UNIVERSIDAD JUÁREZ DEL ESTADO DE DURANGO

FACULTAD DE ECONOMÍA, CONTADURÍA Y ADMINISTRACIÓN

ESTADOS FINANCIEROS E INFLACIÓN

PRÁCTICA FINAL

Alumna: Zaragoza Magallanes Mayela Alejandra

Profesor: C.P. Martínez Aguilar Manuel De Jesús
Matricula: 1054989
Semestre: 4.-B

JUNIO DE 2018
1.- Programas ...................................................................................................................................... 3
A) Introducción A La Contabilidad Financiera ............................................................................. 3
B) Activo Y Pasivo A Corto Plazo .................................................................................................. 4
C) Activo No Circulante, Intangibles, Pasivo A Largo Plazo Y Capital Contable ........................... 5
D) Estados Financieros E Inflación ............................................................................................... 6
2.- NIF .................................................................................................................................................. 0
3.- Términos Contables Inglés- Español ............................................................................................ 14
4.- Antecedentes De La Contabilidad ................................................................................................ 24
Antecedentes Históricos ........................................................................................................... 24
Mesopotamia ............................................................................................................................ 24
Egipto ........................................................................................................................................ 25
Grecia ........................................................................................................................................ 25
Roma ......................................................................................................................................... 25
Edad media ................................................................................................................................ 26
Edad Renacentista ..................................................................................................................... 26
Edad Moderna ........................................................................................................................... 27
Inicio Y Desarrollo De La Contaduría Pública En México ........................................................... 28
5.- Obligaciones De Los Comerciantes .............................................................................................. 29
6.- Libros De Contabilidad Por Régimen Fiscal .................................................................................... 0
7.- Proceso Contable ........................................................................................................................... 1
8.- Paquetes De Contabilidad ............................................................................................................. 4
CONTPAQi ....................................................................................................................................... 4
ASPEL COI ........................................................................................................................................ 4
SAP .................................................................................................................................................. 5
9.- Contabilidad Electrónica ................................................................................................................ 6
10.- Facturación Electrónica 2018 ....................................................................................................... 7
11.- EXAMEN EGEL .............................................................................................................................. 8
13.- GAAP .......................................................................................................................................... 19
14.- Ejercicios .................................................................................................................................... 20
Balance general ............................................................................................................................. 20
Ejercicio 4.1 ............................................................................................................................... 20
 Partida Doble................................................................................................................................. 20
Ejercicio 6.3 ............................................................................................................................... 20
Valuación de inventarios ............................................................................................................... 20
Ejercicios 7.5 y 7.6 ..................................................................................................................... 20
Registro de operaciones ................................................................................................................ 20
Ejercicio 101 .............................................................................................................................. 20
Hoja de trabajo .............................................................................................................................. 20
Ejercicio 11.1, 11.2 y 11.3.......................................................................................................... 20
Estado de cambios en la situación financiera ............................................................................... 20
Ejercicio 12.3, 12.4 y 12.5.......................................................................................................... 20
Estado de variaciones en el capital contable ................................................................................ 20
Ejercicio 13.1 y 13.2................................................................................................................... 20
Re expresión de estados financieros............................................................................................. 20
Práctica final .............................................................................................................................. 20
15.- Anexos ........................................................................................................................................ 21
Gold Corp ...................................................................................................................................... 21
INPC ................................................................................................................................................. 1
Tipo De Cambio .................................................................................Error! Bookmark not defined.
Factura En Dólares .......................................................................................................................... 1
Moneda Extranjera.......................................................................................................................... 2
1.- Programas
A) Introducción A La Contabilidad Financiera
B) Activo Y Pasivo A Corto Plazo
C) Activo No Circulante, Intangibles, Pasivo A Largo Plazo Y Capital Contable
D) Estados Financieros E Inflación
2.- NIF
MARCO CONCEPTUAL SERIE NIF A NIF A-1
ESTRUCTURA DE LAS NORMAS DE INFORMACION FINANCIERA
MARCO CONCEPTUAL ¿Qué es?
 Sistema coherente de objetivos y fundamentos interrelacionados que establece la
naturaleza, función y limitaciones de la información financiera.
 Sirve como sustento racional para el desarrollo de las NIF.
 Es una guía para el reconocimiento contable.
 Constituye un marco de referencia para aclarar o sustentar tratamientos contables.
 Proporciona una terminología y un punto de referencia común entre los usuarios generales
de la información financiera.

¿DEBE SER OBLIGATORIO EL MARCO CONCEPTUAL?

 Desde su origen –tiene carácter normativo.
 Innumerables referencias en la normatividad contable vigente lo muestran.
 Se mantiene carácter obligatorio de las normas conceptuales, como soporte esencial para
derivar normas particulares.
ALCANCE
 Las disposiciones de esta Norma de Información Financiera son aplicables para todas las
entidades que emitan estados financieros con base en las NIF.
DEFINICION DE CONTABILIDAD
 Es una técnica que se utiliza para el registro de las operaciones que afectan
económicamente a una entidad y que produce sistemática y estructuradamente
información financiera.
 Las operaciones que afectan económicamente a una entidad incluyen las transacciones,
transformaciones internas y otros eventos.
INFORMACION FINANCIERA
 Emana de la contabilidad, es información cuantitativa, expresada en unidades monetarias y
descriptiva, que muestra la posición y desempeño financiero de una entidad, y cuyo objetivo
esencial es el de ser útil al usuario general en la toma de sus decisiones económicas.
 Su manifestación fundamental son los estados financieros.
 Se enfoca esencialmente en proveer información que permita evaluar el desenvolvimiento
de la entidad, así como en proporcionar elementos de juicio para estimar el
comportamiento futuro de los flujos de efectivo, entre otros aspectos. Que satisfaga las
necesidades comunes de una gran variedad de usuarios.
QUE SON LAS NIF?
“ Son un conjunto de pronunciamientos normativos , conceptuales y particulares, emitidos por
el CINIF o transferidos al CINIF, que regulan la información contenida en los estados financieros
y sus notas, en un lugar y fecha determinados, que son aceptados de manera amplia y
generalizada por todos los usuarios de la información financiera”.
NORMAS DE INFORMACION FINANCIERA
Las NIF se conforman de:
a) Normas de Información Financiera Conceptuales.
Marco Conceptual
b) Normas de Información Financiera Particulares.
NIF Particulares
c) Interpretación de las NIF
INIF
INTERPRETACIONES A LAS NIF
INIF, tienen por objetivo:
a) Aclarar o ampliar temas ya contemplados por alguna NIF.
No se Auscultan
b) Proporcionar oportunamente guías sobre nuevos problemas detectados o que se
desarrollen tratamientos poco satisfactorios o contradictorios.
Se Auscultan
ORIENTACIONES
El CINIF podrá emitir orientaciones
sobre asuntos emergentes que
requieran atención rápida, las
cuales no se someterán a
auscultación y no serán
obligatorias.
GRADOS DE INCERTIDUMBRE
Determinación de grados de incertidumbre respecto a la eventual ocurrencia de sucesos futuros:
c) Probable-existe alta certeza de que el suceso futuro ocurrirá.
d) Posible-el suceso futuro puede ocurrir; por consiguiente, la ocurrencia del evento es más
que remota y menos que probable.
e) Remota-no existen indicios o evidencias suficientes que permitan afirmar que ocurrirá el
suceso futuro.
VIGENCIA
Las disposiciones contenidas en esta Norma de Información Financiera entran en vigor para los
ejercicios que se inicien a partir del 1º de enero de 2006.
NIF A-2
“POSTULADOS BASICOS”
OBJETIVO Y ALCANCE
Define los postulados básicos del sistema de información contable.
La NIF A-2 es aplicable a todas las entidades que emitan estados financieros, en los términos
establecidos por la NIF A-3
DEFINICION
Postulados básicos.-Son proposiciones fundamentales que rigen el ambiente bajo el cual debe
operar el sistema de información contable.
¿ POR QUÉ SON IMPORTANTES
Basados en la práctica contable.
Correlacionan medios y fines.
Establecen “en qué momento” y “cómo” se debe dar el reconocimiento contable.
1. SUSTANCIA ECONÓMICA
Se eleva al rango de postulado básico
Remplaza: NINGUNO
Debe prevalecer en la delimitación y operación del sistema contable, así como en el
reconocimiento de las operaciones que afectan a la entidad.

2.-ENTIDAD ECONOMICA
Entidad que persigue fines económicos particulares y es independiente de otras entidades.
Adecua: principio de entidad
 Es identificable
 Combinaciones de recursos
 Centro de control independiente
 Fines específicos
2.-ENTIDAD ECONOMICA
Entidad que persigue fines económicos particulares y es independiente de otras entidades.
Es identificable
Combinaciones de recursos
Centro de control independiente
Fines específicos
Adecua: Principio de Entidad
3.-NEGOCIO EN MARCHA
Entidad se presupone en existencia continua y permanente.
Cuando no sea así, sujetarse a los criterios de las NIF.
Adecua: principio de negocio en marcha
4.-DEVENGACIÓN CONTABLE
Establece momento de reconocimiento de TODAS las transacciones y transformaciones internas así
como de otros eventos y su identificación con un periodo contable determinado
independientemente de cuándo se consideren realizadas.
Remplaza: principio de realización y periodo contable
DEVENGADO VS. REALIZADO
NIF A-2 aclara terminología respecto a lo “devengado” y “realizado”.
DEVENGADO Operaciones y eventos se reconocen cuando ocurren.
REALIZADO Se recibe o paga efectivo o su equivalente
5.-ASOC. COSTOS Y GASTOS VS. INGRESOS
Constituye el fundamento para reconocer partida en resultados.
Identificando costos y gastos erogados con ingresos generados.
Distribuyendo sistemáticamente costos y gastos en periodos contables.
Incorpora: Segunda parte de la definición del principio de periodo.
6.-VALUACION
Misma esencia:
Cuantificación en términos monetarios
 Valuación conforme a sus atributos
 Reconocimiento inicial y posterior
 Se remite a la NIF A-6
Adecua y amplía: principio de valor histórico original
7.-DUALIDAD ECONÓMICA
Conformación de la estructura financiera de una entidad económica
Adecua: principio de dualidad económica
8.-CONSISTENCIA
Implica que a transacciones similares, debe corresponder un tratamiento contable semejante, el
cual debe permanecer a través del tiempo, en tanto no cambie su esencia económica.
Adecua: principio de consistencia
CONSIDERACIONES FINALES DE LA NIF A-2
Vigente: a partir del 1º de enero del 2006.
Deroga: Boletín A-2 “Entidad” y Boletín A-3 “Realización y periodo contable”.
 NIF A-3:
NECESIDADES DE LOS USUARIOS Y OBJETIVOS DE LOS ESTADOS FINANCIEROS
OBJETIVO Y CONTENIDO DE LA NIF A-3
Identifica las necesidades comunes del usuario general.
Establece objetivos, características y limitaciones de los estados financieros de las entidades
lucrativas y de las no lucrativas.
Deroga los boletines B-1 y B-2.
TIPOS DE ENTIDADES
Entidad con propósitos lucrativos:
Es aquella entidad económica, cuyo principal atributo es resarcir y retribuir a los inversionistas su
inversión, a través de reembolsos o rendimientos.
TIPOS DE ENTIDADES
Entidad con propósitos no lucrativos:
Es aquella entidad económica encaminada a la consecución de fines de beneficio social y no resarce
la contribución a los patrocinadores.
No existe participación definida de propietario que pueda ser negociada.
USUARIOS

 Accionistas o dueños
 Patrocinadores
 Órganos de supervisión y vigilancia corporativa, interna o externas.
 Administradores
 Proveedores
 Acreedores
 Empleados
 Clientes y beneficiarios
 Unidades gubernamentales
 Contribuyentes de impuestos
 Organismos reguladores y
 Otros usuarios
NECESIDADES COMUNES DEL USUARIO GENERAL
Evaluar de la entidad:
 Su comportamiento económico-financiero.
 Su capacidad para optimizar sus recursos.
 Su viabilidad como negocio en marcha
LOS ESTADOS FINANCIEROS DEBEN SERLE ÚTILES PARA:
 Tomar decisiones de inversión o asignación de recursos
 Tomar decisiones de otorgar crédito
 Evaluar la capacidad de la entidad para generar recursos o ingresos por sus actividades
operativas
 Distinguir el origen y las características de los recursos financieros de la entidad.
 Formarse un juicio de cómo se ha manejado la entidad y evaluar la gestión de la
administración.
  Así como, su capacidad de crecimiento, la generación y aplicación del flujo de efectivo, su
productividad, los cambios en sus recursos y en sus obligaciones, el desempeño de la
administración, su capacidad para mantener el capital contable o patrimonio contable, el
potencial para continuar operando en condiciones normales, lafacultad para cumplir su
responsabilidad social a un nivel satisfactorio.
En una entidad con propósitos no lucrativos, además de lo anterior, debe servirles para:
 Evaluar en el largo plazo la suficiencia en la asignación de recursos y
 Analizar si se mantienen fuentes apropiadas de contribuciones y donaciones para seguir
proporcionado sus servicios de manera satisfactoria.
Objetivos de la información financiera-proveer elementos de juicio respecto a:
 Solvencia –Suficiencia de capital
 Liquidez –Suficiencia de recursos líquidos
 Eficiencia operativa –Operación adecuada
 Riesgo financiero –posible cambio en el valor de los activos netos.
 Rentabilidad –Capacidad de generar utilidad.
Los estados financieros básicos deben proveer información sobre la evolución de:
 Los activos,
 Los pasivos,
 El capital contable o patrimonio contable,
 Los ingresos y costos o gastos,
 Los cambios en el capital contable o patrimonio contable, y
 Los flujos de efectivo o, en su caso, los cambios en la situación financiera.

Se debe tener presente las siguientes limitaciones de los estados financieros:

 Las operaciones de la entidad, son reconocidas con diferentes alternativas, afectando su
comparabilidad;
 Los estados financieros, especialmente el balance general, presentan el valor contable de
los recursos y obligaciones de la entidad, cuantificables confiablemente con base en las NIF
y no pretenden presentar el valor razonable de la entidad en su conjunto; y
 Por referirse a negocios en marcha, están basados en varios aspectos en estimaciones y
juicios que son elaborados considerando los distintos cortes de periodos contables, motivo
por el cual no pretenden ser exactos.
En una entidad con propósitos no lucrativos, además de lo anterior, se tienen las siguientes
limitaciones:
 Los precios de venta de productos o servicios prestados pueden ser menores a su costo o
sin cargo alguno al beneficiario y, por tanto, el nivel de ingresos puede no ser representativo
del desarrollo de las actividades de la entidad;
 Los ingresos recibidos por la entidad con propósitos no lucrativos no compensan
necesidades a los costos para concluir sobre la eficiencia de los mismos; y
 Los activos y pasivos, así como, los costos y gastos de las entidades con propósitos no
lucrativos que pudieran derivar de servicios de voluntarios efectuados por su cuenta,
pueden no estar incluidos en las cifras de los estados financieros, así como las
contribuciones en especie efectuadas por los mismos y, por tanto, éstos pueden no ser
representativos de la información que dichas entidades usualmente muestran.
NIF A-4
“CARACTERISTICAS CUALITATIVAS DE LOS ESTADOS FINANCIEROS”
OBJETIVO
La NIF A-4 establece las características cualitativas que debe reunir la información financiera.
ALCANCE
Es aplicable a todas las entidades que emitan estados financieros, en los términos establecidos por
la NIF A-3.

PARADIGMA ESENCIAL: UTILIDAD

UTILIDAD de la información financiera contenida en los estados financieros para la toma de
decisiones.
Característica fundamental de la información financiera. Se refiere a la posibilidad de adecuarse a
las necesidades comunes del usuario en general.
Punto de partida para derivar características primarias y secundarias.
CARACTERISTICAS CUALITATIVAS
CONFIABILIDAD: el contenido de la información financiera debe ser congruente con las operaciones
ocurridas.
 Veracidad: debe reflejar operaciones realmente ocurridas.
 Representatividad: debe existir concordancia entre su contenido y las operaciones
ocurridas.
 Objetividad: no debe estar sesgadas por el criterio de quien la emite.
 Verificabilidad: debe poder comprobarse y validarse.
 Información suficiente (antes REVELACION SUFICIENTE): la información financiera debe ser
completa, para poder servir de base en la toma de decisiones.
 Posibilidad de predicción y confirmación: debe coadyuvar a prever y finalmente a constatar
situaciones, para actuar en función a ello.
 Importancia relativa: debe mostrar los aspectos importantes de la entidad.
 RELEVANCIA: Posibilidad de influir en la toma de decisiones de quienes los utilizan.
 COMPRENSIBILIDAD: Los estados financieros deben ser entendibles para el usuario.
 COMPARABILIDAD: Los estados financieros deben permitir su análisis en comparación con
informes anteriores de la misma entidad y en comparación con otras entidades.
RESTRICCIONES A LAS CARACTERISTICAS CUALITATIVAS
Las características cualitativas primarias, así como las asociadas a ellas, encuentran en ocasiones
algunas limitaciones que dificultan la obtención de niveles máximos de una u otra cualidad.
Surgen así los conceptos de:
 Oportunidad
 La relación entre costo y beneficio y
 El equilibrio entre las características cualitativas.

1. Oportunidad: La información financiera debe emitirse a tiempo, antes de que pierda su

capacidad de influir en su toma de decisiones.
2. Relación entre costo y beneficio: Los beneficios derivados de la información deben exceder
el costo de obtenerla.
Las NIF, son los requisitos mínimos que deben cumplir los estados financieros y, por lo tanto, NO
PUEDEN CUESTIONARSE EN SU APLICACIÓN POR RAZONES DE COSTO-BENEFICIO.
3. Equilibrio entre características cualitativas:
El cumplimiento de las características debe dirigirse a la búsqueda de un punto óptimo.
No hacia la consecución de niveles máximos de todas las características cualitativas, cuestión que
requiere de la aplicación del juicio profesional.
CONSIDERACIONES FINALES
Vigente: a partir del 1º de enero del 2006
Deroga: Boletín A-1 y su Addendum, así como Boletín A-6 “Importancia relativa”.
NIF A-5
ELEMENTOS BASICOS DE LOS ESTADOS FINANCIEROS
OBJETIVO Y CONTENIDO DE LA NIF A-5
Define los elementos básicos que conforman los estados financieros.
Uniforma los criterios en la elaboración, análisis e interpretación, por parte de los usuarios generales
de la información financiera.

ELEMENTOS BASICOS –BALANCE GENERAL

 Activo: recurso controlado por una entidad, identificado, cuantificado en términos

