1112 ~~133~~126 65,~~217~~486,~~592~~874.8756 4,~~636~~282,~~674~~049.0145 6,~~251~~305,~~202~~235.6749 1,~~041~~179,~~266~~135.3230 1817,~~146~~253,~~735~~294.8780 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 1.~~767677~~293661% 0.~~126263~~258732% 0.~~000000~~129366% 1.~~893939~~681759% 1.~~837647~~251748% 0.~~069043~~142028% 0.~~000000~~045382% 1.~~906689~~439158% 30 Days 3.~~661616~~104787% 0.~~126263~~258732% 0.~~126263~~258732% 0.000000% 3.~~914141~~622251% 2.~~617130~~505794% 0.~~050773~~232087% 0.~~030310~~170374% 0.000000% 2.~~698214~~908256% 60 Days 01.~~757576~~293661% 0.~~252525~~000000% 0.~~252525~~258732% 0.000000% 1.~~262626~~552393% 0.~~468295~~854276% 0.~~207089~~000000% 0.~~410133~~211394% 0.000000% 1.~~085517~~065670% 90 Days 0.~~505051~~388098% 0.~~252525~~388098% 0.~~883838~~646831% 0.000000% 1.~~641414~~423027% 0.~~764170~~680789% 0.~~222287~~363964% 0.~~713666~~570604% 0.000000% 1.~~700122~~615357% 120 Days 0.~~378788~~129366% 0.~~252525~~129366% 10.~~641414~~517464% 0.000000% 20.~~272727~~776197% 0.~~459463~~098760% 0.~~254460~~080145% 0.~~966976~~307083% 0.000000% 10.~~680899~~485989% 150 Days 0.~~252525~~000000% 0.~~252525~~517464% 01.~~631313~~293661% 0.~~252525~~129366% 1.~~388889~~940492% 0.~~150944~~000000% 0.~~160671~~414013% 0.~~486014~~929014% 0.~~147363~~114850% 01.~~944992~~457877% 180+ Days 0.~~378788~~129366% 1.~~388889~~681759% 12.~~515152~~199224% 1.~~136364~~293661% 45.~~419192~~304010% 0.~~183845~~100913% 0.~~730151~~967425% 12.~~992809~~542505% 0.~~630347~~751063% 34.~~537151~~361906% Totals 5.~~934343~~045278% 4.~~292929~~269082% 5.~~176768~~433376% 1.~~388889~~552393% 16.~~792929~~300129% 4.~~643847~~240532% 3.~~463078~~309383% 4.~~668950~~873002% 0.~~777710~~911295% 13.~~553585~~334212%

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 86 12 0 98 1901,~~380,019~~057.5670 92183,~~440~~772.3223 0.00 1,~~472~~084,~~459~~829.8893 30 Days 189 01 01 0 1811 21,~~385~~455,~~830~~438.1351 0104,882.0099 0195,076.0029 0.00 21,~~385~~755,~~830~~397.1379 60 Days 47 10 2 0 79 ~~256~~605,~~236~~194.6572 ~~228,164~~0.8400 ~~549~~273,~~121~~525.9707 0.00 1878,~~033,523~~719.4679 90 Days 2 1 04 5 0 67 ~~735~~843,~~104~~581.7534 0228,164.0084 ~~640~~645,~~662~~886.9542 0.00 1,~~375~~717,~~767~~632.7060 120 Days 30 0 2 7 0 122 ~~615,169~~0.0700 ~~340,694~~0.0300 ~~723~~184,~~662~~607.3809 0.00 1184,~~679,525~~607.4809 150 Days 10 23 27 21 711 ~~120,359~~0.2100 ~~215~~424,~~120~~264.3537 ~~163~~854,~~153~~000.3449 ~~197~~148,~~302~~605.5945 ~~695~~1,~~935~~426,870.4931 180 Days 31 78 710 56 2225 ~~246~~130,~~147~~572.9703 ~~678~~809,~~210~~619.2685 ~~625~~902,~~699~~656.5659 ~~456~~584,~~805~~651.2224 2,~~006~~427,~~863~~499.0171 Totals 3019 2019 2428 7 8173 43,~~358~~034,~~847~~786.7860 2,~~842~~467,~~209~~989.0475 23,~~794~~239,~~740~~524.5218 ~~654~~733,~~107~~256.8169 109,~~649~~475,~~905~~557.1522 0-29 Days 32.