1 1

December 2010

CORPORATE UPDATE

2

FORWARD-LOOKING STATEMENTS

2

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, 2009 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.

3 3

GROWING:

EFFICIENT:

STRONG:

STABLE:

GROWTH LEADER

LOW-COST PRODUCER

OUTSTANDING BALANCE SHEET

LOW POLITICAL RISK

RESPONSIBLE: FOCUS ON ALL STAKEHOLDERS

SUSTAINABLEPROSPERITY

4

STRONG CASH MARGINS

4

$1,200/oz

$600/oz

$0/oz$100 $115 $22 $33

$163

$305 $295 $317

$267 $294 $430$577

$540

$563$685

$869

$980

$868

$703

$610

$452 $409

$367

$1,186

YTD2009200820072006200520042003

By-Product Cash Costs Cash Margin

5

INCREASING VALUE: EARNINGS AND CASHFLOW

5

$1,500M

2007 2008 2009 $0M

$750M

2010*

Adjusted Net Earnings Operating Cash Flow After WC Changes

$588M

$1,270M

$866M

$397M

$651M

$440M

$1,480M

$791M

* Pro-forma based on YTD figures

6

GOLDCORP: THE GROWTH CONTINUES

6

2004 2005 2006 2007 2008 2009 2010* 2011* 2012* 2013* 2014*

3.7 Moz

Production Growth: 20% CAGR4

2

0

$400

$200

$0

$300

$100

Pro

du

cti

on

(M

oz)

Ca

sh

Co

st/o

z

Au actual production Au est. production (reflects the effect of San Dimas disposition)Cash costs: 2010-2014 est.

EARLY STAGE

o Red Lake O/P

o Peñasquito U/G

o Hollinger

ADVANCED STAGE

o Éléonore

o Noche Buena

o Cerro Blanco

o Camino Rojo

o El Morro

Red Lake/Cochenour

Pueblo Viejo

Peñasquito

7

GROWING: A ROBUST PIPELINE

7

2.4 Moz

3.7 Moz

2014

2009

8

ANDEAN TRANSACTION – PORTFOLIO ENHANCEMENT

Transaction Details

8

Project Overview

Rationale

Total consideration: C$3.6 billion

0.14 common share of Goldcorp or cash payment of C$6.50 per Andean share or a combination at election of shareholder up to C$1 billion in cash consideration

Cerro Negro gold project - advanced stage high grade vein system

Located in Santa Cruz province of Argentina

Resources: 2.5Moz Au and 23.6Moz Ag (Indicated); 0.5Moz Au and 3.1Moz Ag (Inferred)

Consistent with strategy – large, high quality asset in stable jurisdiction

Significant exploration upside

High grade, low cost production = growing cash flow

9

CERRO NEGRO DEVELOPMENT & EXPLORATION

9

Robust feasibility study results released in July 2010 Development underway with final permits anticipated in

Q4 2010 and commercial production in 2012 Significant potential to expand resources, mine life, and

production rates

Young deposit – 1st prospected in the 1990’s and high grade Eureka vein only discovered in 2007 80,000 m of drilling in calendar 2010

Cerro Negro (100% owned by Andean)

Santa Cruz Province, Argentina

El Morro (70%)Alumbrera (37.5%)

10 10

THIRD QUARTER 2010 RESULTS

Q3 2010 Q2 2010

Gold production (oz) 596,200 609,500

Cash Costs $/oz - by-product - co-product

260429

363448

Adj. net earnings ($ millions) 231.5 198.8

Cash flow from operations ($ millions)* 470.6 387.9

Adj. earnings per share ($/sh) 0.31 0.27

Cash flow per share ($/sh)* 0.64 0.52

*before changes in WC

11

STRONG: OUTSTANDING BALANCE SHEET (AS OF SEPT. 30, 2010)

Cash

11

$732M

Convertible senior notes $862.5M

Available debt facility $1.5B

Average annual cash flow over next 5 years ~$2.0B**

Debt : Total capitalization < 0.04 : 1

Excellent liquidity

*Market value as of Sept. 30/10**Price Assumptions: 2011 – 2014: Au - $1100/oz; Ag - $17.00/oz; Cu - $2.75/lb; Zn - $0.80/lb; Pb - $0.80/lb; Oil - $85/bbl

