I n v e s t o r P r e s e n t a t i o n

J A N U A R Y 2 0 1 1

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.

All amounts are in U.S. dollars, unless otherwise stated.

3

• Growth Leader

• Low Cost Producer

• Outstanding Balance Sheet

• Low Political Risk

• Commitment to Sustainability

SUSTAINABLE PROSPERITY

Focus in the Americas

4

CANADA

ARGENTINACHILE

DOMINICAN REPUBLIC

MEXICO

GUATEMALA

USA

OPERATING MINES

DEVELOPMENT PROJECTS

Canada 43%

US6%

Mexico29%

Dominican Republic

2%

Guatemala15%

Argentina5%

STABLE JURISDICTIONS2011E Au Production

Proven Strategy

5

Execution

Shareholder

Return

Disciplined

Portfolio

Management

Sustainable

Prosperity

• Large, long-life mines

• Low country risk

• Disciplined acquisition

strategy

• Growing production

• Low-cost producer

• Accelerating cash flow

and earnings

• Exceptional balance

sheet to fund growth

internally

• Replace/grow reserves

• Active dividend policy

• Responsible

Stewardship

• Human Rights

• Safety

Delivering Superior Return

6

Goldcorp

+1417%

Peers*

+670%

Philadelphia Gold

/ Silver Index

+332%

Gold Price

+419%

Dow Industrial

+10%

* Peers include Barrick, Newmont, Kinross and Agnico

Source: Bloomberg data Jan. 1/01– Jan. 1/11

-30%

170%

370%

570%

770%

970%

1170%

1370%

1570%

2001 2003 2005 2007 2009 2011

Track Record of Quality Growth

7

Production Growth (Moz) Revenue Growth ($M)

Adjusted Net Earnings ($M) Cash Flow after WC ($M)

$191

$896

$1,649

$2,207$2,420

$2,724

2004 2005 2006 2007 2008 2009

$51

$259

$434 $440 $397

$588

$791

1

2004 2005 2006 2007 2008 2009 Q3'10 YTD

$53

$466

$764$650

$866

$1,270

$1,480

1

2004 2005 2006 2007 2008 2009 Q3'10 YTD

628.0

1,136.3

1,693.3

2,292.6 2,324.3 2,421.3 2,517.2

2004 2005 2006 2007 2008 2009 2010

8

Strong Cash Margins

11522

33163 305 295 317

294 430577

540

563685

869

2004 2005 2006 2007 2008 2009 Q3'10 YTD

By-Product Cash Costs Cash Margin

$409 $452

$610$703

$868

$980

$1,186

($ per Oz)

GOLD PRICE ?

Outstanding Future Growth Profile

9

0

50

100

150

200

250

300

350

400

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

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

Cash costs: 2011-2015 est. Au actual production

4.0 Moz

(Ounces)

Au est. production

A Robust Pipeline

10

Scoping

Feasibility

Construction

Production

Red Lake & other operating mines

Marlin (2006)

Los Filos (2008)

Peñasquito (2010)

Pueblo Viejo (2011)

Cochenour (2014)

Cerro Negro (2013)

Éléonore (2014)

El Morro (2015)

Camino Rojo (2014)

Cerro Blanco (+5 years)

Noche Buena (+5 years)

Red Lake OP (+5 years)

Peñasquito UG (+5 years)

Growth Continues in 2011

11

Cash costs $/oz - By-Product

- Co-Product

Gold production (M oz)

Capital expenditures

Exploration expenditures

2011 Guidance1 2010 Actual

$280 - $320

2.65 - 2.75

$1.8B

$170M

1 2011 price assumptions: Au=$1250/oz, Ag=$20/oz, Cu=$3.25/lb, Zn=$0.90/lb, Pb=$0.90/lb, CAD=1.03 and MXN=12.50, Oil=$85/bbl

Corporate administration $125M

$475 - $500

Depreciation /oz $280

~ $285

2.52

TBA

TBA

<$450

TBA

TBA

Silver Production: Hidden Value

12

33

4040

47

0

5

10

15

20

25

30

35

40

45

50

Goldcorp Fresnillo

Mo

zs

Source: RBC Analyst Estimates, Goldcorp Internal Estimates

* As of January 18, 2011

$32.6B $16.9BMarket Cap*

2011 201220122011

Delivering Shareholder Value

13

2004 2009

Earnings/Share(US$/share)

