8-K 1 d296656.txt ACE SECURITIES CORP ================================================================================ 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 29, 2004 ACE SECURITIES CORP. (as depositor under the Pooling and Servicing Agreement, dated as of September 1, 2004, providing for the issuance of ACE Securities Corp. Home Equity Loan Trust, Series 2004-SD1, Asset-Backed Pass-Through Certificates) ACE Securities Corp. -------------------- (Exact name of registrant as specified in its charter)

~~ACE~~Delaware ~~Securities Corporation Asset Backed Pass~~333-~~Through~~110039 ~~Certificates Record Date: 10/31/2004 Distribution Date: 11/26/2004 ACE Series: 2004~~56-~~SD1~~2088493 ~~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 A~~-1--------- ~~004421HD8 SEN 2.42250% 117,506,541.48 253,241.23 4,749,207.87 M~~-1--------- ~~004421HE6~~(State ~~SEN~~or ~~2.88250%~~Other ~~5,427,000.00~~Jurisdiction ~~13,905.18~~(Commission ~~0.00~~File ~~M-2~~Number) ~~004421HF3 SEN 3~~(I.~~68250% 2,713,000~~R.~~00 8,880~~S.55 ~~0.00~~Employer ~~M-3~~Identification ~~004421HG1~~of ~~SEN~~Incorporation) ~~4.68250%~~Number) ~~2,374,000.00~~6525 ~~9,881.12~~Morrison 0Blvd.~~00 M-4 004421HH9 SEN 4.68250% 678~~,~~000.00~~ ~~2,821.99~~Suite ~~0.00 CE ACE04SD1C SEN 0.00000% 1~~318,~~115,286.05~~ ~~520~~Charlotte,~~160.45~~ ~~97,747.59~~North PCarolina ~~ACE04SD1P~~28211 ~~SEN~~------------------------- ~~0.00000%~~----- ~~100.00~~(Address ~~7,889.36~~of ~~0.00~~Principal ~~Totals~~Executive ~~129,813,927.53~~Offices) ~~816,779.88~~(Zip ~~4,846,955.46~~Code)

Registrant's telephone number, including area code: 704-365-0569 ================================================================================ 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(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] 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 9.01 Financial Statements and Exhibits (a) Not applicable (b) Not applicable (c) Exhibits

~~Certificateholder~~Exhibit ~~Distribution~~No. ~~Summary~~Description ~~(continued)~~----------- ~~Current~~----------- ~~Ending~~4.2 ~~Cumulative~~Amendment ~~Realized~~to ~~Certificate~~the ~~Total~~Pooling ~~Realized~~and ~~Class~~Servicing ~~Loss Balance Distribution Losses A-1 0.00 112~~Agreement,~~757,333.61~~ ~~5,002,449.10~~dated ~~0.00~~as ~~M-1~~of ~~0.00~~September 51,~~427,000.00~~ 132004,~~905.18~~ ~~0.00~~by ~~M-2~~and ~~0.00~~among ~~2,713,000.00~~ACE ~~8,880.55~~Securities 0Corp.~~00 M-3 0.00 2~~,~~374,000.00~~ ~~9,881.12~~as ~~0.00 M-4 0.00 678~~Depositor,~~000.00~~ ~~2,821.99~~Ocwen ~~0.00~~Federal CEBank ~~0.00~~FSB ~~1,017,538.46~~as ~~617~~Servicer,~~908.04~~ ~~0.00~~Wells PFargo ~~0.00 100.00 7~~Bank,~~889.36~~ 0N.~~00 Totals 0~~A.00 ~~124,966,972.07~~as ~~5,663,735.34~~Master ~~0.00~~Servicer ~~All~~and ~~distributions~~Securities ~~required~~Administrator byand ~~the~~HSBC ~~Pooling~~Bank ~~and~~USA, ~~Servicing~~National ~~Agreement~~Association ~~have~~as ~~been~~Trustee ~~calculated~~relating byto the ~~Certificate~~Series ~~Administrator~~2004-SD1 onAsset ~~behalf~~Backed ofPass-Through ~~the Trustee~~Certificates.