monetarios, del que se esperan fundadamente beneficios económicos futuros y derivado
de operaciones ocurridas en el pasado, que han afectado económicamente a dicha entidad.
Elementos de la definición -Activo
 Recurso controlado por una entidad
La entidad tiene el derecho de obtener para sí los beneficios económicos del activo.
 Identificado
Pueden determinarse los beneficios económicos que generará a la entidad.
 Cuantificado en términos monetarios debe cuantificarse confiablemente en términos
monetarios.
 Beneficios económicos futuros
 Potencial de un activo para impactar favorablemente a los flujos de efectivo de la
entidad, siendo ésta la característica fundamental de un activo.
  Derivado de operaciones ocurridas en el pasado: Debe reconocerse como consecuencia
de transacciones, transformaciones internas y de otros eventos, ocurridos en el pasado
y que ya han afectado económicamente a la entidad.
CONSIDERACIONES ADICIONALES -ACTIVO
No todos los activos generan costo: existen las donaciones.
No todos los activos están asociados a derechos de propiedad: se reconocen por sustancia
económica.
Cuando un activo pierde su capacidad de generar beneficios económicos futuros, debe disminuirse
o eliminarse.
Estimaciones: Representan la disminución del valor de un activo cuya cuantía o fecha de ocurrencia
son inciertas, pero se reconocen cuando es probable que exista dicha disminución.
Activo contingente Es el que surge a raíz de sucesos pasados, cuya posible existencia ha de ser
confirmada solo por la ocurrencia o, en su caso, por la falta de ocurrencia de uno o más eventos
inciertos en el futuro que no controla la entidad; por estas características, no se reconoce
contablemente.
 Pasivo: obligación presente de la entidad, virtualmente ineludible, identificada, cuantificada
en términos monetarios y que representa una disminución futura de beneficios
económicos, derivada de operaciones ocurridas en el pasado, que han afectado
económicamente a dicha entidad.
 Obligación presente: Es una exigencia económica identificada en el momento
actual, de cumplir en el futuro con una responsabilidad adquirida.
 Virtualmente ineludible: Existe la probabilidad, aunque no la certeza absoluta, de
dar cumplimiento a la obligación.
 Identificada Puede identificarse la salida de recursos que generará a la entidad,
por lo que debe tener un propósito definido.
 Cuantificada en términos monetarios: Debe cuantificarse confiablemente en
términos monetarios.
 Disminución futura de beneficios económicos: Representa la probable salida de
recursos de la entidad, para dar cumplimiento a la obligación.
 Derivada de operaciones ocurridas en el pasado: Debe reconocerse como
consecuencia de operaciones pasadas que ya han afectado económicamente a la
entidad.
 Provisiones: Son pasivos cuya cuantía o fecha de vencimiento son inciertas, pero
se reconocen cuando es probable que ocurra la salida de beneficios económicos.
 Pasivo Contingente: Es el que surge a raíz de sucesos pasados, cuya posible
existencia ha de ser confirmada sólo por la ocurrencia o, en su caso, por la falta de
ocurrencia de uno o más eventos inciertos en el futuro que no controla la entidad,
por estas características, no se reconoce contablemente.
 Capital contable para lucrativas y Patrimonio contable para no lucrativas
 Valor residual de los activos de la entidad, una vez deducidos todos sus pasivos
TIPOS DE CAPITAL CONTABLE
Contribuido –aportaciones de los propietarios de la entidad (no incluye donaciones).
Ganado –Utilidades o pérdidas acumuladas más reservas creadas.
TIPOS DE PATRIMONIO CONTABLE
  Restringido permanentemente –su uso por parte de la entidad está limitado por disposición
de los patrocinadores, la cual que no expira en el tiempo.
 Restringido temporalmente –su uso por parte de la entidad está limitado por disposición de
los patrocinadores, la cual expira en algún momento.
 No restringido –no tiene restricciones de los patrocinadores para su uso.
ELEMENTOS BASICOS-ESTADO DE RESULTADOS Y DE ACTIVIDADES
Ingreso: incremento de los activos o decremento de los pasivos de una entidad, durante un periodo
contable, con impacto favorable en la utilidad o pérdida neta o, en su caso, en el cambio neto en el
patrimonio contable.
Tipos de ingreso
 Ordinarios–operaciones usuales, es decir, propias del giro de la entidad, ya sean frecuentes
o no.
 No ordinarios–operaciones inusuales, es decir, no propias del giro de la entidad, ya sean
frecuentes o no.
Costo y gasto: decremento de los activos o incremento de los pasivos de una entidad, durante un
periodo contable, con la intención de generar ingresos y con un impacto desfavorable en la utilidad
o pérdida neta o, en su caso, en el cambio neto en el patrimonio contable.
El término costo es un tipo de gasto que se deriva de activos expirados: pe. Costo de ventas, costo
por venta de activo fijo, etc.
Tipos de costo y gasto
 Ordinarios–operaciones usuales, es decir, propias del giro de la entidad, ya sean frecuentes
o no.
 No ordinarios–operaciones inusuales, es decir, no propias del giro de la entidad, ya sean
frecuentes o no.
Utilidad o pérdida neta: valor residual de los ingresos de una entidad lucrativa, después de disminuir
sus costos y gastos relativos, durante un periodo contable.
Cambio neto en el patrimonio contable. Modificación del patrimonio contable de una entidad no
lucrativa, durante un periodo contable, derivada de sus ingresos, costos y gastos, así como por las
contribuciones patrimoniales recibidas.
Movimientos de propietarios: Cambios al capital contable de una entidad, durante un periodo
contable, derivados de las decisiones de sus propietarios en relación con su inversión en dicha
entidad:
 Aportaciones de capital,
 Reembolso de capital,
 Decreto de dividendos,
 Capitalizaciones de capital contribuido,
 Capitalizaciones de utilidades integrales y
 Capitalizaciones de reservas creadas
Creación de reservas: Segregación de las utilidades netas acumuladas de la entidad, con fines
específicos y creados por disposiciones de sus propietarios.
Utilidad o pérdida integral: cambio del capital ganado de una entidad lucrativa, durante un periodo
contable, derivado de la utilidad o pérdida neta, más otras partidas integrales.
Partidas integrales: son ingresos, costos o gastos, que por disposición de alguna NIF particular, están
reconocidos como un elemento separado en el capital contable y no como parte de las utilidades
acumuladas, debido a que:
 Su realización se prevé a mediano plazo/largo plazo
 Existe riesgo de no realizarse plenamente
Al momento de su realización, deben enviarse al estado de resultados.
Origen de recursos: aumento de efectivo, durante un periodo contable, provocado por la
disminución de cualquier otro activo distinto al efectivo, el incremento de pasivos, o por el
incremento al capital contable o patrimonio contable, por parte de los propietarios o patrocinadores
de una entidad.
Aplicación de recursos: disminución de efectivo, durante un periodo contable, provocado por el
incremento de cualquier otro activo distinto al efectivo, la disminución del capital contable por parte
de los propietarios de una entidad.
Tipos de origen y aplicación de recursos:
 De operación
 De inversión
 De financiamiento
Recursos de operación:
Son los relacionados con las actividades que representan la principal fuente de ingresos para la
entidad.
Recursos de inversión: Son los que se destinan a la adquisición de activos de larga duración o, en su
caso, se obtienen de la disposición de los mismos.
Son los que se obtienen o aplican como consecuencia de transacciones con acreedores financieros,
o en su caso, con los propietarios de una entidad.
3.- Términos Contables Inglés- Español
Acceptance: aceptación
Account: cuenta
Accountant: contador
Accounting: contabilidad
Accounts payable: cuentas por pagar
Accounts receivable: cuentas por cobrar
Accrued assets: activos acumulados
Accrued: causado
Acquisition costs: costos de adquisición
Acquisition: adquisición o compra
Actives: activos
ADR: American depository receipt
Advising bank: banco avisor
Amortization, paying off: amortización
Amount: monto de una deuda
Analysis: análisis
Anti trust laws: leyes antimonopólicas
Article: artículo
Assembly: asamblea
Assets: activos
At sight: a la vista
Auction: subasta pública
Auditory: auditoría
Aunvity: anvalidar
Automatic cash: cajero automático
Automatic cashing: cobro automatizado
Average price: precio promedio
AWL: airway lading: conocimiento de embarque aéreo
B/L: bill of lading: conocimiento de embarque
Back to back: crédito documentario
Balance of payments: balanza de pagos
Balance of payments: balanza de pagos
Balance of trade: balanza comercial
Balance sheet: balance general
Balance: saldo
Balanced fore card: cuadro integrado de costo
Balloon payment: pago al final
Banker's acceptance: aceptacion bancaria
Bankruptcy: banca rota
Banning: banca
Barter: trueque
Basis of assessment: base gravable
Be in debt: estar en deuda, adeudar
Bear market: mercado bursátil en declinación
Bench mark: punto de comparación
Bench marking: proceso de comparar continuamente una organización con líderes del
mundo.
Bias: sesgo, tendencia
Bid: oferta
Bill of change: letra de cambio
Bill: cuenta
Blue chip company: gran compañía
Bond: bono
Book keeping: contabilidad
Borrowing: préstamo
Bottom price: precio mínimo
Brand: marca de fabrica
Breadwinner: asalariado
Break down: análisis
Break even point: punto de equilibrio
Breakage: rotura
Budget: presupuesto
Bulk: masa, volumen
Bull market: mercado bursátil en alza
Business card: tarjeta de negocios
Buyer: comprador
Buying power: poder adquisitivo
C&F: valor incluyendo costo y flete
Capital flight: fuga de capital
Capital gains: utilidades de capital
Capital goods: bienes de capital
Capital market: mercado de capital
Capital rationing: racionamiento de capital
Capital stock: acciones de capital
Capital: capital
Carnings: ganancias
Carrier: transportador marítimo
Cash balance: saldo de caja
Cash cows: vacas lecheras
Cash flow audience: flujo de caja del inversionista
Cash flow: flujo de caja
Cash on hand: efectivo en caja
Cash payment: pago al contado
Cash: contado
Ceiling price: precio tope
CEO: chief executive officer: presidente
Change: cambio
Check: cheque
CIF: valor incluyendo costo, seguro y flete
Circulating capital: capital circulante
Claim: reclamo
Clean credit: crédito sin necesidad de garantías
Clearing: compensación
Client: cliente
Coaching: asesoría personal
COD: cash on deliver: pago contra entrega
COD: Cash on delivery : entrega contra reembolso
Collateral: activo dado en prenda
Collect: cobro en el destino
Comissions: comisiones
Commitment fee: comisión de compromiso
Commodity: mercadería
Company: compañía
Competition: competencia
Competitiveness: competitividad
Compound interest: interés compuesto
Concern: compañía
Conciliation: conciliación
Consolidated debt: deuda consolidada
Consultation: consulta
Consumer goods: bienes de consumo
Consumer price index: índice de precios al consumo
Consumer: consumidor
Consumption: consumo
Contribution founds: aportación de fondos
Convertibility: convertibilidad
Cost benefit ratio: razón beneficio costo
Cost of living adjustment: ajustes por inflación
Cost price: precio de costo
Cost volume profit analysis: análisis de sensibilidad
Cost: costo
Counter trade: comercio
Counter trade: trueque
Coupon: desprendible
Credit card: tarjeta de crédito
Credit: crédito
Creditor: acreedor
Currency: circulante
Currency: moneda
Current account: cuenta corriente
Current account: cuenta corriente
Custom house: aduana
Customer: cliente
Customers duty: derechos arancelarios
Data business: comercio electrónico
Data cash: banca electrónica
Deal: negocio
Dealer: vendedor
Debt limit: nivel de endeudamiento
Debit: débito
Decision: decisión
Deck load: carga en cubierta
Deck: cubierta
Default: incumplimiento
Deferred payment: pago a plazos
Deferred: diferido
Deficit: déficit
Deflaction: deflación
Delivery: entrega
Demand: demanda
Deposit: deposito
Depreciation: depreciación
Devaluation: devaluación
Devise: divisas
Disbursement : desembolso
Discount: descuento
Dividend: dividendo
Down payment: pago inicial
Draft: letra de cambio
Drawing: giro
Duty: arancel
Earning report: estado de resultados
EBIT
Economic profit: valor económico
Economic trend: coyuntura económica
Economy: economía
Efective rate per annuu: tasa efectiva anual
Effective rate: tasa efectiva
Effective: efectivo
Empowerment: empoderamiento
Enterprice: empresa
Entrepreneur: empresario
EPS: ganancias por acción
Escision: particion de una sociedad en dos o entregar de parte a otras existentes
EVA: economic valúe added
Exchange adjustment: ajuste de cambio
Exchange rate: tasa de cambio, tipo de cambio
Expenditure: desembolso
Expense: desembolso
Expenses: gastos
Exporter: exportador
Exposure: exposición, riesgo
Face value: valor nominal
Face value: valor nominal
Factory: fabrica
Fair price: precio justo
FASB: normas contables
Fee: comisión inicial
Finance evaluation: evaluación financiera
Financial backing: apoyo financiero
Financial ratios: razones financieras
Financing evaluation method: método de evaluación financiera
Financing: financiación
Firm: compañía
Fixed assets: activos fijos
Fixed price: precio fijo
Float, floating: cheques girados y no cobrados
Floating debt: deuda flotante
FOB: franco a bordo
Foreign exchange: divisas
Forward: cobertura en moneda extranjera
Forwarder: despachador
Forwards: mecanismo de protección ( en garantía en el exterior)
Free cash flow: flujo libre de efectivo
Freight: flete
Fund transfer: translado de fondos
Fund: fondo
Future worth: valor futuro
Gambling: apuesta
Golden parachute: "paracaídas dorado" indemnización
Good will: buena imagen
Goods: bienes
Gross benefit: beneficio bruto
Gross income: ingreso bruto
Hard currency: moneda dura
Harvesting strategy: sacar el efectivo producido
Hedge: cobertura
Hedging: cobertura
High income housing: vivienda suntuaria
Hire purchase: venta a plazos
Hurdle rate: tasa de corte
IBF : international banking facility: transacciones en eurodolares en Estados Unidos
Importation: importación
In land freight: flete terrestre
Income : renta
Income policy: política de ingresos
Income statement: estado de ganancias y pérdidas
Income tax: impuesto sobre renta
Income yield capacity: rentabilidad
Increase: incremento
Inflation: inflación
Inherited audience: flujo de caja del proyecto futuro
Initial investment: inversión inicial
Input: insumo
Installment: crédito
Insurance: seguro
Interchange: intercambios
Interest rate: tasa de interés
Internal rate of return: tasa interna de retorno
Inventory: inventarios
Investment: cartera
Investment: inversión
Invoice : factura
IOU: I owe you: le debo
IRR : international rate of return: tasa internacional de retorno
Issuing company: compañía emisora
Item: partida
Join- venture: acuerdo de cooperacion entre empresas de dos paises
Joint venture: actividad empresarial conjunta entre socios de países diferentes
Junk bond: bono basura
Label : etiqueta
Labor: mano de obra
Lakeover: adquisición hostil
Lend: prestar
Letter of credit: carta de crédito
Leverage rate: índice de apalancamiento
Levy: gravamen
Liabilities: pasivo
Liquidity ratios: razón de liquidez
Liquidity: liquidez
Listed securities: acción cotizada en bolsa
Load: cargamento
Loan: prestamo
Long term capital flows: flujo de capital a largo plazo
Long term debt: deuda a largo plazo
Long term loan: préstamo a largo plazo
Loss: perdida
Low income housing: vivienda popular
Lump sum: pago global
M&A: mergers and acquisitions: fusiones y adquisiciones
Manager: gerente
Manufacturer: fabricante
Manufactures products: productos manufacturados
Market price: precio de mercado
Market research: estudio de mercado
Market: mercado
Matched timing: tiempo apareado
Meeting: asamblea
Merger: fusión
Monetary adjustment monetary correction: corrección monetaria
Money growth: crecimiento del dinero
Money received: ingresos
Money: dinero
Monthly payment: mensualidad
Mortage: hipoteca
Most favored nation treatment: tratamiento de nación mas favorecida
Movement: movimientos
National income: ingreso nacional
Net cash flow: flujos netos de efectivo
Net present value: valor presente neto
Net price : precio neto
Net worth: valor neto ( patrimonio)
Net: red
NF: no founds: sin fondos
Nominal rate: tasa nominal
Non profit corporation: empresa no lucrativa
NPV: Net present value: valor presente neto
Number, turnover: cifra
Offer: oferta
Open market: mercado libre
Operation costs: costos de operación
Operation expenses: gastos de operación
Operation: operación
Ordinary shares: acciones comunes
Output, production: producción
Outstanding shares: acciones en circulación
Pay in cash: pagar en efectivo
Payback period: periodo de recuperación
Payment advance: avance
Payment in arrears: pago atrasado
Payment: pago
Payroll: nomina
Period: período
PIB: gross national product
Planing: planificación
Political economy: economía política
Pre investment: pre inversión
Preference shares: acciones preferentes
Preferential trading system: sistema de comercio preferencial
Price control: control de precios
Price earning rate: relación precio ganancia
Price elasticity: elasticidad del precio
Price fall: caída de precios
Price freeze: congelación de precios
Prive list: tarifas
Price: precio
Prime rate: tasa preferencial
Profit margin: margen de beneficio
Profit: beneficio
Profit: ganancia
Profit: utilidad
Project life cycle: ciclo de vida del proyecto
Promissory note: pagare
Promissory quota: pagare
Providers: proveedores
Proyect evaluation: evaluación de proyectos
Proyection: proyección
Purchase: compra
Purchasing power: poder adquisitivo
Quota: cupo
Rate of growth: tasa de crecimiento
Rate of interest: tasa de interés
Rate of return: tasa de rentabilidad
Rate: índice
Raw material: materia prima
Real interest: interés real
Receipt: recibo
Recession: desaceleracion
Reciprocal trade: acuerdo comercial
Redemption: amortización
Repayment: reembolso
Refund: reembolso
Rentability: rentabilidad
Required return: retorno sobre la inversión
Return on assets: retorno sobre activos
Return on equity: retorno sobre el patrimonio
Revolving found: fondo de rotación
Roucher: comprobante
Runaway inflation: inflación galopante
Sale: venta
Security: seguridad
Set back: contratiempo
Settlement: saldos
Share turnover: movimiento accionario
Share: acción
Shareholder: accionista
Shares of stock: acciones
Shares outstanding: acción en circulación
Short term loan: préstamo a corto plazo
Simple interest: interés simple
Sinking found: fondo de amortización
Speculation: especulación
Statement of accounts: estado de cuentas
Stock company: compañía anónima
Stock corporation: compañía anónima
Stock exchange: bolsa de valores
Stock holder: accionista
Stock holders: patrimonio
Stock index: indicador bursátil
Stock market: bolsa de valores
Stock pile: acumulación de inventarios
Stock: capital
Stockbroker: corredor de bolsa
Storing: almacenamiento
Sum: suma
Supply: oferta
Surcharge: recargo
Surrender value: valor de salvamento
Surtax: sobretasa
Swap: cambalache
Tax: impuesto
Technical study: estudio técnico
To debit: adeudar
To go into debt: contraer deuda
To owe: adeudar
Trade: comercio
Trading year: ejercicio económico
Transaction: operación
Transport: transporte
Turn over: rotación
Unemployment: desempleo
Up turn: alza
Valorization: valorización
Value added network: red de valor agregado
Value engineering: generación de valor
Venture capital: capital de riesgo
Wholesaler: mayorista
Winery: bodega
Winset on line: bolsa electrónica
Working capital: capital de trabajo
4.- Antecedentes De La Contabilidad
La contabilidad es una técnica que se ocupa de registrar, clasificar y resumir las operaciones
mercantiles de un negocio con el fin de interpretar sus resultados. Como sabemos el origen de la
contabilidad es de hace muchos años, desde que el hombre se dio cuenta de que su memoria no
era suficiente para guardar la información necesaria. Desde el año 6000 a.c. ya existían los
elementos necesarios para la actividad contable. En Grecia, Egipto y en los Valles de Mesopotamia
llevaban registros y operaciones financieras de las empresas privadas y públicas en tablillas de barro.
El objetivo de la contabilidad es proporcionar información a los dueños y socios de un negocio sobre
lo que se deba y se tiene. Se puede dividir en objetivo administrativo y financiero. El objetivo
administrativo es proporcionar información a los administradores para que ellos planifiquen, tomen
las decisiones y control de las operaciones y el objetivo financiero es proporcionar información de
las operaciones realizadas por un ente, fundamentalmente en el pasado.
Antecedentes Históricos
La memoria del ser humano es limitada. Desde que tuvo la invención de los primitivos sistemas de
escritura, el hombre los ha utilizado para llevar a cabo el registro de aquellos datos de la vida
económica que le era preciso recordar.
Las primeras civilizaciones que surgieron sobre la tierra tuvieron que hallar la manera de dejar
constancia de determinados hechos con proyección aritmética, que se producían con demasiada
frecuencia y era demasiado complejos para poder ser conservados en la memoria. Reyes y
sacerdotes necesitaban calcular la repartición de tributos, y registrar su cobro por uno u otro medio.
La organización de los ejércitos también requería un cálculo cuidadoso de las armas, pagas y
raciones alimenticias, así como de altas y bajas en sus filas.
Algunas sociedades que carecían de escritura en sentido escrito utilizaron, sin embargo, registros
contables; es el caso de los Incas, que empleaba los quipus, agrupaciones de nudos de distintas
formas y colores ordenados a lo largo de un cordel, y cuya finalidad, aún no desvelada totalmente
era, sin duda, la de efectuar algún tipo de registro numérico.
Mesopotamia
El país situado entre el Tigris y el Éufrates era ya en el cuarto milenio a. De J.C. asiento de una
próspera civilización. Los comerciantes de las grandes ciudades mesopotámicas constituyeron
desde fechas muy tempranas una casta influyente e ilustrada.
El famoso código de Hammurabi, promulgado aproximadamente en el año 1700 a. De J.C., Contenía
a la vez que leyes penales, normas civiles y de comercio. Regulaba contratos como los de préstamo,
venta, arrendamiento, comisión, depósito y otras figuras propias del derecho civil y mercantil, y
entre sus disposiciones había algunas directamente relacionadas con la manera en que los
comerciantes debían llevar sus registros.
Se han conservado miles de tablillas cerámicas que permiten formarse una imagen acerca de la
manera en que los sumerios llevaban las cuentas. Gracias a esos testigos, inmunes al paso del
tiempo, sabemos que ya en épocas muy antiguas existían sociedades comerciales, e las que las
aportaciones de capital y el reparto de beneficios estaban cuidadosamente estipulados por escrito.
La propia organización del Estado, así como el adecuado funcionamiento de los templos, exigían el
registro de sus actividades económicas en cuentas detalladas. Los templos llegaron a ser verdaderas
instituciones bancarias, que realizaban préstamos.
El auge de Babilonia a comienzos del segundo milenio a. De J.C., es decir en la época de que data el
Código de Hammurabi, trajo consigo un progreso en las anotaciones contables. Aparece entonces
una manera generalizada de realizar las inscripciones, estableciéndose un orden en los elementos
de éstas; título de la cuenta, nombre del interesado, cantidades, total general. Los pueblos
mesopotámicos utilizaban ya el ábaco para facilitar la realización de las operaciones aritméticas,
que fueron sumamente laboriosas en todas las épocas, hasta la relativamente reciente introducción
universal de la actual numeración arábiga. La costumbre de insertar la plancha cerámica en una
varilla, siguiendo un orden cronológico, creó verdaderos libros de contabilidad.
Egipto
El instrumento material utilizado habitualmente por los egipcios para realizar la escritura era el
papiro. Las anotaciones de tipo contable, por su carácter repetitivo, llegaron a conformar un tipo de
escritura hierática que ha resultado muy difícil de descifrar para los estudios.
Los escribas especializados en llevar las cuentas de los templos, del Estado y de los grandes señores,
llegaron a constituir un cuerpo técnico numeroso y bien considerado socialmente.
De cualquier forma, y pese al papel decisivo que la contabilidad desempeño en el antiguo Egipto,
no puede decirse que la civilización faraónica haya contribuido a la historia de la contabilidad con
innovaciones o procedimientos que no hubieran sido ya utilizados por los poderosos comerciantes
calderos.
Existen testimonios sobre contabilidad, tanto en Egipto como en Mesopotamia. Pagani, en su obra
I Libri Comerciali [citado por Gertz, 1996:26], «quien al referirse a la Atenas del siglo V a.C., dice que
había reyes que imponían a los comerciantes la obligación de llevar determinados libros, con el fin
de anotar las operaciones celebradas...».
Grecia
Los templos helénicos, fueron los primeros lugares de la Grecia clásica en los que resulto preciso
desarrollar una técnica contable. Cada templo importante, en efecto poseía su tesoro, alimentado
con los óbolos de los fieles o de los estados.
El lugar en el que los arqueólogos han encontrado más abundante y minuciosa documentación
contable lo constituye el santuario de Delfos.
Los banqueros llevaban fundamentalmente dos clases de libros de contabilidad: el Diario
(efemérides) y el libro de cuentas de clientes. El orden y la pulcritud con que se llevaban las
anotaciones hizo que la exactitud de éstas llegara a ser reconocida por la ley, que otorgada a los
libros de contabilidad valor de prueba principal.
La contabilidad pública también se desarrolló en las ciudades griegas.
Gertz (1996:32), afirma que «El primer gran Imperio Económico que se conoce fue el de Alejandro
Magno (356,323 a.C.),...los banqueros griegos, fueron famosos en Atenas, ejerciendo su influencia
en todo el Imperio. De ellos se dice: "Llevaban una contabilidad a sus clientes, la cual debían mostrar
cuando se les demandara; su habilidad, y sus conocimientos técnicos hicieron que con frecuencia se
les empleara para examinar las cuentas de la ciudad "(History of Modern Bank of Isue, Conant).»
Roma
En el siglo I a, de J.C. se menospreciaba a una persona que fuera incapaz de controlar contablemente
su patrimonio.
Los grandes negociantes llegaron a perfeccionar sus libros de contabilidad de tal manera que
algunos historiadores han creído ver en ellos, se conservan sólo algunos fragmentos incompletos,
un primer desarrollo del principio de la partida doble.
No hay ninguna prueba que acredite su empleo con anterioridad a la expansión comercial italiana
de las postrimerías de la Edad Media.
Para que exista la Partida Doble no basta con la disposición de la cuentas en dos columnas
enfrentadas, u otros detalles de forma; Es preciso que el principio que informa la Parte Doble se
aplique inflexiblemente, sin excepciones.
Sin embargo, es donde se encuentran testimonios especificados e incontrovertibles sobre la práctica
contable, desde los primeros siglos de fundada, todo jefe de familia asentaba diariamente sus
ingresos y gastos en un libro llamado "Adversaria", el cual era una especie de borrador, ya que
mensualmente los transcribía, con sumo cuidado, en otro libro, el "Codex o Tubulae"; en el cual, a
un lado estaban los ingresos (acceptum), y al otro los gastos (expensum).
Edad media
Durante el periodo románico del feudalismo el comercio cesó de ser una práctica común, por lo
tanto el ejercicio de la Contabilidad tuvo que haber sido usual, aunque no se tenga un testimonio
que lo compruebe.
La interrupción del comercio hizo que la Contabilidad fuese una actividad exclusiva del señor feudal,
esto se debió a que los ataques e invasiones árabes y normandas obligaron a los europeos a
protegerse en sus castillos.
La Contabilidad siempre se mantuvo activa, ya que los musulmanes durante sus conquistas
expansivas fomentaron el comercio, dando lugar a la práctica de esta disciplina.
En la Europa del siglo VIII se conservó una ordenanza de Carlo Magno, llamada "Capitulare de Villis",
en la cual se estipulaba el levantamiento de un inventario anual de las propiedades del imperio y
del registro de sus registros en un libro que tuviese por separado ingresos y egresos.
Desde el siglo VI hasta el IX, el "Solidus" fue la unidad monetaria aceptada generalmente, dando
lugar e la más fácil práctica de la Contabilidad, por ser ésta una medida homogénea.
En la Italia del siglo VIII, la contabilidad era una actividad usual y necesaria, tanto que en Venecia se
conoció de una casta dedicada a tal práctica en forma profesional y constante. Es en esta ciudad
donde se dio mayor impulso a la Contabilidad.
En la Europa Central de los siglos VIII y XII, donde la práctica contable se designó a los escribanos,
por órdenes de los señores feudales.
En Inglaterra, el rey Guillermo, el Conquistador, mandó hacer el "Demosday Book" donde, entre
otras cosas, contenía los ingresos y egresos de la corona.
Europa durante los siglos XI y XIV experimento cambios económicos, dando lugar a que la
Contabilidad dejara de llevarse por los monjes y amanuenses de los feudos a la usanza romana.
La técnica de Partida Doble se implanto al final del siglo XIII.
Fueron tres ciudades italianas las que se consideraron los focos comerciales más importantes y por
lo tanto contables, las tres ciudades fueron; Florencia, Venecia, y Génova.
Es para los años treinta del siglo XV, cuando se conoce mundialmente el sistema "a al Veneciana",
que consistía en un juego de dos libros, uno que contenía los registros cronológicamente y el otro
que agrupaba las cuentas de caja, corresponsalía, Pérdidas y Ganancias, y las cuentas patrimoniales,
de tal manera que se puede decir que éste es el origen de los libros Diario y Mayor.
Edad Renacentista
Data de esa época el libro "Della mercatura et del mercanti perfetto", cuyo autor fue Benedetto
Cotingli Rangeo, quien lo terminó de escribir el 25 de Agosto de 1458, y fue publicado en 1573.
El libro aunque toca la contabilidad de manera breve, explica de una manera muy clara la identidad
de la partida doble, el uso de tres libros: el Cuaderno (Mayor), Giornale (Diario) y Memoriale
(Borrador), afirma que los registros se harán en el Diario y de allí se pasarán al Mayor, el cual tendrá
un índice de cuentas para facilitar su búsqueda, y que deberá verificarse la situación de la empresa
cada año y elaborar un "Bilancione" [Balance]; las pérdidas y ganancias que arroje serán llevadas a
Capital, habla también de la necesidad de llevar un libro copiador de cartas [Libro de Actas].
Sin embargo, es fray Lucas de Paciolo, quién en su libro "Summa", publicado en 1494, se refiere al
método contable, que se conoció desde entonces como "A lla Veneziana", que amplia la información
de las prácticas comerciales: sociedades, ventas, intereses, letras de cambio, etc.
En forma detallada toca el tema contable, luego en otros países se harían publicaciones que
ampliarían el tema.
Llega el siglo XIX, y con él el Código de Napoleón (1808), comienza la Revolución Industrial, Adam
Smith y David Ricardo, echan las raíces del liberalismo, la contabilidad comienza a tener
modificaciones de fondo y forma, bajo el nombre de "Principios de Contabilidad", en 1887 se funda
la "American Association of Public Accountants", antes, en 1854 "The Institute of Chartered
Accountants of Scotland", en 1880 "The Institute of Chartered Accountants of England and Wales",
organismos similares los constituyen Francia en 1881, Austria en 1885, Holanda en 1895, Alemania
en 1896.
Edad Moderna
A comienzos del siglo XIX el proceso industrial empezaba su carrera de éxito, Adam Smith y David
Ricardo, padres de la economía, fueron quienes iniciaron el liberalismo; es partir de esta época,
cuando la Contabilidad comienza a sufrir los modificaciones de fondo y forma, que bajo el nombre
de principios de contabilidad actualmente se siguen suscitando.
La bondad del primer diseño del Diario-Mayor-Único fue reunir en un solo volumen al Diario con su
relación cronológica de conceptos, y al Mayor con la acumulación clasificada por esas cuentas, con
sus respectivos cargos y abonos, ahorrándose así gran cantidad de tiempo, pues en vez de dos libros
se llevaba uno solo.
En el año de 1845 el Tribunal de Comercio de la Ciudad de México, estableció la "Escuela Mercantil",
siendo cerrada dos años después, pero en 1854 se funda la Escuela de Comercio.
Durante este siglo XIX, no sólo el auge económico trajo mayor desarrollo a las prácticas contables
en lo referente a agrupaciones profesionales, centros docentes, y mandatos legales sobre la
disciplina contable, sino que hubo también cambios sustanciales en el fondo y la forma.
Fabio Besta, conocido en Italia con el nombre de "El Moderno Padre de la Contabilidad", que ha
sido, entre los teóricos, el que ha llegado a estructurar una nueva teoría llamada "Teoría Positiva
del Conto" gracias a una profunda y consistencia búsqueda histórica de la Contabilidad. Besta
comienza a explicar su teoría de la manera siguiente: "La Contabilidad es en medio de una completa
información referente a dinero, cuentas recibidas, activos fijos, intereses, inversiones, etc., y es
evidente que una rápida y certera información es imposible sin asentar en el mismo lugar las
mutaciones ocurridas en cada uno de estos objetos", y conceptúa a la cuenta diciendo: "Es una serie
de entradas y salidas referentes a un definido y claro objeto, conmensurable y mutable, con la
función de registrar información acerca de las condiciones y monto del objeto en un momento
particular y de los cambios que en él intervienen", además afirma que "la cuenta son abiertas
directamente a objetos, no a ,as personas que intervienen, e indica valores monetarios".
Dentro de las modificaciones de forma, que la Contabilidad sufriera durante el siglo XIX, se
encuentra el sistema de Pólizas, que nació a partir del uso de volantes para dar mayor rapidez a los
depósitos de los cuenta-habientes del Banco; más tarde se inventó el Sistema Centralizador.
Inicio Y Desarrollo De La Contaduría Pública En México
En el año de 1845 el Tribunal de Comercio de la Ciudad de México, estableció en esta capital a la
primera escuela de enseñanza comercial, bajo el nombre de Escuela Mercantil. Durante la guerra
con los norteamericanos en 1847 la escuela tuvo que cerrar sus puertas por falta de fondos.
El 28 de enero de 1845, por decreto de Santa Ana, se fundó la escuela de Comercio. Esta escuela,
aunque tropezando con algunas dificultades, pudo subsistir hasta el establecimiento del imperio
Maximiliano. A la caída de éste, el gobierno de Don Benito Juárez se preocupó por la reorganización
de la enseñanza pública y el 15 de julio de 1868, fue inaugurada la escuela con el nombre de Escuela
Superior de Comercio y Administración.
En el año de 1871 quedaron más reglamentos y formalizados los estudios hechos en la escuela y se
crearon las carreras de empleado contador (contador privado). Ya desde a principios del siglo se
sentía en México la falta de profesionales nacionales y el primer paso para formarlos fue la creación
de la carrera de contador en el año de 1905 en la Escuela Superior de Comercio y Administración.
Los estudios que se hacían en los primeros tiempos de la Escuela de Comercio pueden considerarse
propiamente, como elementales, hasta la creación de la carrera de contador de comercio en que la
enseñanza fue sistematizada y se agregaron nuevas materias a los programas de estudio.
El día 25 de mayo de 1907 se celebró el primer examen profesional de contador, sustentado por el
Sr. Don Fernando Diez Barroso.
En el año de 1917, un grupo de contadores titulados decidió formar una agrupación profesional que
quedó constituida, a mediados de dicho año, con el nombre de "Asociación de Contadores Públicos".
Dado el éxito alcanzado en los fines de la Asociación, ésta resultaba insuficiente y el año de 1923 se
decidió formalizar sus trabajos constituyendo el Instituto de Contadores Públicos Titulados de
México, lo cual se llevó a cabo el día 6 de octubre del mismo año.
5.- Obligaciones De Los Comerciantes

