CORPORATE UPDATEBank of America Merrill Lynch

2012 Global Metals, Mining & Steel Conference

Forward Looking Statements

This presentation contains “forward-looking statements”, within the meaning of the United States Private Securities LitigationReform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performanceand condition of Goldcorp Inc. (“Goldcorp”). Forward-looking statements include, but are not limited to, statements with respect tothe future price of gold, silver, copper, lead and zinc, the estimation of mineral reserves and resources, the realization of mineralreserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timingof the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchangerate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipatedreclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurancecoverage. 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 notanticipate”, “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 bematerially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related tothe integration of acquisitions; risks related to international operations; risks related to joint venture operations; actual results ofcurrent exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes inproject parameters as plans continue to be refined; future prices of gold, silver, copper, lead and zinc; possible variations in orereserves, 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 otherrisks of the mining industry, as well as those factors discussed in the section entitled “Description of the Business – Risk Factors” inGoldcorp’s annual information form for the year ended December 31, 2011 available at www.sedar.com. Although Goldcorp hasattempted to identify important factors that could cause actual results to differ materially from those contained in forward-lookingstatements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be noassurance that such statements will prove to be accurate, as actual results and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Goldcorpdoes not undertake to update any forward-looking statements that are included in this document, except in accordance withapplicable securities laws.

2

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

Consistent Strategic Focus

3

TOGETHER, CREATING

SUSTAINABLE VALUE

Growth Leader

Low Cost Producer

Outstanding Balance Sheet

Responsible Mining

Practices

Low Political

Risk

Focus in Stable Jurisdictions

4

CANADA

ARGENTINA

DOMINICAN REPUBLIC

MEXICO

GUATEMALA

USA

Operating Mines

Development Projects

CHILE

Canada

46%

US

5%

Mexico

33%

Guatemala

8%

Dominican Republic

3%Argentina

5%

2012E GOLD PRODUCTION

Continuous Gold Reserve Growth

5

2007 2008 2009 2010 2011

2012 Exploration Budget - $200M

2011 INCREASE OF 8%,

6% ON A PER SHARE BASIS(Thousands of ounces)

43,400

46,300

48,800

60,060

64,700

Strong, Steady Growth Profile

6

1.4

1.8

2.2

2.6

3.0

3.4

3.8

4.2

2011A 2012E 2013E 2014E 2015E 2016E

Current Operations New Projects

(Millions of ounces)

Realistic, Achievable Growth

GOLD PRODUCTION

4.2

2.5

70%

PUEBLO VIEJO (2012)

CERRO NEGRO (2013)

COCHENOUR (2014)

ÉLÉONORE (2014)

Robust Development Pipeline

7

RED LAKE / PORCUPINE / MUSSELWHITE / EL SAUZAL / ALUMBRERA / MARIGOLD / WHARF

MARLIN (2006)

LOS FILOS (2008)

PEÑASQUITO (2010)

CAMINO ROJO (2014)

NOCHE BUENA

CERRO BLANCO

AGUA RICA

El MORRO U/G

PEÑASQUITO UG

EL MORRO (2017)

S C O P I N G

F E A S I B I L I T Y

P R O D U C T I O N

C O N S T R U C T I O N

S C O P I N G

F E A S I B I L I T Y

P R O D U C T I O N

C O N S T R U C T I O N

DOMINICAN REPUBLIC

Pueblo Viejo - Dominican Republic

8

Next New Source of Gold Production

*Goldcorp interest (%)40

• Construction 93% complete

• $350 million* capital budget for 2012

• Annual output 415,000 to 450,000

ounces per year* in first five years

• First gold targeted mid-2012

2012E gold production of 85,000 ounces

• Life of mine +25 years

Cerro Negro - Argentina

• High grade vein system

• Outstanding reserve growth potential

• Santa Cruz mining province

Updated feasibility study results:

• 550 koz Au annually (1st 5 years)

• <$300 /oz cash costs (1st 5 years)

• Initial capital $800M

• First production H2 2013

9

Developing our Next

Cornerstone Mine

Cerro Negro

Alumbrera

El Morro

Cerro Negro - Argentina

• Eureka decline advanced to 1,621 M

• Mariana Central decline underway

• Construction & development activities

advancing:

Plant construction

Surface prep work at Mariana Norte vein

• Import restrictions introduced

• Strong exploration results continue

10

Construction on Schedule

Éléonore - Canada

• Development plan:

Upper/lower mine concept; 7 ktpd

Mine life ~15 years

+600,000 oz Au

Cash costs: <$400/oz

Capital cost - $1.4B

• Final EIA approval received

• Cree collaboration agreement

11

Pure Gold in a Safe JurisdictionRed Lake

Cochenour

Musselwhite

Porcupine

Éléonore

Éléonore - Canada

• Exploration shaft past 690 metres

• Exploration ramp extended over 1,200

metres

• Underground drilling to commence in

Q3

• Plant construction to commence

shortly

• Surface preparation for sinking of

second production shaft

12

Advancing Construction

Cerro Negro

Alumbrera

El Morro

El Morro - Chile

13

Next Generation Project

Goldcorp interest (%) 70

• Large, under-explored land position

• Jan. 2012 feasibility study update:

