Corporate Update

March 2014

FORWARD LOOKING STATEMENTS

This presentation contains “forward-looking statements” and “forward-looking information” within the meaning of the US Securities Act, as amended, the US Exchange Act, as amended, and the United States Private Securities Litigation Reform Act of 1995 with the intention of obtaining the benefits of the “safe harbour” provisions of such laws and applicable Canadian securities Laws concerning the estimated production and mine life of the various mineral properties of Goldcorp Inc. (“Goldcorp”), the business, operations and financial performance and condition of Goldcorp and the proposed acquisition of Osisko Mining Corporation (“Osisko” and collectively with Goldcorp, the “Combined Company”). 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 mineral 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, limitations on insurance coverage, expectations as to the anticipated timing, mechanics, completion and settlement of the Offer (as defined herein), the market for and listing of the common shares of Goldcorp, the value of the common shares of Goldcorp received as consideration under the Offer, the ability of Goldcorp to complete the transactions contemplated by the Offer, reasons to accept the Offer, the purpose of the Offer. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”, or the negative of these terms or other variations of these terms or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might”, “seeks” or “will”, “occur” or “be achieved” or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions. Forward-looking statements are made based upon certain assumptions and other important factors that could cause Goldcorp’s actual results, performance or achievements to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Goldcorp will operate in the future, including that Goldcorp will be successful in acquiring 100% of the issued and outstanding common shares of Osisko, that all required third party regulatory and governmental approvals to the transaction will be obtained and all other conditions to completion of the transaction will be satisfied or waived, the price of gold and silver, anticipated costs and the ability to achieve goals. Many of these assumptions are based on factors and events that are not within the control of Goldcorp and there is no assurance they will prove to be correct. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, among others, gold price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks, litigation risks, regulatory restrictions (including environmental regulatory restrictions and liability), activities by governmental authorities (including changes in taxation), currency fluctuations, the speculative nature of gold exploration, the global economic climate, dilution, share price volatility, competition, loss of key employees, additional funding requirements and defective title to mineral claims or property. Although Goldcorp believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. 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 or Osisko to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: future prices of gold, silver, copper, lead and zinc; risks related to the integration of acquisitions; risks related to international operations, including economic and political instability in foreign jurisdictions in which Goldcorp and Osisko operate; risks related to current global financial conditions; risks related to joint venture operations; actual results of current exploration activities; environmental risks; possible variations in ore reserves, grade or recovery rates; mine development and operating risks; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; risks related to indebtedness and the service of such indebtedness, the common shares of Goldcorp to be issued in connection with the Offer having a market value lower than expected, the businesses of Goldcorp and Osisko not being integrated successfully or such integration may be more difficult, time-consuming and more costly than expected and the expected combined benefit from the Offer not being fully realized or realized within the expected time frame, as well as those factors discussed in “Reasons to Accept the Offer” in Section 4 of the take-over bid circular dated January 14, 2014 and Notice of Extension dated February 18, 2014 (together, the “Circular”), “Purpose of the Offer” in Section 5 of the Circular, “Plans for Osisko” in Section 6 of the Circular and “Acquisition Risks” in Section 7 of the Circular as well as those risk factors discussed or referred to in the section entitled “Risk Factors” in each of Goldcorp’s annual information form for the year ended December 31, 2012 and Osisko’s annual information form for the year ended December 31, 2012 and other reports filed with the applicable securities regulatory authorities in Canada and available under Goldcorp’s or Osisko’s profile at www.sedar.com, respectively. The foregoing factors are not intended to represent a complete list of the factors that could affect Goldcorp and the acquisition of Osisko by Goldcorp. Additional factors are noted elsewhere in the Offer and Circular and in the documents incorporated by reference therein. 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. Forward-looking statements contained in this presentation are as of the date hereof or as otherwise indicated and, accordingly, are subject to change after such date. Except as otherwise indicated by Goldcorp, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of Goldcorp’s operating environment. Goldcorp does not intend or undertake to publically update any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. Any forward-looking statements of facts related to Osisko discussed or disclosed herein are derived from Osisko’s publicly filed documents or records. This presentation does not constitute an offer to buy or an invitation to sell, or the solicitation of an offer to buy or invitation to sell, any securities of Goldcorp or Osisko. Such an offer may only be made pursuant to an offer and take-over bid circular Goldcorp intends to file with the Canadian securities regulators and pursuant to registration or qualification under the securities laws of any other such jurisdiction. In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates disclosed herein have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum’s “CIM Standards on Mineral Resources and Reserves Definitions and Guidelines” (the “CIM Guidelines”). The terms “mineral resources”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” are recognized by Canadian securities regulatory authorities, however, they are not defined under U.S. SEC Industry Guide 7 and are not recognized by the Securities and Exchange Commission and may not be recognized by the securities regulatory authorities of other jurisdictions. Pursuant to the CIM Guidelines, mineral resources have a higher degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or recovered. All amounts are in U.S. dollars, unless otherwise stated.