SIGNATURES 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 thereunto duly authorized. Dated: December 29, 2004 ACE SECURITIES CORP. By: /s/ Douglas K. Johnson ---------------------- Name: Douglas K. Johnson Title: President By: /s/ Evelyn Echevarria ---------------------- Name: Evelyn Echevarria Title: Vice President Index to Exhibits

~~Principal~~Exhibit ~~Distribution~~No. ~~Statement~~Description ~~Original~~Sequentially ~~Beginning~~Numbered ~~Scheduled~~Page ~~Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 123,461,000.00 117,506,541.48 0.00~~ 4~~,749,207~~.~~87 0.00 0.00 M-1 5,427,000.00 5,427,000.00 0.00 0.00 0.00 0.00 M-~~2 ~~2,713,000.00~~Amendment ~~2,713,000.00~~to ~~0.00~~the ~~0.00~~Pooling ~~0.00~~and ~~0.00~~Servicing ~~M-3 2~~Agreement,~~374,000.00~~ ~~2,374,000.00~~dated ~~0.00~~as ~~0.00~~of ~~0.00~~6 ~~0.00~~September ~~M-4 678~~1,~~000.00~~ ~~678~~2004,~~000.00~~ ~~0.00~~by ~~0.00~~and ~~0.00~~among ~~0.00~~ACE CESecurities ~~1,018,695~~Corp.~~29 1~~,~~115,286.05~~ ~~0.00~~as 97Depositor,~~747.59~~ ~~0.00~~Ocwen ~~0.00~~Federal PBank ~~100.00~~FSB ~~100.00~~as ~~0.00~~Servicer, ~~0.00~~Wells ~~0.00~~Fargo ~~0.00 Totals 135~~Bank,~~671,795.29~~ ~~129,813,927~~N.~~53 0~~A.00 ~~4,846,955.46~~as ~~0.00~~Master ~~0.00~~Servicer ~~(1)~~and ~~Amount~~Securities ~~Does~~Administrator ~~Not~~and ~~Include~~HSBC ~~Excess~~Bank ~~Special Hazard~~USA, ~~Bankruptcy,~~National orAssociation ~~Fraud~~as ~~Losses~~Trustee ~~Unless~~relating ~~Otherwise Disclosed. Please Refer~~ to the ~~Prospectus~~Series ~~Supplement~~2004-SD1 ~~for~~Asset aBacked ~~Full~~Pass-Through ~~Description~~Certificates.

EXHIBIT 4.2

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 4,749,207.87 112,757,333.61 0.91330326 4,749,207.87 M-1 0.00 5,427,000.00 1.00000000 0.00 M-2 0.00 2,713,000.00 1.00000000 0.00 M-3 0.00 2,374,000.00 1.00000000 0.00 M-4 0.00 678,000.00 1.00000000 0.00 CE 97,747.59 1,017,538.46 0.99886440 97,747.59 P 0.00 100.00 1.00000000 0.00 Totals 4,846,955.46 124,966,972.07 0.92109765 4,846,955.46

