JANUARY 2015

building on a proven strategy C O R P O R AT E U P D A T E

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, 2013 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.

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Proven Strategy WITH A CONSISTENT FOCUS

Quality Growth

Gold Focus

Responsible Mining Practices

Safe, Profitable Production

Peer-Leading Balance Sheet

Low Political Risk

TOGETHER

CREATING SUSTAINABLE VALUE

3

P R O V E N S T R AT E G Y

2014 Achievements Achieved zero fatalities Increased gold production to a record of 2.87 million ounces Delivered two new high quality, low-cost mines

Reduced all-in sustaining costs to $950/oz Realized benefits of $280 million from the Operating for Excellence program Divested non-core assets

Maintained investment grade balance sheet

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P R O V E N S T R AT E G Y

2015 Deliverables Achieve zero fatalities Deliver free cash flow after dividends Grow gold production to between 3.3 and 3.6 million ounces Achieve successful ramp ups at Cerro Negro and Éléonore Advance Concentrate Enrichment/Pyrite Leach feasibility study at Peñasquito Replace/grow mine reserves Company-wide Realize benefits of $175 million from the Operating for Excellence program

Maintain investment grade balance sheet Complete sale of Wharf

5

FINANCIAL DISCIPLINE

Positive Momentum 2014 Actual

2015 Guidance(1)

2.87M

3.3 - 3.6M

~$950 ~$545 TBA

$875 - $950 $500 - $550 $625 - $675

Capital expenditures(2)

TBA

$1.2B - $1.4B

Exploration expenditures(2)

TBA

$170M

Corporate administration

TBA

$185M

Depreciation / oz

TBA

TBA

Tax rate

TBA

35%

Gold Production (oz) Cash costs $ / oz All-in sustaining By-product Co-product

(1) 2015 price assumptions: Au=$1,200/oz, Ag=$18.00/oz, Cu=$3.00/lb, Zn=$1.00/lb, Pb=$0.95/lb. (2) Includes capitalized exploration

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FINANCIAL DISCIPLINE

Mine by Mine Guidance 2014 Actual

2015E Guidance

Peñasquito

567,800

700,000 – 750,000

Cerro Negro

152,100

425,000 – 475,000

Pueblo Viejo (40.0%)

439,100

420,000 – 460,000

Red Lake (includes Cochenour)

414,400

400,000 – 425,000

Éléonore

18,300

290,000 – 330,000

Porcupine

300,000

300,000 – 320,000

Los Filos

258,700

265,000 – 290,000

Musselwhite

278,300

250,000 – 270,000

Marlin

186,500

160,000 – 175,000

72,100

15,000 – 20,000

120,000

75,000 – 85,000

El Sauzal

37,700

0

Marigold (66.67%)(2)

21,800

0

2,866,800

3,300,000 – 3,600,000

Wharf(1) Alumbrera (37.5%)

TOTAL

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(1)

(2)

Wharf production guidance assumes closing of mine sale on March 31, 2015. Goldcorp estimates full-year 2015 gold production guidance at Wharf of between 85,000 and 90,000 ounces. Marigold mine was divested April 4, 2014

FINANCIAL DISCIPLINE

Sustained High Quality Production STRONG PRODUCTION , LOW-COSTS TO DRIVE INCREASING FREE CASH FLOW

GOLD PRODUCTION (MOZ)

5.0

0.0 2014A

2015E

2016E Gold

8

2017E GEO

2018E

2019E

P R O V E N S T R AT E G Y

Disciplined Capital Allocation Invest in High Return Organic Growth

Fund Existing Growth Profile CREATING

SHAREHOLDER VALUE Sustainable Dividend

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Flexibility for Selective M & A

Geographic Diversity in the Americas U N R I VA L E D P O R T F O L I O A N C H O R E D B Y Y O U N G , L O W - C O S T M I N E S

33% CENTRAL/ SOUTH AMERICA

2015E

GOLD PRODUCTION BY REGION(1)

38% CANADA/USA

29% MEXICO Operating mines Development projects

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(1)

Based on 2015 guidance as per January 12, 2015 press release

NEW GROWTH DRIVER

Cerro Negro Mine STRONG OPERATIONAL START COMMERCIAL PRODUCTION ACHIEVED JAN. 1, 2015 - 2014A: 152,100ozs - 2015E: 425,000 - 475,000ozs CONSTRUCTION - Permanent power expected by February 2015

