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|------------------------------------------ | -------- | --------- | ------------- | ----- | -------------- |  | ----------------------- |  | --------------- |  | --------- |  |  |  | -------------- | 
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|CDC Mortgage Capital Trust Series 2004-HE2
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|2004 Annual Statement                     
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | DISTRIBUTION IN DOLLARS |  |                 |  |           |  | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  | ENDING BALANCE | 
|PERIOD                                     |          | CLASS     |               | CUSIP |                |  | INTEREST                |  |                 |  | PRINCIPAL |  | 
|200406                                     | A-1      | 12506YCS6 | $334,427.39   |       | $1,522,868.31  |  | $300,216,131.69         | 
|200407                                     | A-1      | 12506YCS6 | $395,534.75   |       | $5,547,372.81  |  | $294,668,758.88         | 
|200408                                     | A-1      | 12506YCS6 | $412,536.26   |       | $7,198,194.90  |  | $287,470,563.98         | 
|200409                                     | A-1      | 12506YCS6 | $486,184.59   |       | $10,654,643.33 |  | $276,815,920.65         | 
|200410                                     | A-1      | 12506YCS6 | $445,673.63   |       | $10,199,571.23 |  | $266,616,349.42         | 
|200411                                     | A-1      | 12506YCS6 | $512,495.87   |       | $12,760,780.04 |  | $253,855,569.38         | 
|200412                                     | A-1      | 12506YCS6 | $526,958.54   |       | $13,323,073.36 |  | $240,532,496.02         | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $3,113,811.03           |  | $61,206,503.98  |  |           |  | 
|200406                                     | A-2      | 12506YCT4 | $127,083.33   |       | $2,531,415.65  |  | $122,468,584.35         | 
|200407                                     | A-2      | 12506YCT4 | $149,751.86   |       | $3,380,524.51  |  | $119,088,059.84         | 
|200408                                     | A-2      | 12506YCT4 | $155,806.88   |       | $7,183,751.10  |  | $111,904,308.74         | 
|200409                                     | A-2      | 12506YCT4 | $177,974.48   |       | $11,322,554.22 |  | $100,581,754.52         | 
|200410                                     | A-2      | 12506YCT4 | $153,331.30   |       | $7,164,108.82  |  | $93,417,645.70          | 
|200411                                     | A-2      | 12506YCT4 | $170,435.30   |       | $12,325,174.90 |  | $81,092,470.80          | 
|200412                                     | A-2      | 12506YCT4 | $160,652.14   |       | $10,571,228.85 |  | $70,521,241.95          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $1,095,035.29           |  | $54,478,758.05  |  |           |  | 
|200406                                     | A-3      | 12506YCU1 | $65,747.44    |       | $0.00          |  | $59,321,000.00          | 
|200407                                     | A-3      | 12506YCU1 | $78,155.42    |       | $0.00          |  | $59,321,000.00          | 
|200408                                     | A-3      | 12506YCU1 | $83,049.40    |       | $0.00          |  | $59,321,000.00          | 
|200409                                     | A-3      | 12506YCU1 | $100,326.64   |       | $0.00          |  | $59,321,000.00          | 
|200410                                     | A-3      | 12506YCU1 | $95,506.81    |       | $0.00          |  | $59,321,000.00          | 
|200411                                     | A-3      | 12506YCU1 | $114,028.14   |       | $0.00          |  | $59,321,000.00          | 
|200412                                     | A-3      | 12506YCU1 | $123,139.73   |       | $0.00          |  | $59,321,000.00          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $659,953.58             |  | $0.00           |  |           |  | 
|200406                                     | A-4      | 12506YCV9 | $64,925.00    |       | $0.00          |  | $49,000,000.00          | 
|200407                                     | A-4      | 12506YCV9 | $75,528.06    |       | $0.00          |  | $49,000,000.00          | 
|200408                                     | A-4      | 12506YCV9 | $79,216.67    |       | $0.00          |  | $49,000,000.00          | 
