|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|------------------------ | -------- | --------- | ------------- | ----- | ------------- |  | ----------------------- |  | -------------- |  | --------- |  |  |  | -------------- | 
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|                         |          |           |               |       |              
|GSAA Trust Series 2004-5
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|2004 Annual Statement   
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | DISTRIBUTION IN DOLLARS |  |                |  |           |  | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  | ENDING BALANCE | 
|PERIOD                   |          | CLASS     |               | CUSIP |               |  | INTEREST                |  |                |  | PRINCIPAL |  | 
|200407                   | AF-2     | 36228F5C6 | $265,935.98   |       | $0.00         |  | $67,382,000.00          | 
|200408                   | AF-2     | 36228F5C6 | $265,935.98   |       | $0.00         |  | $67,382,000.00          | 
|200409                   | AF-2     | 36228F5C6 | $265,935.98   |       | $0.00         |  | $67,382,000.00          | 
|200410                   | AF-2     | 36228F5C6 | $265,935.98   |       | $0.00         |  | $67,382,000.00          | 
|200411                   | AF-2     | 36228F5C6 | $265,935.98   |       | $0.00         |  | $67,382,000.00          | 
|200412                   | AF-2     | 36228F5C6 | $265,935.98   |       | $0.00         |  | $67,382,000.00          | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $1,595,615.88           |  | $0.00          |  |           |  | 
|200407                   | AF-3     | 36228F5D4 | $101,424.14   |       | $0.00         |  | $21,554,000.00          | 
|200408                   | AF-3     | 36228F5D4 | $101,424.14   |       | $0.00         |  | $21,554,000.00          | 
|200409                   | AF-3     | 36228F5D4 | $98,238.86    |       | $0.00         |  | $21,554,000.00          | 
|200410                   | AF-3     | 36228F5D4 | $101,424.14   |       | $0.00         |  | $21,554,000.00          | 
|200411                   | AF-3     | 36228F5D4 | $104,639.47   |       | $0.00         |  | $21,554,000.00          | 
|200412                   | AF-3     | 36228F5D4 | $101,424.14   |       | $0.00         |  | $21,554,000.00          | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $608,574.89             |  | $0.00          |  |           |  | 
|200407                   | AF-4     | 36228F5E2 | $220,630.96   |       | $0.00         |  | $44,497,000.00          | 
|200408                   | AF-4     | 36228F5E2 | $220,630.96   |       | $0.00         |  | $44,497,000.00          | 
|200409                   | AF-4     | 36228F5E2 | $202,808.50   |       | $0.00         |  | $44,497,000.00          | 
|200410                   | AF-4     | 36228F5E2 | $220,630.96   |       | $0.00         |  | $44,497,000.00          | 
|200411                   | AF-4     | 36228F5E2 | $238,630.60   |       | $0.00         |  | $44,497,000.00          | 
|200412                   | AF-4     | 36228F5E2 | $220,630.96   |       | $0.00         |  | $44,497,000.00          | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $1,323,962.94           |  | $0.00          |  |           |  | 
|200407                   | AF-5     | 36228F5F9 | $124,731.28   |       | $0.00         |  | $26,700,000.00          | 
|200408                   | AF-5     | 36228F5F9 | $124,731.28   |       | $0.00         |  | $26,700,000.00          | 
|200409                   | AF-5     | 36228F5F9 | $121,693.31   |       | $0.00         |  | $26,700,000.00          | 
|200410                   | AF-5     | 36228F5F9 | $124,731.28   |       | $0.00         |  | $26,700,000.00          | 
|200411                   | AF-5     | 36228F5F9 | $127,797.70   |       | $0.00         |  | $26,700,000.00          | 
|200412                   | AF-5     | 36228F5F9 | $124,731.28   |       | $0.00         |  | $26,700,000.00          | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $748,416.13             |  | $0.00          |  |           |  | 
|200407                   | AV-1     | 36228F5A0 | $121,026.88   |       | $5,194,921.20 |  | $101,672,078.80         | 