Obligaciones De Los
Comerciantes

Orden
Orden Legal Orden Especial
Mercantil

Presentar Avisos (Apertura,

Inscribirse en el
suspensión, reanudación,
registro público de la
clausura) ante el SAT, SSA, Inscribirse en la cámara SIEM
propiedad (Persona
INEGI, Finanzas del estado,
Moral)
etc.
-Anunciar su calidad
mercantil (DOF)
(Persona Moral)
Pagar Impuestos como ISR, -Llevar Contabilidad
IVA, IEPS, ISN, etc -Conservar Inscribir a sus trabajadores en el
correspondencia IMSS e INFONAVIT
6.- Libros De Contabilidad Por Régimen Fiscal

Contabilidad Formal:
Sociedades Mercanties -Libro Diario
Personas SA de CV -Libro Mayor (Libro
condensado y Libro Auxiliar)
Físicas Asociaciones
Libros De Civiles AC
Contabilidad No llevan contabilidad formal
-Declaración anual de ISR cuando los
Sueldos Y Salarios
ingresos son mayores de 400,000 o
más de 2 patrones

Contabilidad Simplificada.
Honorarios
Libro de Ingresos y Egresos

Contabilidad Simplificada.
Arrendamiento
Libro de Ingresos y Egresos
Personas
Morales Agricultura, Ganadería, Comercio, Pesca, Silvicultura,
Industria
Actividad Llevan contabilidad normal o tradicional, formal con libro
Empresarial diario y libro mayor
RIF
Declaraciones Definitivas Bimestrales

Enajenacion de
Inmuebles premios
7.- Proceso Contable
Contabilidad Accounting
Sistema de contabilidad Accounting system
Sistema centralizado Centralized system
CURP Unique Population Registry Code
FIEL Advanced Electronic Signature
CIEC Confidential Electronic Identification Code.
Capital contribuido Contributed capital
Contrapartida Counterpart
Ajustes Adjustments
Cuentas T T Accounts
Cargo Debit
Abono Credit
Libro diario Diary book
Libro mayor Ledger
Electrónico Electronic
Software contable Accounting software
Contpaq Contpaq
Auxiliar condensado Condensed auxiliary
Entrada Entry, Input
Activo Assets
Activo circulante Current assets
Caja Cash
Arqueo de caja Cash register
Conciliación bancaria Bank reconciliation
Bancos Banks
Deudores diversos Various debtors
Clientes customers
Almacén Stock
Procedimiento de reg de mercancías Procedure of registration of goods
Mercancías generales General merchandise
Analítico Analytical
Inventarios perpetuos Perpetual inventories
Método de valuación de inventarios Inventory valuation method
Inventarios Inventories
Precio promedio Average price
Ueps last in first out
Peps First In First Out
Inventario inicial Initial inventory
Inventario final Final inventory
Impuestos Taxes
Impuestos por pagar Taxes to pay
Inversiones Investments
Inversiones corto plazo Short term investments
Inversiones a largo plazo Long-term investments
Inversiones permanentes Permanent investments
IVA VAT value added tax
IVA a favor VAT in favor
IVA acreditable creditable VAT
Activo fijo Fixed asset
Propiedad planta y equipo Property plant and equipment
Depreciación Depreciation
Método de línea recta Straight line method
Depreciación acumulada Accumulated depreciation
Vida útil Useful life
Activo diferido Deferred assets
Intereses cobrados por anticipados Interest charged in advance
Amortización Amortization
Amortización acumulada Accumulated amortization
Devengacion Accrual
Intangibles Intangibles
Pasivo Liabilities
Pasivo circulante Current liabilities
Proveedores Suppliers
Acreedores Creditors
IVA trasladado VAT transferred
IVA por pagar VAT payable
Pasivo fijo Fixed liability
CETES Certificates of the Federal Treasury of Mexico
Pasivo diferido Deferred liabilities
Costos Costs
Ventas Sales
Dev y reb sobre venta Returns and sales rebates
Devoluciones Returns
Dev y rebajas sobre compras Returns and rebates on purchases
Salida Output
Gastos Expenses
Otros productos Other products
Ingresos Income
Egresos Expenses
Documento fuente Source document
Facturas Bills
Documento contabilizador Posting document
Pólizas de ingreso egresos y diario Income and daily admission policies
Pólizas Policies
Instrumentos financieros Financial instruments
Flujos de efectivo Cash flows
Moneda extranjera Foreign currency
Saldos ajustados Balances adjusted
Estados financieras Financial statements
Balanza previa Pre-balance
Estado de flujo de efectivo Cash flow statement
Edo. de variaciones en el capital contable Statement of changes in stockholders' equity
Estado de resultados Statement of income
Otros resultados integrales Other comprehensive results
Resultado de ejercicios anteriores Result of previous exercises
Pérdidas y ganancias Profit and loss
Utilidad y pérdida cambiaría Profit and exchange loss
Utilidad Utility
Superávit Surplus
Balance general Balance sheet
Capital Contable Accounting Capital
Capital ganado Capital earned
Balanza de comprobación Trial Balance
Intereses Interests
Repomo Result by Monetary position.
Retanm Result of holding monetary assets
8.- Paquetes De Contabilidad
CONTPAQi
CONTPAQi® Contabilidad es el sistema contable integrador que facilita el
proceso de la información contable, financiera y fiscal de la empresa, así como la
recepción de los comprobantes fiscales digitales.

 Agiliza la Contabilización eliminando capturas manuales

 Cumple con DPIVA y entrega a tiempo con el PCRDD CONTPAQi
 Cumples con la disposición de Contabilidad Electrónica
 Cumples con las Normas de Información Financiera (NIF)
 Agilizas la contabilización de tus comprobantes de gastos
 Se adapta fácilmente al manejo de tu contabilidad
 Es eficiente en el cálculo y control del IVA, DyP y DIOT
 Incrementa tu velocidad de búsqueda
 Te brinda facilidad de captura
ASPEL COI
Aspel COI es un sistema de contabilidad integral capaz de englobar, procesar y
mantener actualizada la información fiscal y contable de las pequeñas y
medianas empresas Todo de forma segura y confiable.
También es capaz de generar declaraciones informativas correspondientes a
impuestos como IETU, ISR, IVA y DIOT.

Aspel COI se divide en los siguientes módulos:

 Catálogo de Pólizas.
 Catálogo de cuentas.
 Catálogo de activos.
 Hojas de cálculo fiscales.
 Hojas de cálculo financieras.
 Reportes de depreciación.
 Reportes financieros.

Las principales funciones de Aspel COI son las siguientes:

Te permite capturar pólizas de forma rápida y eficaz desde pólizas realizadas en Microsoft Excel ya
sea una a una o por medio de un registro masivo.
Controla los gastos, ingresos y presupuestos de tu empresa en diferentes denominaciones
monetarias.
Permite llevar la contabilidad por medio de proyectos, centros de costos y departamentos.
Realiza cálculos de depreciaciones de activo fijo.
Emite reportes, gráficas y documentos de trabajo para evaluar el estado financiero de la empresa.
Mantiene la contabilidad al día gracias a que puedes automatizar el registro correspondiente.
Proporciona una integración total con otros sistemas Aspel como Aspel NOI, Aspel CAJA, Aspel SAE
y aspel banco.
SAP
El software para contabilidad Sistemas, Aplicaciones y Productos
en Procesamiento de datos (SAP, por sus siglas en inglés) es un
sistema financiero, contable y de registro que ayuda a llevar un
control de las transacciones y a reportar la información operativa
al final del trimestre o del mes. El software también ayuda a
analizar información financiera.
Función
Una compañía utiliza el software de contabilidad SAP para hacer notas en un diario de cuentas
financieras de débito y crédito como bienes, responsabilidades, acciones, ingresos y gastos.
También puedes utilizar este software para preparar presupuestos.
Componentes
Este software SAP tiene todos los componentes de un sistema de reporte tradicional de cuentas y
finanzas. Estos componentes incluyen cuentas financieras, generales y libros contables secundarios,
módulos de declaraciones financieras y secciones de presupuesto.
Libro contable general SAP
El libro contable general SAP es una forma contable de dos entradas que ayuda a hacer anotaciones
diarias. En este libro contable, un contador debita y acredita las cuentas bancarias para registrar las
transferencias que ocurren dentro de un mes o un trimestre.
Libro contable Secundario SAP
Un libro contable general SAP cuenta con múltiples libros secundarios, dependiendo de las
actividades del cliente y de la configuración del software. Por ejemplo, las cuentas pagables en libros
generales pueden tener libros secundarios relacionados con vendedores individuales.
Activo Fijo SAP
El módulo de activos fijos SAP ayuda a la compañía a registrar bienes comprados y vendidos. Un
activo fijo también es llamado un bien de largo término. Entre los ejemplos se incluyen: la
maquinaria, el equipo, los edificios y las plantas.
Reporte financiero SAP
El módulo de reporte financiero SAP ayuda a preparar reportes financieros, incluyendo hojas de
balance, anotaciones de beneficios y pérdidas, flujos de caja y ganancias retenidas.
9.- Contabilidad Electrónica
La contabilidad electrónica se refiere a la obligación de llevar los registros y asientos contables a
través de medios electrónicos e ingresar de forma mensual su información contable a través de la
página de Internet del SAT.

Para dar cumplimiento formal al ingreso mensual de información contable, únicamente se enviará
la balanza de comprobación y el catálogo de cuentas con el código agrupador del SAT que permita
su interpretación.

Adicionalmente, los contribuyentes deben tener la posibilidad de generar información electrónica

de sus pólizas contables y auxiliares para entregarla al SAT, sólo cuando:

 El SAT ejerza facultades de comprobación directamente al contribuyente o a terceros

relacionados (compulsas)
 El contribuyente solicite una devolución o realice una compensación.

Los contribuyentes del Régimen de Arrendamiento, Servicios Profesionales e Incorporación Fiscal

quedan relevados del envío de Contabilidad Electrónica, siempre y cuando registren sus operaciones
en el módulo de contabilidad de la herramienta electrónica “Mis cuentas”.
10.- Facturación Electrónica 2018
A partir del 1 de julio del 2017 entra en vigor el nuevo formato de la factura (versión 3.3) y la factura
de recepción de pagos.
Las facturas emitidas a partir del 1 de enero del 2018, sólo serán válidas en la versión 3.3.
Del 1 de julio del 2017 hasta el 31 de agosto del 2018 será opcional la emisión de la factura de
recepción de pagos. A partir del 1 de septiembre del 2018, será obligatoria.
El proceso de aceptación de cancelación de facturas entra en vigor el 1 de julio del 2018.
Con la nueva factura, los contribuyentes obtienen los siguientes beneficios:

 Certeza al tener información estandarizada y confiable de sus transacciones

comerciales en línea y de que reportan información completa y correcta al SAT. Con
esto se disminuye la posibilidad de ser sancionados.
 Simplificación de su proceso de facturación y conciliación de pagos.
 No presentar la Declaración Informativa Múltiple de Sueldos y Salarios, y en un futuro
tampoco la Declaración Informativa de Operaciones con Terceros.
 Certeza de que cuando ya pagaron por los productos o servicios que reciben, las
facturas que amparan ese gasto no van a ser canceladas.
 Se evitará la duplicidad de ingresos cuando facturen en parcialidades.
 Podrán automatizar más fácilmente sus procesos.
11.- EXAMEN EGEL
Índice
Presentación........................................................................................................................................ 5
Propósito y alcance del EGEL-CONTA .................................................................................................. 5
Destinatarios del EGEL-CONTA............................................................................................................ 6
¿Cómo se construye el EGEL-CONTA?................................................................................................. 6
Características del EGEL-CONTA ......................................................................................................... 7
¿Qué evalúa el EGEL-CONTA? ............................................................................................................. 9
Estructura general del EGEL- CONTA por áreas y subáreas ............................................................ 9
Temas ........................................................................................................................................ 10
Examen en línea ................................................................................................................................ 18
Cómo ingresar a su examen .......................................................................................................... 18
Cómo responder los reactivos de su examen ................................................................................ 24
Cómo desplazarse dentro del examen .......................................................................................... 26
Cómo marcar o resaltar una pregunta de la cual tiene duda ....................................................... 27
Cómo consultar el tiempo disponible ............................................................................................ 28
Cómo interrumpir la sesión del examen ........................................................................................ 29
Cómo terminar la sesión del examen ............................................................................................ 30
Examen en papel y lápiz .................................................................................................................... 32
Hoja de respuestas ........................................................................................................................ 32
Cuadernillo de preguntas .............................................................................................................. 33
Portada del cuadernillo ................................................................................................................. 33
Instrucciones para contestar la prueba ......................................................................................... 34
Materiales de consulta permitidos ................................................................................................ 36
¿Qué tipo de preguntas se incluyen en el examen? ...................................................................... 36
Registro para presentar el examen ................................................................................................... 43
Requisitos ...................................................................................................................................... 43
Cuestionario de contexto............................................................................................................... 44
Número de folio ............................................................................................................................. 44
Condiciones de aplicación ................................................................................................................. 45
Duración de las sesiones................................................................................................................ 45
Recomendaciones útiles para presentar el examen ...................................................................... 45
Procedimiento por seguir al presentar el examen......................................................................... 46
 Reglas durante la administración del instrumento ....................................................................... 46
Sanciones ....................................................................................................................................... 47
Resultados ......................................................................................................................................... 48
Reporte de resultados ................................................................................................................... 48
Descripción de los niveles de desempeño...................................................................................... 49
Nivel de desempeño satisfactorio ................................................................................................. 49
Nivel de desempeño sobresaliente ................................................................................................ 49
Testimonios de desempeño ........................................................................................................... 50
Consulta y entrega ........................................................................................................................ 51
Recomendaciones y estrategias de preparación para el examen..................................................... 51
¿Cómo prepararse para el examen? ............................................................................................. 51
Cuerpos colegiados ........................................................................................................................... 55
Consejo Técnico ............................................................................................................................. 55
Comité Académico......................................................................................................................... 56
 GUÍA PARA EL SUSTENTANTE DEL EXAMEN GENERAL PARA EL EGRESO DE LA LICENCIATURA EN CONTADURÍA

Presentación
El Centro Nacional de Evaluación para la Educación Superior, A.C. (Ceneval) es una asociación civil que ofrece, desde 1994,
servicios de evaluación a cientos de escuelas, universidades, empresas, autoridades educativas, organizaciones de profesionales
del país y de otras instancias particulares y gubernamentales. Su actividad principal es el diseño y la aplicación de instrumentos
de evaluación. Su misión consiste en proveer información confiable sobre los aprendizajes que logran los estudiantes de distintos
niveles educativos.

En el terreno de la educación, como en todas las actividades humanas, la evaluación es el proceso que permite valorar los
aciertos, reconocer las fallas y detectar potencialidades. Contar con información válida y confiable garantiza tomar decisiones
acertadas.

Esta guía está dirigida a quienes sustentarán el Examen General para el Egreso de la Licenciatura en Contaduría (EGEL-
CONTA). Su propósito es ofrecer información, que permita a los sustentantes, familiarizarse con las principales características del
examen, los contenidos que se evalúan, el tipo de preguntas (reactivos) que encontrarán en el examen, así como con algunas
sugerencias de estudio y de preparación para presentar el examen.

Se recomienda al sustentante revisar con detenimiento la guía completa y recurrir a ella de manera permanente durante su
preparación o para aclarar cualquier duda sobre aspectos académicos, administrativos o logísticos en la presentación del EGEL-
CONTA.

Propósito y alcance del EGEL-CONTA

El EGEL-CONTA tiene como propósito identificar que los egresados de la licenciatura en Contaduría que presentan el examen
cuentan con los conocimientos y habilidades necesarios para iniciarse eficazmente en el ejercicio de la profesión. La información
que ofrece permite al sustentante:

 Conocer el resultado de su formación en relación con un estándar de alcance nacional mediante

la aplicación de un examen confiable y válido, probado con egresados de instituciones de
educación superior de todo el país.

 Conocer el resultado de la evaluación en cada área del examen, por lo que puede ubicar aquéllas
donde tiene un buen desempeño, así como aquellas en las que presenta debilidades.

 Beneficiarse curricularmente al contar con un elemento adicional para integrarse al mercado

laboral.

5
 GUÍA PARA EL SUSTENTANTE DEL EXAMEN GENERAL PARA EL EGRESO DE LA LICENCIATURA EN CONTADURÍA

A las instituciones de educación superior (IES) les permite:

 Incorporar el EGEL-CONTA como un medio para evaluar y comparar el rendimiento de sus

egresados con un parámetro nacional, además del uso del instrumento como una opción para
titularse.

 Contar con elementos de juicios válidos y confiables que apoyen los procesos de planeación y
evaluación curricular que les permita emprender acciones capaces de mejorar la formación
académica de sus egresados, al adecuar planes y programas de estudio.

 Aportar información a los principales agentes educativos (autoridades, organismos

acreditadores, profesores, estudiantes y sociedad en general) acerca del estado que guardan
sus egresados, respecto de los conocimientos y habilidades considerados necesarios para
integrarse al campo laboral.

A los empleadores y a la sociedad les permite:

 Conocer con mayor precisión el perfil de los candidatos a contratar y de los que inician su
ejercicio profesional, mediante elementos válidos, confiables y objetivos de juicio, para contar
con personal de calidad profesional, acorde con las necesidades nacionales.

Destinatarios del EGEL-CONTA

Está dirigido a los egresados de la licenciatura en Contaduría, que hayan cubierto el 100% de los créditos, estén o no titulados
y, en su caso, a estudiantes que cursan el último semestre de la carrera, siempre y cuando la institución formadora así lo solicite.

El EGEL-CONTA se redactó en idioma español, por lo que está dirigido a individuos que puedan realizar esta evaluación con esa
habilidad lingüística. Los sustentantes con necesidades físicas especiales serán atendidos en función de su requerimiento
especial.

¿Cómo se construye el EGEL-CONTA?

Con el propósito de asegurar la pertinencia y validez de los instrumentos de evaluación, el Ceneval se apoya en Consejos
Técnicos, integrados por expertos en las diferentes áreas que conforman la profesión, los cuales representan a diferentes
instituciones educativas, colegios o asociaciones de profesionistas, instancias empleadoras del sector público, del sector privado
o de carácter independiente. Estos consejos técnicos funcionan a partir de un reglamento y se renuevan periódicamente.

6
 GUÍA PARA EL SUSTENTANTE DEL EXAMEN GENERAL PARA EL EGRESO DE LA LICENCIATURA EN CONTADURÍA

El contenido del EGEL-CONTA es el resultado de un complejo proceso metodológico, técnico y de generación de consensos en
el Consejo Técnico y en sus Comités Académicos de apoyo en torno a:

i) La definición de las principales funciones o ámbitos de acción del profesional

ii) La identificación de las diversas actividades que se relacionan con cada ámbito
iii) La selección de las tareas indispensables para el desarrollo de cada actividad
iv) Los conocimientos y habilidades necesarios para la realización de esas tareas profesionales
v) La inclusión de estos conocimientos y habilidades en los planes y programas de estudio
vigentes de la licenciatura en Contaduría

Todo esto teniendo como referente fundamental la opinión de centenares de profesionistas activos en el campo del Contaduría,
formados con planes de estudios diversos y en diferentes instituciones, quienes, a través de una encuesta nacional, aportaron su
punto de vista respecto a:

i) Las tareas profesionales que se realizan con mayor frecuencia

ii) El nivel de importancia que éstas tienen en el ejercicio de su profesión
iii) El estudio o no, durante la licenciatura, de los conocimientos y habilidades necesarios para la
realización de estas tareas

Características del EGEL-CONTA

Es un instrumento de evaluación que puede describirse como un examen con los siguientes atributos:

Atributo Definición
Especializado para la Evalúa conocimientos y habilidades específicos de la formación profesional del
carrera profesional de licenciado en Contaduría que son críticos para iniciarse en el ejercicio de la
Contaduría profesión. No incluye conocimientos y habilidades profesionales genéricos o
transversales.
Considera los aspectos esenciales en la licenciatura en Contaduría para
iniciarse en el ejercicio de la profesión en el país. No está referido a un currículo
De alcance nacional
en particular. Se diseñan y
preparan para que tengan validez en todo el país.
Cuenta con reglas fijas de diseño, elaboración, aplicación y calificación.
Estandarizado

Los resultados de cada sustentante se comparan contra un

Criterial estándar de desempeño nacional preestablecido por el Consejo Técnico del
examen.
Tiene criterios de calificación unívocos y precisos, lo cual permite su
Objetivo
automatización.

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Permite establecer el nivel de rendimiento del sustentante, sobre la base de que

De máximo esfuerzo este hace su mejor esfuerzo al responder los reactivos de la prueba.

Con base en sus resultados los sustentantes pueden titularse y las IES obtienen
De alto impacto
un indicador de rendimiento académico.
Cada pregunta se acompaña de cuatro opciones de respuesta, entre las cuales
De opción múltiple
solo una es la correcta.
Permite determinar si los sustentantes son capaces de utilizar lo aprendido
Contenidos
durante su Licenciatura en la resolución de problemas y situaciones a las que
centrados en
típicamente se enfrenta un egresado al inicio del ejercicio profesional.
problemas

Evalúa resultados de aprendizaje de programas de formación profesional de la

Sensible a la licenciatura en Contaduría, los cuales son una consecuencia de la experiencia
instrucción educativa institucionalmente
organizada.
Contenidos
Contenidos validados por comités de expertos y centenares de profesionistas en
validados
ejercicio en el país.
socialmente

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¿Qué evalúa el EGEL-CONTA?