|200409                                     | A-4      | 12506YCV9 | $94,549.58    |       | $0.00          |  | $49,000,000.00          | 
|200410                                     | A-4      | 12506YCV9 | $88,798.89    |       | $0.00          |  | $49,000,000.00          | 
|200411                                     | A-4      | 12506YCV9 | $105,513.33   |       | $0.00          |  | $49,000,000.00          | 
|200412                                     | A-4      | 12506YCV9 | $112,685.75   |       | $0.00          |  | $49,000,000.00          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $621,217.28             |  | $0.00           |  |           |  | 
|200406                                     | B-1      | 12506YCZ0 | $25,598.25    |       | $0.00          |  | $9,909,000.00           | 
|200407                                     | B-1      | 12506YCZ0 | $28,158.08    |       | $0.00          |  | $9,909,000.00           | 
|200408                                     | B-1      | 12506YCZ0 | $28,488.38    |       | $0.00          |  | $9,909,000.00           | 
|200409                                     | B-1      | 12506YCZ0 | $32,835.95    |       | $0.00          |  | $9,909,000.00           | 
|200410                                     | B-1      | 12506YCZ0 | $29,594.88    |       | $0.00          |  | $9,909,000.00           | 
|200411                                     | B-1      | 12506YCZ0 | $34,637.46    |       | $0.00          |  | $9,909,000.00           | 
|200412                                     | B-1      | 12506YCZ0 | $35,672.27    |       | $0.00          |  | $9,909,000.00           | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $214,985.27             |  | $0.00           |  |           |  | 
|200406                                     | B-2      | 12506YDA4 | $23,738.88    |       | $0.00          |  | $8,257,000.00           | 
|200407                                     | B-2      | 12506YDA4 | $25,952.21    |       | $0.00          |  | $8,257,000.00           | 
|200408                                     | B-2      | 12506YDA4 | $26,147.17    |       | $0.00          |  | $8,257,000.00           | 
|200409                                     | B-2      | 12506YDA4 | $30,010.75    |       | $0.00          |  | $8,257,000.00           | 
|200410                                     | B-2      | 12506YDA4 | $26,908.65    |       | $0.00          |  | $8,257,000.00           | 
|200411                                     | B-2      | 12506YDA4 | $31,431.65    |       | $0.00          |  | $8,257,000.00           | 
|200412                                     | B-2      | 12506YDA4 | $32,213.66    |       | $0.00          |  | $8,257,000.00           | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $196,402.97             |  | $0.00           |  |           |  | 
|200406                                     | B-3      | 12506YDB2 | $30,700.50    |       | $0.00          |  | $7,596,000.00           | 
|200407                                     | B-3      | 12506YDB2 | $33,032.05    |       | $0.00          |  | $7,596,000.00           | 
|200408                                     | B-3      | 12506YDB2 | $32,916.00    |       | $0.00          |  | $7,596,000.00           | 
|200409                                     | B-3      | 12506YDB2 | $37,356.50    |       | $0.00          |  | $7,596,000.00           | 
|200410                                     | B-3      | 12506YDB2 | $33,025.72    |       | $0.00          |  | $7,596,000.00           | 
|200411                                     | B-3      | 12506YDB2 | $38,368.24    |       | $0.00          |  | $7,596,000.00           | 
|200412                                     | B-3      | 12506YDB2 | $38,792.25    |       | $0.00          |  | $7,596,000.00           | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $244,191.26             |  | $0.00           |  |           |  | 
|200406                                     | B-4      | 12506YDC0 | $20,022.42    |       | $0.00          |  | $4,954,000.00           | 
|200407                                     | B-4      | 12506YDC0 | $21,543.02    |       | $0.00          |  | $4,954,000.00           | 
|200408                                     | B-4      | 12506YDC0 | $21,467.33    |       | $0.00          |  | $4,954,000.00           | 
|200409                                     | B-4      | 12506YDC0 | $24,363.36    |       | $0.00          |  | $4,954,000.00           | 
|200410                                     | B-4      | 12506YDC0 | $21,538.89    |       | $0.00          |  | $4,954,000.00           | 