First production: 2017

+210,000 Au1; +200Mlb Cu1

By-product cash costs: ($700)/oz2

Capital cost $3.9B

17-year mine life

• Assessing effect of Supreme Court

decision1 LOM Average annual production (70%)2 Price Assumptions: Au - $1200/oz; Cu - $2.75/lb

Red Lake

Cochenour

Musselwhite

Porcupine

Éléonore

Cochenour - Canada

• Shaft widening advancing

• Haulage drift 43% complete (2 drill rigs)

• Construction underway:

First production late 2014

250,000 - 275,000 ounces Au annually

Cash costs < $350 per ounce

Capital cost - $420M

Mine life ~20 years

• Surface exploration with 3 drill rigs

• Development plan update underway

14

Key Growth Driver

in Red Lake District

Red Lake

15

Haulage drift

Rahill - Bonanza

Bruce Channel Discovery

Western

Discovery

Zone

EastWest

Drift location at end of 2012 Current drift location

Red Lake - Canada

• Robust, low cost gold production

• 2012 gold production forecast under

review

• 2012 exploration budget $38M

Focus on High Grade Zone extension

Hanging wall exploration success

• Utilizing excess milling capacity

• Focus on community initiatives

16

Cornerstone AssetRed Lake

Cochenour

Musselwhite

Porcupine

Éléonore

Red Lake - High Grade Zone Drilling

17

54 LEVEL

56 LEVEL

52 LEVEL

* Looking NE

58 LEVEL

High Grade Results

Drill rig locations

Peñasquito

Los Filos

El Sauzal

Peñasquito - Mexico

• 2012 gold production forecast –

425,000 ozs at negative cash costs

• Supplemental feed system

commissioned

• Focus on efficiencies & cost

reductions

• Largest cash flow generator in 2012

• 22-year mine life

18

Hitting Stride in 2012

Peñasquito - Exploration Success

• Camino Rojo

Over 77,000 meters drilled in 2011

Testing oxide & sulphide expansion

Feasibility study due mid-2012

• Noche Buena

Resource expansion drilling continues

In-fill drilling on higher grade

mineralization trends

Feasibility study due mid-2012

19

Advancing District Projects

2012 Deliverables

20

Commence construction at Hollinger

Peñasquito – HPGR supplemental feed commissioned

Complete exploration shaft sinking at Éléonore Q2

Complete heap leach pad expansion at Los Filos Q2

First gold at Pueblo Viejo mid-year

Complete feasibility study at Camino Rojo mid-year

Complete feasibility study at Noche Buena mid-year

Gold Production

Q1 2012 Results

21

Revenues

$1.3

$1.2

By-Product Cash Costs

Co-Product Cash Costs

Adjusted Net Earnings

Operating Cash Flow*

524,700

637,600

$251

$188

$404

$392

$480

$463

(billions) (ounces) ($ per oz)

$648

$504

(millions) (millions)

Q1 2011 Q1 2012

1 Cash flow before changes in working capital

Sector Leading Cash Margins

22

$163$305 $295 $274 $223 $251

$540

$563 $683$966

$1,349$1,456

2007 2008 2009 2010 2011 Q1'12

By-Product Cash Costs Cash Margin

$703

$868$978

$1,240

$1,572

$1,707($ per oz)

Strong Per Share Growth

23

(US$ / share)

$0.62 $0.56$0.80

$1.43

$2.22

2007 2008 2009 2010 2011

(US$ / share)

61.565.0

66.7

75.3

80.4

2007 2008 2009 2010 2011

(per 1000 shares)

1Cash flow before changes in working capital (from continuing operations as applicable). 2Adjusted earnings per share. 3Reserves for gold only. 4Non-GAAP financial measures see pages 29-95 of the 2011 Annual report for further details.

Cash Flow / Share1,4 Earnings / Share2,4

Reserves / Share3

$1.23$1.32

$1.62

$2.30

$3.35

2007 2008 2009 2010 2011

2012 Guidance

24

20121

Guidance

Gold Production (Moz) 2.60

Cash Costs $/oz – By-product

– Co-product

$250 - $275

$550 - $600

Capital Expenditures $2.6 B

Exploration Expenditures $200 M

Corporate administration $160 M

Depreciation /oz $325

Tax Rate 30%

1 2012 price assumptions: Au=$1600/oz, Ag=$34/oz, Cu=$3.50/lb, Zn=$0.90/lb, Pb=$0.90/lb

Financial Position - Excellent Liquidity

25

Balance Sheet (US$) as at March 31, 2012

Cash & cash equivalents1 $1.4 B

Available debt facility - undrawn $2.0 B

Convertible senior notes – due 2014 $862.5 M

Forecast avg. annual cash flow

over next 5 years~$3.7 B2

1 Includes money market instruments, non-GAAP measure2 Price Assumption 2012-2016: Au - $1600/oz; Ag - $34/oz; Cu - $3.50/lb; Zn - $0.90/lb; Pb - $0.90/lb3 Moody’s: Baa2; S&P: BBB+; Fitch: BBB

Investment Grade Balance Sheet3

Significant Return of Capital to Shareholders

26

19%

16%

13%12%

13%

10%

17%

12%10% 10% 10%

9%

Newmont Goldcorp Newcrest Barrick Yamana Kinross

2012E 2013E

DIVIDEND AS % OF OPERATING CASH FLOW

Source: Bloomberg consensus Company reports

Why Gold?

