Corporate Update

JANUARY 2012

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. Forwardlooking 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 Goldcorps annual information form for the year ended December 31, 2010 available at www.sedar.com. 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.

 Growth Leader

SUSTAINABLE PROSPERITY

Low Cost Producer Outstanding Balance Sheet Low Political Risk Responsible Mining

Sector Leading Cash Margins

REALIZED GOLD PRICE
($ per Oz)

$1,538 $1,240 $978

$868 $703
563 540
305 163 295 274

1,329 966 683

209

2007

2008

2009

2010
Cash Margin

Q3'11 YTD

By-Product Cash Costs

Strong Growth on a Per Share Basis

Earnings / Share2
(US$ / share)

$1.60 $2.50

$1.59
$1.37

Cash flow / Share1

(US$ / share) $2.33 $2.32

$1.20 $0.80 $0.80 $0.62

$2.00 $0.40 $1.61 $1.50 $1.22 $1.00 $1.31 $0.00

$0.56

2007

2008

2009

2010

Q3'11 YTD

Reserves / Share3
(per 1000 shares) $0.50 80.0 70.0 $0.00 65.0 66.7 78.0

61.5

2007

2008

2009

2010

Q3'11 YTD

60.0 50.0 40.0

2007
1 2 3 4

2008

2009

2010

Cash flow before changes in working capital Adjusted earnings per share Reserves for gold only Includes Cerro Negro update March 2011

Steady, Continuous Reserve Growth Success

2010* INCREASE OF 28%,
62,250

17% ON A PER SHARE BASIS

48,800 46,300 43,400 39,700

2006

2007 2008 2009 2010* Gold proven & probable reserves (000s oz)

2012 Exploration Budget - $200M

*

Includes Cerro Negro update March 2011

2012 Guidance
20121 Guidance 2011 Actual

Gold production (oz)

2,600,000

2,514,700 ~$220 ~$530

Cash costs $/oz - By-Product $250 - $275 - Co-Product $550 - $600

Capital expenditures
Exploration expenditures Corporate administration

$2.6B
$200M $160M

TBA
TBA TBA

Depreciation /oz
Tax rate
1

$325
30%

TBA
TBA

2012 price assumptions: Au=$1600/oz, Ag=$34/oz, Cu=$3.50/lb, Zn=$0.90/lb, Pb=$0.90/lb

Financial Position Excellent Liquidity

Investment Grade1 Balance Sheet
As at Dec. 31, 2011

Cash & cash equivalents Available debt facility undrawn Convertible senior notes due 2014 Forecast avg. annual operating cash flow over next 5 years

~$1.7B $2.0B $862.5M $3.7B2

2 Price

Moodys: Baa2; S&P: BBB+; Fitch: BBB assumptions 2012-2016: Au=$1600/oz, Ag=$34/oz, Cu=$3.50/lb, Zn=$0.90/lb, Pb=$0.90/lb

Dividend as % of Operating Cash Flow

20% 18% 16% 14% 12% 10% 8% 6% 15% 13% 13% 11% 11% 9% 19% 17%

10%
8%

9% 6%

4%
2% 0%
Newmont
Source: Bloomberg consensus Company reports

Goldcorp

Yamana
2011E

Newcrest
2012E

Barrick

Kinross

Focus on Stable Jurisdictions

CANADA

USA

Dominican Republic Argentina 3% 5% Guatemala 8%

DOMINICAN REPUBLIC

MEXICO GUATEMALA

Canada 46% Mexico 33%

AMERICAS ORIENTATION
CHILE ARGENTINA

US 5%
2012E Gold Production

OPERATING MINES

DEVELOPMENT PROJECTS

10

Steady, Strong Growth Profile

(Ounces)

3,800,000 3,200,000 2,514,700 2,600,000

4,000,000

4,200,000

2011A

2012E

2013E
Current Operations

2014E
New Projects

2015E

2016E

11

A Robust Development Pipeline

Scoping
Peasquito UG Red Lake Bulk UG

Agua Rica

Feasibility

Cerro Blanco Noche Buena Camino Rojo (2014)

