Test Pres 3

First Quarter Conference CallFirst Quarter Conference CallMay 7, 2009May 7, 2009

Management Participants

Chuck Jeannes – President and Chief Executive Officer

Lindsay Hall – Chief Financial Officer

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Steve Reid – Chief Operating Officer

Jeff Wilhoit – Vice President, Investor Relations

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

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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, 2007 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.

First Quarter Highlights

• Gold production increases

• Cash costs remain lowest among peers

Operating cash flow increases

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• Operating cash flow increases

• Cash margin expands

• Peñasquito advances on time and on budget

Hitting our targetsHitting our targets

Cochenour – The Next Growth Driver

• Major gold discovery in the heart of the world’s richest gold district

• Additional $12 million investment for 2009 development activity– Dewater existing Cochenour shaft to provide exploration access

– Analyze deposit access alternatives

• Pre-feasibility study and shaft/winze commencement in 2010• Pre-feasibility study and shaft/winze commencement in 2010

• Initial operation sized for 5 million ounces of gold

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Reaffirming 2009 Guidance

Gold production (M oz) 2.3

Cash Costs $/oz – by-product $365

2009Guidance1

Cash Costs $/oz – by-product– co-product

$365

$400

$1.4 BCapital expenditures

Exploration expenditures $95M

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Corporate administration $74M

Depreciation / oz $205

1. 2009 guidance assumes Au=$750/oz, Ag= $10/oz, Cu=$1.75/lb, CAD = 1.20 and MXN = 12.50, Oil = $65/bbl

Gold Price Upside

� Safe haven buying

� Price volatility

Short-term drivers

Long-term drivers

� Supply limitations

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Significant upside for gold priceSignificant upside for gold price

� Supply limitations

• Decreasing mine supply

• Most new projects require higher sustained prices

� Demand upside

• Continued safe haven role

• Inflation risk as financial crisis evolves

The Goldcorp Advantage

Low Political Risk

GrowthLeader

Low Costs

No Gold Hedging

The bestThe best--positioned senior gold producerpositioned senior gold producer

OutstandingBalance Sheet

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Operations Review

Steve Reid – Chief Operating Officer

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Steve Reid – Chief Operating Officer

Red Lake – A Year of Development

Latest update

Material hoisting at #3 shaft

Management transition �

�

�

On schedule Completed

�

�

Ventilation system

Improving the world’s richest gold mineImproving the world’s richest gold mine10

Mine dewatering system

HGZ exploration drift

Red Lake optimization studies

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�

�

�

Ventilation system

4199 Drift to Drive HGZ Development

42 Level

37 Level

4199 HW Drift

Campbell Complex 4199 Expl Dr.

47 Level

#3 Shaft

HW7JK ZONE HW5/HWA

FW COMPLEX

ReserveReserveReserveReserve44-1 Q1, Q2

HGZ Offsets Q1

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57 Level

51 LevelResourceResourceResourceResource

PotentialPotentialPotentialPotential

HW7/ JK ZONE 0.5-1.0 opt

HW5/HWA >2.0 opt

FW COMPLEX 0.5-1.0 opt

RED LAKE COMPLEXIsometric Longitudinal Projection

Grade LegendCC HW Drift Q 3/4

4.31 / 4.84.31 / 4.84.31 / 4.84.31 / 4.8’’’’0.91 / 8.0’0.91 / 8.0’0.91 / 8.0’0.91 / 8.0’

Cochenour

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First Material Crushed at Peñasquito

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First Material Crushed at Peñasquito

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Peñasquito Construction

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Peñasquito Flotation Circuit

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Peñasquito SAG Mill

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Peñasquito Ball Mills and Cyclones

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Financial Highlights

Lindsay Hall – Chief Financial Officer

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First Quarter 2009 Financial Highlights($ millions, except per share amounts)

Q12009 Q42008

Mine operating earnings $ 240 $ 156

Net earnings $ 291 $ 958

Adjusted net earnings (1) $ 169 $ 85

Operating Cash Flow before Non-cash Working Capital(2) $ 303 $ 231

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Operating Cash Flow before Non-cash Working Capital(2) $ 303 $ 231

Basic EPS $ 0.40 $1.31

Adjusted EPS(1) $ 0.23 $0.12

(1) Refer to footnote (1) in the Footnote slide(2) Refer to footnote (2) in the Footnote slide

Q1 2009 Operational Highlights *

Q12009 Q42008

Gold Production (oz) 616,500 691,800

Gold Sales (oz) 607,900 680,200

Cash Costs (by-product) per ounce(3) $ 288 $ 323

Cash Costs (co-product) per ounce(3) $ 353 $ 358

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Realized gold price per oz $ 912 $ 797

Margin per oz (by-product) $ 624 $ 474

Total silver sold (million oz) 2.3 2.3

Realized silver price per oz $7.54 $6.53

Total copper sold (million lbs) 26.1 54.7

Realized copper price per lb $2.29 $0.98

•From continuing operations(3) Refer to footnote (3) in the footnote slide

Footnote(a)

1. Adjusted net earnings is a non-GAAP measure. 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 26 of the first quarter 2009 MD&A for a reconciliation of adjusted net earnings to reported net earnings.

2. Operating cash flow before working capital adjustments is a non-GAAP measure which the Company believes provides a better indicator of the Company's ability to generate cash flow from its mining operations. Cash provided by operating activities reported in accordance with GAAP was $298 million in the first quarter of 2009.

3. The Company has included a non-GAAP performance measure, total cash cost per gold ounce, throughout this

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3. 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 25 of the first quarter 2009 MD&A for a calculation of total cash cost per gold ounce.

Footnote(b)

4. The Company has included a non-GAAP performance measure, margin per gold ounce, throughout this document. The Company reports margin on a sale 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:

Q12009 Q42008

Revenues per financial statements (millions) $ 625 $ 609

Treatment and refining charges on concentrate 6 9

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Treatment and refining charges on concentrate sales

6 9

By-product silver and copper sales and other (78) (77)

Gold revenues (millions) $ 553 $ 541

Divided by ounces of gold sold (1) 605,300 678,900

Realized gold price per ounce $ 912 $ 797

Deduct total cash costs per ounce of gold (2) (288) $ (323)

Margin per gold ounce $ 624 $ 474

(1) San Martin mine ended its mining process in October 2007 and is excluded from the results.(2) Refer to footnote 3.

Q & AQ & A

IN SUMMARY

The Goldcorp Advantage

Low Political Risk

GrowthLeader

Low Costs

No Gold Hedging

The bestThe best--positioned senior gold producerpositioned senior gold producer

OutstandingBalance Sheet

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