2 q 2014 cc slides final

Second Quarter 2014 Conference Call

July 31, 2014

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, 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.

MANAGEMENT PARTICIPANTS

3

Chuck Jeannes

President and

Chief Executive Officer

Lindsay Hall

EVP & Chief Financial

Officer

George Burns

EVP & Chief Operating

Officer

Russell Ball

EVP Capital Management

Second Quarter 2014 Highlights EXECUTING ON PLAN

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• Solid gold productiona of 648,700 ounces

• All-in sustaining costsa,d of $852/oz

• Adjusted revenuesa of $1.1B

• Adjusted net earningsa,h of $164M, or $0.20/share

• Adjusted operating cash flowa,i of $376M, or $0.46/share

Second Quarter 2014 Highlights EXECUTING ON PLAN

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• First gold achieved at Cerro Negro on July 25

• On schedule

• Initial capital guidance reduced by $100 million

• Éléonore expected to pour first gold in Q4

• Cochenour to deliver development ore in Q4

• Peñasquito gaining momentum

• Issued $1 billion of senior unsecured notes

• Completed sale of Marigold mine

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(1) 2014 price assumptions: Au=$1,200/oz, Ag=$20.00/oz, Cu=$3.00/lb, Zn=$0.90/lb, Pb=$1.00/lb

(2) Revised to exclude Marigold post Q1 2014

(3) Includes capitalized exploration

Financial Discipline POSITIVE MOMENTUM THROUGH GROWTH AND LOWER COSTS

2013 Actual January 2014 Updated (2)

Gold production (oz) 2.67M 3.0M - 3.15M 2.95M - 3.10M

Cash costs $ / oz

All-in sustaining $1,031 $950 - $1,000 $950 - $1,000

By-product $553 $550 - $600 $550 - $600

Co-product $687 $650 - $700 $650 - $700

Capital expenditures $2.4B $2.3B - $2.5B $2.3B - $2.4B

Exploration expenditures(3) $156M $190M $190M

Corporate administration $165M $185M $185M

Depreciation / oz $314 $385 $350

Tax rate 36% 41% 26%

2014E Guidance (1)

Proven Strategy GOLDCORP’S FUTURE

7

L O N G - L I F E , L O W - C O S T M I N E S T O G E N E R AT E L O N G T E R M VA L U E

Gold production (Moz)

0.0

5.5

2013A 2014E 2015E 2016E 2017E 2018E

Gold ounces GEO

2.95 – 3.1

3.6 – 3.8 3.7 – 4.0

3.5 – 3.8 3.5 – 3.8

2.7

Revised to exclude Marigold post Q1 2014

OPERATIONAL

HIGHLIGHTS

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Second Quarter 2014 – Operational Highlights SOLID PERFORMANCE

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• Gold production of 648,700 ounces

• Recoveries, grade and throughput drive record

production at Peñasquito

• Low all-in sustaining costs of $852/oz

• Successful negotiations for 5-year land occupancy

agreement at Los Filos

• Operating for Excellence initiatives driving down costs

Operational Update

INTEGRATING COCHENOUR

RED LAKE

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• Second quarter 2014

• Gold production: 89,500oz

• AISC: $1,066/oz

• Gold production

• 2014E: 440,000 - 480,000oz

• Integration plan underway for Cochenour

• Exploration focus

• HG Young target

• HGZ at depth

• NXT zone up-plunge

• Footwall and R zone

Red Lake HG YOUNG EXPLORATION TARGET

11

1 km

14L

21L

Cochenour Shaft

Shaft 3

Shaft 1

Reid Shaft Campbell Shaft

67.3gpt/6.3m

31.9gpt/6.9m

35.2gpt/1.2m

157.6gpt/1.3m

Scientific and technical information pertaining to Red Lake Gold Mines was reviewed and approved by Chris Osiowy, P.GEO, Manager of

Exploration and a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)

PEÑASQUITO

Operational Update

DELIVERING VALUE

• Second quarter 2014

• Gold production: 167,400oz

• AISC: $362/oz

• Gold production

• 2014E: 530,000 – 560,000oz

• Northern Well Field project construction

commenced

• Pre-feasibility studies advancing on CEP

and pyrite leach projects.