2

Strategy to succeed

in a volatile market

Proven strategy CONSISTENT FOCUS

3

Quality

Growth

Safe,

Profitable

Production

Peer-

Leading

Balance

Sheet

Responsible

Mining

Practices

Gold

Focused

Together, creating

sustainable value

Low Political

Risk

Proven strategy KEY PRIORITIES

4

FINANCIAL

DISCIPLINE

Continued focus on execution – only SAFE production

Mine planning and budgets – focus on high margin ounces

Operating for Excellence – achieving operating cost reductions

Portfolio Management – disciplined review and investment

Proven strategy GOLDCORP’S FUTURE

5

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

3.0 – 3.15

3.6 – 3.8 3.7 – 4.0

3.5 – 3.8 3.5 – 3.8

2.7

Proven strategy ALL-IN SUSTAINING COSTS

0

200

400

600

800

1,000

1,200

1,400

Q1'13 Q2'13 Q3'13 Q4'13 2013A 2014E

Sustaining capex Operating cost G&A Exploration Other

C O S T M A N A G E M E N T I N I T I AT I V E S & N E W L O W - C O S T M I N E S

D R I V E D E C R E A S I N G C O S T S

6

US$/oz

$1,031 $950 - $1,000

$1,134 $1,227

$995

$810

Proven strategy FREE CASH FLOW

7 7

US$/M

F O R E C A S T F R E E C A S H F L O W P O S I T I V E I N 2 0 1 4

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

-700

-600

-500

-400

-300

-200

-100

0

100

200

Q1'14E Q2'14E Q3'14E Q4'14E

FINANCIAL DISCIPLINE

Continued production

growth, decreasing costs

and significantly lower

capital spending will position

Goldcorp to deliver continued

shareholder value.

IN THIS SECTION

• Investment grade balance sheet

• Cash flow allocation priorities

• Strong dividend track record

• Driving cost improvements

• Gold reserves

8

(US$) as at Dec. 31, 2013

(1) Moody’s: Baa2; S&P: BBB+; Fitch: BBB (2) Cash & equivalents and revolving credit facility based on financial information as of December 31, 2013 (3) Source: Debt is based on company financials, EBITDA is based on Bloomberg consensus, net debt is adjusted for transactions after the

financials were reported. Market capitalization is company reported shares outstanding and Bloomberg reported share prices on Feb.19th, 2014

$0.6b Cash and equivalents

$2.0b Undrawn revolving

credit facility

Financial discipline INVESTMENT GRADE BALANCE SHEET(1) MAINTAINED

$3.85b Liquidity(2)

$1.25b Acquisition facility

(pro-forma)

Goldcorp PF Goldcorp Peer Average

Debt to EBITDA(3)

1.60x

1.96x

2.65x

F L E X I B I L I T Y I N V O L AT I L E M E TA L S P R I C E E N V I R O N M E N T

9

Goldcorp PF Goldcorp Peer Average

Debt to Capital(3)

8% 11%

27%

Financial discipline CASH FLOW ALLOCATION PRIORITIES

Fund existing growth profile

+ Invest in high return organic growth

Flexibility for selective M&A

Regular dividend growth

+

+

Creating

shareholder

value

10

Financial discipline STRONG DIVIDEND TRACK RECORD

11

H I G H E S T % O F O P E R AT I N G C A S H F L O W A M O N G P E E R S ( 1 )

