Goldcorp - Bank of Americal Merrill Lynch, 2012 Global Metals, Mining & Steel Conference

CORPORATE UPDATEBank of Ame ric a M errill Lynch2012 Global M etals, M ining & Steel Conference

Forward Looking StatementsThis presentation contains “forward-looking statements”, within the meaning of the United States Private Securities LitigationReform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performanceand condition of Goldcorp Inc. (“Goldcorp”). Forward-looking statements include, but are not limited to, statements with respect tothe future price of gold, silver, copper, lead and zinc, the estimation of mineral reserves and resources, the realization of mineralreserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timingof the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchangerate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipatedreclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurancecoverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”,“expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does notanticipate”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”,“would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks,uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Goldcorp to bematerially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related tothe integration of acquisitions; risks related to international operations; risks related to joint venture operations; actual results ofcurrent exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes inproject parameters as plans continue to be refined; future prices of gold, silver, copper, lead and zinc; possible variations in orereserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes;delays in obtaining governmental approvals or financing or in the completion of development or construction activities and otherrisks of the mining industry, as well as those factors discussed in the section entitled “Description of the Business – Risk Factors” inGoldcorp’s annual information form for the year ended December 31, 2011 available at www.sedar.com. Although Goldcorp hasattempted to identify important factors that could cause actual results to differ materially from those contained in forward-lookingstatements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be noassurance that such statements will prove to be accurate, as actual results and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Goldcorpdoes not undertake to update any forward-looking statements that are included in this document, except in accordance withapplicable securities laws. All amounts are in U.S. dollars, unless otherwise stated.2

Consistent Strategic Focus Growth Leader Low Low Cost Political TOGETHER, Producer Risk CREATING SUSTAINABLE VALUE Responsible Outstanding Mining Balance Practices Sheet3

Focus in Stable Jurisdictions 2012E GOLD PRODUCTION CANADA Dominican Republic Argentina 3% USA 5% Canada 46% Guatemala 8% DOMINICAN REPUBLIC MEXICO GUATEMALA Operating Mines Mexico Development Projects 33% US 5% CHILE ARGENTINA4

Continuous Gold Reserve Growth 2011 INCREASE OF 8%, 6% ON A PER SHARE BASIS 64,700 (Thousands of ounces) 60,060 48,800 46,300 43,400 2007 2008 2009 2010 2011 2012 Exploration Budget - $200M5

Strong, Steady Growth Profile GOLD PRODUCTION (Millions of ounces) 4.2 4.2 3.8 70% 3.4 3.0 2.5 2.6 2.2 1.8 1.4 2011A 2012E 2013E 2014E 2015E 2016E Current Operations New Projects Realistic, Achievable Growth6

Robust Development Pipeline PEÑASQUITO UG El MORRO U/G SCOPING SCOPING AGUA RICA CERRO BLANCO NOCHE BUENA CAMINO ROJO (2014) FEASIBILITY FEASIBILITY EL MORRO (2017) ÉLÉONORE (2014) COCHENOUR (2014) CERRO NEGRO (2013) PUEBLO VIEJO (2012) CONSTRUCTION CONSTRUCTION PEÑASQUITO (2010) LOS FILOS (2008) MARLIN (2006) RED LAKE / PORCUPINE / MUSSELWHITE / EL SAUZAL / ALUMBRERA / MARIGOLD / WHARFPRODUCTION PRODUCTION7

Pueblo Viejo - Dominican Republic Next New Source of Gold Production • Construction 93% complete • $350 million* capital budget for 2012 DOMINICAN • Annual output 415,000 to 450,000 REPUBLIC ounces per year* in first five years • First gold targeted mid-2012  2012E gold production of 85,000 ounces • Life of mine +25 years 40 *Goldcorp interest (%)8

Cerro Negro - Argentina Developing our Next Cornerstone Mine • High grade vein system • Outstanding reserve growth potential • Santa Cruz mining province Updated feasibility study results: • 550 koz Au annually (1st 5 years) • <$300 /oz cash costs (1st 5 years) • Initial capital $800M Alumbrera • First production H2 2013 El Morro Cerro Negro9

