Goldcorp Corporate Update

building on a proven strategy

NOVEMBER 2015

CORPORATE UPDATE

2

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” or “the 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 resources, the realization of mineral

reserve estimates, the timing and amount of estimated future production, costs of production, targeted cost reductions, the ability of the parties to satisfy the conditions of and to

complete the Project Corridor transaction (the "Transaction") with Teck Resources and the transaction with New Gold to acquire the remaining 30% of the El Morro Project (the

"New Gold Transaction"), the development of Project Corridor as a mine, capital expenditures, free cash flow, 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 made based upon certain assumptions and other important

factors that, if untrue, could cause the actual results, performances or achievements of Goldcorp 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 the price of gold, anticipated costs and ability to achieve goals. 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 mineral resources and metallurgical recoveries, the Transaction or the New Gold Transaction not being completed as planned,

mining operational and development risks, litigation risks, regulatory restrictions (including environmental regulatory restrictions and liability), activities by governmental authorities

(including changes in taxation), delays, suspension and technical challenges associated with capital projects, higher prices for fuel, steel, power, labour and other consumables,

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 to be materially different from those expressed or implied by such forward-looking

statements, including but not limited to: 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; the risk that the Transaction or the New Gold Transaction is not completed as planned; failure of plant, equipment

or processes to operate as anticipated; risks related to the integration of acquisitions; 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, 2014 available on SEDAR at www.sedar.com and the United States Securities and Exchange

Commission at www.sec.gov. 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 US dollars, unless otherwise stated.

http://www.sedar.com/

http://www.sec.gov/

33

Goldcorp’s Key Attributes

PROVEN STRATEGY

Growing Production

Declining AISC

Reduced Capital Spend

Reserve Growth Potential

Organic Growth Opportunities

Record of Portfolio Management Success

Free Cash Flow in 2015

Long-Term Value

STRONG INVESTMENT-GRADE(1)

BALANCE SHEET

(1) Moody’s: Baa2; S&P: BBB+

44

Track Record of Growth

PROVEN STRATEGY

2012

2.4moz

2013

2.7moz

2014

2.87moz

2015E(1)

3.3-3.6moz

(1) See Appendix B for mine-by-mine guidance and Appendix E for non-GAAP disclosure

START-UP OF NEW MINES AND STRONG

PRODUCTION FROM CORNERSTONE MINES

55

Growing Revenues(1)

PROVEN STRATEGY

(1) Revenues on an attributable basis which include the Company’s share from Alumbrera and Pueblo Viejo and revenues associated with discontinued operations; net of TCRCs(2) See Appendix A for budget price assumptions (3) Gold price – Capital IQ (January 1, 2012 – November 6, 2015)

2012

$5.4B 2013

$4.7B2014

$4.5B

2015E

$5.1B–

$5.5B(2)

$1,000

$1,500

$2,000

Gold price(3)

US$/oz

66

Excellent Organic Growth Opportunities

PROVEN STRATEGY

STRONG PIPELINE TO DRIVE PRODUCTION

GROWTH

STUDY PHASE

Peñasquito

Metallurgical

Enhancement Project

(MEP)

Camino Rojo

Project Corridor

Los Filos

U/G expansion

Éléonore

Crown pillar

EXECUTION

Red Lake

Cochenour

Porcupine

Hollinger open pit

Hoyle Deep

CONCEPT &

EXPLORATION

Peñasquito

- Skarn

Red Lake

HG Young

Borden

Musselwhite

West Limb

PRODUCTION

Éléonore

Cerro Negro

Pueblo Viejo

Peñasquito

Los Filos

Red Lake & other

operating mines(1)

(1) Marlin, Porcupine, Musselwhite and Alumbrera

77

Focus on Cost Control Drives Declining Costs(1)

PROVEN STRATEGY

(1) Costs are all-in sustaining cost per gold ounce; see Appendix E for non-GAAP disclosure

