D e n v e r G o l d F o r u m

S E P T E M B E R 1 8 - 2 1 , 2 0 1 1

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, 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.

Forward Looking Statements

2

3

• Growth Leader

• Low Cost Producer

• Outstanding Balance

Sheet

• Low Political Risk

• Responsible Mining

SUSTAINABLEPROSPERITY

Execution

Shareholder

Return

Disciplined

Portfolio

Management

Sustainable

Prosperity

• Growing gold

production

• Low-cost producer

• Accelerating cash flow

and earnings

• Funding growth without

dilution

• Organic reserve growth

• Active dividend policy

• Environmental

stewardship

• Human rights

• Safety

• Continued gold focus

• Low country risk

• Disciplined M&A

strategy

Proven Strategy

4

Flat mine supply

- Inflation hedge

- Currency protection

- Safe haven/asset class

Why Gold?

Growing physical demand

- Asia

- Central bank buying

Growing investment demand

Gold Price Has Increased 11 Consecutive Years

5

163305 295 274

185

540

563683

9661,331

2007 2008 2009 2010 2011 YTD

By-Product Cash Costs Cash Margin

$703

$868

$978

$1,240

($ per Oz)

REALIZED GOLD PRICE $1,516

Sector Leading Cash Margins

6

Strong Growth on a Per Share Basis

7

$1.22 $1.31

$1.61

$2.33

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

2007 2008 2009 2010

Cash flow / Share1

(US$ / share)

61.5 65.0 66.7

78.0

40.0

50.0

60.0

70.0

80.0

2007 2008 2009 2010

$0.62 $0.56

$0.80

$1.37

$0.00

$0.50

$1.00

$1.50

2007 2008 2009 2010

Reserves / Share3

(per 1000 shares)

Earnings / Share2

(US$ / share)

1 Cash flow before changes in working capital2 Adjusted earnings per share3 Reserves for gold only4 Includes Cerro Negro update March 2011

4

39,700

43,400

46,30048,800

62,250

2006 2007 2008 2009 2010*

Gold proven & probable reserves (000’s oz)

2011 Exploration Budget - $225M

2010* INCREASE OF 28%,

17% ON A PER SHARE BASIS

Steady, Continous Reserve Growth Success

8

* Includes Cerro Negro update March 2011

Revenues $1,323M $815M

Gold production 597,100 609,500

Cash costs $/oz - By-Product $185 $363

- Co-Product $553 $436

Adjusted net earnings $420M $199M

Operating cash flows $717M $390M

Q22011 Q22010

Q2 2011 Highlights

9

Gold Price Revenues Operating Cash Flow

Adjusted Earnings

111%

84%

62%

25%

• Leverage in operating costs

• No holding costs

• Pays dividend

• Organic growth

% increase Q2 2011 compared to Q2 2010

Goldcorp Leverage Relative to Physical Gold

10

Gold production (M oz) 2.65 - 2.75 2.50 - 2.55

Cash costs $/oz - By-Product $280 - $320 $180 - $220

- Co-Product $475 - $500 $500 - $550

Capital expenditures $1.5B $1.5B(+$290M at Pueblo Viejo) (+$490M at Pueblo Viejo)

Exploration expenditures $170M $225M

Tax rate 30% 28%

20111 20112 Updated

Guidance Guidance

Updated Guidance

11

1 2011 price assumptions: Au=$1250/oz, Ag=$20/oz, Cu=$3.25/lb, Zn=$0.90/lb, Pb=$0.90/lb2 2011 price assumptions: Au=$1450/oz, Ag=$30/oz, Cu=$4.10/lb, Zn=$1.02/lb, Pb=$1.14/lb

Cash & cash equivalents $1.4B

Available debt facility – undrawn $1.5B

Convertible senior notes – due 2014 $862.5M

Forecast avg. annual cash flow over $2.5B2

next 5 years

Net cash (debt) $516M

Financial Position – Excellent Liquidity

1 Moody’s: Baa2; S&P: BBB+; Fitch: BBB

2 Price assumptions 2011-2015: Au=$1250/oz, Ag=$20/oz, Cu=$3.25/lb, Zn=$0.90/lb, Pb=$0.90/lb

Investment Grade1 Balance Sheet

As at June 30, 2011

12

Excess Cash Flow Prioritization

13

Fund existing

60% growth

profileContinue

investments

in organic

growth Flexibility

for selective

M&ARegular

dividend

growth

Focus on Stable Jurisdictions

Canada 46%

US6%

Mexico27%

Guatemala16%

Argentina5%

2011E Gold Production

OPERATING MINES

DEVELOPMENT PROJECTS

AMERICAS ORIENTATION

ARGENTINA

DOMINICAN REPUBLIC

CANADA

CHILE

MEXICO

GUATEMALA

USA

14

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

2011E 2012E 2013E 2014E 2015E

4.0 Moz(Ounces)

Au est. production

Steady, Strong Growth Profile

15

Scoping

Feasibility

Construction

Production

Red Lake & other operating mines

Marlin (2006)

