Document:

<PAGE>

Exhibit 4.4

                       SETTLEMENT AGREEMENT [TRANSLATION]

This Agreement is made and entered into by and between Set Top International
Inc. ("Party A") and Pacific Electric Wire and Cable Co., Ltd. and Asia Pacific
Wire and Cable Corporation Ltd. (collectively "Party B").

Regarding the purchase of the shares of Asia Pacific Wire and Cable Corporation
Ltd. ("APWC"), the parties hereto agree to the following terms and conditions:

Article 1

The parties agree that Party B may purchase from Party A the 10,074,102 shares
of APWC ("APWC Shares") for the aggregate purchase price in the amount of
US$25,000,000.

Article 2

Party B shall make full payment of the purchase price prior to August 30, 2004.
In the event that the drawdown of a loan approved by a bank cannot be made by
that time, Party B shall notify Party A of such loan prior to August 15, 2004.
If the loan actually is being processed according to Party A's review, Party A
agrees that the deadline of payment by Party B may be extended to September 30,
2004, provided that Party B shall pay interest for the purchase price of APWC
Shares with the interest rate of 5% per annum from September 1, 2004 to the date
the payment is made.

Article 3

In the event that Party B fails to make payment of the purchase price for this
transaction in accordance with this Agreement, this transaction shall be deemed
canceled and the APWC Shares shall be owned by Party A, provided that the effect
of other provisions hereof shall not be affected.

Article 4

In the event that Party A violates this Agreement by refusing to sell the APWC
Shares to Party B, Party A shall pay a penalty in the amount of US$12,000,000 to
Party B.

Article 5

Party A shall ensure that the rights of the APWC Shares are complete, and that
there is no encumbrance on the APWC Shares. If Party A violates this Article,
Party A shall return twice the purchase price to Party B.

<PAGE>

Article 6

Upon the execution hereof, each party shall cooperate with the other party to
execute relevant documents so as to withdraw all litigious and non-litigious
proceedings against the other party and the affiliates and related persons of
other party (including but not limited to those listed in Attachment 1)
worldwide. The parties shall complete the preparation of such documents within
five (5) days of the execution hereof.

Article 7

The parties agree that, after the execution hereof, all claims and obligations
between the parties, their affiliates and related persons of the parties
(including but not limited to those listed in Attachment 1) shall be forfeited,
and the parties shall not initiate any litigations or make any claims.

Article 8

Prior to Party B's making full payment of the purchase price, Party A may
register 50.44% of the total outstanding shares of APWC in its possession in the
name of Party A. Party A shall solely bear any costs of the transfer and costs
and expenses incurred in relation to the transfer, including any difference
between (1) the costs and expenses incurred from the transfer of the APWC Shares
to Party A and then back to Party B and (2) the costs and expenses that would be
incurred from the transfer of the APWC Shares directly to Party B.

Article 9

The parties agree that Party A shall immediately deliver the registered APWC
Shares to the escrow agent, Mr. Ma Guo-Zhu, CPA, after the completion of the
registration of the APWC Shares in the name of Party A. Party B agrees to amend
any provisions of [documents of] Pacific Electronic Wire and Cable Co., Ltd.
("PEWC"), APWC or their affiliates that prohibit such entity from allowing the
transfer of Party A's shareholding or Party A's assumption of right of
management (for details of such amendment please refer to Attachment 2). If
Party B violates this Article, Party B shall pay a penalty in the amount of
US$12,000,000 to Party A. The remaining unregistered APWC Shares shall be
delivered to the custody of Mr. Ma Guo-Zhu prior to July 5, 2004.

Article 10

In the event the APWC shares are transferred in the status quo without having
been registered in the name of Party A, any costs and expenses incurred
therefrom shall be borne by the parties equally.

Article 11

This Agreement shall become effective upon the withdrawal of all litigious and
non-litigious proceedings in accordance with Article 5 hereof.

<PAGE>

Article 12

Party B agrees to cause APWC convene a shareholders' meeting on September 30,
2004 to re-elect the directors and supervisors. If Party B violates this
Article, Party B shall pay a penalty in the amount of US$12,000,000 to Party A.

Article 13

Five original copies of this Agreement are hereby executed. Each of Party A,
Party B and the witness holds one original copy.

Party A:          Set Top International Inc.
Representative:   Tai-Sheng Lien
                  Yuan-Chun Hsu

Party B:          Pacific Electronic Wire and Cable Co., Ltd.
                  Asia Pacific Wire and Cable Corporation Ltd.
Representative:   Yuan Chun-Tang
                  David Tao Heng Sun

Witness:          Chi Li-Hwa
Date:             July 2, 2004<PAGE>

                                                             EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE:          (301) 815-6600
         FAX:                (301) 315-6660