|200411                                     | B-4      | 12506YDC0 | $25,023.20    |       | $0.00          |  | $4,954,000.00           | 
|200412                                     | B-4      | 12506YDC0 | $25,299.74    |       | $0.00          |  | $4,954,000.00           | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $159,257.96             |  | $0.00           |  |           |  | 
|200406                                     | M-1      | 12506YCW7 | $54,734.04    |       | $0.00          |  | $40,295,000.00          | 
|200407                                     | M-1      | 12506YCW7 | $63,498.20    |       | $0.00          |  | $40,295,000.00          | 
|200408                                     | M-1      | 12506YCW7 | $66,486.75    |       | $0.00          |  | $40,295,000.00          | 
|200409                                     | M-1      | 12506YCW7 | $79,230.04    |       | $0.00          |  | $40,295,000.00          | 
|200410                                     | M-1      | 12506YCW7 | $74,277.12    |       | $0.00          |  | $40,295,000.00          | 
|200411                                     | M-1      | 12506YCW7 | $88,201.28    |       | $0.00          |  | $40,295,000.00          | 
|200412                                     | M-1      | 12506YCW7 | $94,054.72    |       | $0.00          |  | $40,295,000.00          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $520,482.15             |  | $0.00           |  |           |  | 
|200406                                     | M-2      | 12506YCX5 | $69,634.42    |       | $0.00          |  | $36,331,000.00          | 
|200407                                     | M-2      | 12506YCX5 | $78,212.57    |       | $0.00          |  | $36,331,000.00          | 
|200408                                     | M-2      | 12506YCX5 | $80,230.96    |       | $0.00          |  | $36,331,000.00          | 
|200409                                     | M-2      | 12506YCX5 | $93,749.12    |       | $0.00          |  | $36,331,000.00          | 
|200410                                     | M-2      | 12506YCX5 | $85,902.63    |       | $0.00          |  | $36,331,000.00          | 
|200411                                     | M-2      | 12506YCX5 | $101,161.65   |       | $0.00          |  | $36,331,000.00          | 
|200412                                     | M-2      | 12506YCX5 | $105,763.10   |       | $0.00          |  | $36,331,000.00          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $614,654.45             |  | $0.00           |  |           |  | 
|200406                                     | M-3      | 12506YCY3 | $21,469.50    |       | $0.00          |  | $9,909,000.00           | 
|200407                                     | M-3      | 12506YCY3 | $23,891.70    |       | $0.00          |  | $9,909,000.00           | 
|200408                                     | M-3      | 12506YCY3 | $24,359.63    |       | $0.00          |  | $9,909,000.00           | 
|200409                                     | M-3      | 12506YCY3 | $28,294.32    |       | $0.00          |  | $9,909,000.00           | 
|200410                                     | M-3      | 12506YCY3 | $25,741.38    |       | $0.00          |  | $9,909,000.00           | 
|200411                                     | M-3      | 12506YCY3 | $30,233.46    |       | $0.00          |  | $9,909,000.00           | 
|200412                                     | M-3      | 12506YCY3 | $31,405.90    |       | $0.00          |  | $9,909,000.00           | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $185,395.89             |  | $0.00           |  |           |  | 
|200406                                     | P        | DC04M2102 | $133,946.35   |       | $100.00        |  | $0.00                   | 
|200407                                     | P        | DC04M2102 | $203,731.98   |       | $0.00          |  | $0.00                   | 
|200408                                     | P        | DC04M2102 | $301,257.13   |       | $0.00          |  | $0.00                   | 
|200409                                     | P        | DC04M2102 | $497,725.49   |       | $0.00          |  | $0.00                   | 
|200410                                     | P        | DC04M2102 | $359,280.48   |       | $0.00          |  | $0.00                   | 
|200411                                     | P        | DC04M2102 | $102,796.04   |       | $0.00          |  | $0.00                   | 