El Examen está organizado en áreas, subáreas y temas. Las áreas corresponden a ámbitos profesionales en los que actualmente
se organiza la labor del licenciado en Contaduría. Las subáreas comprenden las principales actividades profesionales de cada uno
de los ámbitos profesionales referidos. Por último, los temas, identifican a los conocimientos yhabilidades necesarios para realizar
tareas específicas relacionadas con cada actividad profesional.

Estructura general del EGEL-CONTA por áreas y subáreas

Distribución de
% en el Núm. de reactivos por
Área/ Subárea
examen reactivos sesión
1a 2a
A. Contabilidad 22.5 45 45
1. Determinación de la estructura contable 5.0 10 10
2. Valuación y presentación de información financiera 9.0 18 18
3. Integración de estados financieros básicos 8.5 17 17
B. Administración de costos 21.5 43 22 21
1. Cálculo de costos unitarios 11.0 22 22
2. Análisis de costos 4.5 9 9
3. Identificación de actividades que agregan valor a la empresa 3.0 6 6
4. Diseño del sistema de costeo 3.0 6 6
C. Administración financiera 16.0 32 32
1. Análisis de estados financieros 3.0 6 6
2. Interpretación de estados financieros 3.0 6 6
3. Evaluación de alternativas de financiamiento e inversión 7.0 14 14
4. Elaboración del presupuesto 3.0 6 6
D. Fiscal 15.0 30 30
1. Delimitación del marco legal tributario de la entidad 10.5 21 21
2. Cálculo de contribuciones de la entidad 4.5 9 9
E. Auditoría 25.0 50 50
1. Evaluación de los procesos de la organización como auditor interno
10.0 20 20
2. Revisión de estados financieros como auditor externo 9.0 18 18
3. Revisión de las obligaciones fiscales 3.0 6 6
4. Aplicación de las disposiciones del Código de Ética Profesional 3.0 6 6
Total 100.0 200* 99 101
* Adicionalmente se incluye un porcentaje de reactivos piloto.
Estructura aprobada por el Consejo Técnico del EGEL-CONTA el 3 de septiembre de 2015.

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A continuación se señalan los temas en cada área y subárea en las que se organiza el examen. Cada uno de estos temas está
relaciona con los conocimientos y habilidades que requiere poseer el egresado en Contaduría para iniciarse en el ejercicio
profesional.

A. Contabilidad

A 1. Determinación de la estructura contable

En esta subárea se pretende medir si el sustentante es capaz de:

 Identificar el marco conceptual aplicable a la entidad

 Seleccionar el sistema de información contable idóneo para la entidad

A 2. Valuación y presentación de información financiera

En esta subárea se pretende medir si el sustentante es capaz de:

 Valuar las transacciones, transformaciones internas y otros eventos de conformidad con el

marco conceptual
 Aplicar las normas particulares de valuación contenidas en las disposiciones
correspondientes
 Registrar las transacciones, transformaciones internas y otros eventos en el sistema de
información contable
 Convertir transacciones en moneda extranjera
 Aplicar la norma internacional referente a ingresos ordinarios

A 3. Integración de estados financieros básicos

En esta subárea se pretende medir si el sustentante es capaz de:

 Aplicar las normas particulares de revelación en la información financiera

 Reconocer los efectos de la inflación en la información financiera
 Preparar los estados financieros básicos establecidos en la normatividad contable
 Aplicar las normas de revelación sobre hechos posteriores a la emisión de la información
financiera

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Bibliografía sugerida

Tapia Iturriaga, C. K. (2016), Instituto Mexicano de Contadores Públicos (IMCP). Contabilidad financiera a corto
plazo. México: IMCP.

Tapia Iturriaga, C. K. (2015), Instituto Mexicano de Contadores Públicos (IMCP). Contabilidad financiera a largo
plazo. México: IMCP.

Tapia Iturriaga, C. K. (2015), Instituto Mexicano de Contadores Públicos (IMCP). Síntesis y comentarios de las
NIF. México: IMCP.

Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF), Instituto
Mexicano de Contadores Públicos (IMCP). Normas de Información Financiera (NIF). México: IMCP. Vigente.

Prieto Llorente, A. (2014). Operación contable en los procesos de negocio. México: Pearson.

B. Administración de costos

B 1. Cálculo de costos unitarios

En esta subárea se pretende medir si el sustentante es capaz de:

 Identificar los elementos del costo

 Asignar los costos indirectos a productos, servicios u objetos
 Determinar los volúmenes de producción o servicios prestados
 Valuar inventarios
 Acumular los elementos del costo
 Calcular el costo del producto o servicio prestado

B 2. Análisis de costos
En esta subárea se pretende medir si el sustentante es capaz de:

 Clasificar los costos en categorías pertinentes

 Segmentar los costos
 Determinar estándares, variaciones y desviaciones en costos
 Usar herramientas administrativas y financieras para la toma de decisiones

B 4. Identificación de actividades que agregan valor a la empresa

En esta subárea se pretende medir si el sustentante es capaz de:

 Determinar la cadena de valor de los procesos o actividades

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 Proponer la mejora de actividades y eliminación, en su caso, de las actividades

innecesarias

B 5. Diseño del sistema de costeo

En esta subárea se pretende medir si el sustentante es capaz de:

 Seleccionar el sistema más apropiado para la acumulación de costos

 Diseñar procesos de control de costos

Bibliografía sugerida
Calleja Bernal, F. (2013). Contabilidad de costos. (2a. ed.). México: Pearson. García
Colín, J. (2012). Contabilidad de costos, (4a. ed.). México: McGraw-Hill.

Hansen D. R., y Mowen M. M. (2007). Administración de costos: contabilidad y control. (5a. ed.). México:
Thomson.

Horngren, C. T. et. al. (2012). Contabilidad de costos: un enfoque gerencial. (14a. ed.). México: Pearson.

Ramírez Padilla, D. N. (2013). Contabilidad administrativa: un enfoque estratégico para competir.

(9a. ed.). México: McGraw-Hill.

Río González, C. del. et. al. (2011). Costos I: Introducción al estudio de la contabilidad y control de los costos
industriales. (22a. ed.). México: Cengage Learning.

Rojas Cataño, M.L. (2012), Instituto Mexicano de Contadores Públicos (IMCP). Contabilidad de costos en
industrias de transformación: Manual Teórico-Práctico. México: IMCP.

Torres Salinas, A. S. (2010). Contabilidad de costos. (3a. ed.). México: McGraw-Hill.

Warren, C. S., Reeve, J. M., Duchac, J. E. (2010). Contabilidad administrativa. (10a. ed.). México: Cengage
Learning.

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C. Administración financiera

C 1. Análisis de estados financieros

En esta subárea se pretende medir si el sustentante es capaz de:

 Aplicar técnicas de análisis de estados financieros en pesos constantes

 Estandarizar estados financieros sobre bases comparables

C 2. Interpretación de estados financieros

En esta subárea se pretende medir si el sustentante es capaz de:

 Construir e interpretar pirámides de razones financieras

 Elaborar un plan de acción con base en los resultados del análisis financiero
 Aplicar razones financieras para evaluar el desempeño financiero integral

C 3. Evaluación de alternativas de financiamiento e inversión

En esta subárea se pretende medir si el sustentante es capaz de:

 Identificar las diferentes fuentes de financiamiento

 Analizar las opciones de financiamiento/inversión que utilizan interés simple o compuesto
en su cotización
 Aplicar las técnicas más usadas para la evaluación de proyectos de inversión
independientes o mutuamente excluyentes
 Identificar los principales intermediarios financieros
 Identificar los principales instrumentos en los diferentes mercados financieros
 Identificar fuentes de exposición a riesgos financieros
 Identificar el funcionamiento del mercado de derivados

C 5. Elaboración del presupuesto

En esta subárea se pretende medir si el sustentante es capaz de:

 Formular el plan del presupuesto con base en los objetivos de la entidad

 Integrar el presupuesto

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Bibliografía sugerida
Baca Urbina, G. (2013). Evaluación de proyectos. (7a. ed). México: McGraw-Hill. Berk, J.
y DeMarzo P. (2008). Finanzas corporativas. México: Pearson.

Besley, S. y Brigham, E. F. (2009). Fundamentos de administración financiera. (14a. ed.). México: Cengage
Learning.

Burbano Ruiz, J. E. (2011). Presupuestos: enfoque de gestión, planeación y control de recursos, (4a. ed.).
México: McGraw-Hill.

Calvo Langarica, C. (2012). Análisis e interpretación de estados financieros. México: PACJ.

Díaz, M., Ramiro, P. y López, L. (2015). Presupuestos: enfoque para la planeación financiera. México: Pearson.

Ehrhardt, M. C. y Brigham, E. F. (2007). Finanzas corporativas. (2a. ed.). México: Thomson.

Gitman, J. L. y Zutter, J.C. (2012). Principios de Administración Financiera. (12a. ed.). México: Pearson.

Instituto Mexicano de Contadores Públicos (IMCP) (2011). Análisis Bursátil. (2a. ed.). México: IMCP. Moreno
Fernández, J. (2012). Las finanzas en la empresa. (7a. ed.). México: Patria.

Nassir Sapag Chain (2011), Proyectos de Inversión: formulación y evaluación. (2a. ed.). Chile: Pearson.

Ramírez Solano, E. (2007). Moneda, banca y mercados financieros: instituciones e instrumentos en países en
desarrollo. México: Pearson.

Ross, S. A. et. al. (2012). Finanzas corporativas. (9a. ed.). México: McGraw-Hill.

Welsch, U. et al. (2005). Presupuestos: planificación y control. (6a. ed.). México: Pearson.

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D. Fiscal

D 1. Delimitación del marco legal tributario de la entidad

En esta subárea se pretende medir si el sustentante es capaz de:

 Identificar las obligaciones fiscales de la entidad

 Identificar los derechos fiscales de la entidad
 Aplicar conceptos legales de las contribuciones
 Presentar la declaración en tiempo y forma

D 2. Cálculo de contribuciones de la entidad

En esta subárea se pretende medir si el sustentante es capaz de:

 Determinar la base de las contribuciones

 Realizar los cálculos fiscales del contribuyente

Bibliografía sugerida

Arrioja Vizcaino, A. (2014). Derecho fiscal. (22a. ed.). Themis.

Código Fiscal de la Federación y su Reglamento. México. Vigente

Dominguez Orozco, J. (2016). Pagos mensuales del IVA 2016: Tasas en 2016 con casos prácticos. (13a. ed.).
México: Ediciones fiscales ISEF, S.A.

Macías Valadez Treviño, F. (2014), Academia de estudios fiscales de la contaduría pública, A.C., Instituto
Mexicano de Contadores Públicos (IMCP). Medios electrónicos en materia fiscal: La eliminación del papel.
México: IMCP.

Martínez Gutiérrez, J. (2016). 60 Casos prácticos ISR, IVA, IMSS: Personas morales / Personas físicas 2016. (9a
ed.). México: Ediciones fiscales ISEF, S.A.

Ley del Impuesto al Valor Agregado y su Reglamento. México. Vigente

Ley del Impuesto Sobre la Renta y su Reglamento. México. Vigente

Pérez Chávez, J., Fol Olguín, R. (2014). Taller de prácticas fiscales: ISR, IVA, IMSS, Infonavit. México: Tax
Editores Unidos, S.A. de C.V.

Rivera Jiménez, A. (2014). Regímenes fiscales de personas físicas para cumplir con la obligación de contribuir
al gasto público. México: IMCP.

Sánchez Miranda, A. (2016). Aplicación práctica del Impuesto al Valor Agregado 2016. (10a ed.). México:
Ediciones fiscales ISEF, S.A.

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E. Auditoría

E 1. Evaluación de los procesos de la organización como auditor interno

En esta subárea se pretende medir si el sustentante es capaz de:

 Evaluar factores de riesgo de actividades auditables

 Elaborar el plan anual de trabajo para la revisión de los procesos significativos
seleccionados de los procesos de la organización
 Evaluar riesgos y controles del proceso a auditar
 Aplicar procedimientos de auditoría
 Elaborar el informe de auditoría

E 2. Revisión de estados financieros como auditor externo

En esta subárea se pretende medir si el sustentante es capaz de:

 Evaluar factores de riesgo de actividades auditables

 Evaluar controles internos de las áreas de riesgo en sus procesos de generación de
información financiera
 Elaborar el plan de auditoría
 Aplicar procedimientos de auditoría
 Emitir la opinión sobre los estados financieros
 Evaluar el cumplimiento del auditor de las normas de control de calidad

E 3. Revisión de las obligaciones fiscales

En esta subárea se pretende medir si el sustentante es capaz de:

 Evaluar las operaciones de la organización para determinar sus obligaciones fiscales

 Evaluar el cumplimiento de las obligaciones fiscales
 Elaborar la información fiscal a capturar en los medios que determine la autoridad
 Elaborar informes sobre el cumplimiento de obligaciones fiscales a las autoridades
correspondientes

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E 4. Aplicación de las disposiciones del Código de Ética Profesional

En esta subárea se pretende medir si el sustentante es capaz de:

 Aplicar los principios fundamentales del Código de Ética Profesional

 Identificar las amenazas y salvaguardas del Código de Ética Profesional

Bibliografía sugerida

Arens, Alvin A. et al. (2007). Auditoría: un enfoque integral. (11a. ed.). México: Pearson.

Código Fiscal de la Federación y su Reglamento. México. Vigente.

Comisión de Normas de Auditoría y Aseguramiento (CONAA), Instituto Mexicano de Contadores Públicos

(IMCP). Guías de Auditoría. México: IMPC. Vigente.

Comisión de Normas de Auditoría y Aseguramiento (CONAA), Instituto Mexicano de Contadores Públicos

(IMCP). Guías para elaborar el informe de auditoría independiente con base en Normas Internacionales de
Auditoría. México: IMPC. Vigente.

Comisión de Normas de Auditoría y Aseguramiento (CONAA), Instituto Mexicano de Contadores Públicos

(IMCP). Normas de Auditoría, para Atestiguar, Revisión y Otros Servicios Relacionados. México: IMPC. Vigente.

Federación Internacional de Contadores (IFAC). Normas Internacionales de Auditoría (ISA). Vigente.

Instituto Mexicano de Contadores Públicos (IMCP). Código de Ética Profesional. México: IMCP. Vigente.

Ley del Impuesto Sobre la Renta y su Reglamento. México. Vigente.

López Cruz, F. (2013). Guía para elaborar el informe de auditoría independiente con base en Normas
Internacionales de Auditoría. México: Instituto Mexicano de Contadores Públicos (IMCP). Vigente.

Santillana González, J. R. (2009). Auditoría interna integral: administrativa, operacional y financiera. México:
Thomson.

Santillana González, J. R. (2003), Establecimiento de sistemas de control interno: la función de contraloría. (2a.
ed.). México, Thomson.

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13.- GAAP
Generally Accepted Accounting Principles
Los US GAAP (Generally Accepted Accounting Principles) son los principios de contabilidad
generalmente aceptados, usados por las compañías de los Estados Unidos o que cotizan en Wall
Street. Abarcan un volumen masivo de estándares, interpretaciones, opiniones y boletines y son
elaborados por el FASB (Directorio de Estándares de Contabilidad Financiera o Junta de Normas
de Contabilidad Financiera), por el gremio contable (el Instituto Estadounidense de Contadores
Públicos Certificados (AICPA) y la Comisión de Valores y Bolsa (SEC, siglas en inglés de Securities
and Exchange Commission).
Se trata de una combinación de normas autorizadas por organizaciones reguladoras y maneras
aceptadas de llevar la contabilidad. Existen muchas similitudes entre los GAAP de Estados
Unidos (US GAAP) y las NIIF en cuanto a la presentación del estado financiero. Por ejemplo,
según ambos marcos, los componentes de una serie completa de estados financieros
incluyen: balance general, estado de resultados, otra base general de ingresos (OCI, por sus
siglas en inglés) para US GAAP o el estado de ingresos y gastos reconocidos (SORIE, por sus siglas
en inglés) para los NIIF. Además, los dos marcos requieren, salvo circunstancias excepcionales,
que los estados financieros se elaboren según la base contable de causación (con excepción
del estado de flujos de efectivo). Los dos GAAP tienen conceptos similares respecto a los
requisitos sobre materialidad y coherencia que las entidades deben considerar al elaborar sus
estados financieros.
Los USGAAP son el equivalente estadounidense de las Normas Internacionales de Información
Financiera. Son muy detallados, y reflejan el ambiente de litigio que impera en los Estados
Unidos, que obliga a una regulación cada vez más detallada. Los USGAAP no pueden desviarse
de la intraversión reguladora de la SEC.

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14.- Ejercicios
Balance general
Ejercicio 4.1
Partida Doble
Ejercicio 6.3
Valuación de inventarios
Ejercicios 7.5 y 7.6
Registro de operaciones
Ejercicio 101
Hoja de trabajo
Ejercicio 11.1, 11.2 y 11.3
Estado de cambios en la situación financiera
Ejercicio 12.3, 12.4 y 12.5
Estado de variaciones en el capital contable
Ejercicio 13.1 y 13.2
Re expresión de estados financieros
Práctica final

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15.- Anexos
Gold Corp

Annual Report 2017

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To our shareholders,

If 2016 was a year of change and transition, 2017 brought stability and execution to our business. As the company’s
first full year under the direction of CEO David Garofalo and his new leadership team, strong 2017 results
demonstrated that the company’s strategy is paying off.

We realigned our portfolio, divested non−core assets and redeployed that capital into longer term opportunities that
will further the profitability of our business for many years. It was also the first year of our 5−year 20/20/20 plan to
grow production and reserves by 20%, while reducing all in sustaining costs per ounce by 20%. We met our clearly
defined objectives across the board, achieving our production and all−in sustaining cost guidance, while hitting
significant project milestones. While we take pride in having achieved those milestones, we have much more work
to do in the next four years.

Goldcorp is generating strong cash flow from core assets while maintaining the highest rated balance sheet in the
industry. We are driving towards zero net debt and focused on de−leveraging before the next cycle of capital
investments in order to position ourselves for outperformance.

At our Investor Day earlier this year, we introduced ‘Beyond 20/20’, which outlines our longer−term opportunities for
organic growth, beyond our 5−year plan. In an industry with declining reserves and production, our focus remains on
growing net asset value per share through the optimization of our current asset base, driving innovation, brownfield
exploration programs, and through the development of our strong project pipeline.

Gold producers have had to learn how to operate in an environment that can be quite volatile. For those with leverage
and liquidity concerns, it can be difficult to focus on the long term. Our financial discipline and rigorous capital
allocation processes have allowed us to take a longer−term view and be counter−cyclical by investing when others are
not, positioning ourselves to capitalize as gold price appreciates.

2018 is another catalyst−rich year as we continue to execute on our 20/20/20 objectives and advance our project
pipeline. We have now delivered six consecutive quarters of consistent and on−target low cost production and building
on strong 2017 results, we plan to take this momentum into 2018 and maintain our focus on execution.

Lastly, our commitments to sustainability excellence, responsible mining and creating sustainable value for all our
stakeholders are fundamental operating principles embedded in everything we do. It starts when the first exploration
teams take the time and care to consult with communities and establish a spirit of openness, transparency and trust.
In recent years, we have also taken a leadership position to advance innovative technologies and at the same time
address growing environmental and social challenges faced by our industry. An example of these initiatives has been
the launch of our “Towards Zero Water” initiative. It is not yet possible to achieve 100% recycling and re−use of water
with current technology but we are dedicating considerable scientific resources to the challenge of reducing our water
consumption toward that goal. This is a daunting challenge and a strong message to send to our communities and our
peers. Improved stewardship of water resources will have many benefits to all involved and it’s simply the right thing
to do.

I extend my sincerest thanks to all our shareholders for your support and trust as we prepare for the next phase of
growth. We look forward to updating you on our progress throughout the year.

Ian Telfer

Chairman

22
GUÍA PARA EL SUSTENTANTE DEL EXAMEN GENERAL PARA EL EGRESO DE LA LICENCIATURA EN CONTADURÍA

23
 GUÍA PARA EL SUSTENTANTE DEL EXAMEN GENERAL PARA EL EGRESO DE LA LICENCIATURA EN CONTADURÍA
(in United States dollars, tabular amounts in millions, except where
noted)

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2017
This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with the consolidated financial statements of Goldcorp
Inc. (“Goldcorp” or “the Company”) for the year ended December 31, 2017 and related notes thereto which have been prepared in accordance
with International Financial Reporting Standards (“GAAP” or “IFRS”) as issued by the International Accounting Standards Board (“IASB”). All
figures are in United States (“US”) dollars unless otherwise noted. References to C$ are to Canadian dollars. This MD&A has been prepared as
of February 14, 2018.

TABLE OF CONTENTS

Page
Number
Cautionary Statements 2
2017 Highlights 4
Business Overview and Strategy 5
2017 Achievements 6
Market Overview 9
Annual Results 11
Quarterly Results 18
Liquidity and Capital Resources 24
Guidance 26
Operational and Projects Review 28
2017 Reserves and Resources Update 44
Non-GAAP Performance Measures 45
Risks and Uncertainties 54
Accounting Matters 60
Controls and Procedures 66

GOLDCORP | 1
 (in United States dollars, tabular amounts in millions, except
where noted)

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This MD&A contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as
amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform
Act of 1995, or in releases made by the United States Securities and Exchange Commission ("SEC"), all as may be amended from time to
time, and "forward-looking information" under the provisions of applicable Canadian securities legislation, concerning the business,
operations and financial performance and condition of 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 (as defined below)
and Mineral Resources (as defined below), the realization of Mineral Reserve estimates, the timing and amount of estimated future
production, costs of production, targeted cost reductions, capital expenditures, free cash flow, costs and timing of the development
of new deposits, success of exploration activities, permitting time lines, timing and cost of construction and expansion projects,
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 words such
as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations
or comparable language of such words and phrases or statements that certain actions, events or results "may", "could", "would",
"should", "might" or "will", "occur" or "be achieved" or the negative connotation thereof.

Forward-looking statements are necessarily based upon a number of factors and assumptions 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, mining operational and development risks, litigation risks,
regulatory restrictions (including environmental regulatory restrictions and liability), changes in national and local government legislation,
taxation, controls or regulations and/or change in the administration of laws, policies and practices, expropriation or nationalization of
property and political or economic developments in Canada, the United States and other jurisdictions in which the Company does or may
carry on business in the future, 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 important 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: future prices of gold, silver, copper, lead and zinc; risks related to international
operations, including economic and political instability in foreign jurisdictions in which Goldcorp operates; risks related to current global
financial conditions; risks related to joint venture operations; actual results of current exploration activities; actual results of current
reclamation activities; environmental risks; conclusions of economic evaluations; changes in project parameters as plans continue to be
refined; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated;
mine development and operating risks; accidents, labour disputes and other risks of the mining industry; risks associated with
restructuring and cost-efficiency initiatives; delays in obtaining governmental approvals or financing or in the completion of development
or construction activities; risks related to the integration of acquisitions; risks related to indebtedness and the service of such
indebtedness, as well as those factors discussed in the section entitled "Description of the Business – Risk Factors” in Goldcorp’s most
recent annual information form available on SEDAR at www.sedar.com and on EDGAR 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. Forward-looking statements are made as of the date hereof 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 disposition, monetization, merger, acquisition, other business
combination or other transaction 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’scurrent 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 publicly update any

GOLDCORP | 2
 (in United States dollars, tabular amounts in millions, except
forward-looking statements that are included in this document, whether as awhere
resultnoted)
of new information, future events or otherwise,
except in accordance with applicable securities laws.

CAUTIONARY STATEMENT REGARDING CERTAIN MEASURES OF PERFORMANCE

This MD&A presents certain measures, including "total cash costs: by-product", "total cash costs: co-product", "all-in sustaining costs",
"adjusted operating cash flow"’, "EBITDA", "adjusted EBITDA" and "adjusted net debt", that are not recognized measures under IFRS.
This data may not be comparable to data presented by other gold producers. For a reconciliation of these measures to the most
directly comparable financial information presented in the consolidated financial statements prepared in accordance with IFRS, see
Non-GAAP Financial Performance Measures in this MD&A. The Company believes that these generally accepted industry measures
are realistic indicators of operating performance and are useful in performing year over year comparisons. However, these non-GAAP
measures should be considered together with other data prepared in accordance with IFRS, and these measures, taken by themselves, are
not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS. This MD&A also contain

GOLDCORP | 3
 (in United States dollars, tabular amounts in millions, except
information as to estimated future all-in sustaining costs. The estimates ofwhere future all-in sustaining costs are not based on total
noted)
production cash costs calculated in accordance with IFRS, which forms the basis of the Company’s cash costs: by-product. The estimates
of future all-in sustaining costs are anticipated to be adjusted to include sustaining capital expenditures, corporate administrative
expense, exploration and evaluation costs and reclamation cost accretion and amortization, and exclude the effects of expansionary
capital, tax payments, dividends and financing costs. Projected IFRS total production cash costs for the full year would require inclusion
of the projected impact of future included and excluded items, including items that are not currently determinable, but may be
significant, such as sustaining capital expenditures, reclamation cost accretion and amortization and tax payments. Due to the uncertainty
of the likelihood, amount and timing of any such items, the Company does not have information available to provide a quantitative
reconciliation of projected all-in sustaining costs to a total production cash costs projection.

