STRATEGY. DISCIPLINE. EXECUTION. FEBRUARY 15, 2013 FOURTH QUARTER CONFERENCE CALL

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1 STRATEGY. DISCIPLINE. EXECUTION. FEBRUARY 15, 2013 FOURTH QUARTER CONFERENCE CALL

2 MANAGEMENT PARTICIPANTS Chuck Jeannes President and Chief Executive Officer Lindsay Hall EVP & Chief Financial Officer George Burns EVP & Chief Operating Officer 2

3 FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Goldcorp Inc. ( Goldcorp ). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver, copper, lead and zinc, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage. 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 not anticipate, 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 be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, silver, copper, lead and zinc; possible variations in ore reserves, 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 other risks of the mining industry, as well as those factors discussed in the section entitled Description of the Business Risk Factors in Goldcorp s annual information form for the year ended December 31, 2011 available at Although Goldcorp has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Goldcorp does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws. All amounts are in U.S. dollars, unless otherwise stated. 3

4 FOURTH QUARTER HIGHLIGHTS Record production of 700,400 ounces All-in sustaining cash costs d - $910/oz By-product cash costs b - $360/oz; co-product b $621/oz Revenues totaled $1.4B Operating cash flow totaled c $721M Adjusted net earnings totaled a $465M Dividend increased 11% to $0.60 per share 4

5 2012 HIGHLIGHTS Adopting all-in sustaining cash costs - $874/oz First gold, commercial production at Pueblo Viejo Strong progress at three growth projects Operating for Excellence initiative underway Added to the Dow Jones Sustainability Index North America Replaced reserves for ninth consecutive year 5

6 QUALITY RESERVE GROWTH 2013 Exploration Budget - $225M Ninth consecutive year of reserve growth (Thousands of ounces) 60,060 64,700 67,100 43,400 46,300 48,

7 2013 GUIDANCE Guidance 2012 Actual G O L D P R O D U C T I O N ( m o z ) C A S H C O S T S $ / o z A L L - I N S U S TA I N I N G BY- P R O D U C T CO- P R O D U C T $1,000 - $1,100 $525 - $575 $700 - $750 $874 $300 $638 C A P I TA L E X P E N D I T U R E S $2.8B $2.6B E X P L O R AT I O N E X P E N D I T U R E S $225M $207M C O R P O R AT E A D M I N I S T R AT I O N $180M $163M D E P R E C I AT I O N / oz $335 $284 TA X R AT E 29% 25% price assumptions: Au=$1600/oz, Ag=$30/oz, Cu=$3.50/lb, Zn=$0.90/lb, Pb=$0.90/lb 7

8 5 YEAR PRODUCTION GUIDANCE Increasing Production ~70% Gold production (Moz) A 2013E 2014E 2015E 2016E 2017E 8

9 RETURNING SHAREHOLDER VALUE Dividend ($ per share) Dividend up 233% since 2009 Dividend ($ per share) $0.41 $0.54 $0.60 $0.18 $0.18 $0.18 $ E Dividend increases (annual): Oct. 27, $0.36/share; Feb. 24, $0.40/share; Dec. 5, $0.54/share; Jan. 7, $0.60/share 9

10 OPERATIONAL HIGHLIGHTS

11 OPERATIONAL HIGHLIGHTS Record quarterly production of 700,400 ounces Operating for Excellence initiative underway Operational stability at Red Lake Consistent water availability at Peñasquito to maintain current throughput Pueblo Viejo ramping up Cyanide Code Certification achieved at Wharf 11

12 RED LAKE Forecast gold production 475, ,000oz Increased flexibility in mine headings resulted in strong quarterly production Single de-stress slot for 2013 at the 46/47 level Strong exploration potential 5 drills to test and extend NXT Zone Focus on newly discovered structure off of 4699 ramp at the High Grade Zone 12

13 PEÑASQUITO Forecast gold production 360, ,000oz Throughput average of 98,800 tpd during Q4; expected 105,000 tpd during 2013 Long term water management study underway completion expected in 1H 13 Focus on efficiencies and cost reductions Exploration success Deep skarn District-wide 13

14 PUEBLO VIEJO Forecast gold production 330, ,000oz Commercial production achieved; ramp up to full capacity expected in H Modifications to one of the four autoclaves completed; remaining three to be modified in 2013 Power plant to commence operations in 2013 Annual output 415,000 to 450,000 ounces per year 1 in first five years 1 Goldcorp interest 40% 14

15 CERRO NEGRO Construction on Schedule Eureka decline advanced over 2,100 M Ore stockpile of ~40,300 tonnes at expected grades of 11.1 g/t Au and 204 g/t Ag Initial stope production expected H1 13 Advancing Mariana Central & Mariana Norte ramp development Detailed engineering at 88% completion Mill and related equipment on-site Increased reserves by 1.2Moz to 5.4Moz; strong exploration results continue 15

16 CERRO NEGRO Mill Building 16

17 ÉLÉONORE Pure Gold in a Safe Jurisdiction Gaumond exploration shaft completed Exploration ramp extended over 2,500m; 4 drills underway Production shaft sinking commenced; depth of 83m Engineering, procurement and construction management 44% Project capital of $1.75 billion confirmed 17

18 COCHENOUR Key Growth Driver in Red Lake District Haulage drift advanced to 68% completion at year-end Shaft slashing progressed to a total depth of 531 metres. Exploration advancing Two u/g drills targeting unexplored potential Plan to drill ore body at depth by year-end 18