                                SMT SERIES 2003-8
                            RECORD DATE: MAY 28, 2004
                        DISTRIBUTION DATE: JUNE 21, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                             Certificate                        Beginning
                               Class      Certificate Pass-    Certificate        Interest        Principal        Current
 Class          CUSIP       Description     Through  Rate        Balance        Distribution    Distribution    Realized Loss
 -----          -----       -----------     ------------         -------        ------------    ------------    -------------
<S>           <C>           <C>           <C>                 <C>               <C>             <C>             <C>
  A-1         81743PDX1         SEN            1.42000%       757,332,934.03      896,177.30    11,485,225.48        0.00
  X-1         81743PDZ6          IO            0.80000%                 0.00      520,834.11             0.00        0.00
  A-2         81743PDY9         SEN            1.56000%       146,983,994.82      191,079.19     1,111,506.28        0.00
  X-2         81743PEA0          IO            0.39272%                 0.00      295,953.79             0.00        0.00
  B-1         81743PED4         SUB            1.69000%        14,166,000.00       19,950.45             0.00        0.00
  X-B         81743PEB8          IO            0.59273%                 0.00       11,098.84             0.00        0.00
  B-2         81743PEE2         SUB            2.35000%         8,304,000.00       16,262.00             0.00        0.00
  B-3         81743PEF9         SUB            2.52664%         4,884,000.00       10,283.42             0.00        0.00
  B-4         81743PEG7         SUB            2.52664%         2,443,000.00        5,143.81             0.00        0.00
  B-5         81743PEH5         SUB            2.52664%         1,465,000.00        3,084.60             0.00        0.00
  B-6         81743PEJ1         SUB            2.52664%         3,908,267.00        8,228.98             0.00        0.00
  A-R         81743PEC6         RES            2.56451%                 0.00            0.00             0.00        0.00
                                                              --------------    ------------    -------------        ----
Totals                                                        939,487,195.85    1,978,096.49    12,596,731.76        0.00
                                                              --------------    ------------    -------------        ----
<CAPTION>
                               Ending
                             Certificate          Total           Cumulative
 Class        CUSIP            Balance         Distribution     Realized Loss
 -----        -----            -------         ------------     -------------
<S>         <C>             <C>                <C>              <C>
  A-1       81743PDX1       745,847,708.55     12,381,402.78        0.00
  X-1       81743PDZ6                 0.00        520,834.11        0.00
  A-2       81743PDY9       145,872,488.54      1,302,585.47        0.00
  X-2       81743PEA0                 0.00        295,953.79        0.00
  B-1       81743PED4        14,166,000.00         19,950.45        0.00
  X-B       81743PEB8                 0.00         11,098.84        0.00
  B-2       81743PEE2         8,304,000.00         16,262.00        0.00
  B-3       81743PEF9         4,884,000.00         10,283.42        0.00
  B-4       81743PEG7         2,443,000.00          5,143.81        0.00
  B-5       81743PEH5         1,465,000.00          3,084.60        0.00
  B-6       81743PEJ1         3,908,267.00          8,228.98        0.00
  A-R       81743PEC6                 0.00              0.00        0.00
                            --------------     -------------        ----
Totals                      926,890,464.09     14,574,828.25        0.00
                            --------------     -------------        ----
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

<PAGE>

                             PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                   Beginning       Scheduled       Unscheduled
                Original Face     Certificate      Principal        Principal                     Realized      Total Principal
Class              Amount           Balance       Distribution    Distribution       Accretion    Loss (1)         Reduction
-----              ------           -------       ------------    ------------       ---------    --------         ---------
<S>            <C>               <C>              <C>             <C>                <C>          <C>           <C>
 A-1           791,768,000.00    757,332,934.03        0.00        11,485,225.48        0.00        0.00        11,485,225.48
 X-1                     0.00              0.00        0.00                 0.00        0.00        0.00                 0.00
 A-2           150,000,000.00    146,983,994.82        0.00         1,111,506.28        0.00        0.00         1,111,506.28
 X-2                     0.00              0.00        0.00                 0.00        0.00        0.00                 0.00
 B-1            14,166,000.00     14,166,000.00        0.00                 0.00        0.00        0.00                 0.00
 X-B                     0.00              0.00        0.00                 0.00        0.00        0.00                 0.00
 B-2             8,304,000.00      8,304,000.00        0.00                 0.00        0.00        0.00                 0.00
 B-3             4,884,000.00      4,884,000.00        0.00                 0.00        0.00        0.00                 0.00
 B-4             2,443,000.00      2,443,000.00        0.00                 0.00        0.00        0.00                 0.00
 B-5             1,465,000.00      1,465,000.00        0.00                 0.00        0.00        0.00                 0.00
 B-6             3,908,267.00      3,908,267.00        0.00                 0.00        0.00        0.00                 0.00
 A-R                   100.00              0.00        0.00                 0.00        0.00        0.00                 0.00
               --------------    --------------        ----        -------------        ----        ----        -------------
Totals         976,938,367.00    939,487,195.85        0.00        12,596,731.76        0.00        0.00        12,596,731.76
               --------------    --------------        ----        -------------        ----        ----        -------------
<CAPTION>
           Ending Certificate      Ending Certificate   Total Principal
Class           Balance                Percentage        Distribution
-----           -------                ----------        ------------
<S>        <C>                     <C>                  <C>
 A-1          745,847,708.55            0.9420028        11,485,225.48
 X-1                    0.00            0.0000000                 0.00
 A-2          145,872,488.54            0.9724832         1,111,506.28
 X-2                    0.00            0.0000000                 0.00
 B-1           14,166,000.00            1.0000000                 0.00
 X-B                    0.00            0.0000000                 0.00
 B-2            8,304,000.00            1.0000000                 0.00
 B-3            4,884,000.00            1.0000000                 0.00
 B-4            2,443,000.00            1.0000000                 0.00
 B-5            1,465,000.00            1.0000000                 0.00
 B-6            3,908,267.00            1.0000000                 0.00
 A-R                    0.00            0.0000000                 0.00
              --------------            ---------        -------------
Totals        926,890,464.09            0.9487706        12,596,731.76
              --------------            ---------        -------------
</TABLE>