~~375527~~620087% 0.~~421941~~873362% 0.000000% 3.~~797468~~493450% 32.~~998939~~744659% 0.~~267868~~559778% 0.000000% 43.~~266808~~304437% 30 Days 73.~~594937~~930131% 0.~~000000~~436681% 0.~~000000~~436681% 0.000000% 74.~~594937~~803493% 64.~~913518~~433326% 0.~~000000~~319478% 0.~~000000~~594210% 0.000000% 65.~~913518~~347014% 60 Days 13.~~687764~~056769% 0.~~421941~~000000% 0.~~843882~~873362% 0.000000% 23.~~953586~~930131% 01.~~742507~~843448% 0.~~661163~~000000% 10.~~591213~~833169% 0.000000% 2.~~994883~~676617% 90 Days 0.~~421941~~873362% 0.~~000000~~436681% 21.~~109705~~746725% 0.000000% 23.~~531646~~056769% 2.~~130143~~569584% 0.~~000000~~695000% 1.~~856475~~967397% 0.000000% 35.~~986619~~231980% 120 Days 10.~~265823~~000000% 0.~~843882~~000000% 20.~~953586~~873362% 0.000000% 50.~~063291~~873362% 10.~~782601~~000000% 0.~~987243~~000000% 20.~~096986~~562321% 0.000000% 40.~~866830~~562321% 150 Days 0.~~421941~~000000% 01.~~843882~~310044% 03.~~843882~~056769% 0.~~843882~~436681% 24.~~953586~~803493% 0.~~348770~~000000% 01.~~623363~~292327% 02.~~472776~~601321% 0.~~571732~~452658% 24.~~016641~~346306% 180 Days 10.~~265823~~436681% 23.~~953586~~493450% 24.~~953586~~366812% 2.~~109705~~620087% 910.~~282700~~917031% 0.~~713273~~397728% 12.~~965278~~466136% 12.~~813115~~749529% 1.~~323703~~780872% 57.~~815369~~394265% Totals 128.~~658228~~296943% 8.~~438819~~296943% 1012.~~126582~~227074% 23.~~953586~~056769% 3431.~~177215~~877729% 129.~~630812~~244086% 87.~~235986~~517599% 89.~~098434~~867725% 12.~~895435~~233530% 3028.~~860668~~862939% 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 53 0 0 53 ~~946~~585,~~701~~084.0625 0.00 0.00 ~~946~~585,~~701~~084.0625 30 Days 53 01 0 0 54 ~~806~~712,~~937~~751.4473 0195,417.0020 0.00 0.00 ~~806~~908,~~937~~168.4493 60 Days 02 0 0 0 02 0222,475.0092 0.00 0.00 0.00 0222,475.0092 90 Days 21 1 20 0 52 ~~229~~37,~~589~~299.1502 193,~~916~~668.0082 ~~314,855~~0.8200 0.00 ~~738~~230,~~360~~967.9784 120 Days 01 0 32 0 3 0127,787.0024 0.00 ~~307~~212,~~221~~730.3198 0.00 ~~307~~340,~~221~~518.3122 150 Days 0 1 01 0 2 0.00 ~~1 81~~111,~~738~~432.5506 0110,347.0040 0.00 ~~0.00 81~~221,~~738~~779.5546 180 Days 0 2 3 2 4 9 0.00 ~~135~~278,~~429~~192.9354 1,~~976~~833,~~643~~749.3789 387,158.51 2,499,~~231~~100.8194 Totals 87 89 85 4 2825 1,~~118~~100,~~265~~313.1491 1,~~276~~363,~~046~~794.9987 2,~~598~~156,~~720~~828.5027 387,158.51 5,~~380~~008,~~191~~095.1456 0-29 Days 10.~~381215~~845070% 0.000000% 0.000000% 10.~~381215~~845070% 10.~~250007~~789400% 0.000000% 0.000000% 10.~~250007~~789400% 30 Days 10.~~381215~~845070% 0.~~000000~~281690% 0.000000% 0.000000% 1.~~381215~~126761% 10.~~065466~~961650% 0.~~000000~~263658% 0.000000% 0.000000% 1.~~065466~~225309% 60 Days 0.~~000000~~563380% 0.000000% 0.000000% 0.000000% 0.~~000000~~563380% 0.~~000000~~300166% 0.000000% 0.000000% 0.000000% 0.~~000000~~300166% 90 Days 0.