building on a

proven strategy

C O R P O R AT E U P D AT E

FEBRUARY 2015

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.

2

Proven Strategy W I T H A C O N S I S T E N T F O C U S

CREATING SUSTAINABLE VALUE

Quality

Growth Gold Focus

Responsible Mining

Practices

Safe,

Profitable

Production

Peer-Leading

Balance

Sheet

Low Political

Risk

TOGETHER

3

2014 Achievements P R O V E N S T R AT E G Y

4

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

2015 Deliverables P R O V E N S T R AT E G Y

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

Text line 1 T E X T L I N E 2

6

Probe Overview

Borden Gold: a large and growing high-grade underground deposit located 160km

west of Porcupine

Indicated gold resource of 1.6mozs @ 5.39g/t and inferred gold resource of 0.4mozs @

4.37g/t1, which is expected to grow both in size and grade as a result of recently

consolidated land package

Excellent access to local infrastructure – only 9km from Chapleau and power lines, 1km

to highway

Strategic Rationale

Investment in Timmins Gold Camp that is expected to optimize Porcupine’s long-term

value through unique synergies with existing Porcupine infrastructure

Adds exciting exploration potential in a core district for Goldcorp

Continued focus on portfolio optimization following disposition of Wharf mine for

US$105 million

High Quality Opportunity Near Porcupine P R O B E T R A N S A C T I O N - S T R AT E G I C I N V E S T M E N T I N T H E T I M M I N S G O L D C A M P

(1) See Appendix E for further resource information

Text line 1 T E X T L I N E 2 Summary of Transaction Terms P R O B E T R A N S A C T I O N

Timing

0.1755 Goldcorp share per Probe share representing total

consideration of C$5.00 per Probe share1

Approximate total consideration: ~ C$526 million2

49% premium1

Customary non-solicitation covenants, subject to normal fiduciary outs

Right to match

Break fee of C$18.4 million payable to Goldcorp

Unanimous support for the transaction and lockup agreements from the

Board and Officers of Probe

Goldcorp currently owns 9.3% of Probe (8.4 million shares)

Probe shareholder meeting: March 20, 2015

Closing: late March 2015

Deal

Protections

Premium

Consideration

Offered

(1) Based on the closing prices of Goldcorp and Probe on January 16, 2015 (2) On a fully-diluted basis

7

Positive Momentum F I N A N C I A L D I S C I P L I N E

(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

2014 Actual 2015 Guidance(1)

Gold Production (oz) 2.87M 3.3 - 3.6M

Cash costs $ / oz

All-in sustaining

By-product

Co-product

~$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%

8

(1) 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. (2) Marigold mine was divested April 4, 2014

9

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

Wharf(1) 72,100 15,000 – 20,000

Alumbrera (37.5%) 120,000 75,000 – 85,000

El Sauzal 37,700 0

Marigold (66.67%)(2) 21,800 0

TOTAL 2,866,800 3,300,000 – 3,600,000

Mine by Mine Guidance F I N A N C I A L D I S C I P L I N E

Sustained High Quality Production F I N A N C I A L D I S C I P L I N E

STRONG PRODUCTION , LOW-COSTS TO DRIVE INCREASING FREE CASH FLOW

10

0.0

5.0

2014A 2015E 2016E 2017E 2018E 2019E

GO

LD

PR

OD

UC

TIO

N

(MO

Z)

Gold GEO

Disciplined Capital Allocation P R O V E N S T R AT E G Y

11

CREATING

SHAREHOLDER

VALUE

Fund Existing

Growth Profile

Invest in High

Return Organic

Growth

Sustainable

Dividend

Flexibility for

Selective M & A

33% CENTRAL/

SOUTH AMERICA

29% MEXICO

38% CANADA/USA

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

Geographic Diversity in the Americas

Operating mines

Development projects

12

(1) Based on 2015 guidance as per January 12, 2015 press release

2015E

GOLD

PRODUCTION

BY REGION(1)

Cerro Negro Mine N E W G R O W T H D R I V E R

COMMERCIAL PRODUCTION ACHIEVED

JAN. 1, 2015

- 2014A: 152,100ozs

- 2015E: 425,000 - 475,000ozs

CONSTRUCTION

- Permanent power expected by February 2015

STRONG OPERATIONAL START

OUTSTANDING RESERVE GROWTH

POTENTIAL

- Reserve and resources (1)

- P&P reserves: 5.75Mozs

- M&I resources: 0.51Mozs

- Inferred resources: 0.82Mozs

13

(1) Year ended December 31, 2013

Éléonore Mine N E W G R O W T H D R I V E R

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)