NEW MINES, OPERATING FOR EXCELLENCE

PROGRAM DRIVE COST SAVINGS

2012

$884/oz

2013

$1,031/oz 2014

$949/oz 2015E

$850–

$900/oz

88

Major Capital Spend Completed

PROVEN STRATEGY

(1) Refer to Appendix E for non-GAAP disclosure

CAPITAL SPENDING DECREASES WITH

COMPLETION OF TWO NEW HIGH-QUALITY MINES

2012

$2.6B2013

$2.4B2014

$2.2B

2015E

$1.2–1.4B(Sustaining capex:

$875M–$1.025B)(1)

99

Third Quarter 2015

FINANCIAL DISCIPLINE

Q3 2015 Actual Q2 2015 Actual Q1 2015 Actual

Gold production(1) (oz) 922,200 908,000 724,800

All-in sustaining costs(1) ($/oz) $848 $846 $885

Adjusted net (loss) earnings(1) $(37)M $65M $12M

Adjusted operating cash flow(1) $374M $358M $366M

Capital expenditures(1)(2) $501M $237M $248M

Exploration expenditures(3) $45M $45M $35M

Corporate administration(4) $37M $38M $40M

Depreciation(1) ($/oz) $463 $430 $444

Tax rate(1) 33% 23% 52%

(1) See Appendix E for non-GAAP disclosure(2) Includes finance lease additions, capitalized interest, and capitalized exploration but excludes income tax credits(3) Includes capitalized exploration(4) Excludes share-based compensation expense

1010

Strong Balance Sheet Maintained


NET DEBT AS % OF MARKET CAP(2)(3)FLEXIBILITY TO FUND

GROWTH OPPORTUNITIES

$0.3BCash & Cash Equivalents

and Money Market Investments

$3.0BUndrawn Revolving

Credit Facility

$3.3B Liquidity(1)

(1) Based on financial information as of September 30, 2015 (2) Stock prices and exchange rates as of October 28, 2015, financial information as reported prior to October 29, 2015; All amounts as reported in company financial statements. AngloGold

adjusted for Cripple Creek & Victor transaction. Barrick adjusted the sale of Zaldivar. Yamana adjusted for sale of stream. Goldcorp’s and Barrick’s net debt position adjusted to include

$271M of attributable Pueblo Viejo project debt. (3) See Appendix E for non-GAAP disclosure

19% 22%

33%

40% 40%

67% 69%

86%

Agnico Goldcorp Newmont Kinross Newcrest Yamana AngloGold Barrick

$7.7B$2.4B$1.6B$3.0B$1.0B$3.4B$2.7B$1.1B

1111

Managing in a Volatile Gold Market


GOLD PRICE

+ $1,200

$1,100

CONTINGENCY PLANNING

Continue funding growth projects;

Reduce corporate G&A

Enhance liquidity - Tahoe share sale,

upsize revolver, reduce dividend

Defer capital projects; Slow spending at

growth projects and exploration

Reduce site/region G&A, production,

optimization

Review configuration/close higher cost

mines

Our ResponseGold Price?

< $1,000

1212

Disciplined Capital Allocation


CREATING

SHAREHOLDER VALUE

FUND EXISTING

CASH

REQUIREMENTS

INVEST IN

HIGH-RETURN

ORGANIC

GROWTH

SUSTAINABLE

DIVIDEND

FLEXIBILITY

FOR

SELECTIVE

M&A

1313

OSISKO SHARES (2011)

TAHOE RESOURCES ESCOBAL (2010 & 2015)

TERRANE METALS MT. MILLIGAN (2010)

SILVER WHEATON (2006 & 2008)

Unlocking Value


DIVESTED ASSETS

CONSISTENT TRACK RECORD OF

DIVESTING NON-CORE ASSETS

VALUE CREATION

WHARF MINE (2015)

MARIGOLD MINE (2014)

SAN DIMAS MINE (2010)

PEAK MINE (2007)