|200412                                     | P        | DC04M2102 | $503,334.30   |       | $0.00          |  | $0.00                   | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $2,102,071.77           |  | $100.00         |  |           |  | 
|200406                                     | R        | DC04M2103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200407                                     | R        | DC04M2103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200408                                     | R        | DC04M2103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200409                                     | R        | DC04M2103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200410                                     | R        | DC04M2103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200411                                     | R        | DC04M2103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200412                                     | R        | DC04M2103 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $0.00                   |  | $0.00           |  |           |  | 
|200406                                     | REMIC I  | DC04M2LT1 | $3,083,345.66 |       | $4,054,282.96  |  | $656,513,817.31         | 
|200407                                     | REMIC I  | DC04M2LT1 | $3,313,510.83 |       | $8,927,897.05  |  | $647,585,920.26         | 
|200408                                     | REMIC I  | DC04M2LT1 | $3,512,757.65 |       | $14,381,946.00 |  | $633,203,974.26         | 
|200409                                     | REMIC I  | DC04M2LT1 | $3,683,842.46 |       | $21,977,197.55 |  | $611,226,776.71         | 
|200410                                     | REMIC I  | DC04M2LT1 | $3,551,610.87 |       | $17,363,680.05 |  | $593,863,096.66         | 
|200411                                     | REMIC I  | DC04M2LT1 | $3,449,680.80 |       | $25,085,954.94 |  | $568,777,141.72         | 
|200412                                     | REMIC I  | DC04M2LT1 | $3,303,553.99 |       | $23,894,302.21 |  | $544,882,839.51         | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $23,898,302.26          |  | $115,685,260.76 |  |           |  | 
|200406                                     | REMIC II | DC04M2MT1 | $3,083,345.66 |       | $4,054,282.96  |  | $656,513,817.03         | 
|200407                                     | REMIC II | DC04M2MT1 | $3,313,510.83 |       | $8,927,897.05  |  | $647,585,919.98         | 
|200408                                     | REMIC II | DC04M2MT1 | $3,512,757.65 |       | $14,381,946.00 |  | $633,203,973.98         | 
|200409                                     | REMIC II | DC04M2MT1 | $3,683,842.46 |       | $21,977,197.55 |  | $611,226,776.43         | 
|200410                                     | REMIC II | DC04M2MT1 | $3,551,610.87 |       | $17,363,680.05 |  | $593,863,096.38         | 
|200411                                     | REMIC II | DC04M2MT1 | $3,449,680.80 |       | $25,085,954.94 |  | $568,777,141.44         | 
|200412                                     | REMIC II | DC04M2MT1 | $3,303,553.99 |       | $23,894,302.21 |  | $544,882,839.23         | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $23,898,302.26          |  | $115,685,260.76 |  |           |  | 
|200406                                     | X        | DC04M2101 | $2,230,076.54 |       | $0.00          |  | $8,257,101.26           | 
|200407                                     | X        | DC04M2101 | $2,325,241.83 |       | $0.00          |  | $8,257,101.26           | 
|200408                                     | X        | DC04M2101 | $2,487,318.78 |       | $0.00          |  | $8,257,101.26           | 
|200409                                     | X        | DC04M2101 | $2,484,593.60 |       | $0.00          |  | $8,257,101.26           | 
|200410                                     | X        | DC04M2101 | $2,457,470.17 |       | $0.00          |  | $8,257,101.26           | 
|200411                                     | X        | DC04M2101 | $2,184,820.40 |       | $0.00          |  | $8,257,101.26           | 
|200412                                     | X        | DC04M2101 | $2,004,223.42 |       | $0.00          |  | $8,257,101.26           | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $16,173,744.76          |  | $0.00           |  |           |  | 
|                                           |          |           |               |       |                |  | $73,697,808.18          |  | $347,055,883.55 |  |           |  |