El Morro (2017)

Construction

lonore (2014) Cochenour (2014) Cerro Negro (2013)

Pueblo Viejo (2012) Peasquito (2010)

Production

Los Filos (2008)

Marlin (2006) Red Lake & other operating mines

12

Cerro Negro Advancing a World Class Project

High grade vein system Outstanding reserve growth potential Updated feasibility study results:

- 550 koz Au annually (1st 5 years)

- <$200 /oz cash costs (1st 5 years) - Initial capital $750M

- First production H2 2013

13

Cerro Negro Advancing Construction

140,350 meters exploration drilling in 2011 Eureka decline advanced to 1,620 meters 6 levels of development into Eureka vein

Construction & development activities advancing: Approval of amended EIA received Plant construction underway Development of Mariana Central and Mariana Norte veins commenced
14

Cerro Negro Large Percentage of Veins Untested

Pre-mineral rock within Bonanza elevation 2.0m 41.12 g/t Au 217 g/t Ag 11.0m 111.00 g/t Au 238 g/t Ag

San Marcos
4810000N

Concession Boundary

Mariana Norte Mariana Central

Mariana Sur

El Retiro
1.5m 92.6 g/t Au 72 g/t Ag 6.5m 150 g/t Au 172 g/t Ag

Buena Vista

Eureka
Sur Vein
4.0m 3.67 g/t Au 3 g/t Ag

2.0m 5.4 g/t Au 3,244 g/t Ag

Vein Zone Bajo Negro

4805000N

8.0m 20.1 g/t Au 265 g/t Ag

Quartz vein Areas of vein tested

2400000E

Fault

5 kilometers

15

lonore Pure Gold in a Safe Jurisdiction

Currently sinking exploration shaft
3.03M oz Au reserves +0.48M oz Au M&I resources +4.17M oz Au inferred resources Development plan: - Upper/lower mine concept; 7 ktpd - Mine life ~15 years - +600,000 oz Au - Cash costs: <$400/oz - Capex - $1.4B Final EIA received
16

lonore Progressing Towards Construction

Exploration shaft over 640 metres

Exploration ramp extended over 830 metres

Plant construction underway Surface preparation for sinking of second production shaft advancing EPCM contract awarded Continued exploration success

17

El Morro A World Class Project in Mining Friendly Chile

5.9 million ounces of Au reserves1 4.3 billion pounds of Cu reserves1 Large, under-explored land position

Access infrastructure in progress

Feasibility study update completed 17-year mine life Capital cost ~ $3.9B First production: 2017 +210,000 oz Au2; +200Mlb Cu2 By-product cash costs: ($700)/oz
1Goldcorp interest 70% 2 LOM average annual production (70% interest)

18

Pueblo Viejo Next New Source of Gold Production

9.5 million ounces of Au reserves*
Life of mine +25 years

$350 million capital budget for 2012

First gold mid-2012

Average annual output 415,000 to 450,000 ounces per year* in first five years
* Goldcorp interest 40%

19

Cochenour Key Growth Driver in Red Lake District

Initial resource of 2.7M gold ounces Construction underway: - Mine life ~20 years - 250,000 - 275,000 ounces Au annually - Cash costs < $350 per ounce - Capex - $420M - First production late 2014

20

Cochenour Construction Progress

Shaft widening underway Haulage drift 36% complete

- 2 rigs actively drilling

- Exploration potential on untested ground

Surface exploration with 4 drill rigs

Installation of headframe surface infrastructure completed and operational
21

Red Lake HSD Provides Exciting Exploration Opportunities

West
East

Western Discovery Zone Drift location at end of 2012

Rahill - Bonanza

Current drift location

High Speed Drift

Bruce Channel Discovery

22

Red Lake New Opportunities at Worlds Richest Gold Mine

Robust, low cost gold production

2012 gold production forecast of 650,000 ounces

2012 exploration budget $38M - Focus on High Grade Zone extension - Hanging Wall exploration success
District optimization plans advancing: Cochenour, bulk u/g mining
23