~~552486~~281690% 0.~~276243~~281690% 0.~~552486~~000000% 0.000000% 10.~~381215~~563380% 0.~~303145~~050324% 0.~~256043~~261299% 0.~~415730~~000000% 0.000000% 0.~~974919~~311624% 120 Days 0.~~000000~~281690% 0.000000% 0.~~828729~~563380% 0.000000% 0.~~828729~~845070% 0.~~000000~~172412% 0.000000% 0.~~405650~~287018% 0.000000% 0.~~405650~~459430% 150 Days 0.~~276243~~000000% 0.~~000000~~281690% 0.~~000000~~281690% 0.000000% 0.~~276243~~563380% 0.~~107926~~000000% 0.~~000000~~150345% 0.~~000000~~148882% 0.000000% 0.~~107926~~299227% 180 Days 0.000000% 0.~~552486~~845070% 0.~~828729~~563380% 1.~~104972~~126761% 2.~~486188~~535211% 0.000000% 0.~~178819~~375340% 2.~~609925~~474110% 0.~~511197~~522357% 3.~~299941~~371806% Totals 21.~~209945~~971831% 2.~~209945~~535211% 21.~~209945~~408451% 1.~~104972~~126761% 7.~~734807~~042254% 1.~~476537~~484552% 1.~~684870~~840043% 32.~~431304~~910009% 0.~~511197~~522357% 76.~~103909~~756961% 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 1 0 0 1 2 133,~~682~~509.7853 0.00 058,720.0010 ~~133~~192,~~682~~229.7863 30 Days 612 10 1 0 813 ~~311~~1,~~277~~074,086.3565 ~~67,979~~0.9000 4025,~~581~~373.8312 0.00 ~~419~~1,~~839~~099,459.0877 60 Days 2 1 0 0 30 ~~370~~1 277,~~758~~687.4640 ~~49,103~~0.7600 0.00 0.00 ~~419~~277,~~862~~687.2240 90 Days 0 1 1 0 0 2 ~~58,444~~0.1400 ~~103~~49,~~701~~103.1976 092,425.0004 0.00 ~~162~~141,~~145~~528.3380 120 Days 0 1 0 3 0 31 0.00 103,701.19 0.00 ~~263,789.39~~ 0.00 ~~263~~103,~~789~~701.3919 150 Days 0 0 32 0 32 0.00 0.00 ~~487~~237,~~565~~714.3045 0.00 ~~487~~237,~~565~~714.3045 180 Days 0 2 25 0 47 0.00 163,950.35 65553,~~805~~370.1343 0.00 ~~229~~717,~~755~~320.4878 Totals 913 65 9 01 2428 ~~740~~1,~~479~~351,774.9505 ~~518~~450,~~417~~264.9883 ~~857~~908,~~741~~883.6504 058,720.0010 2,~~116~~769,~~639~~642.5802 0-29 Days 0.~~518135~~529101% 0.000000% 0.~~000000~~529101% 01.~~518135~~058201% 0.~~565409~~594853% 0.000000% 0.~~000000~~261628% 0.~~565409~~856481% 30 Days 36.~~108808~~349206% 0.~~518135~~000000% 0.~~518135~~529101% 0.000000% 46.~~145078~~878307% 14.~~316543~~785605% 0.~~287520~~000000% 0.~~171640~~113050% 0.000000% 14.~~775703~~898655% 60 Days 10.~~036269~~529101% 0.~~518135~~000000% 0.000000% 0.000000% 10.~~554404~~529101% 1.~~568117~~237239% 0.~~207684~~000000% 0.000000% 0.000000% 1.~~775801~~237239% 90 Days 0.~~518135~~000000% 0.~~518135~~529101% 0.~~000000~~529101% 0.000000% 1.~~036269~~058201% 0.~~247189~~000000% 0.~~438603~~218782% 0.~~000000~~411801% 0.000000% 0.~~685791~~630583% 120 Days 0.000000% 0.~~000000~~529101% 10.~~554404~~000000% 0.000000% 10.~~554404~~529101% 0.000000% 0.~~000000~~462042% 10.~~115693~~000000% 0.000000% 10.~~115693~~462042% 150 Days 0.000000% 0.000000% 1.~~554404~~058201% 0.000000% 1.~~554404~~058201% 0.000000% 0.000000% 21.~~062150~~059139% 0.000000% 21.~~062150~~059139% 180 Days 0.000000% 1.~~036269~~058201% 12.~~036269~~645503% 0.000000% 23.~~072539~~703704% 0.000000% 0.~~693425~~730483% 02.~~278322~~465548% 0.000000% 03.~~971747~~196031% Totals 46.~~663212~~878307% 32.~~108808~~645503% 4.~~663212~~761905% 0.~~000000~~529101% 1214.~~435233~~814815% 36.~~131849~~022844% 2.~~192641~~006160% 34.~~627805~~049538% 0.~~000000~~261628% 812.~~952295~~340170%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~107~~108,~~383~~559.4967