• In-fill drilling continues on copper-gold

skarn

12

PROJECT

HIGHLIGHTS

13

Project Update FIRST GOLD ON JULY 25

CERRO NEGRO

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• Production/start-up

• >5M man-hours without a LTI

• First gold poured on July 25

• ~130-180kozs expected in 2014

• Commercial production expected in Q4

• Construction

• EPCM: ~88%1

• Lowered initial capital range ~$100m

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• Mining: Development

• 2,408 meters in Q2

• 19.4km at June 30

• Mining: Production

• 122k tonnes in Q2

• 532k tonnes at June 30 1 Includes initial capital deferred to 2015

Cerro Negro ON SCHEDULE FOR COMMERCIAL PRODUCTION IN Q4

July 25, 2014

First Gold

Q3 2014

Permanent

Power

Q4 2014

Commercial

Production

T R A N S I T I O N T O O P E R AT I O N S W E L L U N D E R WAY F I R S T G O L D P O U R E D O N J U LY 2 5

15

July 15, 2014

Plant Startup

Dec. 31, 2013

285kt

Stockpile

First Gold First Gold Pour

Ore on Conveyor Mill in Operation

Cerro Negro

STATUS/UPDATE

16

Project Update

ON TRACK FOR GOLD IN Q4

ÉLÉONORE

1 After ramp-up to full capacity in 2018 17

• Production/start-up

• 40-60kozs expected in 2014

• Commercial production expected

Q1’15

• 575-625kozs annually1

• Construction

• Overall progress at 93%

• Turned ball mill in June

• Initial capital remains ~$1.8-1.9B

• Mining

• Ramp at 5,007m (depth 733m)

• Production shaft at 842m

• First production blast in May

• Surface stockpile ~63k tonnes

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Éléonore

ON SCHEDULE, ON BUDGET FOR FIRST GOLD IN Q4 2014

Q3 2014

Process Plant

Commissioning

H1 2018

Mine & Mill

Sustain

7,000 tpd

D E L I V E R I N G A W O R L D - C L A S S M I N E A N D P L A N T

Q4 2014

First Gold

Q1 2015

Commercial

Production

Year-End

Mine & Mill

Sustain

3,500 tpd

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Industrial Water Treatment Plant Site Layout

Completion of the membrane at the TMF

Concentrator

Éléonore

STATUS/UPDATE

19

Project Update

ON SCHEDULE, ON BUDGET

COCHENOUR

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• Production/Start-Up

• Development ore expected Q4’14

• Production ore expected Q3’15

• Commercial production expected H2’16

• Production ~225-250kozs annually1

• Construction

• Haulage drift at 96% complete

• Ramp to 3540 level at 62%

• Shaft at final depth of 1,116m

• Initial capital remains ~$496M

• Exploration

• Drilling Bruce Channel from haulage

drift

• Currently 7 drills increasing to 9 by y/e

1 After ramp-up to full capacity

Cochenour

DEVELOPMENT ON SCHEDULE

March 13, 2014

Shaft Sinking

Complete

F O C U S H A S S H I F T E D T O I N T E G R AT I O N W I T H R E D L A K E

Q3 2014

Haulage drift

Complete

Q3 2015

First

Production Ore

H2 2016

Commercial

Production

Q4 2014

First

Development

Ore

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Project Update

ADVANCING TOWARDS

PREFEASIBILITY STUDY

CAMINO ROJO

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• Reserves and Resources (12/31/13)

• Reserves: 1.6Moz (oxide)

• M&I Resources: 5.1Moz

• Inferred Resources: 4.9Moz

• Metallurgical Test Program Ongoing

• Commenced Geotechnical Drill Program

• Prefeasibility Study

• Expected to commence by year-end

• Start delayed by 5 months due to

additional metallurgical test work

• Completion expected in Q1 2016

Project Update

ENGAGING COMMUNITIES

AND ADDRESSING LEGAL

CHALLENGES

EL MORRO

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• Reserves (12/31/13)

• Gold 6.73Moz; Copper 4.9Blb

• Environment License (RCA)

• Court of Appeals dismissed all claims

• Ruling appealed to Supreme Court

• Decision expected late 2014

• Exploration

• Planning underway for restart in Q4

• Focus on infill & geotechnical drilling

• Infill drilling targeted to convert in-pit

waste to ore

• Community and stakeholder engagement

activities ongoing

FINANCIAL

HIGHLIGHTS

24

25

Q2 2014 Q1 2014 Q2 2013

Gold production (oz) 648,700 679,900 646,000

Gold sales (oz) 639,500 684,000 624,300

Cash costs by-product ($/oz) (b) 470 507 646

Cash costs co-product ($/oz) (b) (c) 643 673 713

Realized gold price ($/oz) 1,296 1,297 1,357

All-in sustaining cash costs ($/oz) (d) 852 840 1,227

Margin, All-in sustaining ($/oz) (e) 444 457 130

Non-GAAP Measures Presented on Goldcorp Share Basis(a)

Q2 2014 HIGHLIGHTS

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3.6 – 3.8 3.7 – 4.0

3.5 – 3.8 3.5 – 3.8

2.7

OTHER

Q2 2014 TOTAL $852 per oz

SUSTAINING CAPEX (f)

$255 G&A(g)

$92

$9

Q1 2014 TOTAL $840 per oz

$26

EXPLORATION

OPERATING COST (b)

$509 SUSTAINING CAPEX (f)

$194

G&A(g)

$96 $25

EXPLORATION

$16

OPERATING COST

OPERATING COST (b)