AMAPARI MINE (2007)

LA COIPA MINE (2007)

1414

Project Corridor


Joint Venture 50/50 with Teck Resources to combine El Morro & Relincho projects

Common sense, ‘capital smart’ partnership

Significantly lower capital costs and improved capital efficiency

Improved returns over either standalone project

Significantly reduced environmental footprint

Enhanced community benefits

Longer mine life

EFFICIENT CAPITAL DEPLOYMENT

1515

Operating mines

Development projects

OUTSTANDING PORTFOLIO ANCHORED

BY YOUNG, LOW-COST MINES

Geographic Diversity in the Americas

2015E

GOLD

PRODUCTION

BY REGION(1)

29%MEXICO

13%DOMINICAN

REPUBLIC

15%ARGENTINA

5%GUATEMALA

38%CANADA/USA

(1) Based on 2015 guidance as per January 12, 2015 press release and Wharf divestiture on February 20, 2015

1616

Cerro Negro

GROWTH DRIVER

(1) Year ended December 31, 2014; refer to Appendix F for further information

COMMERCIAL PRODUCTION ACHIEVED

JAN. 1, 2015

- 2014A: 152,100oz

- 2015E: 425,000 - 475,000oz

MINE PRODUCTION RATES INCREASING

- Additional u/g mobile equipment on-site

- Training programs

STRONG EXECUTION AT CORNERSTONE MINE

OUTSTANDING RESERVE GROWTH

POTENTIAL

- Resource confirmation drilling underway

- Reserves and resources(1)

- P&P gold reserves: 5.26moz

- M&I gold resources: 0.65moz

- Inferred gold resources: 0.32moz

1717

Éléonore

NEW GROWTH DRIVER


COMMERCIAL PRODUCTION ACHIEVED

APRIL 1, 2015

- 2014A: 18,300oz

- 2015E Revised: 250,000 - 270,000oz

MINE / MILL

- Stoping productivity and mining flexibility

continue to improve

- Folding and faulting encountered

RAMPING UP QUEBEC’S NEWEST GOLD MINE

EXPLORATION FOCUS

- Reserve growth in the Lower Mine, four drills

focused on in-fill drilling

RESERVES AND RESOURCES(1)

- P&P gold reserves: 4.97moz

- M&I gold resources: 1.06mozs

- Inferred gold resources: 2.80moz

1818

Red Lake

CANADA


GOLD PRODUCTION

- 2014A: 414,400oz; AISC $934/oz

- 2015E: 400,000 - 425,000oz

COCHENOUR

- Advanced exploration to focus on

vein orientation

- Drilling from underground with twelve drills

OPTIMIZATION EFFORTS CONTINUE

EXPLORATION FOCUS

HG YOUNG DISCOVERY – $30M BUDGET

- Underground drilling underway from

rehabilitated Campbell headings

- Numerous high-grade intercepts

- Defining footprint dimensions

1919

Peñasquito

LATIN AMERICA

MEXICO’S LARGEST GOLD MINE ON TRACK FOR RECORD YEAR

GOLD PRODUCTION

- 2014A: 567,800oz; AISC $813/oz

- 2015E: 700,000 - 750,000oz (exceed)

GEO PRODUCTION

- 2014A: 1.3moz

- 2015E: 1.5 - 1.6moz

METALLURGICAL ENHANCEMENT PROJECT

- Feasibility completion expected early 2016

NORTHERN WELL FIELD PROJECT

- Community negotiation ongoing to enable

completion; exploring alternatives

CAMINO ROJO

- Pre-feasibility completion expected late 2016

- Focus as satellite pit to Peñasquito

2020

Supply and Demand

WHY GOLD?