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 123,461,000.00 951.77053061 0.00000000 38.46727201 0.00000000 M-1 5,427,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 2,713,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 2,374,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 678,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 1,018,695.29 1094.81810797 0.00000000 95.95370761 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 (2) 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 A-1 0.00000000 38.46727201 913.30325860 0.91330326 38.46727201 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 95.95370761 998.86440036 0.99886440 95.95370761 P 0.00000000 0.00000000 1,000.00000000 1.00000000 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 A-1 123,461,000.00 2.42250% 117,506,541.48 253,030.75 210.48 0.00 M-1 5,427,000.00 2.88250% 5,427,000.00 13,905.18 0.00 0.00 M-2 2,713,000.00 3.68250% 2,713,000.00 8,880.55 0.00 0.00 M-3 2,374,000.00 4.68250% 2,374,000.00 9,881.12 0.00 0.00 M-4 678,000.00 4.68250% 678,000.00 2,821.99 0.00 0.00 CE 1,018,695.29 0.00000% 1,115,286.05 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 135,671,795.29 288,519.59 210.48 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 A-1 0.00 0.00 253,241.23 0.00 112,757,333.61 M-1 0.00 0.00 13,905.18 0.00 5,427,000.00 M-2 0.00 0.00 8,880.55 0.00 2,713,000.00 M-3 0.00 0.00 9,881.12 0.00 2,374,000.00 M-4 0.00 0.00 2,821.99 0.00 678,000.00 CE 0.00 0.00 520,160.45 0.00 1,017,538.46 P 0.00 0.00 7,889.36 0.00 100.00 Totals 0.00 0.00 816,779.88 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 A-1 123,461,000.00 2.42250% 951.77053061 2.04947919 0.00170483 0.00000000 M-1 5,427,000.00 2.88250% 1000.00000000 2.56222222 0.00000000 0.00000000 M-2 2,713,000.00 3.68250% 1000.00000000 3.27333210 0.00000000 0.00000000 M-3 2,374,000.00 4.68250% 1000.00000000 4.16222409 0.00000000 0.00000000 M-4 678,000.00 4.68250% 1000.00000000 4.16222714 0.00000000 0.00000000 CE 1,018,695.29 0.00000% 1094.81810797 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) 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 A-1 0.00000000 0.00000000 2.05118402 0.00000000 913.30325860 M-1 0.00000000 0.00000000 2.56222222 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.27333210 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 4.16222409 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 4.16222714 0.00000000 1000.00000000 CE 0.00000000 0.00000000 510.61436634 0.00000000 998.86440036 P 0.00000000 0.00000000 78893.60000000 0.00000000 1000.00000000 (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 5,658,961.51 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 242,925.81 Realized Loss (Gains, Subsequent Expenses & Recoveries) 1,358.77 Prepayment Penalties 7,889.36 Total Deposits 5,911,135.45 Withdrawals Reimbursement for Servicer Advances 205,210.59 Payment of Service Fee 42,189.52 Payment of Interest and Principal 5,663,735.34 Total Withdrawals (Pool Distribution Amount) 5,911,135.45 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 0.00

SERVICING FEES Gross Servicing Fee 34,076.15 Credit Risk Manager - Risk Managment Group LLC 2,163.57 Master Servicing Fee: Wells Fargo Bank 5,949.80 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 42,189.52

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 0.00 0.00 1,000.00

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 24 0 0 24 3,412,042.28 0.00 0.00 3,412,042.28 30 Days 63 6 3 0 72 6,243,361.56 822,543.61 443,353.56 0.00 7,509,258.73 60 Days 15 6 17 0 38 2,187,298.29 767,028.73 1,981,709.02 0.00 4,936,036.04 90 Days 9 13 5 0 27 1,281,281.18 860,893.33 652,397.27 0.00 2,794,571.78 120 Days 1 5 6 0 12 163,939.54 392,658.01 1,583,634.41 0.00 2,140,231.96 150 Days 1 8 4 0 13 197,102.12 1,424,950.14 369,739.84 0.00 1,991,792.10 180+ Days 6 46 18 0 70 573,732.41 6,140,253.35 2,186,765.41 0.00 8,900,751.17 Totals 95 108 53 0 256 10,646,715.10 13,820,369.45 7,217,599.51 0.00 31,684,684.06 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 1.869159% 0.000000% 0.000000% 1.869159% 2.725399% 0.000000% 0.000000% 2.725399% 30 Days 4.906542% 0.467290% 0.233645% 0.000000% 5.607477% 4.986940% 0.657014% 0.354133% 0.000000% 5.998087% 60 Days 1.168224% 0.467290% 1.323988% 0.000000% 2.959502% 1.747124% 0.612671% 1.582908% 0.000000% 3.942702% 90 Days 0.700935% 1.012461% 0.389408% 0.000000% 2.102804% 1.023435% 0.687646% 0.521108% 0.000000% 2.232189% 120 Days 0.077882% 0.389408% 0.467290% 0.000000% 0.934579% 0.130948% 0.313639% 1.264942% 0.000000% 1.709529% 150 Days 0.077882% 0.623053% 0.311526% 0.000000% 1.012461% 0.157437% 1.138191% 0.295333% 0.000000% 1.590961% 180+ Days 0.467290% 3.582555% 1.401869% 0.000000% 5.451713% 0.458274% 4.904581% 1.746698% 0.000000% 7.109553% Totals 7.398754% 8.411215% 4.127726% 0.000000% 19.937695% 8.504157% 11.039142% 5.765121% 0.000000% 25.308420%