Los Filos (2008)

Peñasquito (2010)

Pueblo Viejo (2012)

Cerro Negro (2013)

Cochenour (2014)

Éléonore (2014)

Camino Rojo (2014)

El Morro (2015)

Noche Buena

Cerro Blanco

Agua Rica

Red Lake Bulk UG

Peñasquito UG

A Robust Development Pipeline

16

• 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 2013

Cerro Negro – Advancing a World Class Project

17

Cerro Negro – Advancing Construction

• 78,000 meters exploration drilling

year to date

• Eureka decline advanced to

1,350 meters

• 3 levels of development into Eureka

vein

• Detailed engineering well underway

• Long lead-time items ordered

• Construction expected to

commence shortly

18

19

Cerro Negro – Large Percentage of Veins Untested

San Marcos

Mariana Norte

Mariana CentralMariana Sur

Eureka

Buena Vista

El Retiro

Vein Zone

Bajo Negro

Sur Vein

4810000N

4805000N

5 kilometersAreas of vein tested

Pre-mineral rock within Bonanza elevation

Concession Boundary

Quartz vein

11.0m

111.00 g/t Au

238 g/t Ag

2.0m

5.4 g/t Au

3,244 g/t Ag

4.0m

3.67 g/t Au

3 g/t Ag

8.0m

20.1 g/t Au

265 g/t Ag

2400000E Fault

6.5m

150 g/t Au

172 g/t Ag

1.5m

92.6 g/t Au

72 g/t Ag

2.0m

41.12 g/t Au

217 g/t Ag

Éléonore – 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

• Cree agreement complete

20

• Permit approval expected in Q4 2011

• Exploration shaft over 400 metres

• Exploration ramp extended over 200

meters

• Construction camp development

underway

• EPCM contract awarded

• Continued exploration success

Éléonore – Progressing Towards Construction

21

• 5.7 million ounces of Au reserves*

• 4.3 billion pounds of Cu reserves*

• Large, under-explored land position

• Permit received Q1 2011, access

infrastructure in progress

• Feasibility study update Q3 2011

El Morro – A World Class Project in Mining Friendly Chile

22

* Goldcorp interest 70%

• 9.5 million ounces of Au reserves*

• Life of mine +25 years

• $490 million capital budget for 2011

• First gold mid-2012

• Annual output 415,000 to 450,000

ounces per year1 in first five years

Pueblo Viejo – Next New Source of Gold Production

23

* Goldcorp interest 40%

• 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

Cochenour – Key Growth Driver in Red Lake District

24

• Shaft widening commenced

• Haulage drift 33% complete

- 2 rigs actively drilling

- Exploration potential on untested

ground

• Surface exploration with 4 drill rigs

• Installation of headframe surface

infrastructure underway

Cochenour – Construction Progress

25

Red Lake – Haulage Drift Exploration Potential

26

Haulage Drift

Rahill - Bonanza

Bruce Channel Discovery

Western

Discovery

Zone

East

Drift location

at end of 2011Current drift

location

Red Lake – New Opportunities at World’s Richest Gold Mine

• Robust, low cost gold production

• 2011 gold production forecast of

665,000 ounces

• 2011 exploration budget $36M

- High Grade Zone continues at

depth

- Hanging Wall exploration

success

• District optimization plans

advancing: Cochenour, bulk u/g

mining

27

Peñasquito

• 2011 gold production forecast -

250,000 ozs at negative cash costs

• Tremendous cash flow generator in

2011 and beyond

• Average annual production:

- 500Koz Au; 204Kt Zn; 90.7Kt Pb;