20

70

75

80

85

90

95

100

200

3

200

5

200

7

200

9

201

1

201

3

201

5

201

7

201

9

202

1

Annual P

roduction (

Moz)

(1) Source: SNL Metals Economics Group(2) Source: Consensus estimates. Includes CPM Group, GFMS, and Metals Focus(3) Source: World Gold Council

Peak

Discovery(1) Peak

Production(2)

3-Y

ear

runnin

g a

vg

Au d

iscovere

d (

Moz)

Gra

ssro

ots

+ 7

5%

of

late

-sta

ge e

xplo

ration b

udgets

(U

S$M

)

Supply: Peak Gold Production Central Bank Buying(3)

Gold ETFs(3)

$0

$1,200

$2,400

$3,600

$4,800

$6,000

$7,200

0

25

50

75

100

125

150

1990

1993

1996

1999

2002

2005

2008

2011

-300

-250

-200

-150

-100

-50

0

50

100

150

200

250

Q1'05 Q1'06 Q1'07 Q1'08 Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14 Q1'15

Tonnes

Tonnes

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

2121

Why Goldcorp?


Source: Capital IQ – gold price (January 1, 2008 – November 6, 2015)

Gold Price (US$)

Free Cash Flow

+HIGH-QUALITY

PRODUCTION

GROWTH

–CAPITAL &

OPERATING

COSTS

MANAGING IN A VOLATILE GOLD MARKET

2222

Goldcorp Advantage

SUPERIOR INVESTMENT PROPOSITION

Quality

GrowthGold Focus

ResponsibleMining

Practices

Safe, Profitable

Production

Peer-Leading

Balance Sheet

Low Political

Risk

2323

2015 Guidance

APPENDIX A

2015 Guidance(1) 2015 Updated

Guidance(2)

Gold production(3) (oz) 3.3–3.6M 3.3–3.6M

Cash costs(3) ($/oz)

All-in sustaining

By-product

Co-product

$875–$950

$500–$550

$625–$675

$850–$900

$500–$550

$625–$675

Capital expenditures(3) $1.2B–$1.4B $1.2B–$1.4B

Exploration expenditures(4) $170M $170M

Corporate administration(5) $185M $170M

Depreciation(3) ($/oz) $390 $450(7)

Tax rate(3) 45%(6) 45%

(1) 2015 price assumptions: Au=$1,200/oz, Ag=$18.00/oz, Cu=$3.00/lb, Zn=$1.00/lb, Pb=$0.95/lb(2) Guidance updated July 30, 2015; price assumptions: Au=$1,200/oz, Ag=$17.00/oz, Cu=$2.75/lb, Zn=$1.00/lb, Pb=$0.80/lb(3) See Appendix E, note 1, 2 and 3 for non-GAAP disclosure (4) Includes capitalized exploration(5) Excludes stock-based compensation (6) Tax rate re-guided on April 30, 2015, previously overall guidance for 2015 was 35% (6) Depreciation rate re-guided on October 29, 2015 , previously re-guided to $425/oz on July 30, 2015

2424

Mine-by-Mine Guidance

APPENDIX B

(1) As per the press release dated October 29, 2015 Peñasquito will exceed guidance for 2015(2) Wharf divested on February 20, 2015 (3) Marigold mine was divested April 4, 2014

2014 Actual 2015E Guidance

Peñasquito 567,800 700,000 – 750,000(1)

Cerro Negro 152,100 425,000 – 475,000

Pueblo Viejo (40.0%) 443,400 420,000 – 460,000

Red Lake 414,400 400,000 – 425,000

Éléonore 18,300 250,000 – 270,000

Porcupine 300,000 300,000 – 320,000

Los Filos 258,700 265,000 – 290,000

Musselwhite 278,300 250,000 – 270,000

Marlin 186,500 160,000 – 175,000

Alumbrera (37.5%) 120,100 75,000 – 85,000

Wharf(2) 72,100 11,400

El Sauzal 37,700 0

Marigold (66.67%)(3) 21,800 0

TOTAL 2,871,200 3,300,000 – 3,600,000

2525

2015 Sensitivities

APPENDIX C

Base PriceChange

IncrementsCFPS

($/share)