(1) See Appendix A

Source: Bloomberg - gold price data (Jan. 1, 2005 – March 13, 2014)

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

US

$/p

er s

hare

U

S$/o

unce

Gold Price Dividend per share

2014E Guidance(1)

3.0 - 3.15 Gold production (moz)

Cash costs $ / oz

all-in sustaining

by-product

co-product

Capital expenditures

Exploration expenditures

Corporate administration

Depreciation / oz

Tax rate

$950 - $1,000

$550 - $600

$650 - $700

$2.3B - $2.5B

$190M

$185M

$385

41%

Financial discipline POSITIVE MOMENTUM THROUGH GROWTH AND LOWER COSTS

$1,031

$553

$687

$2.4B

$156M

$165M

$314

36%

2.67

12

2013 Actual

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

Financial discipline GOLD RESERVES

13

C O M M I T M E N T T O Q U A L I T Y G O L D R E S E R V E S

0.00

0.20

0.40

0.60

0.80

1.00

-

20,000

40,000

60,000

80,000

2009 2010 2011 2012 2013

g/t k

oz

Reserves Average Grade

OPERATIONAL UPDATE

Disciplined portfolio management

has built an unrivalled suite of

operations and projects. Goldcorp

will continue to pursue

opportunities to optimize the

asset portfolio.

IN THIS SECTION

• Offer for Osisko

• Focus in low-risk jurisdictions

• New projects in 2014

• Operational discipline

• Why Gold?

• Goldcorp advantage

14

Operational update A PREMIUM OFFER FOR OSISKO

15

• Offer consideration: 0.146 Goldcorp common share plus C$2.26 in cash for each share of Osisko held

• Implied offer value of C$6.88 per Osisko share based on Goldcorp’s share price on March 13, 2014

• 48.0% premium to average Osisko closing price in 20 days prior to bid announcement

• Reflects current market environment for gold and gold equities and provides a strong premium based

on any reasonable valuation metric

• Premium cash and share offer

• Greater liquidity, dividend participation and meaningful ownership

• Exposure to Goldcorp’s growth and high quality asset portfolio

• Continued participation in assets

• Diversification and participation in synergies

• Adds high quality gold mine

• Located in low risk jurisdiction

• Leverage to gold price

• Strong cash flow, limited capital risk

• Value enhancement opportunities

The Offer

Strong Value for

Osisko

Shareholders

Strategic

Opportunity for

GG

Shareholders

• Will create a new Quebec-focused gold mining champion combining Éléonore & Canadian Malarctic

• Feedback from shareholders of both companies has been positive

C O N S I S T E N T W I T H G O L D C O R P ’ S S T R AT E G I C F O C U S

Operational update FOCUS IN LOW-RISK JURISDICTIONS

2014E Gold Production

16

(1) Osisko based on consensus estimates of 550 koz; Pro forma assumes full year production for 2014;

(2) Goldcorp based on 2014 guidance as per January 8, 2014 press release

Outer ring represents pro forma production Inner ring represents Goldcorp stand alone

Operating mines

Development projects

Canada

Mexico

Dominican Republic

Argentina

Guatemala

US

Operational update HIGH GRADE GOLD PRODUCTION

• Gold production

2014E: 130,000 – 180,000oz

CERRO NEGRO

• Outstanding reserve growth potential

• Capital cost estimate

• Initial capital $1.6-$1.8b

• Overall EPCM: 78%

• Development & Construction advancing

• Ore stockpile of 285k tonnes @

10.53g/t Au; 206g/t Ag

17

Operational update

PURE GOLD IN LEADING

JURISDICTION

ÉLÉONORE • Gold production

2014E: 40,000 – 60,000oz

• Exploration ramp extended over 4,300m

• Production shaft advanced to a depth of

700m

• Seven drills conducting definition

and exploration drilling

• Development plan:

