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Exhibit 20.4 ANNUAL AGGREGATE CERTIFICATEHOLDERS STATEMENT
MELLON BANK PFL MASTER NOTE TRUST SERIES 2004-1
ANNUAL PERIOD ENDING
DECEMBER 31, 2004 1. Investor Interest as of December 31, 2004Class A
    
    $
    513,700,000.00Class B
    
    
    22,341,000.00Class C
    
    
    13,959,000.00Class D Certificate
    
    
    8,375,000.00Total Investor Interest
    
    $
    558,375,000.002. 3- Month LIBOR as per reset dates:March 11, 2004
    
    
    1.11000
    %June 11, 2004
    
    
    1.52000
    %September 13, 2004
    
    
    1.88000
    %December 13, 2004
    
    
    2.49000
    %3. Determination of Certificate Rates:a) Class A: 3-Month LIBOR plus 16 basis pointsb) Class B: 3-Month LIBOR plus 42 basis pointsc) Class C: 3-Month LIBOR plus 77 basis pointsd) Class D: Non-Interest Bearing4. Servicing Fee Rate
    
    
    0.50000
    %5. Receivable Balances as of December 31, 2004Aggregate Receivables
    
    $
    1,321,179,919.83Finance Charge Receivables
    
    
    15,271,047.10Principal Receivables
    
    $
    1,305,908,872.736. Annual Servicers Fee
    
    $
    2,791,875.007. Aggregate Investor Default Amount
    
    $
    320,682.868. Floating Investor Interest as of December 31, 2004
    
    
    42.75758
    %9. Transferor Interest as of December 31, 2004
    
    $
    149,139,781.9510. 2004 Aggregate Collections(a) Principal Receivables
    
    $
    3,613,844,401.82(b) Finance Charge Receivables (inc. net recoveries, if any)
    
    
    64,627,082.54(c) Principal and Finance Charge Receivables
    
    
    3,678,471,484.36(d) Late Charges
    
    
    10,446,473.95(e) Total Collections
    
    $
    3,688,917,958.3111. Delinquencies as of December 31, 2004(a) 30 days delinquent
    
    $
    3,965,052.00(b) 60 days delinquent
    
    
    1,497,712.99(c) 90 days delinquent
    
    
    1,060,789.22(d) 120 + days delinquent
    
    
    4,518,560.06(e) Total 30 + days delinquent
    
    $
    11,042,114.27
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12. 2004 Aggregate Default Amount
    
    
    750,002.4113. AFCO is Servicer?
    
    Yes14. 2004 Aggregate Allocation and Application of Collections:(a) Class A Available Funds
    
    $
    29,531,376.02(b) Class A Optimal Interest
    
    
    5,917,080.42(c) Class A Monthly Interest
    
    
    5,917,080.42(d) Class A Deficiency Amount
    
    
    (e) Class A Additional Interest
    
    
    (f) Class A Servicing Fee
    
    
    2,568,500.00(g) Unpaid Class A Servicing from prior periods
    
    
    (h) Class A Investor Default Amount
    
    
    295,025.36(i) Class A contribution to Excess Spread
    
    
    20,750,770.24(j) Class B Available Funds
    
    $
    1,284,330.29(k) Class B Optimal Interest
    
    
    290,897.14(l) Class B Monthly Interest
    
    
    290,897.14(m) Class B Deficiency Amount
    
    
    (n) Class B Additional Interest
    
    
    (o) Class B Servicing Fee
    
    
    111,705.00(p) Unpaid Class B Servicing from prior periods
    
    
    (q) Class B contribution to Excess Spread
    
    
    881,728.15(r) Class C Available Funds
    
    $
    802,469.30(s) Class C Servicing Fee (if NOT AFCO)
    
    
    (t) Class C Interest contribution to Excess Spread
    
    
    802,469.30(u) Total Excess Spread
    
    $
    22,434,967.69(v) Class A Required Amount
    
    
    (w) Unreimbursed Class A Investor Charge-Offs
    
    
    (x) Class B Required Amount
    
    
    12,830.76(includes Class B Investor Default Amount)(y) Unreimbursed Class B Investor Charge-Offs
    
    
    (z) Collateral Monthly Interest
    
    
    209,985.20(aa) Coll. Int. Svcg Fee (if AFCO)
    
    
    69,795.00(ab) Collateral Interest Default Amount
    
    
    8,016.86(ac) Unreimbursed Collateral Interest Charge-Offs
    
    
    (ad) Reserve Account Funding Date month
    
    
    24(ae) Reserve Fund Cap
    
    
    0.30
    %(af) Required Reserve Account Amount
    
    $
    (ag) Reserve Account Balance
    
    $
    (ah) Payable under the Loan Agreement
    
    $
    (ai) Class A Shortfall Amount
    
    $
    (aj) Class B Shortfall Amount
    
    $
    
 AFCO CREDIT CORPORATION, as ServicerBy
    
    /s/     Bruce R. GoldName: Bruce R. GoldTitle: Senior Vice President & Chief Financial Officer
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