RAMPING UP QUEBEC’S NEWEST GOLD MINE

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

14

(1) Year ended December 31, 2013

Red Lake Mine C A N A D A

GOLD PRODUCTION

- 2014A: 414,400ozs

- 2015E: 400,000 - 425,000ozs

- Transitional year as advanced exploration

targets potential for Cochenour production

- Complete remnant mining of Campbell zone

INTEGRATION PLAN ADVANCING

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

15

Peñasquito Mine M E X I C O

DELIVERING VALUE FROM MEXICO’S LARGEST GOLD MINE

GOLD PRODUCTION

- 2014A: 567,800ozs

- 2015E: 700,000 – 750,000ozs

NORTHERN WELL FIELD PROJECT

- Completion expected mid-year 2015

FEASIBILITY STUDY

- Concentrate Enrichment Process/Pyrite

Leach study expected to commence by end

of Q1 2015 with completion in early 2016

IN-FILL DRILLING

- Continues on copper-gold skarn

CAMINO ROJO

- Assessing value creating opportunities

16

Current Operations & Building Future Value P R O V E N S T R AT E G Y

PRODUCTION

Éléonore (2014)

Cerro Negro (2014)

Pueblo Viejo (2012)

Peñasquito (2010)

Los Filos (2008)

Red Lake & Other

operating mines (1)

PRE-FEASIBILITY

Peñasquito

- CEP/Pyrite Leach

Camino Rojo

El Morro

Los Filos - U/G expansion

Éléonore - Crown pillar

17

CONCEPT &

EXPLORATION

Peñasquito - Skarn

Red Lake - HG Young

Porcupine - TVZ

Musselwhite - West Limb

EXECUTION

Red Lake

- Cochenour

Porcupine

- Hollinger Open Pit

- Hoyle Deep

(1) Marlin, Porcupine, Musselwhite, Alumbrera, Wharf,

Financial Discipline K E Y P R I O R I T I E S

CREATING

FINANCIAL

DISCIPLINE

Portfolio Management

DISCIPLINED REVIEW

AND INVESTMENT

Continued Focus on

Execution

ONLY SAFE PRODUCTION

Value From New Projects

COST IMPROVEMENT WITH

RAMP-UP

Operating for

Excellence

BUSINESS

IMPROVEMENTS TO

OFFSET LOW

METALS PRICES

18

Why Goldcorp? F I N A N C I A L D I S C I P L I N E

MANAGING IN A VOLATILE GOLD MARKET

Volatile Gold

Price (US$)

– CAPITAL &

OPERATING

COSTS

Free Cash Flow

+ HIGH-QUALITY

PRODUCTION

GROWTH

19 Source: Capital IQ – gold price (January 1, 2008 – January 16, 2015)

Goldcorp Advantage

SUPERIOR INVESTMENT PROPOSITION

20

Quality

Growth Gold Focus

Responsible Mining

Practices

Safe, Profitable

Production

Peer-Leading

Balance Sheet

Low Political

Risk

2015 Sensitivities A P P E N D I X 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

Mexican Peso 14.00 10% $0.04 $17 $42

21

24%

16%

9% 9%

8%

14%

2%

4%

7%

7%

Labour Contractors

Fuel Costs Power

Maintenance Parts Consumables

Tires Explosives

Site Costs Others

2015 Operating Cost Breakdown A P P E N D I X B

CONSOLIDATED CANADA/USA CSA

MEXICO

22

37%

18% 4%

6%

8%

12%

1%

3% 6%

4%

13%

17%

14%

9% 8%

16%

3%

6%

5%

10%

24%

14%

8%

11%

10%

14%

1%

2%

9%

7%

Notes

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 ref lects 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 c losed 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.

A P P E N D I X C

23

Notes A P P E N D I X C ( C O N T I N U E D )

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 so ld 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 by-

product 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.

24

Goldcorp Gold Mineral Reserves

A P P E N D I X D

(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.

P R O V E N P R O B A B L E P R O V E N & P R O B A B L E

as of December 31, 2013 Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained

G O L D mt g Au/t m oz mt g Au/t m oz mt g Au/t m oz

Alumbrera 37.50% 66.56 0.35 0.75 1.88 0.21 0.01 68.44 0.35 0.76

Camino Rojo 100% – – – 66.76 0.76 1.63 66.76 0.76 1.63

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

T O T A L S 20.19 34.17 54.38

(1)

25

Borden Gold Project Gold Mineral

Resources

A P P E N D I X E

(1)

26 (1) Source: Probe news release dated June 10, 2014 “Probe Mines Announces First High-Grade Mineral Resource Estimate for Borden Gold Project, Ontario”, available under Probe’s profile at

www.sedar.com

U N D E R G R O U N D N I 4 3 - 1 0 1 R E S O U R C E

E S T I M A T E

O P E N P I T N I 4 3 - 1 0 1 R E S O U R C E

E S T I M A T E

Cut-off Tonnage Grade Gold oz Cut-off Tonnage Grade Gold oz

g/t Au (000’s) g/t Aut (000’s) g/t Au (000’s) g/t Aut (000’s)

Indicated 2.5 9,262 5..39 1,604 0.5 70,301 1.03 2,322

Inferred 2.5 3.034 4.37 426 0.5 247 0.80 6