19 DELIVERING RESULTS

20 Q HIGHLIGHTS Q Q Gold production (oz) 700, ,500 2,396,200 2,514,700 Gold sales (oz) 645, ,800 2,340,600 2,490,200 Revenues ($ million) 1,435 1,538 5,435 5,362 Cash flows from Operations ($ million) ,097 2,366 Cash flows from Operations before NCWC ($ million) (c) ,408 2,692 Capital expenditures ($ million) ,608 1,778 Cash costs by-product ($/oz) (b) Realized gold price ($/oz) $1,692 $1,685 $1,672 $1,572 All-in sustaining cash costs ($/oz) (b) Margin, All-in sustaining ($/oz) (f) $782 $895 $798 $919 20

21 ALL-IN SUSTAINING CASH COSTS (US$) as at Dec. 31, 2012 TOTAL $874 per oz SUSTAINING CAPEX $439 OPERATING COST $300 G&A $105 EXPLORATION $23 OTHER $7 Labor Maintenance Other Energy Consumables 38% 9% 20% 17% 16% I M P R OVED CASH COST DISCLO S U R E 21

22 Q OPERATIONAL HIGHLIGHTS Q Q Net earnings ($ million) ,749 1,881 Adjusted net earnings ($ million) (a) ,642 1,786 Adjusted net earnings per share ($ per share) (a)

23 CONDENSED STATEMENT OF CASH FLOWS ($ million) Q Q Operating activities Operating cash flow before change in working capital (c) ,408 2,692 Change in non-cash working capital 66 (253) (311) (326) Cash provided by operating activities of continuing ops ,097 2,366 Investing activities Expenditures and deposits on mining interests (719) (669) (2,608) (1,778) Interest paid - (8) (17) (17) Purchase of securities (2) - (19) (507) Sale of securities Other Cash used in investing activities of continuing ops (669) (675) (2,296) (1,508) Cash (used in) provided by investing activities of disc. ops 5-10 (58) Financing activities Common shares issued, net Dividends (110) (109) (438) (330) Cash (used in) provided by financing activities (98) (86) (394)

24 GOLDCORP ADVANTAGE S U P E R I O R INVESTMENT PROPOSITION FOCUS ON QUALITY OUNCES COST MANAGEMENT PEER LEADING BALANCE SHEET RESPONSIBLE MINING PRACTICES LOW POLITICAL RISK 24

25 FOOTNOTES a) Adjusted net earnings and adjusted net earnings per share are non-gaap performance measures. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company s performance. 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. Refer to page 45 of the 2012 annual MD&A for a reconciliation of adjusted net earnings to reported net earnings. b) Total cash costs per gold ounce is a non-gaap performance measure. 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, the Company and 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 silver, copper, lead and zinc sales revenues from production costs. Refer to page 43 of the 2012 annual MD&A for a calculation of total cash cost per gold ounce. c) Operating cash flows before working capital changes is a non-gaap measure which the Company believes provides additional information about the Company s ability to generate cash flows from its mining operations. 25

26 FOOTNOTES d) For 2013, in conjunction with a non-gaap initiative being undertaken within the gold mining industry, the Company is adopting an "all-in sustaining cash cost" non-gaap performance measure that the Company believes more fully defines the total costs associated with producing gold, however this performance measure has no standardized meaning. As the measure seeks to reflect the full cost of gold production from current operations, new project capital is not included in the calculation. 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. The Company reports this measure on a sales basis. Refer to page 2 of the 2012 annual MD&A for a calculation of all-in sustaining cash costs. e) Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company s projects and certain expenditures at the Company s operating sites which are deemed expansionary in nature. Refer to page 2 of the 2012 annual MD&A for a reconciliation of sustaining capital expenditures. 26

27 FOOTNOTES f) Margin per gold ounce is a non-gaap performance measure. The Company reports margin on a sales basis. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, the Company and 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. Margin per gold ounce is calculated as follows: Q Q Revenues per financial statements ($ million) $1,435 $1,538 $5,435 $5,362 Treatment and refining charges on concentrate sales and other By-product copper, silver, lead and zinc sales credit (379) (551) (1,700) (1,580) Gold revenues ($ million) $1,091 $1,041 $3,913 $3,914 Divided by ounces of gold sold (oz) 645, ,800 2,340,600 2,490,200 Realized gold price per ounce ($/oz) $1,692 $1,685 $1,672 $1,572 Deduct all-in sustaining cash costs per ounce of gold ($/oz) (910) (790) (874) (653) Margin by-product per gold ounce ($/oz) $782 $895 $798 $919 27

28 APPENDIX A SENSITIVITIES Base Price Change Increments CFPS ($/share) By Product Cash Costs ($/oz) FCF ($mm) Gold Price ($/oz) $1,600 $100 $0.25 $1 $205 Silver Price ($/oz) $30.00 $3.00 $0.06 $27 $52 Copper Price ($/lb) $3.50 $0.50 $0.04 $17 $32 Zinc Price ($/lb) $0.90 $0.10 $0.03 $11 $21 Lead Price ($/lb) $0.90 $0.10 $0.01 $5 $10 Canadian Dollars % $0.05 $19 $152 Mexican Peso % $0.04 $15 $39 Diesel ($/barrel) $ % $0.02 $9 $16 Electricity ($/kwh) $ % $0.02 $11 $20 28

29 APPENDIX B - OPERATING COSTS BREAKDOWN 5% 5% 2% CONSOLIDATED 7% 22% 15% 16% 9% 8% 11% Labour Contractors Fuel Costs Power Maintenance Parts Consumables Tires Explosives Site Costs Others 11% CANADA / USA MEXICO CSA 3% 6% 4% 2% 38% 3% 4% 6% 7% 13% 18% 2% 4% 4% 11% 17% 9% 8% 18% 15% 8% 5% 6% 17% 10% 11% 10% 12% 18% 29

30 Endnotes 1. 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 , 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, P. Geo., Senior Vice-President, 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. 2. 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. 30