+196%

$0.27

$0.80

2004 2009

Cash Flow/Share(US$/share)

+204%

$0.53

$1.61

2004 2009

Au Reserves/Share(ounces/1,000 shares)

+253%

28

99

2004 2009

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

+346%

41

183

67%

51%

22% 20%

12%

Goldcorp Agnico Kinross Barrick Newmont

Cash flow Per Share Growth (10E – 12E)

14

* Source: Analyst industry consensus

B

Financial Position – Excellent Liquidity

15

Cash

Convertible senior notes

Balance Sheet (US$)

~$530M

$862.5M

$1.5B

1 Price Assumption 2011-2015: Au - $1250/oz; Ag - $20/oz; Cu - $3.25/lb; Zn - $0.90/lb; Pb - $0.90/lb; Oil - $85/bbl

Avg. annual cash flow over next 5 years ~$2.5B1

Debt: Total capitalization <0.04:1

Available debt facility

as at Dec. 31, 2010

Advancing a World-Class Project in Argentina

Cerro Negro

16

• Large, high-quality deposit

• Strong mining jurisdiction

• 62,000 meters drilling since last

resource calculation

- New comprehensive resource

estimate available Feb. 2011

• Updated feasibility study Q1 2011

- Significant potential to expand

resources, mine life and

production rates

El Morro

Cerro Negro

Alumbrera

Buenos AiresSantiago

Rio de Janeiro

Cerro Negro: Large, Prospective Land Package

17

Eureka

San Marcos

Mariana Central

Bajo Negro Silica Cap

Vein Zone

Existing resource:

0.5Moz M&I, 0.2Moz

Inferred; open to depth

and to NW

Requires drilling –

initial Cerro Negro

discovery

Existing resource

0.6Moz M&I,

0.1Moz Inferred; in

FS as open pit at

end of LOM

(2009) No resource;

high grade

discoveries a focus

for 2010

Pending resource;

high grade Au; focus

for 2011

Existing resource

1.4Moz M&I; 0.2Moz

Inferred; open to

depth and to west;

focus for 2011

Resource pending;

high grade

discoveries a focus

for 2011

Mariana Norte

Total land package: 215 sq. kilometers

Cerro Negro: Eureka - Current Resource

18

Drilling now focused at bonanza elevations

NWSE

1.5 kilometers

2011 Eureka Vein

Extension Drilling

Trace of veins

on surface

Cerro Negro: Marianas and San Marcos Veins

19

NW S

E

1 kilometer

2011

Expansion

Drilling

2011

Expansion

Drilling

2011

Expansion

DrillingMariana

Central

Mariana

Norte San

Marcos2011

Expansion

Drilling

Limited surface

expression of veins

Significant new high grade discoveries to enhance updated resource

Cerro Negro: Mariana Central Vein

20

Excellent continuity of very high grade over 400 meters

g/t Au X m

200 meters

Open

Fault Offsetting Deposit

SENW

Surface

Hitting its Stride in 2011

Peñasquito

21

USA

Red LakeCANADA

• High pressure grinding roll circuit

to bring 130,000 tpd capacity by end

of Q1’11

• 2011 Au production forecast of

350,000 ozs at negative cash costs

• Significant cash flow generator in

2011 and beyond

• Average annual production1:

- 500koz Au; 28Moz Ag; 204KT Zn;