Cerro Negro - Argentina Construction on Schedule • Eureka decline advanced to 1,621 M • Mariana Central decline underway • Construction & development activities advancing:  Plant construction  Surface prep work at Mariana Norte vein • Import restrictions introduced • Strong exploration results continue10

Éléonore - Canada Pure Gold in a Safe Jurisdiction Musselwhite Red Lake Éléonore Cochenour • Development plan: Porcupine  Upper/lower mine concept; 7 ktpd  Mine life ~15 years  +600,000 oz Au  Cash costs: <$400/oz  Capital cost - $1.4B • Final EIA approval received • Cree collaboration agreement11

Éléonore - Canada Advancing Construction • Exploration shaft past 690 metres • Exploration ramp extended over 1,200 metres • Underground drilling to commence in Q3 • Plant construction to commence shortly • Surface preparation for sinking of second production shaft12

El Morro - Chile Next Generation Project • Large, under-explored land position • Jan. 2012 feasibility study update:  First production: 2017  +210,000 Au1; +200Mlb Cu1  By-product cash costs: ($700)/oz2  Capital cost $3.9B  17-year mine life • Assessing effect of Supreme Court decision Alumbrera12 LOM Average annual production (70%) Price Assumptions: Au - $1200/oz; Cu - $2.75/lb El Morro Goldcorp interest (%) 70 Cerro Negro13

Cochenour - Canada Key Growth Driver in Red Lake District Musselwhite Red Lake Éléonore Cochenour • Shaft widening advancing Porcupine • Haulage drift 43% complete (2 drill rigs) • Construction underway:  First production late 2014  250,000 - 275,000 ounces Au annually  Cash costs < $350 per ounce  Capital cost - $420M  Mine life ~20 years • Surface exploration with 3 drill rigs • Development plan update underway14

Red Lake West East Western Rahill - Bonanza Discovery Zone Drift location at end of 2012 Current drift location Haulage drift Bruce Channel Discovery15

Red Lake - Canada Cornerstone Asset Musselwhite Éléonore Red Lake Cochenour Porcupine • Robust, low cost gold production • 2012 gold production forecast under review • 2012 exploration budget $38M  Focus on High Grade Zone extension  Hanging wall exploration success • Utilizing excess milling capacity • Focus on community initiatives16

Red Lake - High Grade Zone Drilling * Looking NE 52 LEVEL 54 LEVEL High Grade Results 56 LEVEL Drill rig locations 58 LEVEL17

Peñasquito - Mexico Hitting Stride in 2012 • 2012 gold production forecast – 425,000 ozs at negative cash costs El Sauzal • Supplemental feed system Peñasquito commissioned Los Filos • Focus on efficiencies & cost reductions • Largest cash flow generator in 2012 • 22-year mine life18

Peñasquito - Exploration Success Advancing District Projects • Camino Rojo  Over 77,000 meters drilled in 2011  Testing oxide & sulphide expansion  Feasibility study due mid-2012 • Noche Buena  Resource expansion drilling continues  In-fill drilling on higher grade mineralization trends  Feasibility study due mid-201219

2012 Deliverables Commence construction at Hollinger Peñasquito – HPGR supplemental feed commissioned Complete exploration shaft sinking at Éléonore Q2 Complete heap leach pad expansion at Los Filos Q2 First gold at Pueblo Viejo mid-year Complete feasibility study at Camino Rojo mid-year Complete feasibility study at Noche Buena mid-year20

Q1 2012 Results (billions) (ounces) ($ per oz) (millions) (millions) $480 $1.3 $463 637,600 $648 $1.2 $404 524,700 $392 $504 $251 $188 Revenues Gold By-Product Co-Product Adjusted Net Operating Cash Production Cash Costs Cash Costs Earnings Flow* Q1 2011 Q1 20121 Cash flow before changes in working capital21

