S e c o n d Q u a r t e r C o n f e r e n c e C a l l

J U L Y 2 8 , 2 0 1 1

Management Participants

2

Chuck Jeannes

President and

Chief Executive Officer

Lindsay Hall

EVP & Chief Financial

Officer

Steve Reid

EVP & Chief Operating

Officer

Forward Looking Statements

3

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.

Second Quarter Highlights

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Production of 597,100 ounces of Au

By-product cash costs - $185/oz;

co-product $553/oz

Revenues increased 62% to $1.3B

Operating cash flow* increased 84% to $717M

Adjusted net earnings increased 111% to $420M

Record cash margins of $1,331 per ounce

* Operating cash flow before changes in working capital, see footnotes

Revised Guidance 2011

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Cash costs $/oz - By-Product

Gold production (M oz)

Capital expenditures

Exploration expenditures

2011 Guidance12011 Revised

Guidance1

$280 - $320

2.65 - 2.75

$1.5B(+$290M at Pueblo Viejo)

$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

$180 - $220

2.50 – 2.55

$500 - $550

$225M

- Co-Product

$125M

$1.5B(+$490M at Pueblo Viejo)

$280

Tax Rate 30% 28%

A Robust Development Pipeline

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 Near Surface

Peñasquito UG

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OPERATIONS REVIEW

Steve Reid

EVP & Chief Operating Officer

Operational Highlights

Solid quarterly gold production 597,100 oz

Operational consistency at Red Lake

Exploration potential grows at Porcupine

Final step in Peñasquito ramp-up

Recent Musselwhite forest fires

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Porcupine District – New Mineral Trend

Starting to demonstrate size potential

?

N

9

Musselwhite: Recent Forest Fire

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Operating Refinement Continues in 2011

Peñasquito

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• Continued grade and recovery improvements

• Delay with final step in Peñasquito ramp-up

• Full year guidance revised to 250,000 oz

• Manto exploration drilling progressing

• District projects update:- Camino Rojo – 3 rigs operating

- Noche Buena – 3 rigs operating

2H 2011 Challenges to be Addressed

Peñasquito – Solutions

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• Supplementary feed to HPGR circuit

• Cover the return-water shortfall

• Additional wall construction material for tailings

• Advance Chile Colorado dewatering

• Outfit back-up wells in wellfield

• Alternative Cyanide supplies to mitigate

shortfall

Strong Performance and Preparation for Future

Marlin

13Filter Plant 40% complete Delmy Vein (approx. 1.5 width)

Advancing Towards First Production

Cerro Negro

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• Eureka ramp advanced to 1,215 metres

• Increased activity to prepare for construction

- Advancing permit modifications

- Advancing engineering

• Exploration drilling

- 8 drill rigs on surface

- Veins remain open

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

Above Bonanza Elevation and

Post Mineral Cover

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

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New Growth Driver in Red Lake District

Cochenour

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• Surface construction advancing

• Shaft widening commenced

• Haulage drift 29% complete

- 2 drills operating

- Exploration potential on unexplored ground

• Surface exploration with 4 drill rigs

Éléonore

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Significant Site Progress

Pure Gold in a Safe Jurisdiction

Éléonore

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• Exploration shaft over 400 metres depth

• Exploration ramp extended over 200 metres

• Receipt of Environmental and Social Impact

Assessment permit on track for Q3 2011

19 May 2011

Éléonore – Exploration Shaft Advancing

World Class Project in Mining Friendly Chile

El Morro

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• Road access to property established

• Condemnation drilling commenced

- Additional drills to be added

• Feasibility study update expected in Q3 2011

- Including project configuration optimization

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FINANCE REVIEW

Lindsay Hall

EVP & Chief Financial Officer

Q2 2011 Highlights

($ millions, except for per share amounts)

Q2 2011 Q1 2011

Gross margin 811 765

Depreciation and depletion (178) (164)

Earnings from mine operations 633 601

Net earnings attributable to

Shareholders of Goldcorp Inc.489 651

Adjusted net earnings (a) 420 397

Basic EPS $0.61 $0.82

Adjusted EPS (a) $0.52 $0.50

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Q2 2011 Operational Highlights

Q2 2011 Q1 2011

Gold production (oz) 597,100 637,600

Gold sales (oz) 606,400 627,300

Cash costs by-product ($/oz) 185 188

Cash costs co-product ($/oz) 553 504

Realized gold price ($/oz) 1,516 1,394

Margin by-product ($/oz) (d) 1,331 1,206

Total silver sold (million oz) 6.8 5.9

Total copper sold (million lbs) 26.4 21.4

Total lead sold (million lbs) 41.2 31.4

Total zinc sold (million lbs) 60.3 59.5

Realized silver price ($/oz) 30.65 28.91

Realized copper price ($/lb) 4.15 4.27

Realized lead price ($/lb) 1.15 1.21

Realized zinc price ($/lb) 1.03 1.07

Capital expenditures ($ million) 404 359

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Q2 Statement of Cash Flows

($ Million)

Q2 2011 Q1 2011

Operating activities

Operating cash flow before change in working capital (c) 717 463

Change in non-cash working capital (387) 123

Cash provided by operating activities of continuing operations 330 586

Investing activities

Expenditures and deposits on mining interests (413) (352)

Proceeds on dispositions-mining interests, securities - 519

Repayment on capital invested in PV - 64

Purchase of securities and other (25) -

Income taxes paid on disposition of SLW shares & San Dimas assets - (19)

Cash used in investing activities of continuing operations (438) 212

Financing activities

Common shares issued on exercise of warrants 358 -

Common shares issued, net 26 11

Dividends (82) (75)

Cash provided by (used in) financing activities 302 (64)

Sector Leading Cash Margins

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

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• Gold Production Growth

Leader

• Low Cost Producer

• Outstanding Balance Sheet

• Low Political Risk

• Responsible Mining

SUPERIOR INVESTMENT PROPOSITION

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Footnotes

a) Adjusted net earnings and adjusted earnings per share are non-GAAP measures. 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 performance. 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. Refer to page 39 of the 2011 second quarter MD&A for a reconciliation of adjusted net earnings to reported net earnings.

b) The Company has included a non-GAAP performance measure, total cash cost per gold ounce, throughout this document. 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, and is a non-GAAP measure. The Company follows the recommendations of the Gold Institute standard. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company’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. Refer to page 38 of the 2011 second quarter MD&A for a calculation of total cash cost per gold ounce.

c) Operating cash flow before working capital changes and operating cash flows before working capital changes per share are non-GAAP measures which the Company believes provides a better indicator of the Company’s ability to generate cash flow from its mining operations.

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Footnotes

d) The Company has included a non-GAAP performance measure, margin per gold ounce, throughout this document. The Company reports margin on a sales basis. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company’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. Margin per gold ounce is calculated as follows:

Q2 2011 Q1 2011

Revenues per financial statements (millions) $1,323 $1,216

Treatment and refining charges on concentrate sales 33 30

By-product copper, silver, lead and zinc sales credit (437) (372)

Gold revenues (millions) $919 $874

Divided by ounces of gold sold 606,400 627,300

Realized gold price per ounce $1,516 $1,394

Deduct total cash costs per ounce of gold (1) ($185) ($188)

Margin per gold ounce $1,331 $1,206

(1) Refer to footnote b.

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Endnotes

1. All Mineral Reserves and Mineral Resources have been calculated as at December 31, 2010 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.

2. 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.

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