90.7Kt Pb

• 22-year mine life

MEXICO

USA

PeñasquitoPeñasquito

Mexico City

Zacatecas

Chihuahua

Mazatlan

El Sauzal

Los Filos

Advancing Satellite Projects

Peñasquito

22

Camino Rojo

• 5 drill rigs in 2011

• Significant resource growth

potential

• Large land package – 3,389 sq. km

Noche Buena

• Drill program completed Aug. 2010

• Environmental baseline work &

metallurgical study complete

• Infill program to commence in Q2’11

CANADA

USA

Peñasquito

New Opportunities at World’s Richest Gold Mine

Red Lake

23

• Robust, low cost gold production

• 2011 gold production forecast of

665,000 ozs

• 2011 exploration budget $36M

- High Grade Zone continues at

depth

- Hanging wall exploration

success

• Utilizing excess milling capacity

• District optimization plans

advancing: Cochenour, open pit

USA

Red Lake

CANADA Cochenour

Musselwhite

Porcupine

Éléonore

Toronto

RLGM

Campbell

Complex

HG Young

Rahill

BonanzaWilmar

WGZ

Cochenour Willans

Mine

Bruce-

Channel

Cochenour

UMZ

McKenzie Mine

1300 LEVEL

East

CB Bx

Cochenour

Main Zone

GAP

West

CB

zone

5400 LEVEL

Craibe

Fletcher

Marcus

Campbell

deepBruce-Channel

Cochenour

Footwall

Fin

Zone

0 200 400 600

Meters

(approximate)

2600 LEVEL

3200 LEVEL

ORE PASS

VENT RAISE

Red Lake: Composite Longitudinal View NE

24

Red Lake: Extending the HGZ

25

Select 2010 Uncut Results

4499 Exploration DriveConnection Drift

47 L

54 L

2010 Exploration

• Extending Reserves from 49 Level to 52 Level

• Significant Results from the Connection Drift

between 45-47 Levels

• 2011 Continue exploration drifting to drill HGZ

at depth

No Significant Values

Drift

location

end of 2010

Drift

location

end of 2011

1

52 L

49 L

2012

2011

5

4

2

2010

Drill Hole AreaFrom

(m)

To

(m)

Approx. true

width (m)Au (g/t)

1 D44068 HGZ 46 Level 105.92 149.96 34.72 136.25

2 D44021 HGZ 50 Level 337.72 346.86 8.60 55.78

3 D43091 HGZ 50 Level 344.73 348.51 3.47 257.28

4 D44031 HGZ 50 Level 347.47 348.69 1.10 3706.90

5 D43088 HGZ 51 Level 349.30 352.35 2.65 71.66

6 D44032 HGZ 51 Level 349.39 351.43 1.80 1826.33

7 D44058 HGZ 51 Level 355.03 356.13 0.98 3591.98

8 D43089A HGZ 51 Level 355.91 356.25 0.34 2406.89

Red Lake

Complex

Campbell Complex

7

6

3

8

Key Growth Drivers in Red Lake District

Cochenour

26

• Initial operation sized for 5 million

ounces of gold

• Initial resource pending

• $90M investment in 2011

- Shaft rehabilitation -18’ diameter

- 5 km high speed tram

(50% complete by year-end 2011)

- Testing large unexplored

ground

• First production late 2014

USA

Red Lake

CANADA Cochenour

Musselwhite

Porcupine

Éléonore

Newest Growth Driver

Pueblo Viejo

27

• 9.5 million ounces of reserves1

• Life of mine +25 years

• $290 million capital budget for 2011

• First gold targeted Q4 2011

• Annual output 415,000 to 450,000

ounces per year1 in first five years

1 Goldcorp interest 40%

USA

Pueblo Viejo

DOMINICAN REPUBLICMEXICO

El Morro

28

• 4.7 million ounces of gold reserves1

• 4.0 billion pounds of copper

reserves1

• Large, underexplored land position

• Leverage Goldcorp’s large mine

development expertise

• Updating 2008 feasibility study and

advancing permitting

1 Goldcorp interest 70%

A World Class Project in Mining Friendly Chile

El Morro

Cerro Negro

Alumbrera

Buenos AiresSantiago

Rio de Janeiro

Pure Gold in a Safe Jurisdiction

Éléonore

29

• Currently sinking exploration shaft

• Resources: M&I of 3M ounces Au,

Inferred of +6M ounces Au

• Previous feasibility study:

- 330,000 ounces Au production1

- Cash costs < $400/oz

- +6 year mine life commencing in

2015

• Pre-feasibility study update Q1

1 Initial yearly average production target

USA

Red Lake

CANADACochenour

Musselwhite

Porcupine

Éléonore

30

Targeting 7th Consecutive Year of Reserve Growth

39,700

43,400

46,300

48,800

?