• Upper/lower mine concept; 7ktpd

• 600,000 oz Au/annually1

• Initial capital $1.8b to $1.9b

1 Upon ramp-up to full capacity

18

Operational update

FOCUS ON RED LAKE

INTEGRATION

COCHENOUR • First ore production in late-2014

• Haulage drift 86% complete

• Exploration shaft advanced to a depth of

1,041m

• Integration plan underway

19

• Drilling underway targeting the Bruce

Channel deposit

Operational update

YEAR OF INTEGRATION

RED LAKE • Gold production

• 2013A: 493,000oz

• 2014E: 440,000 - 480,000oz

• Stable, low cost gold production

• Integration plan underway for Cochenour

• Exploration focus

• HGZ at depth

• NXT zone up-plunge

• Gap between NXT zone and HGZ

20

PEÑASQUITO

Operational update

MAXIMIZING VALUE

21

• Gold production

• 2013A: 404,000oz

• 2014E: 530,000 - 560,000oz

• Studies underway for process

improvements to enhance mine

economics (CEP, pyrite float)

• Northern Well Field project on track

• Exploration success with copper-gold

skarn

• Larger Camino Rojo resource

advancing towards pre-feasibility

21

PUEBLO VIEJO

Operational update GROWING PRODUCTION

22

• Gold production

• 2013A: 324,000oz

• 2014E: 405,000 - 420,000oz

• Ramp-up to full capacity in H1’14

• Dual fuel power plant commenced

commercial operations

• Reserves decrease on lower gold price

assumptions and SLA amendments

22

Operational update

MANAGING IN A VOLATILE GOLD MARKET

Gold price (US$)

Higher gold

production

Lower operating

and capital costs

23

Capital / operating costs

High-quality production growth

Source: Bloomberg – gold price (January 1, 2008 – March 13, 2014)

N E W G O L D M I N E S T O D R I V E S H A R E H O L D E R VA L U E

Why Gold? CHINA’S NET GOLD IMPORTS THROUGH HONG KONG

24

P R O V I D I N G F L O O R S U P P O R T F O R G O L D P R I C E

-

20

40

60

80

100

120

140

tonnes

Source: HSBC Research (February 7, 2014)

1,109 tonnes

Physical

Gold

Leverage in operating costs

Holding costs

Organic growth

Pays dividend

Why Gold? Leverage to Gold Price

25

Goldcorp

x x

x

x

E X E C U T I O N R E S U LT S I N O U T P E R F O R M A N C E O F G O L D P R I C E

YTD Performance

Source: Bloomberg (as of March 13, 2014)

0%

5%

10%

15%

20%

25%

30%

35%

Gold price Goldcorp

14%

32%

GOLDCORP ADVANTAGE

Quality

Growth

Safe,

Profitable

Production

Peer-

Leading

Balance

Sheet

Responsible

Mining

Practices

Gold

Focused

Low

Political

Risk

26

SUPERIOR

INVESTMENT

PROPOSITION

Appendix A STRONG DIVIDEND TRACK RECORD

Dividend as % of Operating Cash Flow

2014E 2015E

0%

8%

11%

18% 16%

32%

0%

7%

11%

13% 13%

24%

Kinross Barrick Agnico Newmont Yamana Goldcorp

27 Source: Bloomberg (as of March 13, 2014)

2014E Guidance

Appendix B MINE-BY-MINE GUIDANCE

2013 Actual

28

P e ñ a s q u i t o 404,000 530,000 – 560,000

R e d L a k e 493,000 440,000 – 480,000

P u e b l o V i e j o ( 4 0 . 0 % ) 324,000 405,000 – 420,000

L o s F i l o s 332,000 330,000 – 345,000

P o r c u p i n e 292,000 290,000 – 305,000

M u s s e l w h i t e 255,000 230,000 – 240,000

M a r l i n 202,000 175,000 – 185,000

C e r r o N e g r o 0 130,000 – 180,000

A l u m b r e r a ( 3 7 . 5 % ) 118,000 125,000 – 130,000

E l S a u z a l 81,000 100,000 – 105,000

M a r i g o l d ( 6 6 . 7 % ) 108,000 95,000 – 100,000

W h a r f 56,000 60,000 – 65,000

É l é o n o r e 0 40,000 – 60,000

T o t a l 2,665,000 3,000,000 – 3,150,000*

*Mine-by-mine ranges reflect expectations at individual mines, but do not add up to corporate-wide guidance range total