(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 FACTORS STATEMENT

<TABLE>
<CAPTION>
                                 Beginning        Scheduled     Unscheduled                                     Total
            Original Face       Certificate       Principal      Principal                      Realized      Principal
 Class         Amount             Balance        Distribution   Distribution     Accretion      Loss (3)      Reduction
 -----         ------             -------        ------------   ------------     ---------      --------      ---------
<S>         <C>                <C>               <C>            <C>             <C>            <C>          <C>
  A-1       791,768,000.00      956.50864146     0.00000000      14.50579650    0.00000000     0.00000000    14.50579650
  X-1                 0.00        0.00000000     0.00000000       0.00000000    0.00000000     0.00000000     0.00000000
  A-2       150,000,000.00      979.89329880     0.00000000       7.41004187    0.00000000     0.00000000     7.41004187
  X-2                 0.00        0.00000000     0.00000000       0.00000000    0.00000000     0.00000000     0.00000000
  B-1        14,166,000.00     1000.00000000     0.00000000       0.00000000    0.00000000     0.00000000     0.00000000
  X-B                 0.00        0.00000000     0.00000000       0.00000000    0.00000000     0.00000000     0.00000000
  B-2         8,304,000.00     1000.00000000     0.00000000       0.00000000    0.00000000     0.00000000     0.00000000
  B-3         4,884,000.00     1000.00000000     0.00000000       0.00000000    0.00000000     0.00000000     0.00000000
  B-4         2,443,000.00     1000.00000000     0.00000000       0.00000000    0.00000000     0.00000000     0.00000000
  B-5         1,465,000.00     1000.00000000     0.00000000       0.00000000    0.00000000     0.00000000     0.00000000
  B-6         3,908,267.00     1000.00000000     0.00000000       0.00000000    0.00000000     0.00000000     0.00000000
  A-R               100.00        0.00000000     0.00000000       0.00000000    0.00000000     0.00000000     0.00000000

<CAPTION>
                 Ending              Ending
              Certificate          Certificate        Total Principal
 Class          Balance            Percentage           Distribution
 -----          -------            ----------           ------------
<S>          <C>                   <C>                <C>
  A-1         942.00284496          0.94200284          14.50579650
  X-1           0.00000000          0.00000000           0.00000000
  A-2         972.48325693          0.97248326           7.41004187
  X-2           0.00000000          0.00000000           0.00000000
  B-1        1000.00000000          1.00000000           0.00000000
  X-B           0.00000000          0.00000000           0.00000000
  B-2        1000.00000000          1.00000000           0.00000000
  B-3        1000.00000000          1.00000000           0.00000000
  B-4        1000.00000000          1.00000000           0.00000000
  B-5        1000.00000000          1.00000000           0.00000000
  B-6        1000.00000000          1.00000000           0.00000000
  A-R           0.00000000          0.00000000           0.00000000
</TABLE>

(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.

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                               Beginning                        Payment of                    Non-
                                 Current      Certificate/      Current          Unpaid       Current      Supported
             Original Face     Certificate     Notional         Accrued         Interest      Interest     Interest
Class           Amount            Rate          Balance         Interest        Shortfall     Shortfall    Shortfall
-----           ------            ----          -------         --------        ---------     ---------    ---------
<S>          <C>               <C>           <C>              <C>               <C>           <C>          <C>
  A-1        791,768,000.00      1.42000%    757,332,934.03     896,177.31        0.00          0.00         0.00
  X-1                  0.00      0.80000%    781,251,166.47     520,834.11        0.00          0.00         0.00
  A-2        150,000,000.00      1.56000%    146,983,994.82     191,079.19        0.00          0.00         0.00
  X-2                  0.00      0.39272%    904,316,928.85     295,953.80        0.00          0.00         0.00
  B-1         14,166,000.00      1.69000%     14,166,000.00      19,950.45        0.00          0.00         0.00
  X-B                  0.00      0.59273%     22,470,000.00      11,098.84        0.00          0.00         0.00
  B-2          8,304,000.00      2.35000%      8,304,000.00      16,262.00        0.00          0.00         0.00
  B-3          4,884,000.00      2.52664%      4,884,000.00      10,283.42        0.00          0.00         0.00
  B-4          2,443,000.00      2.52664%      2,443,000.00       5,143.81        0.00          0.00         0.00
  B-5          1,465,000.00      2.52664%      1,465,000.00       3,084.60        0.00          0.00         0.00
  B-6          3,908,267.00      2.52664%      3,908,267.00       8,228.98        0.00          0.00         0.00
  A-R                100.00      2.56451%              0.00           0.00        0.00          0.00         0.00
             --------------                                   ------------        ----          ----         ----
Totals       976,938,367.00                                   1,978,096.51        0.00          0.00         0.00
             --------------                                   ------------        ----          ----         ----
<CAPTION>
                                         Remaining       Ending
                                           Unpaid     Certificate/
           Realized    Total Interest     Interest     Notational
Class       Loss (4)    Distribution     Shortfall       Balance
-----       --------    ------------     ---------       -------
<S>        <C>        <C>                <C>         <C>
  A-1        0.00       896,177.30          0.00     745,847,708.55
  X-1        0.00       520,834.11          0.00     752,462,624.72
  A-2        0.00       191,079.19          0.00     145,872,488.54
  X-2        0.00       295,953.79          0.00     891,720,197.09
  B-1        0.00        19,950.45          0.00      14,166,000.00
  X-B        0.00        11,098.84          0.00      22,470,000.00
  B-2        0.00        16,262.00          0.00       8,304,000.00
  B-3        0.00        10,283.42          0.00       4,884,000.00
  B-4        0.00         5,143.81          0.00       2,443,000.00
  B-5        0.00         3,084.60          0.00       1,465,000.00
  B-6        0.00         8,228.98          0.00       3,908,267.00
  A-R        0.00             0.00          0.00               0.00
             ----     ------------          ----
Totals       0.00     1,978,096.49          0.00
             ----     ------------          ----
</TABLE>