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(1)

Year ended December 31, 2013

OUTSTANDING RESERVE GROWTH POTENTIAL - Reserve and resources (1)

- P&P reserves: 5.75Mozs - M&I resources: 0.51Mozs - Inferred resources: 0.82Mozs

NEW GROWTH DRIVER

Éléonore Mine RAMPING UP QUEBEC’S NEWEST GOLD MINE COMMERCIAL PRODUCTION EXPECTED BY END OF THE FIRST QUARTER 2015 - 2014A: 18,300ozs - 2015E: 290,000 - 330,000ozs DEVELOPMENT - Production shaft at depth of 1,106 metres - Access ramp at over 5,556 metres in length (depth of ~865 metres below surface)

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(1)

Year ended December 31, 2013

EXPLORATION FOCUS - Expansion of the reserves in the lower portion of the mine

RESERVES AND RESOURCES (1) - P&P reserves: 4.03Mozs - Inferred resources: 4.1Mozs

CANADA

Red Lake Mine INTEGRATION PLAN ADVANCING GOLD PRODUCTION - 2014A: 414,400ozs - 2015E: 400,000 - 425,000ozs

- Transitional year as production ramps up from Cochenour - Complete remnant mining of Campbell zone

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EXPLORATION FOCUS HG YOUNG DISCOVERY - Five drills from surface - Numerous high grade intercepts - Rehabilitating existing infrastructure for underground access COCHENOUR - Drilling from haulage drift with nine drills

MEXICO

Peñasquito Mine DELIVERING VALUE FROM MEXICO’S LARGEST GOLD MINE GOLD PRODUCTION - 2014A: 567,800ozs - 2015E: 700,000 – 750,000ozs

FEASIBILITY STUDY - Concentrate Enrichment Process/Pyrite Leach study expected to commence by end of Q1 2015 with completion in early 2016

NORTHERN WELL FIELD PROJECT - Completion expected mid-year 2015

IN-FILL DRILLING - Continues on copper-gold skarn CAMINO ROJO - Assessing value creating opportunities

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P R O V E N S T R AT E G Y

Current Operations & Building Future Value

CONCEPT & EXPLORATION PRE-FEASIBILITY EXECUTION PRODUCTION Éléonore (2014) Cerro Negro (2014) Pueblo Viejo (2012)

Red Lake - Cochenour Porcupine - Hollinger Open Pit - Hoyle Deep

Peñasquito (2010)

Los Filos (2008) Red Lake & Other operating mines (1)

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(1)

Marlin, Porcupine, Musselwhite, Alumbrera, Wharf,

Peñasquito - Skarn

Peñasquito - CEP/Pyrite Leach

Red Lake - HG Young

Camino Rojo

Porcupine - TVZ

El Morro

Musselwhite - West Limb

Los Filos - U/G expansion Éléonore - Crown pillar

KEY PRIORITIES

Financial Discipline

Continued Focus on Execution ONLY SAFE PRODUCTION

Portfolio Management DISCIPLINED REVIEW AND INVESTMENT

CREATING

FINANCIAL DISCIPLINE Operating for Excellence BUSINESS IMPROVEMENTS TO OFFSET LOW METALS PRICES

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Value From New Projects COST IMPROVEMENT WITH RAMP-UP

FINANCIAL DISCIPLINE

Why Goldcorp? MANAGING IN A VOLATILE GOLD MARKET

Free Cash Flow

– CAPITAL & OPERATING COSTS

+ HIGH-QUALITY PRODUCTION GROWTH

Volatile Gold Price (US$)

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Source: Capital IQ – gold price (January 1, 2008 – January 13, 2015)

Goldcorp Advantage

Quality Growth

Gold Focus

Responsible Mining Practices

Safe, Profitable Production

Peer-Leading Balance Sheet

Low Political Risk

SUPERIOR INVESTMENT PROPOSITION

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2015 Sensitivities APPENDIX A

Base Price

Change Increments

CFPS ($/share)

All-In Sustaining Costs ($/oz)

FCF ($mm)

Gold Price ($/oz)

$1,200

$100

$0.32

$3

$267

Silver Price ($/oz)

$18.00

$3.00

$0.09

$27

$70

Copper Price ($/lb)

$3.00

$0.50

$0.02

$7

$19

Zinc Price ($/lb)