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 163,533,767.00 78.67493230% ~~107~~104,~~205~~374,~~808~~906.7130 80.~~23312482~~83504703% 19.~~766874~~164952% 0.000000% Class 2A 60,676,467.00 29.19101676% 5049,~~356~~117,~~098~~073.3185 3738.~~68664375~~03961235% 42.~~546481~~795435% ~~178~~173.~~625510~~880083% Class 3A 32,530,367.00 15.65012822% 31,~~826~~779,~~199~~276.0260 2324.~~81881569~~61203952% 13.~~867828~~427573% 5854.~~222156~~556929% Class B-1 24,631,667.00 11.85011982% 24,~~078~~043,~~791~~041.3421 18.~~02063428~~62057113% 5.~~798181~~991468% 24.~~342862~~343648% Class B-2 18,083,967.00 8.70006792% 17,~~656~~630,~~506~~017.5075 13.~~21417848~~65388832% 4.~~806456~~966683% 20.~~179239~~179891% Class B-3 12,887,567.00 6.20011683% 12,~~559~~540,~~638~~500.7504 9.~~39966850~~71221864% 3.~~814510~~941670% 16.~~014692~~015209% Class B-4 9,042,167.00 4.35012224% 8,~~787~~774,~~893~~194.8425 6.~~57688414~~79533453% 2.~~822784~~916884% 11.~~851069~~851452% Class B-5 6,443,867.00 3.10009859% 6,~~239~~229,~~361~~337.8845 4.~~66955575~~82442384% 1.~~907328~~970911% 8.~~007654~~007913% Class B-6 100.00 0.00004811% 0.00 0.00000000% 4.~~669556~~824424% 19.~~604483~~601886% 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.~~644684~~639353% Weighted Average Net Coupon 5.~~293037~~287582% Weighted Average Pass-Through Rate 5.~~283037~~277582% Weighted Average Maturity(Stepdown Calculation ) ~~318~~317 Beginning Scheduled Collateral Loan Count ~~818~~792 Number Of Loans Paid In Full 2619 Ending Scheduled Collateral Loan Count ~~792~~773 Beginning Scheduled Collateral Balance ~~138~~133,~~301~~617,~~040~~890.2430 Ending Scheduled Collateral Balance ~~133~~129,~~617~~120,~~890~~858.3001 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~133~~129,~~888~~391,~~827~~181.7792 Monthly P &I Constant ~~851~~824,~~951~~781.2555 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 211,~~232~~026.7884 Cumulative Realized Loss 8182,~~278~~305.6044 Class A Optimal Amount 54,~~050~~897,~~185~~856.0499 Ending Scheduled Balance for Premium Loans ~~133~~129,~~617~~120,~~890~~858.3001 Scheduled Principal ~~201~~196,~~396~~849.5855 Unscheduled Principal 4,~~481~~300,~~753~~182.3675