(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

<TABLE>
<CAPTION>
                                                                                Payment of                    Non-
                                Current         Beginning                         Unpaid      Current      Supported
             Original Face    Certificate     Certificate/     Current Accrued   Interest     Interest      Interest
Class (5)        Amount          Rate        Notional Balance      Interest      Shortfall   Shortfall     Shortfall
---------        ------          ----        ----------------      --------     ---------    ---------     ---------
<S>          <C>              <C>            <C>               <C>              <C>          <C>           <C>
  A-1        791,768,000.00    1.42000%          956.50864146    1.13186957     0.00000000   0.00000000    0.00000000
  X-1                  0.00    0.80000%          829.55798718    0.55303866     0.00000000   0.00000000    0.00000000
  A-2        150,000,000.00    1.56000%          979.89329880    1.27386127     0.00000000   0.00000000    0.00000000
  X-2                  0.00    0.39272%          960.23323032    0.31425340     0.00000000   0.00000000    0.00000000
  B-1         14,166,000.00    1.69000%         1000.00000000    1.40833333     0.00000000   0.00000000    0.00000000
  X-B                  0.00    0.59273%         1000.00000000    0.49394036     0.00000000   0.00000000    0.00000000
  B-2          8,304,000.00    2.35000%         1000.00000000    1.95833333     0.00000000   0.00000000    0.00000000
  B-3          4,884,000.00    2.52664%         1000.00000000    2.10553235     0.00000000   0.00000000    0.00000000
  B-4          2,443,000.00    2.52664%         1000.00000000    2.10553009     0.00000000   0.00000000    0.00000000
  B-5          1,465,000.00    2.52664%         1000.00000000    2.10552901     0.00000000   0.00000000    0.00000000
  B-6          3,908,267.00    2.52664%         1000.00000000    2.10553168     0.00000000   0.00000000    0.00000000
  A-R                100.00    2.56451%            0.00000000    0.00000000     0.00000000   0.00000000    0.00000000

<CAPTION>
                                              Remaining
                                               Unpaid
              Realized      Total Interest    Interest    Ending Certificate/
Class (5      Loss (6)       Distribution     Shortfall    Notational Balance
--------      --------       ------------     ---------    ------------------
<S>          <C>            <C>              <C>          <C>
  A-1        0.00000000      1.13186855      0.00000000      942.00284496
  X-1        0.00000000      0.55303866      0.00000000      798.98937394
  A-2        0.00000000      1.27386127      0.00000000      972.48325693
  X-2        0.00000000      0.31425339      0.00000000      946.85760940
  B-1        0.00000000      1.40833333      0.00000000     1000.00000000
  X-B        0.00000000      1.49394036      0.00000000     1000.00000000
  B-2        0.00000000      1.95833333      0.00000000     1000.00000000
  B-3        0.00000000      2.10553235      0.00000000     1000.00000000
  B-4        0.00000000      2.10553009      0.00000000     1000.00000000
  B-5        0.00000000      2.10552901      0.00000000     1000.00000000
  B-6        0.00000000      2.10553168      0.00000000     1000.00000000
  A-R        0.00000000      0.00000000      0.00000000        0.00000000
</TABLE>

(5)  Per $1 denomination

(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.

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                          <C>
Beginning Balance                                                                     0.00

Deposits

         Payments of Interest and Principal                                  14,864,029.26
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       28,231.59
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               14,892,260.85

Withdrawals

         Reimbursement for Servicer Advances                                     17,437.62
         Payment of Service Fee                                                 299,994.98
         Payment of Interest and Principal                                   14,574,828.25
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 14,892,260.85