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 17 0 0 17 2,360,550.00 0.00 0.00 2,360,550.00 30 Days 38 4 2 0 44 4,165,363.53 555,427.02 289,507.47 0.00 5,010,298.02 60 Days 12 4 11 0 27 1,877,003.18 613,239.28 1,348,532.12 0.00 3,838,774.58 90 Days 7 9 2 0 18 972,969.40 521,720.54 194,705.97 0.00 1,689,395.91 120 Days 1 4 1 0 6 163,939.54 291,180.65 277,631.71 0.00 732,751.90 150 Days 0 6 2 0 8 0.00 1,121,689.34 226,131.42 0.00 1,347,820.76 180 Days 4 31 4 0 39 361,346.60 4,390,166.72 399,228.51 0.00 5,150,741.83 Totals 62 75 22 0 159 7,540,622.25 9,853,973.55 2,735,737.20 0.00 20,130,333.00 0-29 Days 2.507375% 0.000000% 0.000000% 2.507375% 3.251035% 0.000000% 0.000000% 3.251035% 30 Days 5.604720% 0.589971% 0.294985% 0.000000% 6.489676% 5.736690% 0.764954% 0.398720% 0.000000% 6.900365% 60 Days 1.769912% 0.589971% 1.622419% 0.000000% 3.982301% 2.585077% 0.844575% 1.857247% 0.000000% 5.286900% 90 Days 1.032448% 1.327434% 0.294985% 0.000000% 2.654867% 1.340009% 0.718533% 0.268156% 0.000000% 2.326698% 120 Days 0.147493% 0.589971% 0.147493% 0.000000% 0.884956% 0.225783% 0.401025% 0.382364% 0.000000% 1.009173% 150 Days 0.000000% 0.884956% 0.294985% 0.000000% 1.179941% 0.000000% 1.544831% 0.311436% 0.000000% 1.856268% 180 Days 0.589971% 4.572271% 0.589971% 0.000000% 5.752212% 0.497660% 6.046297% 0.549832% 0.000000% 7.093789% Totals 9.144543% 11.061947% 3.244838% 0.000000% 23.451327% 10.385219% 13.571251% 3.767757% 0.000000% 27.724227% 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 7 0 0 7 1,051,492.28 0.00 0.00 1,051,492.28 30 Days 25 2 1 0 28 2,077,998.03 267,116.59 153,846.09 0.00 2,498,960.71 60 Days 3 2 6 0 11 310,295.11 153,789.45 633,176.90 0.00 1,097,261.46 90 Days 2 4 3 0 9 308,311.78 339,172.79 457,691.30 0.00 1,105,175.87 120 Days 0 1 5 0 6 0.00 101,477.36 1,306,002.70 0.00 1,407,480.06 150 Days 1 2 2 0 5 197,102.12 303,260.80 143,608.42 0.00 643,971.34 180 Days 2 15 14 0 31 212,385.81 1,750,086.63 1,787,536.90 0.00 3,750,009.34 Totals 33 33 31 0 97 3,106,092.85 3,966,395.90 4,481,862.31 0.00 11,554,351.06 0-29 Days 1.155116% 0.000000% 0.000000% 1.155116% 1.999603% 0.000000% 0.000000% 1.999603% 30 Days 4.125413% 0.330033% 0.165017% 0.000000% 4.620462% 3.951689% 0.507970% 0.292566% 0.000000% 4.752226% 60 Days 0.495050% 0.330033% 0.990099% 0.000000% 1.815182% 0.590082% 0.292458% 1.204100% 0.000000% 2.086641% 90 Days 0.330033% 0.660066% 0.495050% 0.000000% 1.485149% 0.586311% 0.644998% 0.870383% 0.000000% 2.101692% 120 Days 0.000000% 0.165017% 0.825083% 0.000000% 0.990099% 0.000000% 0.192978% 2.483600% 0.000000% 2.676578% 150 Days 0.165017% 0.330033% 0.330033% 0.000000% 0.825083% 0.374825% 0.576705% 0.273097% 0.000000% 1.224628% 180 Days 0.330033% 2.475248% 2.310231% 0.000000% 5.115512% 0.403890% 3.328106% 3.399325% 0.000000% 7.131321% Totals 5.445545% 5.445545% 5.115512% 0.000000% 16.006601% 5.906797% 7.542819% 8.523071% 0.000000% 21.972687%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 242,925.81 Class M-1 6,783,795.29 5.00015149% 6,782,638.46 5.42754485% 4.342747% 0.000000% Class M-2 4,070,795.29 3.00047278% 4,069,638.46 3.25657123% 2.170974% 0.000000% Class M-3 1,696,795.29 1.25066178% 1,695,638.46 1.35686928% 1.899702% 0.000000% Class M-4 1,018,795.29 0.75092637% 1,017,638.46 0.81432593% 0.542543% 0.000000% Class CE 100.00 0.00007371% 100.00 0.00008002% 0.814246% 0.000000% Class P 0.00 0.00000000% 0.00 0.00000000% 0.000080% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.217609% Weighted Average Net Coupon 6.902608% Weighted Average Pass-Through Rate 6.827610% Weighted Average Maturity(Stepdown Calculation ) 243 Beginning Scheduled Collateral Loan Count 1,323 Number Of Loans Paid In Full 39 Ending Scheduled Collateral Loan Count 1,284 Beginning Scheduled Collateral Balance 129,716,179.94 Ending Scheduled Collateral Balance 124,966,972.07 Ending Actual Collateral Balance at 31-Oct-2004 125,194,238.40 Monthly P &I Constant 1,130,006.78 Special Servicing Fee 0.00 Prepayment Penalties 7,889.36 Realized Loss Amount (1,358.77) Cumulative Realized Loss 5,811.64 Scheduled Principal 350,016.18 Unscheduled Principal 4,496,939.28 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 1,358.77 Specified O/C Amount 1,017,538.46 Overcollateralized Amount 1,017,538.46 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 7.217609% Weighted Average Net Rate 6.902608% Weighted Average Pass Through Rate 6.827610% Weighted Average Maturity 243 Record Date 10/31/2004 Principal and Interest Constant 1,130,006.78 Beginning Loan Count 1,323 Loans Paid in Full 39 Ending Loan Count 1,284 Beginning Scheduled Balance 129,716,179.94 Ending Scheduled Balance 124,966,972.07 Ending Actual Balance at 31-Oct-2004 125,194,238.40 Scheduled Principal 350,016.18 Unscheduled Principal 4,496,939.28 Scheduled Interest 779,990.60 Servicing Fee 34,076.15 Master Servicing Fee 5,949.80 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 2,163.57 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 737,801.08 Realized Loss Amount (1,358.77) Cumulative Realized Loss 5,811.64 Percentage of Cumulative Losses 0.0043 Special Servicing Fee 0.00 Prepayment Penalties 7,889.36 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 1,358.77 Specified O/C Amount 1,017,538.46 Overcollateralized Amount 1,017,538.46 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.00