All-In Sustaining

Costs ($/oz) FCF ($mm)

Gold price ($/oz) $1,200 $100 $0.31 $3 $267

Silver price ($/oz) $18.00 $3.00 $0.08 $27 $70

Copper price ($/lb) $3.00 $0.50 $0.02 $7 $19

Zinc price ($/lb) $1.00 $0.10 $0.03 $11 $27

Lead price ($/lb) $0.95 $0.10 $0.01 $5 $12

Canadian dollar 1.14 10% $0.03 $17 $68

Mexican peso 14.00 10% $0.04 $14 $38

2626

2015 Operating Cost Breakdown

APPENDIX D

CONSOLIDATED CANADA/USA CSA

MEXICO

37%

18%4%

6%

8%

12%

1%

3%6%

4%

13%

17%

14%

9%8%

16%

3%

6%

5%

10%

24%

14%

8%

11%

10%

14%

1%

2%

9%

7%

24%

16%

9%9%

8%

14%

2%

4%

7%

7%

Labour Contractors

Fuel Costs Power

Maintenance Parts Consumables

Tires Explosives

Site Costs Others

2727

Notes

APPENDIX E

Note 1: The Company has included non-GAAP performance measures on an attributable (or Goldcorp’s share) basis throughout this presentation. 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.

Note 2: The Company has included non-GAAP performance measures – total cash costs, by-product and co-product, per gold ounce, throughout this presentation. 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. 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. In addition to conventional measures prepared in accordance with GAAP, the Company assesses this measure in a manner that isolates the impacts of gold

production volumes, the by-product credits, and operating costs fluctuations such that the non-controllable and controllable variability is independently addressed. The

Company uses total cash costs, by-product and co-product, per gold ounce, to monitor its operating performance internally, including operating cash costs, as well as in its

assessment of potential development projects and acquisition targets. 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 35 of the Q1 2015 MD&A, page 38 of the Q2 2015 MD&A and

page 38 of the Q3 2015 MD&A for a reconciliation of total cash costs (by-product) per ounce to the unaudited condensed interim consolidated financial statements.

Total cash costs on a co-product basis are calculated by allocating Goldcorp’s share of production costs to each co-product 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. The budget metal prices used in the calculation of co-product total cash costs were as follows:

2015 2014 2013

Gold $ 1,200 $ 1,200 $ 1,600

Silver 18 20 30

Copper 3.00 3.00 3.50

Lead 0.95 1.00 0.90

Zinc 1.00 0.90 0.90

2828

Notes (continued)

APPENDIX E

If silver, lead and zinc for Peñasquito, silver for Marlin, Cerro Negro and Pueblo Viejo, and copper for Alumbrera were treated as co-products, Goldcorp's share of total

co-product cash costs, including discontinued operations, for the three months ended March 31, 2015, would be $670 per ounce of gold, $9.79 per ounce of silver, $2.36

per pound of copper, $0.80 per pound of zinc, and $0.81 per pound of lead (March 31, 2014 – $673 per ounce of gold, $10.58 per ounce of silver, $2.26 per pound of

copper, $0.73 per pound of zinc and $0.85 per pound of lead). Using actual realized sales prices, co-product total cash costs, including discontinued operations, would

be $683 per gold ounce for the three months ended March 31, 2015 (March 31, 2014 – $683). Refer to page 35 of the Q1 2015 MD&A for a reconciliation of total cash

costs to reported production costs. Goldcorp's share of total co-product cash costs, including discontinued operations, for the three months ended June 30, 2015, would

be $656 per ounce of gold, $8.24 per ounce of silver, $4.20 per pound of copper, $0.64 per pound of zinc, and $0.59 per pound of lead (June 30, 2014 – $643 per ounce

of gold, $9.85 per ounce of silver, $2.56 per pound of copper, $0.70 per pound of zinc and $0.92 per pound of lead). Using actual realized sales prices, co-product total