Ending Balance                                                                        0.00
                                                                             =============
</TABLE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                         <C>
Total Prepayment/Curtailment Interest Shortfall                             0.00
Servicing Fee Support                                                       0.00
                                                                            ----
Non-Supported Prepayment Curtailment Interest Shortfall                     0.00
                                                                            ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                    <C>
Gross Servicing Fee                                                    295,689.01
Master Servicing Fee                                                     4,305.97
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------
Net Servicing Fee                                                      299,994.98
                                                                       ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                       Beginning          Current          Current       Ending
         Account Type                   Balance         Withdrawals       Deposits       Balance
         ------------                   -------         -----------       --------       -------
<S>                                    <C>              <C>               <C>           <C>
Class 1-A Companion Sub Account         4,000.00           0.00             0.00        4,000.00
Class 1-A NAS Sub Account               1,000.00           0.00             0.00        1,000.00
Class 2-A Companion Sub Account         2,000.00           0.00             0.00        2,000.00
Class 2-A NAS Sub Account                 500.00           0.00             0.00          500.00
Class X-B Sub Account                   2,000.00           0.00             0.00        2,000.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
              DELINQUENT                               BANKRUPTCY                               FORECLOSURE
---------------------------------------    ------------------------------------     ---------------------------------
                 No. of     Principal                    No. of       Principal                 No. of      Principal
                 Loans       Balance                     Loans         Balance                   Loans       Balance
<S>            <C>        <C>              <C>         <C>           <C>            <C>         <C>         <C>
0-29 Days             0            0.00    0-29 Days          0          0.00       0-29 Days          0         0.00
30 Days              41   11,614,442.33    30 Days            0          0.00       30 Days            0         0.00
60 Days               3    1,109,062.32    60 Days            0          0.00       60 Days            0         0.00
90 Days               0            0.00    90 Days            0          0.00       90 Days            0         0.00
120 Days              0            0.00    120 Days           0          0.00       120 Days           0         0.00
150 Days              0            0.00    150 Days           0          0.00       150 Days           0         0.00
180+ Days             0            0.00    180+ Days          0          0.00       180+ Days          0         0.00
               --------   -------------                --------      --------                   --------     --------
                     44   12,723,504.65                       0          0.00                          0         0.00

                 No. of       Principal                 No. of       Principal                    No. of    Principal
                 Loans         Balance                  Loans         Balance                     Loans      Balance

0-29 Days      0.000000%       0.000000%   0-29 Days   0.000000%     0.000000%      0-29 Days   0.000000%    0.000000%
30 Days        1.514592%       1.253052%   30 Days     0.000000%     0.000000%      30 Days     0.000000%    0.000000%
60 Days        0.110824%       0.119654%   60 Days     0.000000%     0.000000%      60 Days     0.000000%    0.000000%
90 Days        0.000000%       0.000000%   90 Days     0.000000%     0.000000%      90 Days     0.000000%    0.000000%
120 Days       0.000000%       0.000000%   120 Days    0.000000%     0.000000%      120 Days    0.000000%    0.000000%
150 Days       0.000000%       0.000000%   150 Days    0.000000%     0.000000%      150 Days    0.000000%    0.000000%
180+ Days      0.000000%       0.000000%   180+ Days   0.000000%     0.000000%      180+ Days   0.000000%    0.000000%
               --------   -------------                --------      --------                   --------     --------
               1.625416%       1.372706%               0.000000%     0.000000%                  0.000000%    0.000000%

<CAPTION>
                REO                                  TOTAL
--------------------------------------   -------------------------------------
                No. of      Principal                  No. of     Principal
                Loans        Balance                   Loans       Balance
<C>          <C>         <C>             <C>         <C>         <C>
0-29 Days           0        0.00        0-29 Days          0             0.00
30 Days             0        0.00        30 Days           41    11,614,442.33
60 Days             0        0.00        60 Days            3     1,109,062.32
90 Days             0        0.00        90 Days            0             0.00
120 Days            0        0.00        120 Days           0             0.00
150 Days            0        0.00        150 Days           0             0.00
180+ Days           0        0.00        180+ Days          0             0.00
             --------    --------                    --------    -------------
                    0        0.00                          44    12,723,504.65

               No. of    Principal                    No. of       Principal
               Loans      Balance                     Loans         Balance

0-29 Days    0.000000%   0.000000%       0-29 Days   0.000000%        0.000000%
30 Days      0.000000%   0.000000%       30 Days     1.514592%        1.253052%
60 Days      0.000000%   0.000000%       60 Days     0.110824%        0.119654%
90 Days      0.000000%   0.000000%       90 Days     0.000000%        0.000000%
120 Days     0.000000%   0.000000%       120 Days    0.000000%        0.000000%
150 Days     0.000000%   0.000000%       150 Days    0.000000%        0.000000%
180+ Days    0.000000%   0.000000%       180+ Days   0.000000%        0.000000%
             --------    --------                    --------    -------------
             0.000000%   0.000000%                   1.625416%        1.372706%
</TABLE>

<TABLE>
<S>                                         <C>    <C>                                           <C>    <C>               <C>
Current Period Class A Insufficient Funds   0.00   Principal Balance of Contaminated Properties  0.00   Periodic Advance  28,231.59
</TABLE>

<PAGE>

     SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT
                                   PERCENTAGE