Marketable securities & investments $1.7B*

12

DELIVERING SHAREHOLDER VALUE

12

$0.27

2004

$0.80

2009

(1) Adjusted earnings per share (2009 reported earnings per share is $0.33 per share) (2) Cash flow before changes in working capital (3) Reserves and resources for gold and silver (silver converted at 55x ratio)

Earnings/Share (1)

(US$/share)Cash Flow/Share (2)

(US$/share)Reserves/Share (3)

(ounces/1,000 shares)Resources/Share (3)

(ounces/1,000 shares)

+196% +204% +253% +346%

$0.53

2004

$1.61

2009

28

2004

99

2009

41

2004

183

2009

13

CASHFLOW PER SHARE GROWTH (10E - 12E)

13

0%

Newmont BarrickKinross

20%

30%

40%

50%

10%

Source: Based on industry analyst consensus

Goldcorp

60%

Agnico

50%

39%

10% 9%

-2%

14

STABLE: LOW POLITICAL RISK PROFILE

14

CANADA

Red Lake 3.4 675,000

Porcupine 2.8 280,000

Musselwhite 2.1 260,000

UNITED STATES

Marigold (66.7%) 1.6 120,000

Wharf 0.2 65,000

MEXICO

Peñasquito 17.8 180,000

Los Filos 5.7 300,000

El Sauzal 0.3 155,000

CENTRAL AND SOUTH AMERICA

Marlin 2.1 290,000

Alumbrera (37.5%) 1.5 165,000

2010E Au(oz)

Au reserves (Moz)

FOCUS IN THE AMERICAS

2.55 Moz2010E GOLD PRODUCTION

15

PEÑASQUITO

15

One of the world’s

largest new mines

16

PEÑASQUITO AT A GLANCE

16

17.8 million ounces gold (proven and probable)1

22-year mine life

500,000 ounces gold - average annual production2

Life of mine negative by-product cash costs

(1) See Endnote; (2) After reaching full design capacity

Significant satellite production opportunities

Noche Buena

Camino Rojo

17

PEÑASQUITO - RAMPING UP PRODUCTION

17

Q4/10

Q2/10

Q2/09

130,000 tonnes/day

100,000 tonnes/day

50,000 tonnes/day

THROUGHPUT

High-Pressure Grinding Rolls

SAG Line 2

SAG Line 1

Q2/11

18 18

PEÑASQUITO REGIONAL TARGETS

19

RED LAKE

19

The world’s

richest gold mine

20

RED LAKE AT A GLANCE

20

Decades of high-grade gold production; 20Mozs produced

675,000 Ounces 2010 estimated annual production

Advancing HGZ at depth

District optimization plans advancing: Cochenour, open pit

21 21

Initial operation sized for 5 million ounces of gold

$71 million investment in 2010, including scoping study

Shaft rehabilitation (18’ dia)

5 km high speed tram (30 mths construction)

First production late 2014

U/G drilling underway

COCHENOUR – A MAJOR GOLD DISCOVERY

RED LAKE DISTRICT OPTIMIZATION

22

5,000 ft -

#3 Shaft

2,500 ft -

Surface

30 L

37 L

23 L

#1 Shaft

Campbell

Complex

Reid Shaft

#2 Shaft

Red Lake

ComplexBonanza

Follansbee

Discovery

McKenzie Mine

Western

DiscoveryCochenour Mine

Inco Zones

North Zone

DDH VG13 L Marcus

Drift

Wilmar West

Granodiorite

Wilmar East

Breccia Zone

High

Grade

Zone

Party Wall ZoneDeep

Campbell

Cochenour

Rahill-Bonanza

Joint venture

Goldcorp 100%Goldcorp 100% Goldcorp 51%

Bruce

Channel

Bruce

Channel

West

Open Pit Potential

High Speed Tram

8 km

23

PUEBLO VIEJO: THE NEXT GROWTH DRIVER

23

9.5 million ounces gold reserves*

+25-year mine life

Q4 2011 start-up

415,000 – 450,000 ounces average annual gold production**

$485 million - capital budget 2010*

*Goldcorp interest 40%**During first full five years of operation

24 24

$145 millionTotal 2010 exploration investment

25 25

RESERVE GROWTH CONTINUES

5,226

2004

14,700

2005

39,700

2006

43,400

2007

46,300

2008

48,800

2009

GOLD 2P RESERVES (Koz)1

Targeting 7th consecutive year of reserve growth

(1) See Endnote

2010

?