$470

Non-GAAP Measures Presented on Goldcorp Share Basis(a)

ALL-IN SUSTAINING COSTS(d)

27

($ millions except per share amounts) Q2 2014 Q1 2014 Q2 2013

Net earnings (loss) attributable to shareholders of

Goldcorp $181 $98 ($1,934)

Earnings (loss) per share $0.22 $0.12 ($2.38)

Unrealized foreign exchange (gains) losses on deferred

income tax (24) 106 74

Losses (gains) on dispositions of mining interests, net of tax 21 (18) -

Foreign exchange on capital projects 4 21 22

Revisions in estimates and liabilities on reclamation and

closure costs on closed mine sites, net of tax 11 - -

Impairment, net of tax - - 1,958

Share of net (earnings) losses of associates * (15) (2) 4

(Gains) losses on derivatives, net of tax and other (14) 4 (7)

Adjusted net earnings attributable to shareholders of

Goldcorp, including discontinued operation (h) $164 $209 $117

Adjusted net earnings per share, including discontinued

operation (h) $0.20 $0.26 $0.14

(*) net of FX on deferred taxes for Alumbrera

Non-GAAP Measures Presented on Goldcorp Share Basis(a)

Q2 2014 ADJUSTED EARNINGS

GOLDCORP ADVANTAGE

Quality

Growth

Safe,

Profitable

Production

Peer-

Leading

Balance

Sheet

Responsible

Mining

Practices

Gold

Focused

Low

Political

Risk

28

SUPERIOR

INVESTMENT

PROPOSITION

29

a) The Company has included non-GAAP performance measures on an attributable (or Goldcorp’s share) basis throughout this

document. Attributable performance measures include the Company’s mining operations, including its discontinued operation, and

projects, and the Company’s share of 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

reflects the Company’s view of its core mining operations. 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 and ability to generate cash flow; however, these performance measures do not have any standardized meaning.

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.

b) Total cash costs, by-product and co-product, per gold ounce is a non-GAAP performance measure. In the gold mining industry,

total cash costs is a common performance measure but does not have any standardized meaning. The Company follows the

recommendations of the Gold Institute Production Cost Standard (refer to page 2 of the Q2 2014 MD&A for further information on

the Gold Institute). The Company believes these measures provide investors and analysts with useful information about the

Company’s underlying cash costs of operations and the impact of by-product credits on the Company’s cost structure and is a

relevant metric used to understand the Company’s operating profitability and ability to generate cash flow. When deriving the

production cash costs associated with an ounce of gold, the Company includes by-product credits as the Company considers that

the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby

allowing the Company’s management and other stakeholders to assess the net costs of gold production. The Company and 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. Total cash costs on a by-product basis are calculated by deducting Goldcorp’s share of by-product

silver, copper, lead and zinc sales revenues from Goldcorp’s share of production costs. Refer to page 36 of the Q2 2014 MD&A for

a calculation of total cash cost per gold ounce.

c) Total cash costs per gold ounce on a co-product basis is calculated by allocating Goldcorp’s share of production costs to each co-

product (Alumbrera (copper); Marlin (silver); Pueblo Viejo (silver); Peñasquito (silver, lead and zinc)) based on the ratio of actual

sales volumes multiplied by budget metal prices, as compared to realized sales prices. The Company uses budget prices to

eliminate price volatility and improve co-product cash cost reporting comparability between periods (refer to page 2 of the Q2 2014

MD&A for budget metal prices use).

FOOTNOTES

30

d) The Company, in conjunction with an initiative undertaken within the gold mining industry, has adopted all-in sustaining cost and

all-in cost non-GAAP performance measures that the Company believes more fully defines the total costs associated with

producing gold; however, these performance measures have no standardized meaning. 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. The Company reports these measures on a gold ounces sold basis. Refer to page 38 of the Q2 2014

MD&A for a reconciliation of all-in sustaining costs.

e) Margin per gold ounce is a non-GAAP performance measure. The Company reports margin on an attributable sales basis. 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 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.

f) Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production at a mine

site and excludes all expenditures at the Company’s projects and certain expenditures at the Company’s operating sites which are

deemed expansionary in nature. Refer to pages 38 and 39 of the Q2 2014 MD&A for a reconciliation of sustaining capital

expenditures.

g) Including share-based compensation expense.

h) Adjusted net earnings and adjusted net earnings per share are non-GAAP performance 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 40 of the Q2 2014

MD&A for a reconciliation of adjusted net earnings to reported net earnings attributable to shareholders of Goldcorp.

i) Adjusted operating cash flows and adjusted operating cash flows per share are non-GAAP performance measures which

comprises Goldcorp’s share of operating cash flows before working capital changes and which the Company believes provides

additional information about the Company’s ability to generate cash flows from its mining operations. 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 41 of the Q2 2014 MD&A for a reconciliation of adjusted operating cash flows before

working capital changes to reported net cash provided by operating activities.

FOOTNOTES