<TABLE>
<CAPTION>
              Original $          Original%           Current $           Current %       Current Class %    Prepayment %
              ----------          ---------           ---------           ---------       ---------------    ------------
<S>          <C>                <C>                 <C>                  <C>              <C>                <C>
Class A      35,170,267.00      3.60004973%         35,170,267.00        3.79443616%         96.205564%        0.000000%
Class X-1    35,170,267.00      3.60004973%         35,170,267.00        3.79443616%          0.000000%        0.000000%
Class X-2    35,170,267.00      3.60004973%         35,170,267.00        3.79443616%          0.000000%        0.000000%
Class B-1    21,004,267.00      2.15000943%         21,004,267.00        2.26610023%          1.528336%       40.278341%
Class B-2    12,700,267.00      1.30000698%         12,700,267.00        1.37020149%          0.895899%       23.610853%
Class B-3     7,816,267.00      0.80007780%          7,816,267.00        0.84327839%          0.526923%       13.886730%
Class B-4     5,373,267.00      0.55001085%          5,373,267.00        0.57970895%          0.263569%        6.946208%
Class B-5     3,908,267.00      0.40005257%          3,908,267.00        0.42165360%          0.158055%        4.165450%
Class B-6             0.00      0.00000000%                  0.00        0.00000000%          0.421654%       11.112418%
</TABLE>

Please  refer  to the  prospectus  supplement  for a full  description  of  loss
exposure

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
-------------------------------------    --------------------------------    ---------------------------------
POOL 1 -- 1 MO LIBOR
                 No. of     Principal                  No. of    Principal                 No. of    Principal
                 Loans       Balance                   Loans      Balance                  Loans      Balance
<S>            <C>          <C>          <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days             0         0.00     0-29 Days          0        0.00    0-29 Days          0        0.00
30 Days               0         0.00     30 Days            0        0.00    30 Days            0        0.00
60 Days               0         0.00     60 Days            0        0.00    60 Days            0        0.00
90 Days               0         0.00     90 Days            0        0.00    90 Days            0        0.00
120 Days              0         0.00     120 Days           0        0.00    120 Days           0        0.00
150 Days              0         0.00     150 Days           0        0.00    150 Days           0        0.00
180+ Days             0         0.00     180+ Days          0        0.00    180+ Days          0        0.00
               --------     --------                 --------    --------                --------    --------
                      0         0.00                        0        0.00                       0        0.00

                 No. of     Principal                  No. of    Principal                 No. of    Principal
                 Loans       Balance                   Loans      Balance                  Loans      Balance

0-29 Days      0.000000%    0.000000%    0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        0.000000%    0.000000%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.000000%    0.000000%    60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%    0.000000%    90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%    0.000000%    120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%    0.000000%    150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%    0.000000%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               --------     --------                 --------    --------                --------    --------
               0.000000%    0.000000%                0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                   TOTAL
----------------------------------       ------------------------------------
               No. of      Principal                     No. of     Principal
               Loans        Balance                      Loans       Balance
<C>          <C>           <C>             <C>         <C>          <C>
0-29 Days           0          0.00        0-29 Days          0         0.00
30 Days             0          0.00        30 Days            0         0.00
60 Days             0          0.00        60 Days            0         0.00
90 Days             0          0.00        90 Days            0         0.00
120 Days            0          0.00        120 Days           0         0.00
150 Days            0          0.00        150 Days           0         0.00
180+ Days           0          0.00        180+ Days          0         0.00
             --------      --------                    --------     --------
                    0          0.00                           0         0.00

               No. of      Principal                     No. of     Principal
               Loans        Balance                      Loans       Balance

0-29 Days    0.000000%     0.000000%       0-29 Days   0.000000%    0.000000%
30 Days      0.000000%     0.000000%       30 Days     0.000000%    0.000000%
60 Days      0.000000%     0.000000%       60 Days     0.000000%    0.000000%
90 Days      0.000000%     0.000000%       90 Days     0.000000%    0.000000%
120 Days     0.000000%     0.000000%       120 Days    0.000000%    0.000000%
150 Days     0.000000%     0.000000%       150 Days    0.000000%    0.000000%
180+ Days    0.000000%     0.000000%       180+ Days   0.000000%    0.000000%
             --------      --------                    --------     --------
             0.000000%     0.000000%                   0.000000%    0.000000%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
           DELINQUENT                            BANKRUPTCY                        FORECLOSURE
------------------------------------  --------------------------------  ---------------------------------
POOL 1 -- 6 MO LIBOR
             No. of      Principal                 No. of    Principal               No. of     Principal
              Loans       Balance                   Loans     Balance                 Loans      Balance
<S>         <C>        <C>             <C>        <C>        <C>        <C>         <C>         <C>
0-29 Days          0            0.00   0-29 Days         0       0.00   0-29 Days          0        0.00
30 Days           30    9,195,367.74   30 Days           0       0.00   30 Days            0        0.00
60 Days            2      827,813.29   60 Days           0       0.00   60 Days            0        0.00
90 Days            0            0.00   90 Days           0       0.00   90 Days            0        0.00
120 Days           0            0.00   120 Days          0       0.00   120 Days           0        0.00
150 Days           0            0.00   150 Days          0       0.00   150 Days           0        0.00
180+ Days          0            0.00   180+ Days         0       0.00   180+ Days          0        0.00
            --------   -------------              --------   --------               --------    --------
                  32   10,023,181.03                     0       0.00                      0        0.00