|200408                   | AV-1     | 36228F5A0 | $138,104.57   |       | $4,241,073.80 |  | $97,431,005.00          | 
|200409                   | AV-1     | 36228F5A0 | $160,314.60   |       | $3,682,403.85 |  | $93,748,601.15          | 
|200410                   | AV-1     | 36228F5A0 | $147,289.47   |       | $6,263,133.86 |  | $87,485,467.29          | 
|200411                   | AV-1     | 36228F5A0 | $164,278.27   |       | $4,985,359.97 |  | $82,500,107.32          | 
|200412                   | AV-1     | 36228F5A0 | $167,703.31   |       | $3,856,310.53 |  | $78,643,796.79          | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $898,717.10             |  | $28,223,203.21 |  |           |  | 
|200407                   | AV-2     | 36228F5G7 | $15,110.86    |       | $402,356.48   |  | $10,916,643.52          | 
|200408                   | AV-2     | 36228F5G7 | $17,284.69    |       | $1,468.97     |  | $10,915,174.55          | 
|200409                   | AV-2     | 36228F5G7 | $20,661.52    |       | $1,444.67     |  | $10,913,729.88          | 
|200410                   | AV-2     | 36228F5G7 | $19,438.57    |       | $1,136,962.96 |  | $9,776,766.92           | 
|200411                   | AV-2     | 36228F5G7 | $20,705.02    |       | $513,590.85   |  | $9,263,176.07           | 
|200412                   | AV-2     | 36228F5G7 | $20,983.55    |       | $1,103,743.39 |  | $8,159,432.68           | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $114,184.21             |  | $3,159,567.32  |  |           |  | 
|200407                   | B-1      | 36228F5K8 | $29,412.83    |       | $0.00         |  | $5,932,000.00           | 
|200408                   | B-1      | 36228F5K8 | $29,412.83    |       | $0.00         |  | $5,932,000.00           | 
|200409                   | B-1      | 36228F5K8 | $26,966.30    |       | $0.00         |  | $5,932,000.00           | 
|200410                   | B-1      | 36228F5K8 | $29,412.83    |       | $0.00         |  | $5,932,000.00           | 
|200411                   | B-1      | 36228F5K8 | $31,883.68    |       | $0.00         |  | $5,932,000.00           | 
|200412                   | B-1      | 36228F5K8 | $29,412.83    |       | $0.00         |  | $5,932,000.00           | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $176,501.30             |  | $0.00          |  |           |  | 
|200407                   | B-2      | 36228F5L6 | $9,048.96     |       | $0.00         |  | $1,825,000.00           | 
|200408                   | B-2      | 36228F5L6 | $9,048.96     |       | $0.00         |  | $1,825,000.00           | 
|200409                   | B-2      | 36228F5L6 | $8,296.27     |       | $0.00         |  | $1,825,000.00           | 
|200410                   | B-2      | 36228F5L6 | $9,048.96     |       | $0.00         |  | $1,825,000.00           | 
|200411                   | B-2      | 36228F5L6 | $9,809.13     |       | $0.00         |  | $1,825,000.00           | 
|200412                   | B-2      | 36228F5L6 | $9,048.96     |       | $0.00         |  | $1,825,000.00           | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $54,301.24              |  | $0.00          |  |           |  | 
|200407                   | LT REMIC | GS0405101 | $1,000,641.29 |       | $5,030,598.79 |  | $299,144,123.21         | 
|200408                   | LT REMIC | GS0405101 | $1,008,460.60 |       | $3,723,356.52 |  | $295,420,766.69         | 
|200409                   | LT REMIC | GS0405101 | $990,282.07   |       | $3,176,651.74 |  | $292,244,114.95         | 
|200410                   | LT REMIC | GS0405101 | $1,073,276.16 |       | $6,929,973.68 |  | $285,314,141.27         | 
|200411                   | LT REMIC | GS0405101 | $1,220,652.47 |       | $5,281,473.36 |  | $280,032,667.91         | 
|200412                   | LT REMIC | GS0405101 | $1,457,335.22 |       | $4,960,053.92 |  | $275,072,613.99         | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $6,750,647.81           |  | $29,102,108.01 |  |           |  | 
|200407                   | M-1      | 36228F5H5 | $42,983.79    |       | $0.00         |  | $8,669,000.00           | 
|200408                   | M-1      | 36228F5H5 | $42,983.79    |       | $0.00         |  | $8,669,000.00           | 