CAUTIONARY NOTE REGARDING RESERVES AND RESOURCES

Scientific and technical information contained in this MD&A relating to Mineral Reserves and Mineral Resources was reviewed and
approved by Ivan Mullany, FAusIMM, Senior-Vice President, Technical Services for Goldcorp, and a "qualified person" as defined by
Canadian Securities Administrators' National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
Scientific and technical information in this MD&A relating to exploration results was reviewed and approved by Sally Goodman, PhD,
P.Geo., Director, Generative Geology for Goldcorp, and a "qualified person" as defined by NI 43-101. All Mineral Reserves and Mineral
Resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum
("CIM") and NI 43-101, or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves equivalent.
All Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. Information on data verification performed on the mineral properties mentioned in this MD&A
that are considered to be material mineral properties to the Company are contained in Goldcorp’s most recent annual information form
and the current technical report for each of those properties, all available on SEDAR at www.sedar.com.

Cautionary Note to United States investors concerning estimates of measured, indicated and inferred resources: The Mineral Resource and
Mineral Reserve estimates contained in this MD&A have been prepared in accordance with the requirements of Canadian securities
laws , which differ from the requirements of United States securities laws and use terms that are not recognized by the SEC. Canadian
reporting requirements for disclosure of mineral properties are governed by NI 43-101. The definitions used in NI 43-101 are
incorporated by reference from the CIM Definition Standards adopted by CIM Council on May 10, 2014 (the "CIM Definition Standards").
U.S. reporting requirements are governed by the SEC Industry Guide 7 ("Industry Guide 7") under the United States Securities Act of
1933, as amended. These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the
disclosures being reported, but embody different approaches and definitions. For example, the terms "Mineral Reserve", "Proven
Mineral Reserve" and "Probable Mineral Reserve" are Canadian mining terms as defined in in NI 43-101, and these definitions differ
from the definitions in Industry Guide 7. Under Industry Guide 7 standards, a "final" or "bankable" feasibility study is required to report
reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. Further, under
Industry Guide 7, mineralization may not be classified as "reserve" unless the determination has been made that the mineralization
could be economically and legally produced or extracted at the time the reserve determination is made.

While 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, 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 readers are cautioned not to
assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition, "Inferred Mineral
Resources" have a great amount of uncertainty as to their existence and 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 readers 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 MD&A containing descriptions of Goldcorp’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.

GOLDCORP | 4
 (in United States dollars, tabular amounts in millions, except
where noted)

FULL YEAR FINANCIAL AND OPERATIONAL HIGHLIGHTS

Net earnings were $658 million, or $0.76 per share, compared to net earnings of $162
million, or $0.19 per share, for 2016. Operating cash flows for 2017 were $1.2 billion
compared to $0.8 billion for 2016. Adjusted operating cash flows(1) were
$1.3 billion for 2017 compared to $1.2 billion for 2016.

Gold production of 2.6 million ounces at all-in sustaining costs(1) ("AISC") of $824 per ounce, compared to 2.9 million
ounces at AISC of $856 per ounce for 2016. Gold production in 2017 exceeded the midpoint of the Company's gold
production guidance of 2.5 million ounces, while AISC for 2017 of $824 per ounce was in line with the Company's
improved midpoint guidance of $825(2) per ounce, reflecting the progress the Company has made on its cost efficiency
program.

Program to implement $250 million of sustainable annual efficiencies by the middle of 2018 is on track with nearly

$200 million achieved in 2017 across the Company's portfolio. More than 100% of the $250 million of efficiencies have
been identified, with the program likely to be extended and the efficiency target increased, after the Company achieves
its current target.

Solid reserve growth and project execution enhances confidence in the Company's 20/20/20 growth plan. An increase
in proven and probable gold reserves to 53.5 million ounces, plus strong project delivery of expansions at Peñasquito,
Musselwhite and Porcupine underpin our plan for a 20% increase in gold production, a 20% increase in gold reserves
and a 20% reduction in AISC by 2021, while delivering increasing cash flows over the next four years. The Company also
launched 'Beyond 20/20', investing in its long-term portfolio, including the NuevaUnión and Norte Abierto projects, to
continue to grow low-cost gold production from the Company's growing gold mineral reserves.

GOLDCORP | 5
 (in United States dollars, tabular amounts in millions, except
where noted)

(1) The Company has included non-GAAP performance measures on an attributable (or Goldcorp's share) basis throughout this document. Adjusted operating
cash flows and AISC per ounce are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and
detailed reconciliations, please see pages 45-54 of this MD&A.

(2) Refer to footnote (4) on page 27 of this MD&A regarding the Company's projection of AISC.

GOLDCORP | 6
 (in United States dollars, tabular amounts in millions, except
where noted)

BUSINESS OVERVIEW

Goldcorp is a leading gold producer focused on responsible mining practices, with production from a portfolio of long-life, high quality assets
throughout the Americas that it believes position the Company to deliver long-term value.
The Company’s principal producing mining properties are comprised of the Éléonore, Musselwhite, Porcupine and Red Lake mines in Canada;
the Peñasquito mine in Mexico; the Cerro Negro mine in Argentina; and the Pueblo Viejo mine (40.0% interest) in the Dominican Republic.
The Company’s current sources of operating cash flows are primarily from the sale of gold, silver, lead, zinc and copper. Goldcorp's principal
product is refined gold bullion sold primarily in the London spot market. In addition to gold, the Company also produces silver, copper, lead and
zinc primarily from concentrate produced at the Peñasquito mine, which is sold to third party smelters and refineries.
Goldcorp has an investment-grade credit rating, supported by a strong balance sheet, and remains 100% unhedged to gold sales, providing full
exposure to gold prices.

STRATEGY

Goldcorp's vision is to create sustainable value for its stakeholders by growing net asset value ("NAV")per share to generate long-term shareholder
value. With a portfolio of large, long-life, high quality assets that provide economies of scale, coupled with low AISC and underpinned by a
strong balance sheet, Goldcorp has optimized its portfolio of assets and is reinvesting in a strong pipeline of organic opportunities to drive
increasing margins and returns on investment.
In 2016, the Company outlined its 20/20/20 growth plan that is expected to deliver a 20% increase in gold production, a 20% increase in gold
reserves and a 20% reduction in AISC by 2021. Goldcorp is also committed to being a responsible steward of the environment and building
collaborative partnerships with communities, governments and all other stakeholders for mutual success.

The Company expects gold production to increase to approximately 3 million ounces by 2021. This is a result of the ramp-up to nameplate
capacity at Cerro Negro and Éléonore, increased grades at Peñasquito following an intensive stripping campaign, the execution of the Pyrite
Leach project at Peñasquito and the Materials Handling project at Musselwhite, and initial production from the Borden and Coffee projects. This
growth profile excludes production potential from the HG Young project at the Red Lake camp, the Century project at the Porcupine camp, the
NuevaUnión and Norte Abierto projects in Chile and brownfield growth.
The Company expects AISC to decrease by 20% to approximately $700 (1) per ounce by 2021, driven by a company-wide program launched in
2016 to drive down costs and deliver productivity improvements which is expected to result in $250 million in annual sustainable efficiencies.
Costs are also expected to decrease as a result of increased metal production, lower sustaining capital expenditures and continued portfolio
optimization.
The Company expects gold mineral reserves to increase by 20% to 60 million ounces by 2021 from the conversion of existing gold mineral
resources at the Century project, Coffee, Cerro Negro, Pueblo Viejo, Norte Abierto and other targets at the Company's extensive and diversified
portfolio of mining camps in the Americas.
The Company is also focused on the potential for organic growth through the development of its long-term portfolio 'Beyond 20/20'. The objective
of Beyond 20/20 is to maximize the NAV of the Company's existing mines and projects by continuing to grow low-cost gold production from
expanding gold mineral reserves through exploration and development.

(1)
Refer to footnote (4) on page 27 of this MD&A regarding the Company's projection of AISC.

GOLDCORP | 7
 (in United States dollars, tabular amounts in millions, except
where noted)

Goldcorp believes its strong balance sheet provides it flexibility and the ability to manage the risk of gold and commodity price volatility. The
Company's capital allocation strategy focuses on investing in its pipeline of organic growth opportunities, further debt reduction and returning
capital to its shareholders by paying a sustainable dividend. Furthermore, Goldcorp leverages its exploration spending in the most efficient
way possible through small toehold investments in junior mining companies.

2017 ACHIEVEMENTS

The Company executed on its 2017 objectives with positive results, as detailed below:

Portfolio Optimization
Norte Abierto - Acquisition of the Cerro Casale and Caspiche Projects
On June 9, 2017, the Company completed the acquisition of a 50% interest in the Cerro Casale project (the "Cerro Casale Transaction"). The
transaction was executed in multiple steps, including the acquisition by Goldcorp of a 25% interest in the Cerro Casale project from each of
Kinross Gold Corporation ("Kinross") and Barrick Gold Corporation ("Barrick"), which resulted in Barrick and Goldcorp each owning 50% of the
project and subsequently forming a 50/50 joint operation. The Cerro Casale project is located in the Maricunga Gold Belt in the Atacama Region
in northern Chile.
The Company also acquired 100% of the issued and outstanding shares of Exeter and its Caspiche project, also located in the Maricunga Gold
Belt. After completing the acquisition of the 100% interest in Exeter, Goldcorp contributed the Caspiche Project into the joint operation with
Barrick, which resulted in a 50% interest held by each of Barrick and Goldcorp in the combined project, Norte Abierto.

The key steps in the transactions were as follows:

• Acquisition of Kinross' 25% interest in Cerro Casale and 100% interest in the Quebrada Seca exploration project for: (i) an initial
cash payment of $260 million; (ii) the granting of a 1.25% royalty interest to Kinross on 25% of gross revenues derived
from metal production from Cerro Casale and Quebrada Seca, with Kinross foregoing the first $10 million payable; (iii)
a contingent payment of $40 million payable after a decision to commence construction at Cerro Casale; and (iv) the
assumption of a $20 million obligation to Barrick payable on commercial production at Cerro Casale.

• Acquisition of an additional 25% interest in Cerro Casale from Barrick for: (i) a deferred payment obligation of $260 million
to be satisfied through the funding of 100% of the joint operation’s expenditures (as described below); (ii) the
granting of a 1.25% royalty interest to Barrick on 25% of gross revenues derived from metal production from Cerro
Casale and Quebrada Seca; (iii) a contingent payment of $40 million payable after a decision to commence
construction at Cerro Casale; and (iv) the transfer to Barrick of a 50% interest in Quebrada Seca, followed by the joint
contribution by Goldcorp and Barrick of 100% of Quebrada Seca to the joint operation.

GOLDCORP | 8
 (in United States dollars, tabular amounts in millions, except
where noted)
• Acquisition of Exeter and its 100% owned Caspiche Project: under the terms of the supported takeover bid, Exeter
shareholders received 0.12 of a common share of Goldcorp for each Exeter common share held. During the year ended
December 31, 2017, the Company acquired all of the issued and outstanding common shares of Exeter for share
consideration of $156 million in Goldcorp common shares.
• Formation of a new 50/50 joint operation with Barrick: The joint operation, Norte Abierto, includes a 100% interest in each
of the Cerro Casale and Quebrada Seca projects. Additionally, the Caspiche project was contributed to the joint operation
after the Company acquired Exeter. 50% of Caspiche’s acquisition cost, or approximately $80 million, has been credited
against Goldcorp’s deferred payment obligation to Barrick. Additionally, Goldcorp will be required to spend a minimum
of $60 million in the two-year period following closing of the Cerro Casale transaction, and a minimum of $80 million in
each successive two-year period until the deferred payment obligation is satisfied, at which point Goldcorp and Barrick
will equally fund requirements of the joint operation. If Goldcorp does not spend the minimum in any two-year period,
Goldcorp will instead be required to make a payment to Barrick equal to 50% of the shortfall, with a corresponding
reduction in the deferred payment obligation.
Goldcorp expects that the joint operation will allow for the consolidation of infrastructure to reduce capital and operating costs, reduce the
environmental footprint and provide increased returns compared to two standalone projects. In June 2017, Goldcorp and Barrick formed a
dedicated project team that will undertake 24 months of concept studies on the combined project, including analysis of synergies and
infrastructure rationalization, in conjunction with community consultation and broad stakeholder engagement.

Acquisition of Gold Stream at El Morro

In 2017, the Company purchased New Gold Inc.'s 4% gold stream on the El Morro deposit, part of the Company's NuevaUnión joint venture,
for cash consideration of $65 million.

Divestitures

In 2017, aligned with the Company's strategy to optimize its portfolio through the divestiture of non-core assets and focus on large-scale camps,
Goldcorp completed the sale of its Los Filos Mine in Mexico, its Cerro Blanco project in Guatemala, its Camino Rojo project in Mexico and its
21% interest in the San Nicolas copper-zinc project in Mexico, as described below.

On April 7, 2017, the Company completed the sale of Los Filos to Leagold Mining Corporation (“Leagold”) for total consideration of $350 million,
before working capital adjustments. The consideration was comprised of $71 million of Leagold's issued and outstanding common shares,
$250 million in cash and a $29 million short-term promissory note that was paid in July 2017. Goldcorp also retained rights to certain tax
receivables of approximately $100 million, of which $87 million was collected in 2017 with the balance collected in January 2018. In connection
with the transaction, Goldcorp recognized a net gain of $43 million, consisting of an impairment reversal of $59 million recognized in 2016 and
a subsequent impairment of $16 million recognized in 2017.
On May 31, 2017, the Company completed the sale of its 100% interest in the Cerro Blanco project to Bluestone Resources Inc. (“Bluestone”)
for total consideration of $22 million, comprised of $18 million in cash and $4 million of Bluestone's issued and outstanding common shares.
Goldcorp will receive an additional $15 million cash payment from Bluestone upon declaration of commercial production at Cerro Blanco and a
1% net smelter return royalty on production. Goldcorp recognized a net gain of $13 million on the transaction, comprised of a reversal of
impairment of $19 million, offset partially by a loss on disposal of $6 million.

On October 18, 2017, the Company sold its 21% interest in the San Nicolas copper-zinc project, a stand-alone project in Mexico, to Teck
Resources Limited for cash consideration of $50 million. Goldcorp recognized a $48 million gain on the sale.

On November 7, 2017, the Company completed the sale of its 100% interest in the Camino Rojo project, part of the Peñasquito segment, to Orla
Mining Ltd. ("Orla"). As consideration, the Company received $34 million in Orla common shares and will receive a 2% net smelter return royalty
on revenues from all metal production from the Camino Rojo oxide project. The Company also has the option to acquire up to 70% interest in
future sulphide projects in the Camino Rojo project area, subject to certain criteria. The value of consideration received was credited to mining
interests associated with Peñasquito, resulting in $nil gain or loss on disposition.

GOLDCORP | 9
 (in United States dollars, tabular amounts in millions, except
where noted)
Advanced Project Pipeline

In support of its 20/20/20 growth plan, the Company made progress on its project pipeline in 2017, led by advances in the Pyrite Leach project
("PLP") at Peñasquito. As of December 31, 2017, construction of the PLP was 62% complete and is expected to commence commissioning in
the fourth quarter of 2018, three months ahead of schedule. As of December 31, 2017, the Materials Handling project at Musselwhite was 53%
complete; the project is expected to be completed in the first quarter of 2019, as planned. At Porcupine, the base case pre-feasibility study for
the Century project was completed in 2017 and an inaugural gold mineral reserve estimate of 4.7 million ounces was announced. The Company
also advanced its Borden project where ramp development is on schedule. The pre-feasibility study at Cochenour was completed in 2017 which
resulted in an initial gold mineral reserve estimate of 0.2 million ounces. In addition, at Coffee, the project proposal was submitted to
Yukon’sEnvironmental and Socio-economic Assessment Board in December 2017 and the Company entered into an agreement with a vendor for
engineering and development work.

Progress Towards Delivering $250 million of Sustainable Annual Efficiencies

Throughout 2017, the Company made significant progress in executing its productivity and cost optimization programs. Building upon voluntary
and involuntary staff reductions at Cerro Negro and Goldcorp’s corporate offices enacted in late 2016, additional cost savings and productivity
initiatives were implemented that contributed to a total of $190 million in annual efficiencies in 2017. In the second half of 2017, Porcupine
continued to achieve average productivity targets at Hoyle Pond of roughly 1,200 tonnes per day, an increase of approximately 20% compared
to 2016. The Company expects to achieve further improvement at Porcupine through 2018, progressing to 1,300 tonnes per day at Hoyle Pond.
During 2017, Éléonore improved average recovery by nearly 1.5% over 2016 and was successful at reducing maintenance, consumables and
administrative costs. Musselwhite was able to improve productivity underground by reducing gas clearance time and taking advantage of tele-
remote mucking systems, while also significantly reducing dilution below their 2016 baseline numbers. These improvements are expected to
contribute to lower AISC. The Company expects further productivity improvements and cost reductions to be achieved at Red Lake, Peñasquito
and Cerro Negro to successfully reach $250 million of sustainable efficiencies by the middle of 2018.

2017 Mineral Reserves and Exploration Update

Goldcorp made progress in 2017 towards achieving its 20/20/20 target of 60 million ounces of gold mineral reserves by 2021, as its proven and
probable gold mineral reserves increased to 53.5 million ounces at June 30, 2017 from 42.3 million ounces of gold mineral reserves at June
30, 2016, a 26% increase. The addition of 11.2 million ounces of gold mineral reserves during the period included 5.6 million ounces converted
from successful exploration and mine design optimization, primarily driven by the inaugural gold mineral reserve estimate of 4.7 million ounces
at Porcupine’s Century Project. The balance of the increase in mineral reserves comes as result of the acquisition of 50% of Cerro Casale, net
of non-core divestments including Los Filos and Camino Rojo, and depletion during the period.
The Company's continued focus on exploration to support the achievement of its 60 million ounce gold mineral reserve target by 2021 and
increase in NAV yielded positive results in 2017 with the reserve conversion at the Century project mentioned above and exploration discoveries
in 2017 at Cerro Negro and Coffee. The Company also further developed its pipeline of targets in 2017. The number of targets almost doubled
compared to 2016 and are expected to deliver opportunities for future discoveries.

Goldcorp's Resource Triangle

GOLDCORP | 10
 (in United States dollars, tabular amounts in millions, except
where noted)
Executive Changes

As part of a planned succession, Russell Ball, Executive Vice-President, Chief Financial Officer and Corporate Development, left the organization
in 2017 and Jason Attew, formerly Senior Vice President, Corporate Development and Strategy, succeeded Mr. Ball as Executive Vice-President,
Chief Financial Officer and Corporate Development. Mr. Attew joined Goldcorp in August 2016, having most recently served as Managing
Director, Global Metals and Mining for BMO Capital Markets.

Ivan Mullany joined the Company as Senior Vice President, TechnicalServices in September 2017. In this role, Mr.Mullany will work to facilitate
the achievement of significant improvements in the efficient execution of the Company's business strategy, leading a team of functional experts
in the areas of metallurgy and processing, geology and mine planning, supply chain and asset management, IT,and project studies. Mr. Mullany
has over 30 years experience in the mining industry and holds a Bachelor of Science in Extractive Metallurgy from Murdoch University in Perth,
Australia and is a Fellow of the Australasian Institute of Mining and Metallurgy. Until 2015, he held various positions of increasing responsibility
at Barrick overseeing technical services and capital projects. Prior to joining the Company, Mr. Mullany was the Global Head of Metals and Mining
at Hatch Ltd.

Board Appointment

Mr. Matthew Coon Come was appointed to the Company's Board of Directors in July 2017. Mr. Coon Come is a national and international
leader and advocate of indigenous rights, having previously served as both the Grand Chief of the Grand Council of the Crees and the Chairperson
of the Cree Regional Authority for over 20 years. He also served as National Chief of the Assembly of First Nations from 2000 to 2003. Mr.
Coon Come studied political science, economics, native studies and courses in law at both Trent and McGill Universities. In addition, he was
granted the degree of Doctor of Laws Honoris Causta from Trent University in 1998 and the Honorary Doctor of Laws from the University of
Toronto in 2000 in recognition of his leadership and the significance of his work.

MARKET OVERVIEW

Gold

The market price of gold is the primary driver of Goldcorp's profitability. The price of gold can fluctuate widely and is affected by a number of
macroeconomic factors, including the sale or purchase of gold by central banks and financial institutions, interest rates, exchange rates, inflation
or deflation, global and regional supply and demand and the political and economic conditions of major gold-producing and gold- consuming
countries throughout the world.

During the 12-month period to December 2017, the US Federal Reserve raised its benchmark interest rate a total of four times; but despite
periods of weakness heading into each of these hikes, 2017 proved to be a positive year for the gold price which recorded an overall gain of
13.2%. In similar fashion to 2016, the metal recorded its lowest price for the year in early January before rallying steadily into the third quarter
of 2017. The gold price peaked at a high of $1,357 per ounce in September 2017, before closing the year at $1,303 per ounce. The Company
realized an average gold price of $1,266 per ounce in 2017, a 2% increase compared to $1,244 per ounce in 2016, and $1,286 per ounce in the
fourth quarter of 2017. 2018 marks a change in leadership at the Federal Reserve Bank, with market expectations for a continuation of their
recent balance sheet normalization process and an additional three or four rate hikes in 2018. In addition to any impact from interest rate policy,
the US dollar index is trading close to three-year lows, and uncertainty surrounding the US dollar’s direction during 2018 is likely to be reflected
in future gold price volatility.

GOLDCORP | 11
 (in United States dollars, tabular amounts in millions, except
where noted)
Currency Markets

The results of Goldcorp's mining operations are affected by changes in the US dollar exchange rate compared to currencies of the countries in
which Goldcorp has foreign operations. The Company has exposure to the Canadian dollar relating to its Red Lake, Éléonore, Porcupine and
Musselwhite operations, exposure to the Mexican peso relating to its Peñasquito operation, exposure to the Argentine peso at Cerro Negro, and
exposure to the Dominican Republic peso relating to its investment in Pueblo Viejo. The Company's exposure to the Mexican peso and
Guatemalan quetzal decreased in the second quarter of 2017 after the closing of the sale of the Los Filos mine in April, and the closure of the
Marlin mine at the end of May.
Fluctuations in the US dollar can cause volatility of costs reported in US dollars. In addition, monetary assets and liabilities that are denominated
in non-US dollar currencies, such as cash and cash equivalents and value-added taxes, are subject to currency risk. Goldcorp is further exposed
to currency risk through non-monetary assets and liabilities of entities whose taxable profit or tax loss are denominated in non-US dollar
currencies. Changes in exchange rates give rise to temporary differences resulting in deferred tax assets and liabilities with the resulting deferred
tax charged or credited to income tax expense.
Goldcorp's financial risk management policy allows the hedging of foreign exchange exposure to reduce the risk associated with currency
fluctuations. The Company enters into Mexican peso currency hedge contracts to purchase Mexican pesos at pre-determined US dollar amounts.
These contracts are entered into to normalize operating expenses and capital expenditures at Peñasquito expressed in US dollar terms.
Currency markets were volatile throughout 2017, largely due to the instability of the US dollar, influenced by Federal Reserve Bank interest
rate decisions, as well as policy under the new US president. The Canadian dollar strengthened in the second half of 2017 as a result of two
interest rate hikes and higher oil prices. The Mexican peso gained value throughout the year before weakening in the fourth quarter of 2017
in part because of uncertainties related to NAFTA negotiations and the 2018 Mexican Presidential election.

The Argentine peso continued to weaken throughout 2017 due to higher than expected inflation and mid-term elections in October 2017, and
finished the year with a significant decline in value following an increase to the central bank’s inflation target for 2018/2019.

GOLDCORP | 12
 (in United States dollars, tabular amounts in millions, except
where noted)

OVERVIEW OF ANNUAL FINANCIAL AND OPERATING RESULTS

2017 2016 2015

Financial Results
Revenues $ 3,423 $ 3,510 $ 4,375
Net earnings (loss) from continuing operations $ 658 $ 162 $ (4,203)
Net earnings (loss) $ 658 $ 162 $ (4,157)
Net earnings (loss) from continuing operations per share
– Basic $ 0.76 $ 0.19 $ (5.08)
– Diluted $ 0.76 $ 0.19 $ (5.08)
Net earnings (loss) per share
– Basic $ 0.76 $ 0.19 $ (5.03)
– Diluted $ 0.76 $ 0.19 $ (5.03)
Operating cash flow $ 1,211 $ 799 $ 1,430
Adjusted operating cash flow (1) $ 1,344 $ 1,241 $ 1,437
Adjusted EBITDA (1) $ 1,707 $ 1,659 $ 1,740
Expenditures on mining interests (cash basis) $ 1,130 $ 744 $ 1,238
– Sustaining $ 576 $ 537 $ 705
– Expansionary $ 554 $ 207 $ 533
Dividends paid $ 62 $ 97 $ 370
Operating Results (1)

Gold produced (thousands of ounces) 2,569 2,873 3,464

Gold sold (thousands of ounces) 2,534 2,869 3,591
Silver produced (thousands of ounces) 28,600 28,100 40,400
Copper produced (thousands of pounds) 28,400 68,900 51,500
Lead produced (thousands of pounds) 133,300 109,400 173,900
Zinc produced (thousands of pounds) 359,700 262,900 388,800
Average realized gold price (per ounce) $ 1,266 $ 1,244 $ 1,153
Cash costs: by-product (per ounce) (2) $ 499 $ 573 $ 605
Cash costs: co-product (per ounce) (3) $ 660 $ 649 $ 685
All-in sustaining costs (per ounce) $ 824 $ 856 $ 894
All-injury frequency rate (4) 0.71 1.12 1.26

(1) The Company has presented the non-GAAP performance measures on an attributable (or Goldcorp's share) basis in the table above. Adjusted operating
cash flows, adjusted EBITDA, cash costs: by-product, cash costs: co-product and AISC are non-GAAP financial performance measures with no standardized
definition under IFRS. For further information and detailed reconciliations, please see pages 45-54 of this report.