28Moz Ag

• 22-year mine life

28

Peñasquito – Operating Refinements in 2011

• Supplementary feed to HPGR

circuit on track for completion by

Y/E 2011

• Tailings dam upgrade on schedule

for completion by Y/E 2011

• Chile Colorado dewatering wells in

process

• Ore body grades and recoveries

exceed expectations

29

Peñasquito – Advancing District Projects

30

Camino Rojo

• 42,500 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

Delivering Superior Returns

Goldcorp

+761%

Peers*

+273%

Philadelphia

Gold / Silver

Index

+278%

Gold Price

+518%

Dow Industrials

+28%

* Peers include Barrick, Newmont, Kinross and Agnico

Source: Bloomberg data Sept. 15/01 – Sept. 15/11

31

-40%

160%

360%

560%

760%

960%

2001 2003 2005 2007 2009 2011

32

• Growth Leader

• Low Cost Producer

• Outstanding Balance

Sheet

• Low Political Risk

• Responsible Mining

SUPERIOR INVESTMENT PROPOSITION

85% 86% 87% 88% 88%

15% 14% 13% 12% 12%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011E 2012E 2013E 2014E 2015E

Total Precious Metals Base Metals

Appendix A – Metals Production (% of Revenues)

33

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

GEO actual production

5.6 Moz

(Ounces)

GEO est. production

Appendix B – Increasing GEO Production

34

Silver Price ($/oz)

Gold Price ($/oz)

Copper Price ($/lb)

Zinc Price ($/lb)

Base Price

$1250

$3.25

$0.90

Lead Price ($/lb)

1.03

$20.00

Canadian Dollars

$85.00

Mexican Peso

Diesel ($/barrel)

12.50

$0.90

$100

$0.50

$0.10

10%

$1.00

10%

10%

$0.10

$0.25

$0.02

$0.03

$0.04

$0.02

$0.01

$0.02

$0.02

$12

$14

$20

$10

$2

$11

$7

$196M

$17M

$26M

$100M

$18M

$8M

$24M

$13M

Change Increments

CFPS($/share)

By Product Cash Costs ($/oz)

FCF ($mm)

Electricity ($/kWh) $0.08 10% $0.02 $3 $17M

Appendix C – 2011 Sensitivities

35

Canada / USA

Consolidated

Mexico CSA

22%

14%

6%

12%9%

16%

2%

4%

4%11%

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

40%

16%4%

7%

9%

11%

2%2%

5% 4% 10%

15%

7%

17%6%

20%

2%

5%

4%

14% 17%

7%

8%

11%

14%

18%

2%3%

4%

16%

Appendix D – Operating Costs Breakdown

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1. Goldcorp has included non-GAAP performance measures, total cash costs, by-product and co-product, per gold ounce, throughout thispresentation. Total cash costs are defined as cost of sales divided by ounces of gold and silver sold or pounds of copper sold. The calculationof total cash costs per ounce of gold is net of by-product sales revenue (by-product copper revenues for Alumbrera; by-product silver revenuesfor 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 forPeñasquito at $3.90 per silver ounce sold to Silver Wheaton). The Company reports total cash costs on a sales basis. In the gold miningindustry, this is a common performance measure but does not have any standardized meaning. The Company follows the recommendations ofthe Gold Institute Production Cost Standard. The Company believes that, in addition to conventional measures prepared in accordance withGAAP, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it isintended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared inaccordance with GAAP. Total cash costs on a by-product basis are calculated by deducting by-product copper, silver, lead and zinc salesrevenues from production cash costs.

Commencing in 2011, production costs are allocated to each co-product based on the ratio of actual sales volumes multiplied by budget metalsprices of $1,250 per ounce of gold, $20 per ounce of silver, $3.25 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 CanadianInstitute of Mining, Metallurgy and Petroleum and National Instrument 43-101, or the AusIMM JORC equivalent. Cautionary Note to UnitedStates Investors Concerning Estimates of Measured, Indicated and Inferred Resources. United States investors are advised that while suchterms 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 beassumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates ofInferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assumethat all or any part of Goldcorp’s Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investorsare also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable. Calculationshave been prepared by employees of Goldcorp, its joint venture partners or its joint venture operating companies, as applicable, under thesupervision of Maryse Belanger, Director Technical Services. Reserve calculations incorporate current and/or expected mine plans and costlevels at each property. Varying cut-off grades have been used depending on the mine and type of ore contained in the reserves. Goldcorp’snormal data verification procedures have been employed in connection with the calculations. For a breakdown of Reserves and Resources bycategory and for a more detailed description of the key assumptions, parameters and methods used in calculating Goldcorp’s Reserves andResources, 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 ofGoldcorp. 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 andExchange Commission.

Endnotes

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