2006 2007 2008 2009 2010

GOLD PROVEN & PROBABLE RESERVES (000’s oz)

2011 Exploration Budget - $170M

Ten Straight Years of Increasing Gold Prices

31

0

200

400

600

800

1000

1200

1400

1600

2001 2003 2005 2007 2009 2011

Flat mine supply

- Inflation hedge

- Global debt crises

- Currency protection

Why

Gold?

Growing physical demand

- Central bank buying

Growing physical demand

Goldcorp vs Gold

32

Leverage in operating costs

Goldcorp Physical

Gold

Holding costs

Organic growth

Pays dividend

x

x

xx

Key 2011 Milestones

33

Advance early-stage development pipeline

Complete ramp up to 130,000 tpd at Peñasquito

Advance Éléonore exploration shaft

Advance Cochenour high speed tram to 50% completion

Drive Porcupine winze at Hoyle Pond

Commence Musselwhite shaft pre-collar

Commence construction of El Morro

Commence construction of Cerro Negro

Delivering

Growth

34

• Growth Leader

• Low Cost Producer

• Outstanding Balance Sheet

• Low Political Risk

• Commitment to Sustainability

SUPERIOR INVESTMENT PROPOSITION

Appendix A: Increasing GEO Production

35

-

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 - 2011 Sensitivities

36

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

Oil Price ($/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

$26B

$100M

$18M

$8M

$24M

$13M

Change Increments

CFPS($/share)

By Product Cash Costs ($/oz)

FCF ($mm)

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

37

Appendix C – Operating Costs Breakdown

38%

20%4%

7%

8%

10%

1%3%

5% 4%

Canada/US

13%

19%

10%

10%10%

17%

3%

7%

5%6%

Mexico

24%

17%

7%9%

10%

15%

2%

4%

5%7%

Consolidated

15%

8%

8%

11%

13%

20%

2%4%

4%

15%

CA/SA

Endnotes

38

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 totalcash costs per ounce of gold is net of by-product sales revenue (by product copper revenue for Alumbrera; by-product silver revenue forMarlin at market silver prices; and by-product silver revenue for Luismin of $3.95 per silver ounce sold to Silver Wheaton). Goldcorp hasincluded a non-GAAP performance measure, total cash costs per gold ounce, throughout this presentation. Goldcorp reports total cashcosts on a sales basis. In the gold mining industry, this is a common performance measure but does not have any standardizedmeaning, and is a non-GAAP measure. Goldcorp follows the recommendations of the Gold Institute standard. Goldcorp believes that, inaddition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate Goldcorp’sperformance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be consideredin 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 theCanadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101, or the AusIMM JORC equivalent. CautionaryNote to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources. United States investors areadvised that while such terms are recognized and required by Canadian regulations, the United States Securities and ExchangeCommission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as totheir economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to ahigher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economicstudies. United States investors are cautioned not to assume that all or any part of Goldcorp’s Measured or Indicated Mineral Resourceswill ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an InferredMineral Resource exists, or is economically or legally mineable. Calculations have been prepared by employees of Goldcorp, its jointventure partners or its joint venture operating companies, as applicable, under the supervision of Maryse Belanger, Director TechnicalServices. Reserve calculations incorporate current and/or expected mine plans and cost levels at each property. Varying cut-off gradeshave been used depending on the mine and type of ore contained in the reserves. Goldcorp’s normal data verification procedures havebeen employed in connection with the calculations. For a breakdown of Reserves and Resources by category and for a more detaileddescription of the key assumptions, parameters and methods used in calculating Goldcorp’s Reserves and Resources, see Goldcorp’sAnnual information Form/ Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities andExchange Commission.

3. Goldcorp’s exploration programs are designed and conducted under the supervision of Charlie Ronkos, Vice President, Exploration ofGoldcorp. For information on geology, exploration activities generally, and drilling and analysis procedures on Goldcorp’s materialproperties, see Goldcorp’s Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and theU.S. Securities and Exchange Commission.