(2) Total cash costs: by-product, per ounce, is calculated net of Goldcorp’s share of by-product sales revenues (by-product silver sales revenues for Cerro
Negro, Marlin and Pueblo Viejo; by-product lead, zinc and copper sales revenues and 75% of silver sales revenues for Peñasquito at market silver prices,
and 25% of silver sales revenues for Peñasquito at $4.13 per silver ounce (2016 – $4.09 per silver ounce) sold to Wheaton Precious Metals Corp.
("Wheaton") and by-product copper and silver sales revenues for Alumbrera).

(3) Total cash costs: co-product, per ounce, is calculated by allocating Goldcorp’s share of production costs to each co-product (Alumbrera (copper); Marlin
(silver); Pueblo Viejo (silver and copper); Peñasquito (silver, lead and zinc)) based on the ratio of actual sales volumes multiplied by budget metal prices (see
page 45).

(4) Based on 200,000 hours worked.

GOLDCORP | 13
 (in United States dollars, tabular amounts in millions, except
where noted)

REVIEW OF ANNUAL FINANCIAL RESULTS

Year ended December 31, 2017 compared to the year ended December 31, 2016

Net earnings for the year ended December 31, 2017 were $658 million, or $0.76 per share, compared to net earnings of $162 million, or $0.19 per
share, for the year ended December 31, 2016. The increase in net earnings for the year ended December 31, 2017 compared to 2016 was
primarily due to higher earnings from Peñasquito from increases in zinc market prices and higher gold and zinc production from higher metal
recoveries and higher ore grades, the impact of the Company's initiative to realize $250 million of sustainable annual efficiencies, a gain on the
sale of the Company's interest in the San Nicolas project during 2017 and an increase in the Company's income tax recovery compared to the
2016, largely related to the deferred tax recovery relating to the net impairments recognized in 2017 and the impact of the Argentine tax reform.
These increases were partially offset by the impacts of an impairment expense at Red Lake, net of reversals of impairment at Pueblo Viejo and
Porcupine in 2017, and lower earnings from Red Lake in 2017 as the mine focused on increased mine development and initiatives to enhance
mining methods and rationalize the cost structure as it transitions to a lower grade mining environment. The sale of Los Filos and closure of Marlin,
on a combined basis, did not have a significant impact on results for the year ended December 31, 2017 compared to 2016.

Net earnings and earnings per share for the years ended December 31, 2017 and 2016 were affected by, among other things, the following non-
cash or other items that management believes are not reflective of the performance of the underlying operations (items are denoted as having
(increased)/decreased net earnings and net earnings per share in the years ended December 31, 2017 and 2016):

Year ended December 31, 2017 Year ended December 31, 2016
Per share Per share
(in millions, except per share) Pre-tax After-tax ($/share) Pre-tax After-tax ($/share)

Deferred tax recovery on Argentinian tax reform $ — $ (156) $ (0.18) $ — $ — $ —

Non-cash foreign exchange expense (recovery) on deferred tax
balances $ — $ (83) $ (0.10) $ — $ 88 $ 0.10
Impairment expense (reversal of impairment), net $ 244 $ (23) $ (0.03) $ (49) $ (49) $ (0.06)
Gain from reduction in provision for Alumbrera's reclamation
costs (1) $ (38) $ (38) $ (0.04) $ — $ — $ —
Net gain on disposition of mining interests $ (32) $ (21) $ (0.02) $ — $ — $ —
Unrealized foreign exchange loss on Argentine peso
denominated construction value-added tax receivable $ 5 $ 5$ 0.01 $ 26 $ 26 $ 0.03
Restructuring costs $ 4 $ 3$ — $ 50 $ 34 $ 0.04
Revisions in estimates and liabilities incurred on reclamation
and closure cost obligations at inactive and closed sites $ (4) $ (3) $ — $ (17) $ (11) $ (0.01)
Mine-site severance (2) $ — $ — $ — $ 13 $ 13 $ 0.02

(1) $7 million of the $45 million reduction in the Company's provision to fund its share of Alumbrera’s reclamation costs relates to Alumbrera's financial
performance for the year ended December 31, 2017 and is therefore considered reflective of the performance of the Company's underlying operations.

(2) Mine-site severance relates to workforce reductions at Marlin in advance of its closure in the second quarter of 2017.

GOLDCORP | 14
 (in United States dollars, tabular amounts in millions, except
where noted)

Revenues

Year ended December 31 2017 (1) 2016 (1) Change

Gold
Revenue (millions) $ 2,527 $ 2,861 (12)%
Ounces sold (thousands) 2,002 2,308 (13)%
Average realized price $ 1,265 $ 1,243 2%
Silver
Revenue (millions) $ 364 $ 384 (5)%
Ounces sold (thousands) 26,728 26,639 —%
Average realized price $ 14.30 $ 15.14 (6)%
Zinc
Revenue (millions) $ 425 $ 200 113 %
Pounds sold (thousands) 361,000 259,800 39 %
Average realized price $ 1.36 $ 1.00 36 %
Other metals
Revenue (millions) $ 107 $ 65 65 %
Total revenue (millions) $ 3,423 $ 3,510 (2)%

(1) Excludes attributable share of revenues from the Company's associates. Revenues are shown net of applicable refining and treatment charges.

As shown in the chart below, revenues for the year ended December 31, 2017 were generally comparable with the year ended December 31,
2016 as the $334 million decrease in gold revenues was mostly offset by increases of $225 million and $36 million in zinc and lead revenues,
respectively. The decrease in gold revenues was primarily due to lower comparable gold sales from the sale of Los Filos in April 2017 and closure
of Marlin in the second quarter of 2017 and lower sales volumes at Red Lake due to lower tonnes and grade from the High Grade Zone, offset
partially by higher sales volumes at Cerro Negro and Peñasquito. The increase in zinc and lead revenues were due to increases in the average
realized prices of 36% and 24%, respectively, and increases in sales volumes of 39% and 17%, respectively. The increase in zinc and lead sales
volumes was due to higher metal recoveries and higher by-product metal grades, in particular zinc, at Peñasquito.

GOLDCORP | 15
 (in United States dollars, tabular amounts in millions, except
where noted)

Production Costs

Year ended December 31 2017 2016 Change

Raw materials and consumables $ 836 $ 937 (11)%
Salaries and employee benefits 480 500 (4)%
Contractors 415 408 2%
Royalties 78 69 13 %
Transportation costs 47 35 34 %
Maintenance costs 35 58 (40)%
Revision of reclamation and closure cost provision (4) (17) (76)%
Change in inventories (64) (5) 1,180 %
Other 66 81 (19)%
$ 1,889 $ 2,066 (9)%

Production costs for the year ended December 31, 2017 decreased by $177 million, or 9%, when compared to the year ended December 31,
2016, primarily due to the closure of Marlin in the second quarter of 2017 ($174 million, inclusive of a $30 million change in Marlin's reclamation
and closure cost estimates in 2017 compared to 2016) and the sale of Los Filos in April 2017, including the impact of lower production prior to
its sale ($139 million). These decreases were partially offset by higher costs at Peñasquito ($53 million) due to higher fuel prices caused by the
elimination of subsidies from deregulation of the fuel markets, a one-time $12 million charge to the oxide heap leach operation which was
recognized in the first quarter of 2017. In addition, production costs were higher in 2017 c ompared to 2016 due to changes in estimates of
reclamation and closure costs for the Company's closed sites, excluding Marlin, in 2017 compared to 2016 ($43 million). At Cerro Negro, as a
result of cost control measures implemented in 2017, production costs were consistent with the same period in the prior year despite a 25%
increase in tonnes milled, the elimination of an export tax credit at the end of 2016 and the impact of inflation in Argentin a out-pacing the
devaluation of the Argentine peso.

Depreciation and Depletion

Year ended December 31 2017 (1) 2016 (1) Change

Depreciation and depletion (millions) $ 990 $ 1,024 (3)%
Sales ounces (thousands) 2,002 2,308 (13)%
Depreciation and depletion per ounce $ 495 $ 444 11 %

(1) Excludes attributable share of depreciation and depletion from the Company's associates.

Depreciation and depletion decreased by $34 million, or 3%, mainly due to lower sales volumes, partially offset by the impact of incremental
depletion from the Hoyle Deep winze at Porcupine which finished construction in 2016. The lower sales volumes were primarily due to lower
sales at Red Lake and the impacts of the sale of Los Filos in April 2017 and closure of Marlin in the second quarter of 2017, offset partially by
higher sales volumes at Cerro Negro and Peñasquito.

Share of Net Earnings Related to Associates and Joint Venture

Year ended December 31 2017 2016 Change

Pueblo Viejo $ 142 $ 169 (16)%
NuevaUnión 2 2 —%
Other 45 — —%
Share of net earnings related to associates and joint venture $ 189 $ 171 11 %

The increase in the Company’s share of earnings related to associates and joint venture of $18 million for the year ended December 31, 2017
compared to the year ended December 31, 2016 was primarily due to a $45 million reduction in the Company's provision to fund its share of
Alumbrera’sreclamation costs in 2017, which was classified as Share of Net Earnings Related to Associates and Joint Venture for the Company's
Other associates, offset partially by a $27 million decrease in net earnings from Pueblo Viejo. The reduction in the provision for Alumbrera
reflected the expectation that Alumbrera will be able to fund a greater portion of its reclamation costs than previously estimated due to improved
financial results, primarily from higher realized copper prices. At December 31, 2015, the Company recognized an impairment of its investment
in Alumbrera, resulting in the carrying amount of its interest being reduced to zero, and recognized a $75 million provision to fund its share of
Alumbrera's reclamation costs. Since then, the Company discontinued recognizing its share of losses of Alumbrera and did not recognize its

GOLDCORP | 16
 (in United States dollars, tabular amounts in millions, except
where noted)

share of earnings of Alumbrera for the year ended December 31, 2017 as future earnings will be recognized only after the Company's provision
to fund its share of Alumbrera's reclamation costs is fully reversed. The decrease in net earnings from Pueblo Viejo was primarily due to lower
gold sales driven by lower production volume, lower grades attributable to the mining sequence, an increase in operating costs and the impact
of the receipt in 2016 of insurance proceeds relating to oxygen plant failures in 2015.

Impairment (reversal of impairment) of mining interests, net

The Company's impairment expense (reversal of impairment) was comprised of:

Year ended December 31 2017 2016

Pre-tax After-tax Pre-tax After-tax
Red Lake $ 889 $ 610 $ — $ —
Porcupine (99) (84) — —
Pueblo Viejo (557) (557) — —
Other 11 8 (49) (49)
Impairment expense (reversal) $ 244 $ (23) $ (49) $ (49)

2017

At December 31, 2017, the carrying amount of the Company's net assets exceeded the Company's market capitalization, which the Company's
management considered to be an impairment indicator of the Company's cash generating units ("CGU's") as of December 31, 2017. Management
also identified certain CGU specific impairment and impairment reversal indicators as of December 31, 2017 as outlined below. Accordingly, the
recoverable value was estimated and compared against the carrying value for the material CGUs of the Company, which resulted in the Company
recognizing an impairment expense for Red Lake and reversals of impairment for Pueblo Viejo and Porcupine.

Red Lake

The Red Lake CGU includes Red Lake's main operations and the Cochenour and HG Young deposits. The recoverable amount of
Cochenour was negatively impacted primarily due to lower grade as indicated in the 2017 mineral reserve estimate. In addition, the life
of mine assessment included a longer than expected timeline for conversion to bulk mining resulting in a lower recoverable value. The
Company recognized an impairment expense of $889 million ($610 million, net of tax) against the carrying value of the Red Lake CGU
at December 31, 2017.

Porcupine

The Porcupine CGU includes Porcupine's main operations and the Borden and Century projects. During the year ended December 31,
2017, the Century project completed a base case pre-feasibility study, increasing the Porcupine mineral reserve estimate by 4.7 million
ounces. During the fourth quarter of 2017, a life of mine assessment was completed which reflected expected synergies across the
Porcupine CGU associated with the Century and Borden projects. As a result, the Company reversed the remaining unamortized
impairment recognized for the Porcupine CGU in prior years of $99 million ($84 million, net of tax).

Pueblo Viejo

During the years ended December 2017 and 2016, Pueblo Viejo generated significantly higher cash flows from operations than the
amount assumed in the recoverable value estimation at December 31, 2015. In the fourth quarter of 2017, Pueblo Viejo set new records
for the crushing and autoclave circuits as performance continued to improve beyond prior expectations. As a result of Pueblo Viejo's
continued strong performance and higher long-term metal prices, the Company recognized a reversal of the remaining unamortized
impairment of $557 million ($557 million, net of tax) related to its investment in Pueblo Viejo at December 31, 2017.
In addition to the impairments recognized at December 31, 2017, the Company recognized an impairment expense at Los Filos of $16 million in
2017, based on changes to the carrying value of the Los Filos assets sold to Leagold, which is included in 'Other' in the above table.
2016

The $49 million reversal of impairment (net) recognized in the year ended December 31, 2016 was comprised of a reversal of impairment at Los
Filos of $59 million, which was based on the expected proceeds from the sale to Leagold, offset by an impairment expense at Marlin of $10
million relating to land.

GOLDCORP | 17
 (in United States dollars, tabular amounts in millions, except
where noted)

Corporate Administration
Corporate administration expenses decreased by $29 million in the year ended December 31, 2017 compared to the year ended December 31,
2016, primarily due to lower employee compensation expense due to the impact of cost savings initiatives undertaken in 2016 and the first
quarter of 2017 to restructure and decentralize the Company's operating model.

Restructuring Costs
Restructuring costs were $4 million for the year ended December 31, 2017 compared to $50 million for the year ended December 31, 2016.
Restructuring costs in 2017 were lower than 2016 as the majority of the workforce reductions from the decentralization initiatives at several
mine site and corporate offices were executed in 2016.

Gain on Disposition of Mining Interests

The gain on disposition of mining interests of $42 million for the year ended December 31, 2017 was comprised primarily of a $48 million gain
on the sale of the Company's interest in the San Nicolas copper-zinc project in Mexico, offset partially by a loss on the disposal of the Company's
Cerro Blanco project in Guatemala. The Company had no gains/losses on dispositions of mining interests during the year ended December 31,
2016.

Other Income/Expense
Other income of $15 million for the year ended December 31, 2017 was comprised primarily of interest income on loans held with Pueblo Viejo,
gains on dispositions of investments in securities, offset partially by foreign exchange losses arising primarily on value added tax receivables
denominated in Argentine pesos and losses on accounts payable denominated in Canadian dollars, partially offset by gains on value added tax
receivable balances denominated in Mexican pesos, and a provision recognized with respect to the settlement of a guarantee of a silver stream
liability. Other expense of $13 million for the year ended December 31, 2016 was mainly comprised of a $68 million foreign exchange loss arising
primarily on value added tax receivables denominated in Argentine and Mexican pesos which was offset partially by $49 million of interest
income on loans held with Pueblo Viejo and short term money market investments and gains on dispositions of investments in securities.

Income Tax Expense/Recovery

The income tax recovery of $465 million for the year ended December 31, 2017 resulted in a negative 241% tax rate (2016 - $60 million income
tax expense and a 27% tax rate) and was impacted by currency translations, tax rate changes, asset sales and impairments and changes in the
recognition of deferred tax assets.

Currency translation

Current tax balances, the tax bases of assets, liabilities and losses, and intra-group financing arrangements are subject to remeasurement for
changes in local currency exchange rates relative to the United States dollar. The most significant balances and financing arrangements are
associated with mining operations in Canada, Mexico, and Argentina.

The impact of changes in foreign exchange rates on deferred tax balances and intra-group financing arrangements resulted in an $83 million
income tax recovery for 2017 (2016 - $88 million income tax expense).

The impact of changes in foreign exchange rates on current tax balances resulted in a $31 million income tax recovery for 2017 (2016 - $41 million
income tax recovery).

Tax rate changes

Corporate income tax rate changes and changes to the interpretation of tax law may have a material impact on earnings. The most significant
tax rate change for the Company occurred in December 2017 when the Government of Argentina enacted a reduction to its 35% pre-existing
corporate tax rate. Argentina's corporate tax rate was reduced to 30% for 2018 and 2019, with further reduction to 25% for 2020 and thereafter.
Concurrently, a dividend distribution tax was introduced that charges an effective 5% tax on dividend distributions for 2018 and 2019, rising to
an effective 10% tax on dividend distributions for 2020 and thereafter. The Argentine tax rate reduction resulted in a deferred tax recovery of
$156 million in 2017. The impact of the dividend distribution tax is not currently accrued because after-tax retained earnings will remain reinvested
in Argentina for the foreseeable future.

Other minor tax rate changes and changes to the interpretation of tax law during 2017 resulted in a income tax recovery of $7 million (2016 - $5
million income tax recovery).

Asset sales and impairment and changes in the recognition of deferred tax assets

Tax balances require adjustment when assets are sold and when assets are impaired and when there are changes in evidence regarding the
recognition of deferred tax assets.

GOLDCORP | 18
 (in United States dollars, tabular amounts in millions, except
where noted)

The 2017 impairment of mining interests resulted in a deferred tax recovery of $267 million (2016 - $nil) while the gain on disposition of mining
interests resulted in a current tax expense of $14 million (2016 - $nil). Changes in the recognition of deferred tax assets resulted in a deferred
tax expense of $2 million (2016 - $15 million).

Effective tax rate

Earnings before income taxes of $193 million for 2017 was impacted by the following items: $30 million of non-deductible share-based
compensation expense (2016 - $52 million); $202 million of non-deductible asset sales and impairment (2016 - $49 million reversal of impairment);
and $189 million of after-tax income from associates (particularly Pueblo Viejo) that are not subject to further income tax in the accounts of the
Company (2016 - $171 million).

After adjusting for the above mentioned items, the effective income tax rate for 2017 was 27% (2016 - 61%). The higher adjusted effective
income tax rate in 2016 was primarily due to higher non-deductible expenses.

AISC
AISC(1) were $824 per ounce for the year ended December 31, 2017, compared to $856 per ounce for the year ended December 31, 2016. The
decrease in AISC was primarily due to the higher by-product production at Peñasquito and by-product prices ($77 per ounce) and lower production
costs ($71 per ounce), due primarily to the sale of Los Filos and closure of Marlin in 2017 and the impact to date of the Company's initiative to
realize $250 million of sustainable annual efficiencies. These decreases were offset partially by the impact of lower gold sales ($114 per ounce),
due primarily to the sale of Los Filos in April 2017 and closure of Marlin in the second quarter of 2017 and lower sales volumes at Red Lake.

(1) AISC per ounce is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and detailed
reconciliations, please see pages 45-54 of this report.

GOLDCORP | 19
 (in United States dollars, tabular amounts in millions, except
where noted)

OVERVIEW OF QUARTERLY FINANCIAL AND OPERATING RESULTS

2017 2016
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total
Financial Results
Revenues $ 882 $ 822 $ 866 $ 853 $ 3,423 $ 944 $ 753 $ 915 $ 898 $ 3,510
Net earnings (loss) $ 170 $ 135 $ 111 $ 242 $ 658 $ 80 $ (78) $ 59 $ 101 $ 162
Net earnings (loss) per share
– Basic and diluted $ 0.20 $ 0.16 $ 0.13 $ 0.28 $ 0.76 $ 0.10 $ (0.09) $ 0.07 $ 0.12 $ 0.19
Operating cash flow $ 227 $ 158 $ 315 $ 511 $ 1,211 $ 59 $ 234 $ 267 $ 239 $ 799
Adjusted operating cash flow (1) $ 315 $ 320 $ 308 $ 401 $ 1,344 $ 330 $ 204 $ 401 $ 306 $ 1,241
Adjusted EBITDA (1) $ 427 $ 432 $ 400 $ 448 $ 1,707 $ 422 $ 269 $ 491 $ 477 $ 1,659
Expenditures on mining interests (cash
basis) $ 186 $ 233 $ 291 $ 420 $ 1,130 $ 182 $ 177 $ 168 $ 217 $ 744
– Sustaining $ 113 $ 133 $ 143 $ 187 $ 576 $ 140 $ 140 $ 112 $ 145 $ 537
– Expansionary $ 73 $ 100 $ 148 $ 233 $ 554 $ 42 $ 37 $ 56 $ 72 $ 207
Dividends paid $ 15 $ 16 $ 15 $ 16 $ 62 $ 51 $ 16 $ 14 $ 16 $ 97
Operating Results (1)

Gold produced (thousands of ounces) 655 635 633 646 2,569 784 613 715 761 2,873
Gold sold (thousands of ounces) 646 649 606 633 2,534 799 616 686 768 2,869
Silver produced (thousands of ounces) 7,100 7,400 7,000 7,100 28,600 7,700 5,300 7,700 7,400 28,100
Copper produced (thousands of pounds) 9,700 7,900 6,300 4,500 28,400 17,200 14,400 16,900 20,400 68,900
Lead produced (thousands of pounds) 32,400 26,100 38,300 36,500 133,300 29,000 17,100 33,700 29,600 109,400
Zinc produced (thousands of pounds) 80,700 84,100 98,400 96,500 359,700 71,100 38,300 75,200 78,300 262,900
Average realized gold price (per ounce) $ 1,236 $ 1,256 $ 1,287 $ 1,286 $ 1,266 $ 1,203 $ 1,277 $ 1,333 $ 1,181 $ 1,244
Cash costs: by-product (per ounce) (2) $ 540 $ 510 $ 483 $ 462 $ 499 $ 557 $ 728 $ 554 $ 481 $ 573
Cash costs: co-product (per ounce) (3) $ 701 $ 644 $ 663 $ 627 $ 660 $ 604 $ 716 $ 657 $ 619 $ 649
All-in sustaining costs (per ounce) $ 800 $ 800 $ 827 $ 870 $ 824 $ 836 $ 1,067 $ 812 $ 747 $ 856

(1) The Company has presented the non-GAAP performance measures on an attributable (or Goldcorp's share) basis in the table above. Adjusted operating
cash flows, Adjusted EBITDA and AISC are non-GAAP financial performance measures with no standardized definition under IFRS. For further information
and detailed reconciliations, please see pages 45-54 of this report.

(2) Total cash costs: by-product, per ounce, is calculated net of Goldcorp’s share of by-product sales revenues (by-product silver sales revenues for Cerro Negro,
Marlin and Pueblo Viejo; by-product lead, zinc and copper sales revenues and 75% of silver sales revenues for Peñasquito at market silver prices, and 25% of
silver sales revenues for Peñasquito at $4.13 per silver ounce (2016 – $4.09 per silver ounce) sold to Wheaton and by-product copper sales revenues for
Alumbrera).

(3) Total cash costs: co-product, per ounce, is calculated by allocating Goldcorp’s share of production costs to each co-product (Alumbrera (copper); Marlin
(silver); Pueblo Viejo (silver and copper); Peñasquito (silver, lead and zinc)) based on the ratio of actual sales volumes multiplied by budget metal prices (see
page 45).

GOLDCORP | 20
 (in United States dollars, tabular amounts in millions, except
where noted)

REVIEW OF FOURTH QUARTER FINANCIAL RESULTS

Three months ended December 31, 2017 compared to the three months ended December 31, 2016

Net earnings for the three months ended December 31, 2017 were $242 million, or $0.28 per share, compared to net earnings of $101 million, or
$0.12 per share, for the three months ended December 31, 2016. The increase in net earnings in the fourth quarter of 2017 compared to the same
period in 2016 was primarily due to higher earnings from Cerro Negro due to higher gold production, driven by the productivity improvement plan,
and an increase in the average realized gold price, higher zinc revenues at Peñasquito from higher zinc production and increases in zinc market
prices, a gain on the sale of the Company's interest in the San Nicolas project in the fourth quarter of 2017, the impacts of the sale of Los Filos
and closure of Marlin in the second quarter of 2017, and an increase in the Company's income tax recovery compared to the same period in the
prior year, largely related to the net impairments recognized in 2017 and the impact of Argentine tax reform. These increases were partially offset
by the impacts of an impairment expense at Red Lake, net of reversals of impairment at Pueblo Viejo and Porcupine in the fourth quarter of 2017,
and lower gold revenues at Peñasquito due to lower production as a result of planned lower grade.