cash costs, including discontinued operations, would be $664 per gold ounce for the three months ended June 30, 2015 (June 30, 2014 – $649 per gold ounce). Refer

to page 38 of the Q2 2015 MD&A for a reconciliation of total cash costs to reported production costs. Goldcorp's share of total co-product cash costs, including

discontinued operations, for the three months ended September 30, 2015, would be $670 per ounce of gold, $8.08 per ounce of silver, $2.94 per pound of copper, $0.64

per pound of zinc, and $0.60 per pound of lead (September 30, 2014 – $682 per ounce of gold, $9.85 per ounce of silver, $2.75 per pound of copper, $0.85 per pound of

zinc and $1.02 per pound of lead). Using actual realized sales prices, co-product total cash costs, including discontinued operations, would be $684 per gold ounce for

the three months ended September 30, 2015 (September 30, 2014 – $686). Refer to page 38 of the Q3 2015 MD&A for a reconciliation of total cash costs to reported

production costs.

Note 3: All-in sustaining costs and all-in costs are non-GAAP performance measures that the Company believes more fully define 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. The Company's all-in sustaining and all-in cost definitions conform to the guidance note released by the World Gold Council, which became effective January 1,

2014. The World Gold Council is a non-regulatory market development organization for the gold industry whose members comprise global senior gold mining

companies. Refer to page 36 of the Q1 2015 MD&A, page 39 of the Q2 2015 MD&A, page 39 of the Q3 2015 MD&A, page 57 of the 2014 Annual Report and page 57 of

the 2013 Annual Report for a reconciliation of all-in sustaining costs.

Note 4: 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 38 of the Q1 2015 MD&A, page 41 of the Q2 2015 MD&A and page 41 of the Q3 2015 MD&A for a reconciliation of adjusted net earnings to reported net

earnings attributable to shareholders of Goldcorp.

Note 5: Adjusted operating cash flows is a non-GAAP performance measure 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 39 of the Q1 2015 MD&A, page 42 of the Q2 2015 MD&A and page 42 of the Q3 2015 MD&A for a reconciliation of adjusted operating cash flows before

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

2929

Notes (continued)

APPENDIX E

Note 6: Free cash flows is a non-GAAP performance measure which the Company believes, in addition to conventional measures prepared in accordance with GAAP, the

Company and certain investors use to evaluate the Company's ability to generate cash flows. 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. 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 net cash provided by operating activities from Alumbrera and Pueblo Viejo. Refer to page 39 of the Q1 2015 MD&A, page 42 of the Q2 2015 MD&A

and page 42 of the Q3 MD&A for a reconciliation of free cash flows to reported net cash provided by operating activities.

Note 7: Net Debt/Market capitalization is a non-GAAP performance measure which the Company believes, in addition to conventional measures prepared in accordance

with GAAP, the Company and certain investors use to evaluate the Company's debt levels relative to its peers. 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 and it has no standardized meaning. Net debt

is calculated, on an attributable basis to include the Company’s share of Alumbrera and Pueblo Viejo, by adding short term and long term debt less cash and cash

equivalents. Market capitalization is information retrieved from Capital IQ and uses the outstanding number of shares of a company multiplied by its share price as at a

certain time period. To reconcile Net Debt to a GAAP measure the debt of $271M from Pueblo Viejo is deducted.

Note 8: 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.

Note 9: Gold equivalent ounces are calculated using the following assumptions: $1,300 per ounce of gold and by-product metal prices of $22.00 per ounce of silver, $3.00

per pound of copper, $0.90 per pound of lead and $0.90 per pound of zinc . By-product metals are converted to gold equivalent ounces by multiplying by-product metal

production with the associated by-product metal price and dividing it by the gold price.