$1.00

$0.10

$0.03

$11

$27

Lead Price ($/lb)

$0.95

$0.10

$0.01

$5

$12

Canadian Dollar

1.14

10%

$0.03

$17

$70

14.00

10%

$0.04

$17

$42

Mexican Peso

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2015 Operating Cost Breakdown APPENDIX B

CONSOLIDATED

CANADA/USA

7% 7%

24%

4%

3% 1%

6%

CSA

4%

7% 9% 37%

2%

12%

2%

24%

1% 14%

14%

8%

14%

6%

16%

4%

18%

11%

8% 9%

MEXICO

9%

10%

13%

5% Labour

Contractors

Fuel Costs

Power

Maintenance Parts

Consumables

Tires

Explosives

Site Costs

Others

6% 17%

3% 16%

14%

8%

20

8%

10%

9%

Notes APPENDIX C

Note 1: Free and adjusted operating cash flow, net asset value, and gold production and reserves are non-GAAP performance measures which Goldcorp believes that, in addition to conventional measures prepared in accordance with GAAP, Goldcorp and certain investors use to evaluate Goldcorp's ability to generate cash flows, its operating and economic performance and to provide measures which management uses internally to assess and evaluate the overall performance of its business and those of acquisition candidates and to highlight trends in the overall business. Accordingly, the measures are 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. Free cash flows are calculated by deducting from net cash provided by operating activities, Goldcorp's share of expenditures on mining interests, deposits on mining interest expenditures and capitalized interest paid, and adding Goldcorp's share of free cash flows provided by operating activities from Alumbrera and Pueblo Viejo. Adjusted operating cash flows comprises Goldcorp’s share of operating cash flows before working capital changes, dividends from associates and adjusted operating cash flows provided by Alumbrera and Pueblo Viejo. Net asset value is estimated as the discounted future after-tax cash flows expected to be derived from a mine site, less an amount for costs to sell estimated based on similar past transactions. When discounting estimated future after-tax cash flows, the Company uses its after-tax weighted average costs of capital. Estimated cash flows are based on expected future production, metal selling prices, operating costs and non-expansionary capital expenditures, excluding those cash flows arising from future enhancements of the asset. Note 2: The Company has included certain non-GAAP performance measures throughout this presentation. 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 operating and economic performance; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are 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 calculates its non-GAAP performance measures on an attributable basis. Attributable performance measures include the Company’s mining operations and projects, and the Company’s share from Alumbrera and Pueblo Viejo. The Company believes that disclosing certain performance measures on an attributable basis is a more relevant measurement of the Company’s operating and economic performance, and reflects the Company’s view of its core mining operations. By-product cash costs incorporate Goldcorp’s share of all production costs, adjusted for changes in estimates at the Company’s closed mines which are non-cash in nature, and include Goldcorp’s share of by-product credits, and treatment and refining charges included within revenue. Additionally, cash costs are adjusted for realized gains and losses arising on the Company’s commodity and foreign currency contracts which the Company enters into to mitigate the Company’s exposure to fluctuations in by-product metal prices, heating oil prices and foreign exchange rates, which may impact the Company’s operating costs.

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Notes APPENDIX C (CONTINUED)

In addition to conventional measures, the Company uses total cash costs, by product and co-product, per gold ounce, to monitor its operating cash costs internally and believes these measure provide investors and analysts with useful information about the Company’s underlying cash costs of operating and the impact of by-product revenues on the Company’s cost structure. The Company reports total cash costs on a gold ounces sold 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 Gold Institute, which ceased operations in 2002, was a non-regulatory body and represented a global group of suppliers of gold and gold products. The production cost standard developed by the Gold Institute remains the generally accepted standard of reporting cash costs of production by gold mining companies. The Company, in conjunction with an initiative undertaken within the gold mining industry, has adopted an all-in sustaining cost performance measure; however, this performance measure has no standardized meaning and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The Company follows the guidance note released by the World Gold Council, which became effective January 1, 2014. The World Gold Council is a non-regulatory market development organization for the gold industry whose members comprise global senior gold mining companies. All-in sustaining costs include total production cash costs incurred at the Company’s mining operations, which forms the basis of the Company’s byproduct cash costs. Additionally, the Company includes sustaining capital expenditures, corporate administrative expense, exploration and evaluation costs, and reclamation cost accretion. The Company believes that this measure represents the total costs of producing gold from current operations, and provides the Company and other stakeholders of the Company with additional information of the Company’s operational performance and ability to generate cash flows. As the measure seeks to reflect the full cost of gold production from current operations, new project capital is not included. Certain other cash expenditures, including tax payments, dividends and financing costs are also not included. The Company reports this measure on a gold ounces sold basis. Note 3: The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” defined in accordance with NI 43-101 differ from the definitions in US SEC Industry Guide 7 (“SEC Industry Guide 7”) under the US Securities Act. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