Sector Leading Cash Margins ($ per oz) $1,707 $1,572 $1,240 $978 $868 $1,456 $1,349 $703 $966 $563 $683 $540 $305 $295 $274 $223 $251 $163 2007 2008 2009 2010 2011 Q112 By-Product Cash Costs Cash Margin22

Strong Per Share Growth Cash Flow / Share1,4 Earnings / Share2,4 $2.22 (US$ / share) (US$ / share) $3.35 $1.43 $0.80 $0.62 $0.56 $2.30 2007 2008 2009 2010 2011 $1.62 Reserves / Share3 (per 1000 shares) 80.4 $1.32 $1.23 75.3 65.0 66.7 61.5 2007 2008 2009 2010 2011 2007 2008 2009 2010 20111Cash flow before changes in working capital (from continuing operations as applicable). 2Adjusted earnings per share. 3Reserves for gold only. 4Non-GAAP financial measures see pages 29-95 of the 2011 Annual report for further details.23

2012 Guidance 20121 Guidance Gold Production (Moz) 2.60 Cash Costs $/oz – By-product $250 - $275 – Co-product $550 - $600 Capital Expenditures $2.6 B Exploration Expenditures $200 M Corporate administration $160 M Depreciation /oz $325 Tax Rate 30%1 2012 price assumptions: Au=$1600/oz, Ag=$34/oz, Cu=$3.50/lb, Zn=$0.90/lb, Pb=$0.90/lb24

Financial Position - Excellent Liquidity Balance Sheet (US$) as at March 31, 2012 Cash & cash equivalents1 $1.4 B Available debt facility - undrawn $2.0 B Convertible senior notes – due 2014 $862.5 M Forecast avg. annual cash flow ~$3.7 B2 over next 5 years Investment Grade Balance Sheet31 Includes money market instruments, non-GAAP measure2 Price Assumption 2012-2016: Au - $1600/oz; Ag - $34/oz; Cu - $3.50/lb; Zn - $0.90/lb; Pb - $0.90/lb3 Moody’s: Baa2; S&P: BBB+; Fitch: BBB25

Significant Return of Capital to Shareholders DIVIDEND AS % OF OPERATING CASH FLOW 19% 17% 16% 13% 12% 13% 12% 10% 10% 10% 10% 9% Newmont Goldcorp Newcrest Barrick Yamana Kinross 2012E 2013ESource: Bloomberg consensus Company reports26

Why Gold? • Flat mine supply Global Gold Production vs Exploration Spend • Stable investment demand 6,000 $6,000 5,000 $5,000  Inflation hedge 4,000 $4,000 US$ Millions  Currency protection Tonnes 3,000 $3,000  Safe haven/asset class 2,000 $2,000 1,000 $1,000 • Growing physical demand 0 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010  Asia Production Exploration Spend  Central bank buyingSource: Metals Economics Group, World Gold Council Thomson Reuters GFMS Gold Survey27

Goldcorp Advantage GROWTH LEADER LOW COST PRODUCER OUTSTANDING SUPERIOR BALANCE SHEET INVESTMENT PROPOSITION LOW POLITICAL RISK RESPONSIBLE MINING PRACTICES28

CORPORATE UPDATEBank of Ame ric a M errill Lynch2012 Global M etals, M ining & Steel Conference

Appendix A Metals Production (% of Revenues) 12% 12% 10% 9% 8% 16% 88% 88% 90% 91% 92% 84% 2011A 2012E 2013E 2014E 2015E 2016E Precious Metals Base MetalsPrice assumptions 2012-2016: Au=$1600/oz, Ag=$34/oz, Cu=$3.50/lb, Zn=$0.90/lb, Pb=$0.90/lb30

Appendix B Increasing GEO Production 5.3 Moz (Millions of ounces) 5.0 4.0 3.0 2.0 1.0 0.0 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E Total gold production Total GEO productionPrice assumptions 2012-2016: Au=$1600/oz, Ag=$35/oz, Cu=$3.50/lb, Zn=$0.90/lb, Pb=$0.90/lb31