Net earnings and earnings per share for the three months ended December 31, 2017 and 2016 were affected by, among other things, the following
non-cash or other items that management believes are not reflective of the performance of the underlying operations (items are denoted as having
(increased)/decreased net earnings and net earnings per share in the three months ended December 31, 2017 and 2016):

Three months ended December Three months ended December

31, 2017 31, 2016
Per share Per share

(in millions, except per share) Pre-tax After-tax ($/share) Pre-tax After-tax ($/share)

Deferred tax recovery on Argentinian tax reform $ — $ (156) $ (0.18) $ —$ —$ —

Non-cash foreign exchange expense on deferred tax balances $ — $ 63 $ 0.07 $ —$ 46 $ 0.05
Impairment expense (reversal of impairment), net $ 247 $ (23) $ (0.03) $ (49) $ (49) $ (0.06)
Net gain on disposition of mining interests $ (38) $ (27) $ (0.03) $ —$ —$ —
Gain from reduction in provision for Alumbrera's reclamation
costs $ (12) $ (12) $ (0.01) $ —$ —$ —
Revisions in estimates and liabilities incurred on reclamation
and closure cost obligations at inactive and closed sites $ (2) $ (1) $ — $ (17) $ (12) $ (0.01)
Mine-site severance (1) $ — $ — $ — $ 13 $ 13 $ 0.02
Restructuring costs $ — $ — $ — $ 5 $ 3 $ —
Unrealized foreign exchange loss on Argentine peso
denominated construction value-added tax receivable $ — $ — $ — $ 4 $ 4 $ —

(1) Mine-site severance relates to workforce reductions at Marlin in advance of its closure in the second quarter of 2017.

GOLDCORP | 21
 (in United States dollars, tabular amounts in millions, except
where noted)

Revenues

Three months ended December 31 2017 (1) 2016 (1) Change

Gold
Revenue (millions) $ 611 $ 713 (14)%
Ounces sold (thousands) 476 609 (22)%
Average realized price ($/ounce) $ 1,285 $ 1,178 9%
Silver
Revenue (millions) $ 82 $ 95 (14)%
Ounces sold (thousands) 5,998 7,114 (16)%
Average realized price ($/ounce) $ 14.43 $ 14.27 1%
Zinc
Revenue (millions) $ 129 $ 66 95 %
Pounds sold (thousands) 94,400 70,500 34 %
Average realized price $ 1.51 $ 1.18 28 %
Other metals
Revenue (millions) $ 31 $ 24 29 %
Total revenue (millions) $ 853 $ 898 (5)%

(1) Excludes attributable share of revenues from the Company's associates. Revenues are shown net of applicable refining and treatment charges.

Revenues decreased by $45 million, or 5%, primarily due to a decrease in gold revenues of 14% due to a 22% decrease in gold sales volumes,
offset by a 9% increase in the average realized gold price. The decrease in gold sales volumes was primarily due to lower sales at Peñasquito,
due to lower grade ore as a result of the planned transition from the higher grade area of Phase 5 at the bottom of the Peñasco pit to primarily
lower grade ore from the beginning of Phase 6 and lower grade stockpiles, and the impacts of the sale of Los Filos in April 2017 and closure of
Marlin in the second quarter of 2017. The decrease in gold revenues was partially offset by a $63 million increase in zinc revenue due to a 28%
increase in the average realized zinc price and a 34% increase in sales volume.

Production Costs
Production costs in the fourth quarter of 2017 decreased by $62 million, or 12%, when compared to the same period in the prior year primarily
due to the closure of Marlin in the second quarter of 2017 ($86 million, inclusive of a $30 million change in Marlin's reclamation and closure
cost estimates in the fourth quarter of 2017 compared to the same period in 2016) and the divestiture of Los Filos in April 2017 ($37 million),
offset partially by the impact of changes in estimates of reclamation and closure costs for the Company's closed sites, excluding Marlin, in the
fourth quarter of 2017 compared to the same period in the prior year ($43 million). At Cerro Negro, as a result of cost control measures implemented
in 2017, production costs in the fourth quarter of 2017 were consistent with the same period in the prior year despite a 59% increase in tonnes
milled and the impact of Argentine inflation, which outpaced the currency devaluation.

Depreciation and Depletion

Three months ended December 31 2017 (1) 2016 (1) Change

Depreciation and depletion (millions) $ 255 $ 254 —%
Sales ounces (thousands) 476 609 (22)%
Depreciation and depletion per ounce $ 536 $ 417 29 %

(1) Excludes attributable share of depreciation and depletion from the Company's associates.

Depreciation and depletion increased by $1 million, or 0%, mainly due to the impact of incremental depletion from the Hoyle Deep winze at
Porcupine which finished construction in 2016, offset by a decrease in sales volumes. The lower sales volumes were primarily due to lower sales
at Peñasquito and the impact of the sale of Los Filos in April 2017 and closure of Marlin in the second quarter of 2017.

GOLDCORP | 22
 (in United States dollars, tabular amounts in millions, except
where noted)

Share of Net Earnings Related to Associates and Joint Venture

Three months ended December 31 2017 2016 Change

Pueblo Viejo $ 49 $ 60 (18)%
NuevaUnión — — —%
Other 12 — —%
Share of net earnings related to associates and joint venture $ 61 $ 60 2%

The Company’s share of earnings related to associates and joint venture increased by $1 million in the fourth quarter of 2017 compared to the
same period in the prior year primarily due to a $12 million reduction in the Company's provision to fund its share of Alumbrera’s reclamation
costs in 2017, which was classified as Share of Net Earnings Related to Associates and Joint Venture for the Company's Other associates, offset
partially by a decrease in net earnings from Pueblo Viejo. The decrease in net earnings from Pueblo Viejo were due to lower gold sales driven
by lower production volume, lower grades attributable to the mining sequence, an increase in operating costs and the impact of the receipt in
2016 of insurance proceeds relating to oxygen plant failures in 2015.

Impairment (reversal of impairment) of mining interests, net

The Company's impairment expense (reversal of impairment) was comprised of:

Three months ended December 31 2017 2016

Pre-tax After-tax Pre-tax After-tax
Red Lake $ 889 $ 610 $ — $ —
Porcupine (99) (84) — —
Pueblo Viejo (557) (557) — —
Other 14 8 (49) (49)
Impairment expense (reversal) $ 247 $ (23) $ (49) $ (49)

See page 15 of this MD&A for detail relating to the impairment and reversals of impairment.

Corporate Administration
Corporate administration expenses increased by $9 million in the fourth quarter of 2017 compared to the fourth quarter of 2016, primarily due
to higher consulting expenses associated with strategic sourcing and procurement services. The Company partnered with a vendor and is in the
process of centralizing these services for all its mine sites and corporate offices as part of its program to realize $250 million in sustainable
annual efficiencies. The cost of these services are expected to be more than offset by savings in operating expenses and othe r corporate
expenditures.

Restructuring Costs
Restructuring costs were $nil in the three months ended December 31, 2017 compared to $5 million in the three months ended December, 31
2016. Restructuring costs in 2017 have been lower than 2016 as the majority of the workforce reductions from the decentralization initiative at
several mine sites and corporate offices were executed in 2016.

Gain on Disposition of Mining Interests

The gain on disposition of mining interests of $48 million for the fourth quarter of 2017 related to the gain on the sale of the Company's interest
in the San Nicolas copper-zinc project in Mexico. The Company had no gains/losses on dispositions of mining interests during the fourth quarter
of 2016.

Other Income/Expense
Other expense of $7 million for the three months ended December 31, 2017 was comprised primarily of foreign exchange losses arising from
value added tax receivables denominated in Mexican and Argentine pesos, net of foreign exchange gains on accounts payable denominated in
Mexican pesos, and a provision recognized with respect to the settlement of a guarantee of a silver stream liability. These expenses were partially
offset by interest income on loans held with Pueblo Viejo. Other expense of $12 million for the three months ended December 31, 2016 related
primarily to foreign exchange losses arising primarily on value added tax receivables denominated in Mexican and Argentine pesos.

GOLDCORP | 23
 (in United States dollars, tabular amounts in millions, except
where noted)

Income Tax Recovery

The income tax recovery of $341 million for three months ended December 31, 2017 resulted in a 344% tax rate (three months ended December
31, 2016 - $38 million income tax expense and a 27% tax rate) and was impacted by currency translations, tax rate changes, asset sales and
impairments and changes in the recognition of deferred tax assets.

Currency translation
The impact of changes in foreign exchange rates on deferred tax balances and intra-group financing arrangements resulted in a $63 million
income tax expense for the three months ended December 31, 2017 (three months ended December 31, 2016 - $46 million).

The impact of changes in foreign exchange rates on current tax balances resulted in a $21 million income tax recovery for the three months
ended December 31, 2017 (three months ended December 31, 2016 - $20 million).

Tax rate changes

The Argentine tax rate reduction in December 2017 resulted in a deferred tax recovery of $156 million.

Other minor tax rate changes and interpretation of tax law during three months ended December 31, 2017 resulted in a income tax recovery of
$2 million (three months ended December 31, 2016 - $4 million income tax recovery).

Asset sales and impairment and changes in the recognition of deferred tax assets
The 2017 impairment of mining interests resulted in a deferred tax recovery of $267 million for the three months ended December 31, 2017 (three
months ended December 31, 2016 - $nil) while the gain on disposition of mining interests resulted in a current tax expense of $14 million (three
months ended December 31, 2016 - $nil). Changes in the recognition of deferred tax assets resulted in a deferred tax expense of $18 million for
the three months ended December 31, 2017 (three months ended December 31, 2016 - $7 million deferred tax recovery).

Effective tax rate

The loss before income taxes of $99 million for three months ended December 31, 2017 was impacted by the following items: $8 million of non-
deductible share-based compensation expense (three months ended December 31, 2016 - $9 million); $199 million of non-deductible asset sales
and impairment (three months ended December 31, 2016 - $49 million reversal of impairment); and $61 million of after-tax income from associates
(particularly Pueblo Viejo) that are not subject to further income tax in the accounts of the Company (three months ended December 31, 2016 -
$60 million).

After adjusting for the above mentioned items, the effective income tax rate for three months ended December 31, 2017 was 21% (three months
ended December 31, 2016 - 59%). The higher adjusted effective income tax rate in 2016 was primarily due to higher non-deductible expenses.

GOLDCORP | 24
 (in United States dollars, tabular amounts in millions, except
where noted)

AISC
AISC(1) were $870 per ounce for the three months ended December 31, 2017, compared to $747 per ounce for the three months ended December
31, 2016. The increase in AISC was due primarily to lower gold sales ($159 per ounce), higher sustaining capital ($67 per ounce) and higher
Corporate Administration costs ($18 per ounce), partially offset by lower production costs ($103 per ounce) and higher by-product production
and market prices ($19 per ounce). The decrease in gold sales was primarily due to lower sales at Peñasquito, due to mine sequencing, and the
impacts of the sale of Los Filos and closure of Marlin in the first half of 2017, while the decrease in production costs was primarily due to the
sale of Los Filos and closure of Marlin in 2017. The increase in sustaining capital was primarily due to costs associated with the tailings dam
raise at Peñasquito, increased development and tailings area expansion at Cerro Negro, and a planned increase in development rates and
expenditures on the tailings cell and expansion of the waste pad at Éléonore.

(1) AISC per ounce is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and detailed
reconciliations, please see pages 45-54 of this report.

GOLDCORP | 25
 (in United States dollars, tabular amounts in millions, except
where noted)
FINANCIAL POSITION AND LIQUIDITY

The following table summarizes Goldcorp's cash flow activity:

Years Ended December 31

2017 2016
Cash flow
From continuing operations provided by operating activities $ 1,211 $ 799
From continuing operations used in investing activities (1,105) (654)
From continuing operations used in financing activities (97) (294)
Increase (decrease) in cash and cash equivalents 9 (149)
Cash and cash equivalents, beginning of period 157 326
Increase (decrease) in cash and cash equivalents reclassified as held for sale 20 (20)
Cash and cash equivalents, end of period $ 186 $ 157

Cash flow provided by operating activities for the year ended December 31, 2017 increased compared to the year ended December 31, 2016
primarily due to positive changes in non-cash working capital and cost reductions driven by the Company's initiative to realize $250 million of
sustainable annual efficiencies. The positive changes in non-cash working capital were due to the receipt of value added tax ("VAT") refunds,
primarily from Mexico and Argentina. The change in VAT receivable balance for the year ended December 31, 2017 resulted in an increase to
cash and cash equivalents of $219 million as compared to the year ended December 31, 2016.

The increase in cash flow used in investing activities for the year ended December 31, 2017 compared to the year ended December 31, 2016
was due mainly to $266 million, including transaction costs, paid to acquire Kinross' 25% interest in the Cerro Casale project, a $379 million
increase in expenditures on mining interests (as noted below), the purchase of a 4% gold stream on the El Morro deposit, part of the Company's
NuevaUnión joint venture, from New Gold Inc. for $65 million and an increase in purchases of securities and interest paid of $95 million. These
increases were offset partially by $320 million, net of transaction costs and cash disposed, received on the sale of Los Filos, Cerro Blanco and
San Nicolas and an increase in the return of capital from Pueblo Viejo of $41 million.

Expenditures on mining interests (including deposits on mining interest expenditures) were as follows:

Years Ended December 31

2017 2016
Éléonore $ 109 $ 94
Musselwhite 58 37
Porcupine 109 62
Red Lake 80 100
Peñasquito 532 230
Cerro Negro 87 97
Other 100 76
Total $ 1,075 $ 696

The increase in expenditures on mining interests during the year ended December 31, 2017 compared to the year ended December 31, 2016
was due primarily to an increase in expansionary capital of $347 million related to the construction of the Pyrite Leach project at Peñasquito,
the development ramp at Borden and the Materials Handling project at Musselwhite.

Cash flow used in financing activities for the year ended December 31, 2017 decreased by $197 million as compared to the year ended December
31, 2016. The decrease compared to 2016 was primarily due to net credit facility repayments of $30 million in 2017 as compared to Cerro Negro
debt repayments of $202 million and a $30 million credit facility draw in 2016. In addition, dividends paid decreased by $35 million due to a
reduction in the Company's dividend payments which came into effect on April 1, 2016.

On June 22, 2017, the Company completed the extension of its $3.0 billion credit facility term by one year to June 22, 2022. The unsecured,
floating-rate facility bears interest at LIBOR plus 150 points when drawn, based on Goldcorp's current bond ratings, and is intended to be used
for liquidity and general corporate purposes.

GOLDCORP | 26
 (in United States dollars, tabular amounts in millions, except
where noted)
At December 31, 2017, the Company's net debt and adjusted net debt (1) was $2.2 billion and $2.1 billion, respectively, representing reductions
of approximately 3% and 5%, respectively, compared to the Company's net debt and adjusted net debt balances at December 31, 2016. During
2017, the Pueblo Viejo joint venture repaid the remainder of the project finance facility of $160 million. At December 31, 2017, excluding cash
and cash equivalents held at associates of $163 million, the Company had $3.2 billion of available liquidity, comprised of $234 million of cash
and cash equivalents and short term investments, and $3.0 billion available on its $3.0 billion credit facility. The Company has $500 million of
debt due March 15, 2018 which it intends to repay using cash flow from operations, draws on its credit facility and/or other short-term bank
facilities.

The Company may from time to time seek to retire or repurchase its outstanding debt in open market purchases, privately negotiated transactions
or otherwise. Such repurchases, if any, will depend upon prevailing market conditions, the Company's liquidity requirements, contractual
restrictions and other factors. The amount of debt retired or repurchased may be material.
(1) The Company has presented the non-GAAP performance measures on an attributable (or Goldcorp's share) basis. Adjusted net debt is non-GAAP
financial performance measure with no standardized definition under IFRS. For further information, please see pages 45-54 of this report.

Commitments

In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following
table summarizes the remaining contractual maturities of the Company's financial liabilities and operating and capital commit ments at
December 31, 2017, shown in contractual undiscounted cashflows:

Within 1 2 to 3 4 to 5 Over 5
year years years years Total
Financial Liabilities
Accounts payable and accrued liabilities $ 570 $ — $ — $ — $ 570
Derivative liabilities not designated as hedging instruments 2 — — — 2
Debt repayments (principal portion) 500 — 550 1,450 2,500
Deferred payment obligation 37 78 67 — 182
Other 1 9 2 17 29
Total Financial liabilities 1,110 87 619 1,467 3,283
Other Commitments
Capital expenditure commitments (1), (2) 409 347 100 — 856
Operating expenditure commitments (2) 218 4 245 152 619
Reclamation and closure cost obligations 54 54 33 1,432 1,573
Interest payments on debt 71 163 133 546 913
Minimum rental and lease payments (3) 4 8 8 15 35
Other 5 11 — — 16
Total Other Commitments 761 587 519 2,145 4,012
Total Financial Liabilities and Commitments $ 1,871 $ 674 $ 1,138 $ 3,612 $ 7,295

(1) Contractual commitments are defined as agreements that are enforceable and legally binding. Certain of the contractual commitments may
contain cancellation clauses; however, the Company discloses the contractual maturities of the Company's operating and capital
commitments based on management's intent to fulfill the contract.
(2) Includes the capital and operating commitment for the Coffee project.
(3) Excludes the Company's minimum finance lease payments.

At December 31, 2017, the Company had letters of credit outstanding in the amount of $420 million (December 31, 2016 – $423 million) of which
$323 million (December 31, 2016 – $303 million) represented guarantees for reclamation obligations. The Company's capital commitments for
the next twelve months amounted to $409 million at December 31, 2017, including the Company's funding obligation for Norte Abierto for the
next twelve months. During 2017, the Company entered into an agreement with a vendor to construct the Coffee Project and potentially manage
its initial two years of operation. The expected total capital and operating expenditures under the agreement are $298 million and $397 million,
respectively, with the majority of the amount to be spent evenly throughout 2019 to 2023. The Company can terminate the contract at any time
without penalty, with no further obligations other than payment for work completed to the date of termination of the contract with the vendor.
GOLDCORP | 27
 (in United States dollars, tabular amounts in millions, except
where noted)
In addition, certain of the mining properties in which the Company has interests are subject to royalty arrangements based on their net smelter
returns ("NSRs"), modified NSRs, net profits interest ("NPI"), net earnings and/or gross revenues. Royalties are expensed at the time of sale of
gold and other metals. For the year ended December 31, 2017, royalties included in production costs amounted to $78 million (2016 – $69 million).
At December 31, 2017, the significant royalty arrangements of the Company and its associates and joint venture were as follows:

Mining properties: Royalty arrangements

Musselwhite 1.25 – 5% of NPI

Éléonore 2.2 – 3.5% of NSR
Peñasquito 2% of NSR and 0.5% of gross income on sale of gold and silver
Cerro Negro 3% of modified NSR and 1% of net earnings
Alumbrera 3% of modified NSR plus 20 – 30% of net proceeds after capital recovery and changes in working
capital
Pueblo Viejo 3.2% of NSR
NuevaUnión 1.5% – 2% modified NSR on portions of the property and 2% NPI
Coffee 2% of NSR
Norte Abierto 3.08% NSR on the Caspiche property; Goldcorp to pay 1.25% gross royalty on Cerro Casale and
Quebrada Seca

Capital Resources

The capital of the Company consists of items included in shareholders’ equity and debt net of cash and cash equivalents and short term investments
as follows:

At December 31 At December 31
2017 2016
Shareholders’ equity $ 14,184 $ 13,415
Debt 2,483 2,510
16,667 15,925
Less: Cash and cash equivalents (186) (157)
Short term investments (48) (43)
$ 16,433 $ 15,725

The Company manages its capital structure and makes adjustments in light of changes in its economic environment and the risk characteristics
of the Company’s assets. To effectively manage the entity’scapital requirements, the Company has instituted a rigorous planning, budgeting and
forecasting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth
objectives. The Company ensures that there are sufficient committed loan facilities to meet its short-term business requirements, taking into
account its anticipated cash flows from operations and its holdings of cash and cash equivalents and short term investments.

Outstanding Share Data

As at February 14, 2018, there were 867 million common shares of the Company issued and outstanding and 7 million stock options outstanding,
which are exercisable into common shares at exercise prices ranging between C$20.27 per share to C$33.48 per share, and 3 million restricted
share units outstanding.

GUIDANCE (1)

Goldcorp expects to produce 2.5 million ounces (+/- 5%) of gold in 2018, in line with previous 2018 guidance. AISC are expected to decline further
to approximately $800 per ounce (+/- 5%) as the Company continues to realize savings from its program targeting $250 million of annual
sustainable efficiencies.
The Company’s 20/20/20 plan remains unchanged. As previously guided, gold production is expected to increase 20% to 3 million ounces by
2021. AISC are expected to decrease by 20% to approximately $700 per ounce over the same period driven by the ongoing focus on cost
efficiencies and productivity improvements. Building on the successful conversion of 4.7 million ounces of gold mineral resources into mineral

GOLDCORP | 28
 (in United States dollars, tabular amounts in millions, except
where noted)
reserves at the Century project in 2017, gold mineral reserves are expected to increase by 20% to 60 million ounces by 2021 supported by the
exploration potential and ongoing programs at Coffee, Norte Abierto, Cerro Negro and Pueblo Viejo.
Complete production and cost guidance to 2021 is provided below.

Production (+/- 5%) (2) Units 2018E 2019E 2020E 2021E

Gold Production Moz 2.5 2.7 3.0 3.0
Silver Production Moz 30 50 40 35
Zinc Production Mlbs 300 425 450 400
Lead Production Mlbs 160 300 250 150
Gold Equivalent Production (3) Moz 3.3 4.0 4.1 4.1

Costs (+/- 5%) (2, 3) Units 2018E 2019E 2020E 2021E

AISC (4) $/oz 800 750 700 700
By-product Cash Costs $/oz 450 400 400 400

Capital Expenditures (+/- 5%) Units 2018E 2019E 2020E 2021E

Sustaining Capital (2, 5) $M 550 575 575 575
Expansionary Capital (2, 5) $M 750 250 300 300

Other 2018 Estimates 2018E

Corporate Administration ($M) (including non-cash stock compensation of $40M) $140
Exploration ($M) (2, 6) $125
Depreciation and depletion ($/oz) (2) $485
Tax rate (%) (2) 40 - 45%

(1) Guidance projections (“Guidance”) are considered “forward-looking statements” and represent management’sgood faith estimates or expectations of future
production results as of the date hereof. Guidance is based upon certain assumptions, including, but not limited to, metal prices, fuel prices, certain exchange
rates and other assumptions. Such assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently,
Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Guidance and forward-looking statements as there can be
no assurance that the plans, assumptions or expectations upon which they are placed will occur. See the "Cautionary Statement Regarding Forward-Looking
Statements".

(2) The Company has presented the non-GAAP performance measures on a21 attributable (or Goldcorp's share) basis. AISC per ounce and cash costs: by-product
are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see pages 45-54 of this report.

(3) The assumptions below were used to forecast total cash costs and gold equivalent ounces:

2018 - 2019 2020 - 2021

Gold (oz) $1,300 $1,300
Silver (oz) $19.00 $18.00
Copper (lb) $2.75 $3.00
Zinc (lb) $1.30 $1.15
Lead (lb) $1.10 $1.00
Foreign exchange (respectively to the US$)
Canadian dollar $1.25 $1.25
Mexican peso 19.00 19.00

(4) The Company’s projected AISC are not based on GAAP total production cash costs, which forms the basis of the Company’s cash costs: by-product. The
projected range of AISC is anticipated to be adjusted to include sustaining capital expenditures, corporate administrative expense, mine-site exploration
and evaluation costs and reclamation cost accretion and amortization, and exclude the effects of expansionary capital and non-sustaining expenditures.
Projected GAAP total production cash costs for the full year would require inclusion of the projected impact of future included and excluded items,
including items that are not currently determinable, but may be significant, such as sustaining capital expenditures, reclamation cost accretion and
amortization. Due to the uncertainty of the likelihood, amount and timing of any such items, the Company does not have information available to
GOLDCORP | 29
 (in United States dollars, tabular amounts in millions, except
provide a quantitative reconciliation of projected AISC to a total production cash costswhere
projection.
noted)

GOLDCORP | 30
 (in United States dollars, tabular amounts in millions, except
where noted)
(5) Excludes capitalized exploration costs (see footnote 6). Expansionary capital includes capital costs for those projects which are in execution and/or have an
approved feasibility study. Projects without an approved feasibility study only include capital costs to the next stage gate.

(6) Approximately 40% of exploration spending is expected to be expensed and approximately 60% is expected to be capitalized. Approximately 50% of
exploration spending considered sustaining and approximately 50% is considered expansionary.