26

EXPLORATION HIGHLIGHTS

26

Porcupine – Hoyle Pond success at depth

Musselwhite – New ‘Lynx zone’ discovery

Red Lake – HGZ continues at depth, lateral success

Los Filos – Substantial reserve addition & growth opportunities

Replacing mined reserves…

27

ÉLÉONORE: PURE GOLD IN SAFE JURISDICTION

27

Resource, +3 million Au ounces M&I; +6 million Au ounces inferred

Pre-feasibility study update by year end

330,000 oz Au*; cash costs < $400/oz

*Initial yearly average production target

+16 year mine life commencing in 2015

Exploration shaft sinking underway

28

EL MORRO: EXPANDING INTO CHILE*

28

4.7 million ounces gold

4.0 billion pounds copper

Large, under-explored land position

Leverage Goldcorp’s large mine development expertise

Updating 2008 feasibility study

*Goldcorp interest 70%

29 29

ADVANCING NEW PROJECTS

Complete HPGR circuit commissioning at Peñasquito

Complete scoping studies at Cochenour and Noche Buena

Pre-feasibility study update at Éléonore

Updated feasibility study at El Morro

Prepare to advance Cerro Negro following closing

30 30

We’re bullish on gold

31

MINE SUPPLY IS DECREASING

31

Source: GFMS for historical production, 2010E, 2011E

TOTAL MINE PRODUCTION

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012e2200

2300

2400

2500

2600

2700

To

nn

es

32

GLOBAL GOLD DEMAND IS INCREASING

32

Source: CPM Group (Gold holdings consist of consumer physical holdings)

GOLD HOLDINGS

Gold holdings < 0.7% of Global Financial Assets ($205.2 trillion)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009e 2010p0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

US$T

rillio

ns

33

DELIVERING SUPERIOR RETURN

33

(1) Peers include Barrick, Newmont, Kinross and Agnico(2) Source: Bloomberg data Dec. 1/00 – Dec. 1/10

Goldcorp +1471%

Dow Jones Index9%

Peers(1)

+654%

Philly Gold/Silver Index+347%

Gold Price+415%

2000

2001

2001

2001

2002

2002

2002

2003

2003

2004

2004

2004

2005

2005

2005

2006

2006

2006

2007

2007

2008

2008

2008

2009

2009

2009

2010

2010

-20%

180%

380%

580%

780%

980%

1180%

1380%

1580%

34 34

GROWTH LEADER

LOW-COST PRODUCER

OUTSTANDING BALANCE SHEET

LOW POLITICAL RISK

A SUPERIOR INVESTMENT PROPOSITION

RESPONSIBLE MINING

Base PriceChange Increments

CFPS($/share)

By Product Cash Costs ($/oz)

FCF ($mm)

Gold Price ($/oz) $1000 $50 $0.14 $1 $103m

Silver Price ($/oz) $16.00 $1 $0.02 $5 $16m

Copper Price ($/lb) $2.75 $0.50 $0.04 $18 $27m

Zinc Price ($/lb) $0.80 $0.10 $0.02 $4 $13m

Lead Price ($/lb) $0.80 $0.10 $0.02 $3 $11m

Canadian Dollars 1.05 10% $0.05 $20 $83m

Mexican Peso 13.00 10% $0.02 $6 $21m

Oil Price ($/barrel) $80 10% $0.01 $2 $8m

3535

APPENDIX A - 2010 SENSITIVITIES

36

APPENDIX B - OPERATING COSTS BREAKDOWN

Consolidated

Canada / USA CA & SA Mexico

36

24%

17%

7%9%

10%

15%

2%

4%5%

7%

Labour Contractors Fuel Costs Power Maintenance Parts Consumables Tires Explosives Site Costs Others

15%

8%

8%

11%

13%

20%

2%4%

4%

15% 13%

19%

10%

10%10%

17%

3%

7%

5%6%

38%

20%

4%

7%

8%

10%

1%2% 5% 3%

1. 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 revenue for Alumbrera; by-product silver revenue for Marlin at market silver prices; and by-product silver revenue for Luismin of $3.95 per silver ounce sold to Silver Wheaton). Goldcorp has included a non-GAAP performance measure, total cash costs per gold ounce, throughout this presentation. Goldcorp 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, and is a non-GAAP measure. Goldcorp follows the recommendations of the Gold Institute standard. Goldcorp believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate Goldcorp’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

2. All Mineral Reserves and Mineral Resources have been calculated as at December 31, 2009 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, 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.

ENDNOTES

37