|200409                   | M-1      | 36228F5H5 | $39,408.44    |       | $0.00         |  | $8,669,000.00           | 
|200410                   | M-1      | 36228F5H5 | $42,983.79    |       | $0.00         |  | $8,669,000.00           | 
|200411                   | M-1      | 36228F5H5 | $46,594.68    |       | $0.00         |  | $8,669,000.00           | 
|200412                   | M-1      | 36228F5H5 | $42,983.79    |       | $0.00         |  | $8,669,000.00           | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $257,938.28             |  | $0.00          |  |           |  | 
|200407                   | M-2      | 36228F5J1 | $32,427.50    |       | $0.00         |  | $6,540,000.00           | 
|200408                   | M-2      | 36228F5J1 | $32,427.50    |       | $0.00         |  | $6,540,000.00           | 
|200409                   | M-2      | 36228F5J1 | $29,730.21    |       | $0.00         |  | $6,540,000.00           | 
|200410                   | M-2      | 36228F5J1 | $32,427.50    |       | $0.00         |  | $6,540,000.00           | 
|200411                   | M-2      | 36228F5J1 | $35,151.60    |       | $0.00         |  | $6,540,000.00           | 
|200412                   | M-2      | 36228F5J1 | $32,427.50    |       | $0.00         |  | $6,540,000.00           | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $194,591.81             |  | $0.00          |  |           |  | 
|200407                   | P        | 36228F5N2 | $37,908.11    |       | $0.00         |  | $0.00                   | 
|200408                   | P        | 36228F5N2 | $26,475.90    |       | $0.00         |  | $0.00                   | 
|200409                   | P        | 36228F5N2 | $16,228.08    |       | $0.00         |  | $0.00                   | 
|200410                   | P        | 36228F5N2 | $79,952.68    |       | $0.00         |  | $0.00                   | 
|200411                   | P        | 36228F5N2 | $10,360.86    |       | $0.00         |  | $0.00                   | 
|200412                   | P        | 36228F5N2 | $57,887.36    |       | $0.00         |  | $0.00                   | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $228,812.99             |  | $0.00          |  |           |  | 
|200407                   | R        | 36228F5P7 | $0.00         |       | $0.00         |  | $0.00                   | 
|200408                   | R        | 36228F5P7 | $0.00         |       | $0.00         |  | $0.00                   | 
|200409                   | R        | 36228F5P7 | $0.00         |       | $0.00         |  | $0.00                   | 
|200410                   | R        | 36228F5P7 | $0.00         |       | $0.00         |  | $0.00                   | 
|200411                   | R        | 36228F5P7 | $0.00         |       | $0.00         |  | $0.00                   | 
|200412                   | R        | 36228F5P7 | $0.00         |       | $0.00         |  | $0.00                   | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $0.00                   |  | $0.00          |  |           |  | 
|200407                   | X        | 36228F5M4 | $0.00         |       | $0.00         |  | $3,456,400.89           | 
|200408                   | X        | 36228F5M4 | $0.00         |       | $0.00         |  | $3,975,587.14           | 
|200409                   | X        | 36228F5M4 | $0.00         |       | $0.00         |  | $4,482,783.92           | 
|200410                   | X        | 36228F5M4 | $0.00         |       | $0.00         |  | $4,952,907.06           | 
|200411                   | X        | 36228F5M4 | $164,865.47   |       | $0.00         |  | $5,170,384.53           | 
|200412                   | X        | 36228F5M4 | $384,165.56   |       | $0.00         |  | $5,170,384.53           | 
|                         |          |           |               |       |               |  |                         |  |                |  |           |  |  |  |                | 
|                         |          |           |               |       |               |  | $549,031.03             |  | $0.00          |  |           |  | 
|                         |          |           |               |       |               |  | $13,501,295.62          |  | $60,484,878.55 |  |           |  |