Appendix C - 2012 Sensitivities By Product Change CFPS FCF Base Price Cash Costs Increments ($/share) ($mm) ($/oz) Gold Price ($/oz) $1,600 $100 $0.23 $2 $186 Silver Price ($/oz) $34.00 $2.00 $0.05 $23 $41 Copper Price ($/lb) $3.50 $0.50 $0.03 $14 $25 Zinc Price ($/lb) $0.90 $0.10 $0.03 $16 $28 Lead Price ($/lb) $0.90 $0.10 $0.02 $8 $15 Canadian Dollars 1.00 10% $0.04 $17 $118 Mexican Peso 13.00 10% $0.04 $17 $41 Diesel ($/barrel) $95.00 10% $0.01 $6 $12 Electricity ($/kWh) $0.08 10% $0.02 $9 $1632

Appendix D - Operating Costs Breakdown CONSOLIDATED 11% 22% 4% 5% 2% 15% 14% 10% 7% 10% Labour Contractors Fuel Costs Power Maintenance Parts Consumables Tires Explosives Site Costs Others CANADA / USA MEXICO CSA 4% 12% 13% 6% 15% 18% 2% 1% 4% 4% 10% 38% 14% 6% 6% 8% 1% 2% 9% 8% 7% 16% 6% 18% 5% 12% 14% 19% 9% 13%33

Endnotes 1. Goldcorp has included non-GAAP performance measures, total cash costs, by-product and co-product, per gold ounce, throughout this presentation. Total cash costs are defined as cost of sales divided by ounces of gold and silver sold or pounds of copper sold. The calculation of total cash costs per ounce of gold is net of by-product sales revenue (by-product copper revenues for Alumbrera; by-product silver revenues for Marlin at market silver prices; by-product lead, zinc and 75% of the silver for Peñasquito at market silver prices and 25% of the silver for Peñasquito at $3.90 per silver ounce sold to Silver Wheaton). The Company reports total cash costs on a sales basis. In the gold mining industry, this is a common performance measure but does not have any standardized meaning. The Company follows the recommendations of the Gold Institute Production Cost Standard. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Total cash costs on a by-product basis are calculated by deducting by- product copper, silver, lead and zinc sales revenues from production cash costs. Production costs in 2012 are allocated to each co-product based on the ratio of actual sales volumes multiplied by budget metals prices of $1,600 per ounce of gold, $34 per ounce of silver, $3.50 per pound of copper, $0.90 per pound of lead and $0.90 per pound of zinc, rather than realized sales prices. 2. All Mineral Reserves and Mineral Resources have been calculated as at December 31, 2011 in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101, or the AusIMM JORC equivalent. Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Goldcorp’s Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable. Calculations have been prepared by employees of Goldcorp, its joint venture partners or its joint venture operating companies, as applicable, under the supervision of Maryse Belanger, Director Technical Services. Reserve calculations incorporate current and/or expected mine plans and cost levels at each property. Varying cut-off grades have been used depending on the mine and type of ore contained in the reserves. Goldcorp’s normal data verification procedures have been employed in connection with the calculations. For a breakdown of Reserves and Resources by category and for a more detailed description of the key assumptions, parameters and methods used in calculating Goldcorp’s Reserves and Resources, see Goldcorp’s Annual information Form/ Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission. 3. Goldcorp’s exploration programs are designed and conducted under the supervision of Charlie Ronkos, Senior Vice-President, Exploration of Goldcorp. For information on geology, exploration activities generally, and drilling and analysis procedures on Goldcorp’s material properties, see Goldcorp’s Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission.34

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Goldcorp - Bank of Americal Merrill Lynch, 2012 Global Metals, Mining & Steel Conference

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Goldcorp - Bank of Americal Merrill Lynch, 2012 Global Metals, Mining & Steel Conference Presentation Transcript