27

• Flat mine supply

• Stable investment demand

Inflation hedge

Currency protection

Safe haven/asset class

• Growing physical demand

Asia

Central bank buying

Source: Metals Economics Group, World Gold Council

Thomson Reuters GFMS Gold Survey

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

0

1,000

2,000

3,000

4,000

5,000

6,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

US

$ M

illion

sTo

nn

es

Global Gold Production vs Exploration Spend

Production Exploration Spend

Goldcorp Advantage

28

SUPERIORINVESTMENT PROPOSITION

GROWTH LEADER

LOW COST PRODUCER

OUTSTANDING

BALANCE SHEET

LOW POLITICAL RISK

RESPONSIBLE

MINING PRACTICES

CORPORATE UPDATEBank of America Merrill Lynch

2012 Global Metals, Mining & Steel Conference

Appendix A

30

88% 84% 88% 90% 91% 92%

12% 16% 12% 10% 9% 8%

2011A 2012E 2013E 2014E 2015E 2016E

Precious Metals Base Metals

(% of Revenues)

Metals Production

Price assumptions 2012-2016: Au=$1600/oz, Ag=$34/oz, Cu=$3.50/lb, Zn=$0.90/lb, Pb=$0.90/lb

Appendix B

31

(Millions of ounces)

Increasing GEO Production

Price assumptions 2012-2016: Au=$1600/oz, Ag=$35/oz, Cu=$3.50/lb, Zn=$0.90/lb, Pb=$0.90/lb

0.0

1.0

2.0

3.0

4.0

5.0

2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E

Total gold production Total GEO production

5.3 Moz

Appendix C - 2012 Sensitivities

32

Base PriceChange

IncrementsCFPS

($/share)

By Product Cash Costs

($/oz)

FCF ($mm)

Gold Price ($/oz) $1,600 $100 $0.23 $2 $186

Silver Price ($/oz) $34.00 $2.00 $0.05 $23 $41

Copper Price ($/lb) $3.50 $0.50 $0.03 $14 $25

Zinc Price ($/lb) $0.90 $0.10 $0.03 $16 $28

Lead Price ($/lb) $0.90 $0.10 $0.02 $8 $15

Canadian Dollars 1.00 10% $0.04 $17 $118

Mexican Peso 13.00 10% $0.04 $17 $41

Diesel ($/barrel) $95.00 10% $0.01 $6 $12

Electricity ($/kWh) $0.08 10% $0.02 $9 $16

38%

19%5%

6%

9%

10%

1%2%

6%4%

CANADA / USA

12%

14%

8%

12%

9%

18%

2%

6%

4%

15%

MEXICO

18%

8%

7%

14%13%

16%

1%

6%

4%

13%

CSA

Appendix D - Operating Costs Breakdown

33

22%

14%

7%

10%10%

15%

2%

5%

4%

11%CONSOLIDATED

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

Endnotes

34

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. Thecalculation of total cash costs per ounce of gold is net of by-product sales revenue (by-product copper revenues for Alumbrera; by-productsilver revenues for Marlin at market silver prices; by-product lead, zinc and 75% of the silver for Peñasquito at market silver prices and25% of the silver for Peñasquito at $3.90 per silver ounce sold to Silver Wheaton). The Company 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. The Company followsthe recommendations of the Gold Institute Production Cost Standard. The Company believes that, in addition to conventional measuresprepared in accordance with GAAP, certain investors use this information to evaluate the Company’s performance and ability to generatecash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute formeasures of performance prepared in accordance with GAAP. Total cash costs on a by-product basis are calculated by deducting by-product copper, silver, lead and zinc sales revenues from production cash costs.

Production costs in 2012 are allocated to each co-product based on the ratio of actual sales volumes multiplied by budget metals prices of$1,600 per ounce of gold, $34 per ounce of silver, $3.50 per pound of copper, $0.90 per pound of lead and $0.90 per pound of zinc, ratherthan realized sales prices.

2. All Mineral Reserves and Mineral Resources have been calculated as at December 31, 2011 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, Senior Vice-President,Exploration of Goldcorp. For information on geology, exploration activities generally, and drilling and analysis procedures on Goldcorp’smaterial properties, see Goldcorp’s Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authoritiesand the U.S. Securities and Exchange Commission.