Appendix C 2014 SENSITIVITIES

29

Base Price Change

Increments CFPS

($/share)

By Product Cash Costs

($/oz)

FCF ($mm)

Gold Price ($/oz) $1,200 $100 $0.28 $2 $236

Silver Price ($/oz) $20.00 $3.00 $0.07 $27 $56

Copper Price ($/lb) $3.00 $0.50 $0.04 $14 $30

Zinc Price ($/lb) $0.90 $0.10 $0.03 $11 $21

Lead Price ($/lb) $1.00 $0.10 $0.01 $5 $9

Canadian Dollars 1.05 10% $0.02 $8 $115

Mexican Peso 12.50 10% $0.03 $14 $40

Appendix D 2014 OPERATING COST BREAKDOWN

30

22%

15%

9% 10%

9%

14%

2%

4%

5% 8%

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

38%

16% 6%

5%

8%

12%

2% 3%

5% 5%

CANADA / USA MEXICO CSA

13%

17%

12%

11% 8%

15%

3%

6%

4% 9%

19%

12%

8%

15% 11%

15%

1%

4%

6%

9%

CONSOLIDATED

Appendix E NOTES

31

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

reflects 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 closed 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.

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 sold

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.

Appendix E (cont’d) NOTES

32

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. Effective June 30, 2013, the Company has conformed its all-in

sustaining definition to the measure as set out in the guidance note released by the World Gold Council on June 27, 2013 and which is expected to

be effective from January 1, 2014. The comparative periods have been restated accordingly.

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.

Appendix F GOLDCORP GOLD MINERAL RESERVES1

33

1All 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.

Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained

mt g Au/t m oz mt g Au/t m oz mt g Au/t m oz

Alumbrera 37.5% 66.56 0.35 0.75 1.88 0.21 0.01 68.44 0.35 0.76

Camino Rojo 100.0% - - - 66.76 0.76 1.63 66.76 0.76 1.63

Cerro Blanco 100.0% - - - - - - - - -

Cerro Negro 100.0% 0.04 11.08 0.01 18.87 9.43 5.72 18.91 9.43 5.74

Cochenour 100.0% - - - - - - - - -

Dee 40.0% 0.00 2.82 0.00 13.68 1.53 0.67 13.68 1.53 0.67

El Morro 70.0% 233.95 0.56 4.24 215.56 0.36 2.49 449.51 0.47 6.73

El Sauzal 100.0% 0.28 1.33 0.01 2.45 1.70 0.13 2.73 1.66 0.15

Éléonore 100.0% - - 19.30 6.49 4.03 19.30 6.49 4.03

Los Filos 100.0% 67.15 0.98 2.11 243.22 0.75 5.84 310.37 0.80 7.95

Marlin 100.0% 3.33 4.05 0.43 1.55 4.31 0.21 4.88 4.13 0.65

Musselwhite 100.0% 3.63 7.08 0.83 5.36 5.97 1.03 8.99 6.42 1.85

Noche Buena 100.0% - - - - - - - - -

Peñasquito Heap Leach 100.0% 41.97 0.42 0.56 41.49 0.33 0.44 83.46 0.37 1.00

Peñasquito Mill 100.0% 335.03 0.71 7.67 194.94 0.47 2.95 529.97 0.62 10.62

Porcupine 100.0% 15.29 2.02 1.00 50.31 1.26 2.03 65.60 1.44 3.03

Pueblo Viejo 40.0% 14.59 3.35 1.57 47.31 3.22 4.89 61.90 3.25 6.46

Red Lake 100.0% 1.70 12.34 0.67 6.29 9.17 1.88 7.99 9.94 2.55

San Nicolas 21.0% - - - - - - - - -

Wharf 100.0% 13.77 0.77 0.34 7.48 0.90 0.22 21.25 0.82 0.56

Totals 20.20 34.18 54.38

GOLD

(as of December 31, 2013)PROVEN PROBABLE PROVEN & PROBABLE