             No. of      Principal                 No. of    Principal               No. of     Principal
              Loans       Balance                   Loans     Balance                 Loans      Balance
0-29 Days   0.000000%       0.000000%  0-29 Days  0.000000%  0.000000%  0-29 Days   0.000000%   0.000000%
30 Days     1.496259%       1.396037%  30 Days    0.000000%  0.000000%  30 Days     0.000000%   0.000000%
60 Days     0.099751%       0.125678%  60 Days    0.000000%  0.000000%  60 Days     0.000000%   0.000000%
90 Days     0.000000%       0.000000%  90 Days    0.000000%  0.000000%  90 Days     0.000000%   0.000000%
120 Days    0.000000%       0.000000%  120 Days   0.000000%  0.000000%  120 Days    0.000000%   0.000000%
150 Days    0.000000%       0.000000%  150 Days   0.000000%  0.000000%  150 Days    0.000000%   0.000000%
180+ Days   0.000000%       0.000000%  180+ Days  0.000000%  0.000000%  180+ Days   0.000000%   0.000000%
            --------   -------------              --------   --------               --------    --------
            1.596010%       1.521715%             0.000000%  0.000000%              0.000000%   0.000000%
</TABLE>

<TABLE>
<CAPTION>
              REO                             TOTAL
-------------------------------  -----------------------------------

            No. of    Principal               No. of     Principal
             Loans     Balance                Loans       Balance
<S>        <C>        <C>        <C>        <C>        <C>
0-29 Days         0       0.00   0-29 Days         0            0.00
30 Days           0       0.00   30 Days          30    9,195,367.74
60 Days           0       0.00   60 Days           2      827,813.29
90 Days           0       0.00   90 Days           0            0.00
120 Days          0       0.00   120 Days          0            0.00
150 Days          0       0.00   150 Days          0            0.00
180+ Days         0       0.00   180+ Days         0            0.00
           --------   --------              --------   -------------
                  0       0.00                    32   10,023,181.03

            No. of    Principal               No. of     Principal
             Loans     Balance                Loans       Balance
0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%       0.000000%
30 Days    0.000000%  0.000000%  30 Days    1.496259%       1.396037%
60 Days    0.000000%  0.000000%  60 Days    0.099751%       0.125678%
90 Days    0.000000%  0.000000%  90 Days    0.000000%       0.000000%
120 Days   0.000000%  0.000000%  120 Days   0.000000%       0.000000%
150 Days   0.000000%  0.000000%  150 Days   0.000000%       0.000000%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000%       0.000000%
           --------   --------              --------   -------------
           0.000000%  0.000000%             1.596010%       1.521715%
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                            BANKRUPTCY                        FORECLOSURE
------------------------------------  --------------------------------  ---------------------------------
POOL 2
             No. of     Principal                   No. of    Principal               No. of     Principal
              Loans      Balance                     Loans     Balance                 Loans      Balance
<S>         <C>         <C>            <C>         <C>        <C>        <C>         <C>         <C>
0-29 Days          0            0.00   0-29 Days          0       0.00   0-29 Days          0        0.00
30 Days           11    2,419,074.59   30 Days            0       0.00   30 Days            0        0.00
60 Days            1      281,249.03   60 Days            0       0.00   60 Days            0        0.00
90 Days            0            0.00   90 Days            0       0.00   90 Days            0        0.00
120 Days           0            0.00   120 Days           0       0.00   120 Days           0        0.00
150 Days           0            0.00   150 Days           0       0.00   150 Days           0        0.00
180+ Days          0            0.00   180+ Days          0       0.00   180+ Days          0        0.00
            --------    ------------               --------   --------               --------    --------
                  12    2,700,323.62                      0       0.00                      0        0.00

             No. of     Principal                   No. of    Principal               No. of     Principal
              Loans      Balance                     Loans     Balance                 Loans      Balance
0-29 Days   0.000000%       0.000000%  0-29 Days   0.000000%  0.000000%  0-29 Days   0.000000%   0.000000%
30 Days     2.360515%       1.597011%  30 Days     0.000000%  0.000000%  30 Days     0.000000%   0.000000%
60 Days     0.214592%       0.185673%  60 Days     0.000000%  0.000000%  60 Days     0.000000%   0.000000%
90 Days     0.000000%       0.000000%  90 Days     0.000000%  0.000000%  90 Days     0.000000%   0.000000%
120 Days    0.000000%       0.000000%  120 Days    0.000000%  0.000000%  120 Days    0.000000%   0.000000%
150 Days    0.000000%       0.000000%  150 Days    0.000000%  0.000000%  150 Days    0.000000%   0.000000%
180+ Days   0.000000%       0.000000%  180+ Days   0.000000%  0.000000%  180+ Days   0.000000%   0.000000%
            --------    ------------               --------   --------               --------    --------
            2.575107%       1.782684%              0.000000%  0.000000%              0.000000%   0.000000%
</TABLE>

<TABLE>
<CAPTION>
              REO                             TOTAL
-------------------------------  -----------------------------------

            No. of    Principal               No. of      Principal
             Loans     Balance                 Loans       Balance
<S>        <C>        <C>        <C>         <C>        <C>
0-29 Days         0       0.00   0-29 Days          0           0.00
30 Days           0       0.00   30 Days           11   2,419,074.59
60 Days           0       0.00   60 Days            1     281,249.03
90 Days           0       0.00   90 Days            0           0.00
120 Days          0       0.00   120 Days           0           0.00
150 Days          0       0.00   150 Days           0           0.00
180+ Days         0       0.00   180+ Days          0           0.00
           --------   --------               --------   ------------
                  0       0.00                     12   2,700,323.62