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Goldcorp Gold Mineral Reserves

(1)

APPENDIX D PROVEN as of December 31, 2013

GOLD Alumbrera

37.50%

PROBABLE

PROVEN & PROBABLE

Tonnage

Grade

Contained

Tonnage

Grade

Contained

Tonnage

Grade

Contained

mt

g Au/t

m oz

mt

g Au/t

m oz

mt

g Au/t

m oz

66.56

0.35

0.75

1.88

0.21

0.01

68.44

0.35

0.76

–

–

–

66.76

0.76

1.63

66.76

0.76

1.63

Camino Rojo

100%

Cerro Blanco

100%

–

–

–

–

–

–

–

–

–

Cerro Negro

100%

0.04

11.08

0.01

18.87

9.43

5.72

18.91

9.43

5.74

Cochenour

100%

–

–

–

–

–

–

–

–

–

Dee

40%

0.00

2.82

0.00

13.68

1.53

0.67

13.68

1.53

0.67

El Morro

70%

233.95

0.56

4.24

215.56

0.36

2.49

449.51

0.47

6.73

El Sauzal

100%

0.28

1.33

0.01

2.45

1.70

0.13

2.73

1.66

0.15

Éléonore

100%

–

–

–

19.30

6.49

4.03

19.30

6.49

4.03

Los Filos

100%

67.15

0.98

2.11

243.22

0.75

5.84

310.37

0.80

7.95

Marlin

100%

3.33

4.05

0.43

1.55

4.31

0.21

4.88

4.13

0.65

Musselwhite

100%

3.63

7.08

0.83

5.36

5.97

1.03

8.99

6.42

1.85

Noche Buena

100%

–

–

–

–

–

–

–

–

–

Peñasquito Heap Leach

100%

41.97

0.42

0.56

41.49

0.33

0.44

83.46

0.37

1.00

Peñasquito Mill

100%

335.03

0.71

7.67

194.94

0.47

2.95

529.97

0.62

10.62

Porcupine

100%

15.29

2.02

1.00

50.31

1.26

2.03

65.60

1.44

3.03

Pueblo Viejo

40%

14.59

3.35

1.57

47.31

3.22

4.89

61.90

3.25

6.46

Red Lake

100%

1.70

12.34

0.67

6.29

9.17

1.88

7.99

9.94

2.55

San Nicolas

21%

–

–

–

–

–

–

–

–

–

Wharf

100%

13.77

0.77

0.34

7.48

0.90

0.22

21.25

0.82

0.56

TOTALS

20.19

34.17

(1) All Mineral Reserves and Mineral Resources have been estimated as of December 31, 2013 in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 (“NI 43-101”), or the AusIMM JORC equivalent. These estimates, as well as all other scientific and technical information relating to Goldcorp’s mineral properties contained herein, have been prepared by employees of Goldcorp, its joint venture partners or its joint venture operating companies, as applicable, and have been reviewed and approved by Maryse Belanger, P. Geo., Senior Vice-President, Technical Services of Goldcorp, a “qualified person” for the purposes of NI 43-101. These estimates 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. Goldcorp’s normal data verification procedures have been employed in connection with these estimates. For a breakdown of Mineral Reserves and Mineral Resources by category and for a more detailed description of the key assumptions, parameters and methods used in calculating Goldcorp’s Mineral Reserves and Mineral Resources, please refer to Goldcorp’s most recently filed Annual Information Form/ Form 40-F filed with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission. Mineral Reserves. Mineral Reserves are estimated using appropriate recovery rates and US$ commodity prices of $1,300 per ounce of gold, $22 per ounce of silver, $3.00 per pound of copper, $0.90 per pound of lead, and $0.90 per pound of zinc, unless otherwise stated: Alumbrera , $1,300/oz gold and $2.95/lb copper; Pueblo Viejo and Dee,$1,100/oz gold, $21/oz silver, $3.00/lb copper.

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54.38