Note 10: Adjusted income tax expense is a non-GAAP performance 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. Below is the reconciliation of adjusted income

tax expense to reported income tax expense:

($ millions) Q3 2015 Q2 2015 Q1 2015 Q4 2014

Adjusted income tax expense $(10) $18 $41 $22

Tax impact from impairment of mining interests - - - (680)

Foreign exchange on local currency tax values 158 22 122 103

Tax for Alumbrera and Pueblo Viejo (13) (8) (32) (43)

Tax impact of disposition of Tahoe and South Arturo (12) 56 - -

Tax impact of revisions in estimates on ARO & other 13 2 (2) (27)

Income tax expense – as reported 136 90 129 (625)

3030

Reserves & Resources

APPENDIX F

*

*Dee/South Arturo divested June 2, 2015

3131

Reserves & Resources (continued)

APPENDIX F

*

*Dee/South Arturo divested June 2, 2015

3232


APPENDIX F

Scientific and technical information contained in this presentation was reviewed and approved by Gil Lawson, P.Eng., Vice-President, Geology and Mine

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

For additional information on the scientific and technical information contained herein, see Goldcorp’s annual information form dated March 13, 2015 filed

under Goldcorp’s profile on SEDAR at www.sedar.com

Goldcorp December 31, 2014 Mineral Reserve and Mineral Resource Reporting Notes:

1 All Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM Definition Standards.

2 All Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated

economic viability.

3 Mineral Reserves and Mineral Resources are reported as of December 31, 2014, with the following conditions or exceptions:

(i) Mineral Reserves and Mineral Resources for Pueblo Viejo are as per information provided by Barrick Gold Corporation.

(ii) Mineral Reserves and Mineral Resources for Dee are as per information provided by Barrick Gold Corporation.

(iii) Mineral Resources for San Nicolas are as per information provided by Teck Resources Limited (2012 Study).

4 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 noted below:

(i) Alumbrera $1,332/oz gold and $3.17/lb copper

(ii) Pueblo Viejo, Dee $1,100/oz gold, $17/oz silver, $3.00/lb copper

5 Mineral Resources are estimated using US$ commodity prices of $1,500 per ounce of gold, $24 per ounce of silver, $3.50 per pound of copper,

$1.00 per pound of lead, and $1.00 per pound of zinc, unless otherwise noted below;

(i) Pueblo Viejo, Dee $1,400/oz gold, $19/oz silver, $3.50/lb copper

(ii) San Nicolas $1,275/oz gold, $22.50/oz silver, $2.75/lb copper, $1.00/lb zinc

(iii) Éléonore $1,300/oz gold

3333


APPENDIX F

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources:

These tables have been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United

States securities laws, and use terms that are not recognized by the United States Securities and Exchange Commission (“SEC”). The terms “Mineral Reserve”,

“Proven Mineral Reserve” and “Probable Mineral Reserve” are Canadian mining terms as defined in accordance with the Canadian Institute of Mining, Metallurgy

and Petroleum (“CIM”) — Definition Standards adopted by CIM Council on May 10, 2014 (the “CIM Definition Standards”) which were incorporated by reference in

the Canadian Securities Administrators’ NI 43-101 . These definitions differ from the definitions in SEC Industry Guide 7 (“Industry Guide 7”) under United States

securities laws. Under Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves 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 Industry Guide 7 and are normally not permitted to be used in reports

and registration statements filed with the SEC. United States investors are cautioned not to assume that any part or all of mineral deposits in these categories will

ever be converted into reserves. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic

and legal feasibility. A significant amount of exploration must be completed in order to determine whether an Inferred Mineral Resource may be upgraded to a

higher category. Under Canadian regulations, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare

cases. United States investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable.

Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations if such disclosure includes the grade or quality and the quantity

for each category of Mineral Resource and Mineral Reserve; however, the SEC normally only permits issuers to report mineralization that does not constitute

“reserves” by SEC standards as in place tonnage and grade without reference to unit measures.

Accordingly, information contained in this presentation containing descriptions of the Company’s mineral deposits may not be comparable to similar information

made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and

regulations thereunder.

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