            No. of    Principal               No. of      Principal
             Loans     Balance                 Loans       Balance
0-29 Days  0.000000%  0.000000%  0-29 Days   0.000000%      0.000000%
30 Days    0.000000%  0.000000%  30 Days     2.360515%      1.597011%
60 Days    0.000000%  0.000000%  60 Days     0.214592%      0.185673%
90 Days    0.000000%  0.000000%  90 Days     0.000000%      0.000000%
120 Days   0.000000%  0.000000%  120 Days    0.000000%      0.000000%
150 Days   0.000000%  0.000000%  150 Days    0.000000%      0.000000%
180+ Days  0.000000%  0.000000%  180+ Days   0.000000%      0.000000%
           --------   --------               --------   ------------
           0.000000%  0.000000%              2.575107%      1.782684%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
           Collateral Description                   Mixed Arm
<S>                                               <C>
Weighted Average Gross Coupon                           2.909789%
Weighted Average Net Coupon                             2.532108%
Weighted Average Pass-Through Rate                      2.526608%
Weighted Average Maturity (Stepdown Calculation)             317

Beginning Scheduled Collateral Loan Count                  2,734
Number of Loans Paid in Full                                  27
Ending Scheduled Collateral Loan Count                     2,707

Beginning Scheduled Collateral Balance            939,487,196.80
Ending Scheduled Collateral Balance               926,890,465.04
Ending Actual Collateral Balance at 28-May-2004   926,892,035.63

Monthly P&I Constant                                2,278,091.51
Special Servicing Fee                                       0.00
Prepayment Penalties                                        0.00
Realized Loss Amount                                        0.00
Cumulative Realized Loss                                    0.00

Class A Optimal Amount                             14,500,776.17

Ending Scheduled Balance for Premium Loans        926,890,465.04

Scheduled Principal                                         0.00
Unscheduled Principal                              12,596,731.76
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP               POOL 1--1 MO LIBOR    POOL 1--6 MO LIBOR        POOL 2           TOTAL
<S>                              <C>                   <C>                  <C>                 <C>
Collateral Description           1 Month LIBOR ARM     6 Month LIBOR ARM    6 Month LIBOR ARM        Mixed ARM
Weighted Average Coupon Rate              2.789676              2.932994             2.900653         2.909789
Weighted Average Net Rate                 2.399117              2.557326             2.524075         2.532108
Pass-Through Rate                         2.393617              2.551826             2.518575         2.526608
Weighted Average Maturity                      302                   319                  318              317
Record Date                             05/28/2004            05/28/2004           05/28/2004       05/28/2004
Principal and Interest Constant         273,576.15          1,635,681.20           368,834.16     2,278,091.51
Beginning Loan Count                           239                 2,027                  468            2,734
Loans Paid in Full                               3                    22                    2               27
Ending Loan Count                              236                 2,005                  466            2,707
Beginning Scheduled Balance         117,680,839.55        669,219,701.41       152,586,655.84   939,487,196.80
Ending Scheduled Balance            116,740,189.61        658,675,125.87       151,475,149.56   926,890,465.04
Scheduled Principal                           0.00                  0.00                 0.00             0.00
Unscheduled Principal                   940,649.94         10,544,575.54         1,111,506.28    12,596,731.76
Scheduled Interest                      273,576.15          1,635,681.20           368,834.16     2,278,091.51
Servicing Fee                            38,301.07            209,503.92            47,884.02       295,689.01
Master Servicing Fee                        539.37              3,067.25               699.35         4,305.97
Trustee Fee                                   0.00                  0.00                 0.00             0.00
FRY Amount                                    0.00                  0.00                 0.00             0.00
Special Hazard Fee                            0.00                  0.00                 0.00             0.00
Other Fee                                     0.00                  0.00                 0.00             0.00
Pool Insurance Fee                            0.00                  0.00                 0.00             0.00
Spread 1                                      0.00                  0.00                 0.00             0.00
Spread 2                                      0.00                  0.00                 0.00             0.00
Spread 3                                      0.00                  0.00                 0.00             0.00
Net Interest                            234,735.71          1,423,110.03           320,250.79     1,978,096.53
Realized Loss Amount                          0.00                  0.00                 0.00             0.00
Cumulative Realized Loss                      0.00                  0.00                 0.00             0.00
Percentage of Cumulative Losses               0.00                  0.00                 0.00             0.00
Prepayment Penalties                          0.00                  0.00                 0.00             0.00
Special Servicing Fee                         0.00                  0.00                 0.00             0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                         <C>
Group Pool 1 -- 1 Mo LIBOR
         Interest Transfer Amount                  0.00
         Principal Transfer Amount                 0.00
         Prorata Senior Percent              96.2425235
         Senior Percentage                   100.000000%
         Senior Prepayment Percentage        100.000000%
         Subordinate Percentage                0.000000%
         Subordinate Prepayment Percentage     0.000000%

Group Pool 1 -- 6Mo LIBOR
         Interest Transfer Amount                  0.00
         Principal Transfer Amount                 0.00
         Prorata Senior Percent               96.328210%
         Senior Percentage                   100.000000%
         Senior Prepayment Percentage        100.000000%
         Subordinate Percentage                0.000000%
         Subordinate Prepayment Percentage     0.000000%
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}]]