Miscellaneous Reporting Senior Percentage 76.~~914366~~181183% Senior Percentage Group 1 7776.~~843828~~756352% Senior Percentage Group 2 75.~~922450~~163630% Senior Percentage Group 3 78.~~755473~~606435% Senior Prepay Percentage Group 1 100.000000% Senior Prepay Percentage Group 2 100.000000% Senior Prepay Percentage Group 3 100.000000% Subordinate Percentage 23.~~085634~~818817% Subordinate Percentage Group 1 2223.~~156172~~243648% Subordinate Percentage Group 2 24.~~077550~~836370% Subordinate Percentage Group 3 21.~~244527~~393565% 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.~~484547~~493422 5.~~366487~~354733 5.~~277703~~305849 Weighted Average Net Rate 6.~~093103~~100408 5.~~068051~~057173 4.~~811941~~840346 Weighted Average Maturity ~~316~~315 ~~338~~337 ~~246~~245 Beginning Loan Count ~~245~~237 ~~377~~362 ~~196~~193 Loans Paid In Full 8 157 34 Ending Loan Count ~~237~~229 ~~362~~355 ~~193~~189 Beginning Scheduled Balance 3634,~~302~~410,~~325~~285.4579 7875,~~196~~634,~~397~~598.2587 23,~~802~~573,~~317~~005.5464 Ending scheduled Balance 3432,~~410~~732,~~285~~078.7952 7574,~~634~~021,~~598~~342.8748 2322,~~573~~367,~~005~~437.6401 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~249~~238,~~726~~160.7730 ~~433~~419,~~601~~445.8928 ~~168~~167,~~622~~175.5997 Scheduled Principal 5351,~~556~~959.6788 8381,~~901~~942.9671 6362,~~937~~946.9596 Unscheduled Principal 1,~~838~~626,~~482~~247.9939 21,~~477~~531,~~896~~313.4268 ~~165~~1,~~373~~142,621.9568 Scheduled Interest ~~196~~186,~~170~~200.1042 ~~349~~337,~~699~~502.9357 104,~~684~~229.6401 Servicing Fees 11,~~841~~269.9277 1918,~~447~~754.1584 9,~~238~~144.5142 Master Servicing Fees ~~302~~286.5375 ~~651~~630.6428 ~~198~~196.3645 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 ~~184~~174,~~025~~643.6590 ~~329~~318,~~601~~117.1445 9594,~~247~~888.7714 Realized Loss Amount ~~19,213~~0.2600 21,~~019~~026.5284 0.00 Cumulative Realized Loss 61,868.56 1920,~~410~~436.0488 0.00 Percentage of Cumulative Losses 0.1177 0.~~0159~~0168 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~083104~~090407 5.~~058051~~047173 4.~~801942~~830346

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 5.~~644684~~639353 Weighted Average Net Rate 5.~~293037~~287582 Weighted Average Maturity ~~318~~317 Beginning Loan Count ~~818~~792 Loans Paid In Full 2619 Ending Loan Count ~~792~~773 Beginning Scheduled Balance ~~138~~133,~~301~~617,~~040~~890.2430 Ending scheduled Balance ~~133~~129,~~617~~120,~~890~~858.3001 Record Date 1011/3130/2004 Principal And Interest Constant ~~851~~824,~~951~~781.2555 Scheduled Principal ~~201~~196,~~396~~849.5855 Unscheduled Principal 4,~~481~~300,~~753~~182.3675 Scheduled Interest ~~650~~627,~~554~~932.6700 Servicing Fees 4039,~~527~~169.5803 Master Servicing Fees 1,~~152~~113.5348 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 ~~608~~587,~~874~~649.5649 Realized Loss Amount 211,~~232~~026.7884 Cumulative Realized Loss 8182,~~278~~305.6044 Percentage of Cumulative Losses 0.~~0391~~0396 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 5.~~283037~~277582

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