Peasquito Hitting Stride in 2012

2012 gold production forecast 425,000 ozs at negative cash costs Ramp up to full capacity on track for end of Q1 2012 Largest cash flow generator in 2012 Average annual production: - 500Koz Au; 204Kt Zn; 90.7Kt Pb; 28Moz Ag 22-year mine life
24

Peasquito Advancing District Projects

Camino Rojo Over 77,000 meters drilled in 2011 Testing oxide & sulphide expansion Feasibility study due H1 2012 Noche Buena Resource expansion drilling continues In-fill drilling on higher grade mineralization trends

25

Delivering Superior Returns

870% 770% 670% 570% 470% 370% 270% 170% 70%
-30%

Goldcorp +627%
Gold Price +461%

Peers* +266% Philadelphia Gold / Silver Index +232% Dow Industrials +22%
2003 2005 2007 2009 2011

2001

* Peers include Barrick, Newmont, Kinross and Agnico Source: Bloomberg data Dec. 31/01 - Dec. 31/11

26

Gold Price Has Increased 12 Consecutive Years

Why Gold?
Flat mine supply Growing physical demand - Asia - Central bank buying

Growing investment demand

- Inflation hedge - Currency protection - Safe haven/asset class
27

 Growth Leader

SUPERIOR INVESTMENT PROPOSITION

Low Cost Producer Outstanding Balance Sheet

Low Political Risk

Responsible Mining

28

Appendix A Metals Production (% of Revenues)

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2011E 2012E 2013E 2014E Base Metals 2015E 2016E 86% 84% 87% 88% 90% 91% 14% 16% 13% 12% 10% 9%

Total Precious Metals

Price assumptions 2012-2016: Au=$1400/oz, Ag=$26/oz, Cu=$3.30/lb, Zn=$0.90/lb, Pb=$0.90/lb

29

Appendix B Increasing GEO Production

(Ounces)
6,000,000

5.2 Moz
5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

GEO actual production

GEO est. production

30

Appendix C 2012 Sensitivities

Base Price
Gold Price ($/oz) Silver Price ($/oz) Copper Price ($/lb) Zinc Price ($/lb) Lead Price ($/lb) Canadian Dollars Mexican Peso $1,600 $34.00 $3.50 $0.90 $0.90 1.00 13.00

Change Increments
$100 $2.00 $0.50 $0.10 $0.10 10% 10%

CFPS CFPS ($/share) ($/share)

$0.23 $0.06 $0.04 $0.04 $0.02 $0.04 $0.04

By Product Cash Costs ($/oz)

FCF ($mm)
$186

$23 $14 $15 $8 $17 $17

$41 $25 $28 $15 $118 $40

Diesel ($/barrel)
Electricity ($/kWh)

$95.00
$0.09

10%
10%

$0.01
$0.02

$7
$10

$12
$17

31

Appendix D Operating Costs Breakdown

Consolidated
11% 4% 22%

5%
2%

15%

14%

10% Labour Contractors Fuel Costs Power 10% Maintenance Parts

7% Consumables Tires Explosives Site Costs Others

Canada / USA
2% 1% 10% 6% 4% 4% 38% 6% 2% 15%

Mexico
12% 4% 14% 6% 1% 8% 18% 16% 13%

CSA
18%

8% 7%

9% 6% 5% 19%

12% 9%

14% 13%

32

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 Peasquito at market silver prices and 25% of the silver for Peasquito 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 Companys 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, 2010 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 Goldcorps 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. Goldcorps 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 Goldcorps Reserves and Resources, see Goldcorps Annual information Form/ Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission. Goldcorps 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 Goldcorps material properties, see Goldcorps Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission.

3.

33