Miscellaneous Reporting Overcollateralization Amount 1,017,538.46 Overcollateralization Increase Amount 0.00 Overcollateralization Reduction Amount 1,358.77 Overcollateralization Target Amount 1,017,538.46 Specified Overcollateralization Amount 1,017,538.46 Interest Arrearage 68932.78

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.861175 6.335026 7.217609 Weighted Average Net Rate 7.546173 6.020027 6.902608 Weighted Average Maturity 245 241 243 Beginning Loan Count 700 623 1,323 Loans Paid In Full 22 17 39 Ending Loan Count 678 606 1,284 Beginning Scheduled Balance 75,015,978.86 54,700,201.08 129,716,179.94 Ending scheduled Balance 72,478,141.73 52,488,830.34 124,966,972.07 Record Date 10/31/2004 10/31/2004 10/31/2004 Principal And Interest Constant 677,473.76 452,533.02 1,130,006.78 Scheduled Principal 186,474.41 163,541.77 350,016.18 Unscheduled Principal 2,407,705.61 2,089,233.67 4,496,939.28 Scheduled Interest 490,999.35 288,991.25 779,990.60 Servicing Fees 19,706.48 14,369.67 34,076.15 Master Servicing Fees 3,440.81 2,508.99 5,949.80 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 1,251.21 912.36 2,163.57 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 466,600.85 271,200.23 737,801.08 Realized Loss Amount (1,358.77) 0.00 (1,358.77) Cumulative Realized Loss 5,811.64 0.00 5,811.64 Percentage of Cumulative Losses 0.0074 0.0000 0.0043 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.471180 5.945030 6.827610

Filing Compare · ACE Securities Corp Series 2004-SD1