OPERATIONAL REVIEW

The Company’s principal producing mining properties are comprised of the Éléonore, Musselwhite, Porcupine and Red Lake mines in Canada;
the Peñasquito mine in Mexico; the Cerro Negro mine in Argentina; and the Pueblo Viejo mine (40.0% interest) in the Dominican Republic.
Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about
resources to be allocated to the segments and to assess their performance. The Company considers each individual mine site as an operating
segment for financial reporting purposes except as noted below.
Following the Company's acquisition and divestitures and the closure of the Marlin mine during 2017, the Company reassessed its segments
for financial reporting purposes. The Company concluded that Marlin and Los Filos were no longer operating segments and as a result, are
included in Other; they were previously included in the Other mines operating segment. The Company's 37.5% interest in Alumbrera, which
was previously reported as Other associate, and the Company's interest in Leagold, are also presented in Other, because their financial results
do not meet the quantitative threshold required for segment disclosure purposes. Prior periods have been re-presented to reflect the current
presentation.
The Company’s100% interests in the Cochenour and Borden projects in Canada are included in the Red Lake and Porcupine reportable operating
segments, respectively. The Company's 50% interests in the NuevaUnión and Norte Abierto projects in Chile, and 100% interest in the Coffee
project in the Yukon, are included in Other.
The Company’s principal product is gold bullion which is sold primarily in the London spot market. Concentrate produced at Peñasquito and
Alumbrera, containing both gold and by-product metals, is sold to third party smelters and traders.

GOLDCORP | 31
 (in United States dollars, tabular amounts in millions, except
where noted)
Segmented Financial and Operating Highlights

Earnings (loss)

Year ended December 31 Gold Gold Total cash

Revenue sold costs: by-product AISC from mine
produced operations ($
(000's of
($ (000's of ($/oz)
(4)
(1),
($/oz) (3), millions) (5)
ounces) (4)
millions) ounces)

Peñasquito 2017 1,400 476 472 (106) 370 370

2016 1,044 465 449 483 937 103
Cerro Negro 2017 609 452 436 457 684 84
2016 532 363 382 505 705 66
Pueblo Viejo (4)
2017 569 433 429 400 517 331
2016 607 467 467 343 439 387
Red Lake 2017 264 209 208 866 1,181 (3)
2016 388 324 313 582 872 86
Éléonore 2017 377 305 299 841 1,095 (11)
2016 346 274 278 875 981 (43)
Porcupine 2017 341 272 270 754 979 10
2016 343 277 275 688 898 91
Musselwhite 2017 293 236 232 620 774 108
2016 321 261 260 538 678 122
Other mines (2) 2017 357 186 188 883 983 29
2016 793 442 445 716 848 32
Other (3) 2017 — — — — 75 (22)
2016 — — — — 75 20

Attributable segment total (4) 2017 4,210 2,569 2,534 499 824 896
2016 4,374 2,873 2,869 573 856 864
Less associates and joint
venture 2017 (787) (536) (532) (516) (637) (352)
2016 (864) (563) (561) (371) (466) (444)

Total - Consolidated 2017 3,423 2,033 2,002 495 873 544

2016 3,510 2,310 2,308 622 951 420

GOLDCORP | 32
 (in United States dollars, tabular amounts in millions, except
where noted)

Earnings (loss)
Three months ended Gold Gold Total cash costs: from mine
December 31 Revenue produced sold by-product AISC operations ($
($ millions) (000's of ounces) (000's of ounces) ($/oz) (1), (4) ($/oz) (3), (4) millions) (5)
Peñasquito 2017 314 83 68 (629) 571 64
2016 362 183 185 205 487 102
Cerro Negro 2017 173 130 123 381 672 32
2016 90 66 70 778 1,024 (19)
Pueblo Viejo (4) 2017 166 122 125 390 496 101
2016 168 127 132 202 311 130
Red Lake 2017 75 59 58 833 1,116 2
2016 87 88 76 608 932 11
Éléonore 2017 108 84 85 828 1,043 (2)
2016 82 65 69 965 1,075 (23)
Porcupine 2017 100 76 78 661 900 10
2016 76 66 63 733 985 23
Musselwhite 2017 83 67 64 535 735 38
2016 87 75 74 511 696 37
Other mines (2) 2017 61 25 32 1,094 1,213 23
2016 194 91 99 544 677 (18)
Other (3) 2017 — — — — 91 (1)
2016 — — — — 59 39
Attributable segment total (4) 2017 1,080 646 633 462 870 267
2016 1,146 761 768 481 747 282
Less associates and joint
venture 2017 (227) (147) (157) (534) (641) (123)
2016 (248) (153) (159) (177) (282) (154)

Total - Consolidated 2017 853 499 476 438 945 144

2016 898 608 609 561 869 128

(1) Total cash costs: by-product, per ounce, is calculated net of Goldcorp’s share of by-product sales revenues (by-product copper sales revenues for
Alumbrera; by-product silver sales revenues for Marlin and Pueblo Viejo; and by-product lead and zinc sales revenues and 75% of silver sales revenues
for Peñasquito at market silver prices, and 25% of silver sales revenues for Peñasquito at $4.13 per silver ounce (2016 – $4.09 per silver ounce) sold to
Wheaton). If silver, copper, lead and zinc were treated as co-products, total cash costs for the three months and year ended December 31, 2017 would
have been $627 and $660 per ounce of gold, respectively (three months and year ended December 31, 2016 – $619 and $649, respectively). Production
costs are allocated to each co-product based on the ratio of actual sales volumes multiplied by budget metal prices (see page 45).

(2) As described above, the Company's investments in Marlin, Alumbrera and Leagold are included in 'Other' for segment reporting purposes. They have
been disclosed separately in these tables, in 'Other mines', along with Los Filos up to the date of its disposal on April 7, 2017, to provide visibility
into the impact of the Company's corporate administration expense on AISC.

(3) For the purpose of calculating AISC, the Company included corporate administration expense, capital expenditures incurred at the Company's
regional and head office corporate offices and regional office exploration expense as corporate AISC in the "Other" category. These costs are not
allocated to the individual mine sites as the Company measures its operations' performance on AISC directly incurred at the mine site. AISC for
Other was calculated using total corporate expenditures and the Company's total attributable gold sales ounces.

(4) The Company has included certain non-GAAP performance measures including the Company’s share of the applicable production, sales and financial
information of Pueblo Viejo, Alumbrera, Leagold and NuevaUnión throughout this document. Total cash costs: by-product and AISC are non-GAAP
performance measures with no standardized definition under IFRS. For further information and detailed reconciliations, please see pages 45-54 of
this report.

(5) During the year ended December 31, 2017, the Company recognized an impairment expense of $244 million ($23 million, net of tax) in respect of certain
CGUs. Earnings from mine operations is prior to the impairment expense. See page 15 of this report for further detail.

GOLDCORP | 33
 (in United States dollars, tabular amounts in millions, except
where noted)

OPERATIONAL REVIEW

Peñasquito, Mexico (100%-owned)

Three months ended December 31 Year ended December 31

Operating Data 2017 2016 Change 2017 2016 Change
Tonnes of ore milled (thousands) 9,582 9,243 4% 37,083 34,112 9%
Mill head grade
Gold grade (grams/tonne) 0.47 0.95 (51)% 0.66 0.70 (6)%
Silver grade (grams/tonne) 24.48 21.98 11 % 23.51 22.98 2%
Lead grade 0.25% 0.20% 25 % 0.23% 0.22% 5%
Zinc grade 0.66% 0.58% 14 % 0.64% 0.54% 19 %
Mill Recovery Rate
Gold recovery 63% 69% (9)% 66% 63% 5%
Silver recovery 83% 81% 2% 82% 79% 4%
Lead recovery 73% 78% (6)% 74% 72% 3%
Zinc recovery 81% 80% 1% 81% 77% 5%
Payable Metal Produced
Gold (thousands of ounces) 83 183 (55)% 476 465 2%
Silver (thousands of ounces) 5,501 4,830 14 % 21,505 17,903 20 %
Lead (thousands of pounds) 36,500 29,600 23 % 133,300 109,400 22 %
Zinc (thousands of pounds) 96,500 78,300 23 % 359,700 262,900 37 %
Gold equivalent (thousands of ounces) (1) 259 347 (25)% 1,147 1,050 9%
Payable Metal Sold
Gold (thousands of ounces) 68 185 (63)% 472 449 5%
Silver (thousands of ounces) 4,988 5,038 (1)% 21,399 17,592 22 %
Lead (thousands of pounds) 33,400 33,600 (1)% 128,200 110,000 17 %
Zinc (thousands of pounds) 94,400 70,500 34 % 361,000 259,800 39 %
Total Cash Costs: By-product (per ounce) $ (629) $ 205 (407)% $ (106) $ 483 (122)%
Total Cash Costs: Co-product (per ounce) $ 809 $ 598 35 % $ 678 $ 780 (13)%
AISC (per ounce) $ 571 $ 487 17 % $ 370 $ 937 (61)%
Financial Data (in millions)
Revenues (2) $ 314 $ 362 (13)% $ 1,400 $ 1,044 34 %
Production costs $ 187 $ 182 3% $ 751 $ 698 8%
Depreciation and depletion $ 63 $ 78 (19)% $ 279 $ 243 15 %
Earnings from mine operations $ 64 $ 102 (37)% $ 370 $ 103 259 %
Expenditures on mining interests (cash basis) $ 229 $ 64 258 % $ 537 $ 235 129 %
– Sustaining $ 78 $ 49 59 % $ 213 $ 195 9%
– Expansionary $ 151 $ 15 907 % $ 324 $ 40 710 %

(1) Gold equivalent ounces are calculated using the following assumptions: $1,250 per ounce of gold; by-product metal prices of $19.00 per ounce of silver;
$0.90 per pound of zinc; and $0.80 per pound of lead (2016 – $1,100; $16.50; $0.95; and $0.90, respectively). 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.

(2) Includes 25% of silver ounces sold to Wheaton at $4.13 per ounce (2016 – $4.09 ounce). The remaining 75% of silver ounces are sold at market rates.

GOLDCORP | 34
 (in United States dollars, tabular amounts in millions, except
where noted)

Fourth Quarter Operating and Financial Highlights

Gold production for the three months ended December 31, 2017 was lower than the same period in the prior year as a result of the planned
transition from the higher grade area of Phase 5 at the bottom of the Peñasco pit to lower grade ore from the beginning of Phase 6 and lower
grade stockpiles. Higher grade ore was processed from phase 5D in the three months ended December 31, 2016. It is expected that production
will revert back to higher grade ore in 2019 when the Phase 6 stripping program exposes higher grade ore in the Peñasco pit. Improved productivity
driven by the implementation of a new management operating system resulted in higher tonnes processed and better ore delivery to the primary
crusher during the three months ended December 31, 2017 compared to the same period in the prior year.

Earnings from operations for the three months ended December 31, 2017 were lower than the same period in the prior year primarily due to
lower gold production, partially offset by 27% higher zinc and 17% higher lead prices, higher zinc sales, and lower depreciation. Production
costs remained in line with the same period in the prior year as cost optimization efforts were offset by market increases for diesel and electrical
prices.

AISC for the three months ended December 31, 2017 were higher than the same period in the prior year due to lower gold production and higher
planned sustaining capital expenditures, partially offset by higher by-product metal credits. Sustaining capital expenditures were higher than the
same period in the prior year due to work on the center line raise, dewatering wells relocation and the purchase of mining equipment.

Annual Operating and Financial Highlights

Gold production for the year ended December 31, 2017 was comparable with the prior year, while gold equivalent production was higher because
of higher metal recoveries and higher by-product metal grades, in particular zinc. The higher throughput and metal recoveries in 2017 were driven
by improvements at Peñasquito's mill from improved equipment reliability and higher float cell recoveries. The year ended December 31, 2016
also included a prolonged period of maintenance which reduced tonnes milled.

Earnings from operations increased significantly for the year ended December 31, 2017 compared to the prior year,driven by consistent operations
and by 36% higher zinc and 24% higher lead prices, partially offset by higher depreciation and depletion. Production costs were higher compared
to the same period in the prior year due to market increases in diesel and electrical prices in 2017, a one-time charge related to the oxide heap
leach operation in the first quarter of 2017, and higher sustainability costs associated with supporting the nearby communities in 2017.

AISC was lower for the year ended December 31, 2017 compared to the prior year due to higher by-product revenues, partially offset by planned
higher sustaining capital expenditures. Sustaining capital expenditures increased related to work on the center line raise and the purchase of
mining equipment.

Expansionary capital of $324 million for the year ended December 31, 2017 included $289 million and $30 million relating to the Pyrite Leach
Project and Chile Colorado pre-stripping, respectively (see the Project Pipeline section below).

GOLDCORP | 35
 (in United States dollars, tabular amounts in millions, except
where noted)
Cerro Negro, Argentina (100%-owned)

Three months ended December 31 Year ended December 31

Operating Data 2017 2016 Change 2017 2016 Change
Tonnes of ore milled (thousands) 264 166 59 % 1,031 827 25 %
Mill Gold grade (grams/tonne) 16.74 14.43 16 % 14.31 14.35 —%
Mill Silver grade (grams/tonne) 154.8 112.7 37 % 126.5 132.1 (4)%
Gold recovery rate 97% 96% 1% 96% 95% 1%
Silver recovery rate 86% 88% (2)% 86% 87% (1)%
Gold Produced (thousands of ounces) 130 66 97 % 452 363 25 %
Silver Produced (thousands of ounces) 1,079 478 126 % 3,504 3,087 14 %
Gold equivalent ounces produced (thousands of
ounces)(1) 147 73 101 % 506 410 23 %
Gold Sold (thousands of ounces) 123 70 76 % 436 382 14 %
Silver Sold (thousands of ounces) 1,010 540 87 % 3,370 3,308 2%
Total Cash Costs: By-product (per ounce) $ 381 $ 778 (51)% $ 457 $ 505 (10)%
Total Cash Costs: Co-product (per ounce) $ 457 $ 810 (44)% $ 523 $ 574 (9)%
AISC (per ounce) $ 672 $ 1,024 (34)% $ 684 $ 705 (3)%
Financial Data (in millions)
Revenues $ 173 $ 90 92 % $ 609 $ 532 14 %
Production costs $ 64 $ 64 —% $ 258 $ 249 4%
Depreciation and depletion $ 77 $ 45 71 % $ 267 $ 217 23 %
Earnings from mine operations $ 32 $ (19) n/a $ 84 $ 66 27 %
Expenditures on mining interests (cash basis) $ 29 $ 22 32 % $ 87 $ 97 (10)%
– Sustaining $ 29 $ 15 93 % $ 79 $ 68 16 %
– Expansionary $ — $ 7 (100 )% $ 8 $ 29 (72 )%

(1) Gold equivalent ounces are calculated using the following assumptions: $1,250 per ounce of gold and a by-product metal price of $19.00 per ounce of
silver (2016 –

$1,100 and $16.50, respectively). 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.

Fourth Quarter Operating and Financial Highlights

Gold production for the three months ended December 31, 2017 was higher than the same period in the prior year due to higher productivity in
alignment with the Cerro Negro's ramp-up and productivity improvement plan. The productivity improvement plan, which was implemented in
the fourth quarter of 2016, has been focused on improving maintenance, operator skills, and supply chain processes, and has generated positive
results across the mine. The consistent supply of 4,000 tonnes per day to the mill is expected to be achieved during the second half of 2018.
Mariana Norte design and development work continues per plan, with ore production expected during the second half of 2018 to supplement
declining production from Eureka in 2019. The development of the Emilia vein is expected to continue in 2018.
Earnings from operations for the three months ended December 31, 2017 were higher than the same period in the prior year due to higher gold
production, driven by the productivity improvement plan, partially offset by higher depreciation and depletion. Production costs for the three
months ended December 31, 2017 were in line with the same period in the prior year, despite 59% higher tonnes milled, due to effective cost
control measures offsetting Argentine inflation, which outpaced the currency devaluation.

AISC for the three months ended December 31, 2017 were lower than the same period in the prior year due to higher gold production, partially
offset by planned higher sustaining capital related to increased development and tailings area expansion.

GOLDCORP | 36
 (in United States dollars, tabular amounts in millions, except
where noted)
Annual Operating and Financial Highlights
Gold production for the year ended December 31, 2017 was higher than the prior year due to higher productivity, in alignment with the Cerro
Negro's ramp-up and productivity improvement plan.
Earnings from operations for the year ended December 31, 2017 were higher than the prior year due to higher gold equivalent production,
partially offset by higher depreciation and depletion. Excluding an export subsidy of $11 million in the third quarter of 2016 which has since
been eliminated, production costs for the year ended December 31, 2017 were in line with the same period in the prior year, despite higher
tonnes mined and processed. Management continues to implement cost control measures to offset Argentinian inflation of 21% in 2017 and
the changes in the Argentine peso/USD exchange rate which devalued 12% based on average 2016-2017 exchange rates. Depreciation and
depletion was higher as a result of the 25% higher milled tonnes.

AISC for the year ended December 31, 2017 were lower than the prior year as a result of higher gold production, which was partially offset by
higher sustaining capital expenditures related to increased development and tailings area expansion.

GOLDCORP | 37
 (in United States dollars, tabular amounts in millions, except
where noted)
Pueblo Viejo, Dominican Republic (40%-owned)

(tabular amounts below represent Goldcorp's proportionate 40% share)

Three months ended December 31 Year ended December 31

Operating Data 2017 2016 Change 2017 2016 Change
Tonnes of ore milled (thousands) 915 826 11 % 3,194 3,018 6%
Mill head grade (grams/tonne) 4.52 5.07 (11)% 4.57 5.28 (13)%
Recovery rate 92% 93% (1)% 92% 91% 1%
Gold Produced (thousands of ounces) 122 127 (4)% 433 467 (7)%
Gold Sold (thousands of ounces) 125 132 (5)% 429 467 (8)%
Total Cash Costs: By-product (per ounce) $ 390 $ 202 93 % $ 400 $ 343 17 %
Total Cash Costs: Co-product (per ounce) $ 420 $ 252 67 % $ 438 $ 380 15 %
AISC (per ounce) $ 496 $ 311 59 % $ 517 $ 439 18 %
Financial Data (in millions) (1)

Revenues $ 166 $ 168 (1)% $ 569 $ 607 (6)%

Production costs $ 55 $ 35 57 % $ 199 $ 185 8%
Depreciation and depletion $ 10 $ 3 233 % $ 39 $ 35 11 %
Earnings from mine operations $ 101 $ 130 (22)% $ 331 $ 387 (14)%
Expenditures on mining interests (cash basis) $ 12 $ 12 —% $ 46 $ 40 15 %
– Sustaining $ 12 $ 12 —% $ 46 $ 40 15 %
– Expansionary $ — $ — n/a $ — $ — n/a

(1) The Company’s40% interest in Pueblo Viejo is classified as an investment in associate and is accounted for using the equity method with the Company’sshare
of net earnings and net assets separately disclosed in the Consolidated Statements of Earnings and Consolidated Balance Sheets, respectively. The financial
data disclosed in the table represents the financial data of Pueblo Viejo on a proportionate rather than equity basis. For the three month period and year
ended December 31, 2017, the Company's equity earnings from Pueblo Viejo were $27 million and $142 million, respectively (three month period and year
ended December 31, 2016 – equity earnings of $60 million and $169 million, respectively).

(2) Earnings from mine operations is reported prior to any impairment/ impairment reversals. See page 15 of this MD&A for details.

Fourth Quarter Operating and Financial Highlights

Gold production for the three months ended December 31, 2017 was lower than the same period in the prior year primarily due to lower grades,
partially offset by higher tonnage processed. Ore mined increased in comparison with the three months ended December 31, 2016 primarily due
to the commencement of a new phase in the Moore pit which allowed for higher fleet efficiency. The decrease in head grade was attributable to
the mining sequence, as the prior year higher grade ore was primarily from Moore pit phase 2. Tonnes milled increased in comparison with the
three months ended December 31, 2016 primarily due to improvements in the autoclaves and grinding areas in 2017. During the fourth quarter
of 2017, monthly production records were set for the crushing and grinding circuit and the autoclave circuit.

Earnings from mine operations for the three months ended December 31, 2017 were lower and AISC were higher than the same period in the
prior year primarily due to higher production costs, lower gold sales, and lower by-product silver credits. Production costs for the three months
ended December 31, 2017 were higher than the same period in the prior year primarily due to 2016 costs being positively impacted by an
insurance credit from an oxygen plant failure in 2015, higher power costs as a consequence of higher usage resulting from increased tonnage
processed, higher fuel costs attributed primarily to increased market prices, and higher contractors and site costs.

Annual Operating and Financial Highlights

Gold production for the year ended December 31, 2017 was lower than the prior year primarily due to lower grades, partially offset by higher gold
recovery and higher tonnage processed. The decrease in head grade was attributable to the mining sequence, as higher grade ore in the prior
year was primarily from Moore pit. The higher gold recovery in the year ended December 31, 2017 was a result of improved carbon management
and reagent cyanide addition compared to the year ended December 31, 2016. Tonnes milled increased in comparison with the year ended
December 31, 2016 due to reduction of unplanned maintenance shutdowns and optimization of autoclave operations.

GOLDCORP | 38
 (in United States dollars, tabular amounts in millions, except
where noted)
Earnings from mine operations for the year ended December 31, 2017 were lower and AISC were higher than the prior year primarily due to
lower gold sales driven by lower production volume, higher production costs, and higher sustaining capital expenditures, partially offset by higher
by-product silver credits. The increase in production costs for the year ended December 31, 2017 was primarily attributable to 2016 costs having
been positively impacted by an insurance credit from an oxygen plant failure in 2015, higher power costs as a consequence of higher usage
resulting from increased tonnage processed and higher fuel costs. AISC were also higher due to higher sustaining capital as a result of spending
related to the addition of mining equipment, a power substation, and plant maintenance projects.

GOLDCORP | 39
 (in United States dollars, tabular amounts in millions, except
where noted)
Red Lake, Canada (100%-owned)

Three months ended December 31 Year ended December 31

Operating Data 2017 2016 Change 2017 2016 Change
Tonnes of ore milled (thousands) 209 170 23 % 623 646 (4)%
Mill head grade (grams/tonne) 9.76 15.04 (35)% 11.60 16.18 (28)%
Recovery rate 94% 96% (2)% 94% 96% (2)%
Gold Produced (thousands of ounces) 59 88 (33)% 209 324 (35)%
Gold Sold (thousands of ounces) 58 76 (24)% 208 313 (34)%
Total Cash Costs: By-product (per ounce) $ 833 $ 608 37 % $ 866 $ 582 49 %
AISC (per ounce) $ 1,116 $ 932 20 % $ 1,181 $ 872 35 %
Financial Data (in millions)
Revenues $ 75 $ 87 (14)% $ 264 $ 388 (32)%
Production costs $ 48 $ 43 12 % $ 180 $ 179 1%
Depreciation and depletion $ 25 $ 33 (24)% $ 87 $ 123 (29)%
Earnings from mine operations $ 2 $ 11 (82)% $ (3) $ 86 n/a
Expenditures on mining interests (cash basis) $ 25 $ 24 4% $ 80 $ 100 (20)%
– Sustaining $ 14 $ 22 (36 )% $ 60 $ 78 (23 )%

– Expansionary $ 11 $ 2 450 % $ 20 $ 22 (9 )%

(1) Earnings from mine operations is reported prior to any impairment/ impairment reversals. See page 15 of this MD&A for details.

Fourth Quarter Operating and Financial Highlights

Gold production for the three months ended December 31, 2017 was lower than the same period in the prior year due to lower grades, as a
proportionately lower amount of ore was sourced from the High Grade Zone, partially offset by higher tonnes. With the increased use of bulk
mining methods, the milling rate of 2,270 tonnes per day achieved in the fourth quarter of 2017 was the highest rate achieved at Red Lake
since the beginning of 2013. The investment to optimize the long term value of the Red Lake camp as a higher tonnage, lower grade operation
will continue throughout 2018.

During the three months ended December 31, 2017, the site continued with higher underground development rates, achieving 39 meters per day,
an 18% increase over the same period in the prior year. This is expected to liberate more ore in future periods and support the transition to bulk
mining as the High Grade Zone is depleted. The Red Lake mill continued operations in the fourth quarter of 2017 to supplement the Campbell
mill and will be used in 2018 to provide operational flexibility to accommodate higher ore tonnages when required.

Red Lake's earnings from mine operations for the three months ended December 31, 2017 were lower than the same period in the prior year
as lower gold sales were partially offset by lower depreciation and depletion.

AISC for the three months ended December 31, 2017 were higher than the same period in the prior year due to lower gold sales while production
costs were higher as a result of higher operating development costs. Higher production costs per ounce were partially offset by lower sustaining
capital.

Annual Operating and Financial Highlights

Gold production for the year ended December 31, 2017 was lower than the prior year due to lower grade and lower tonnes as the mine focused
on accelerated development, increased bulk mining and a significant cost and infrastructure rationalization program.

Red Lake's loss from mine operations for the year ended December 31, 2017 was lower than earnings in the same period in the prior year due
to the lower gold sales, partially offset by lower depreciation and depletion associated with the lower gold production.

AISC for the year ended December 31, 2017 were higher than the prior year due to lower gold sales while production costs remained relatively
unchanged.

Expansionary capital expenditures relate to the Cochenour Project (see the Project Pipeline section below).

GOLDCORP | 40
 (in United States dollars, tabular amounts in millions, except
where noted)
Éléonore, Canada (100%-owned)

Three months ended December 31 Year ended December 31

Operating Data 2017 2016 Change 2017 2016 Change
Tonnes of ore milled (thousands) 460 399 15 % 1,812 1,688 7%
Mill head grade (grams/tonne) 6.32 5.50 15 % 5.67 5.48 3%
Recovery rate 92% 90% 2% 92% 90% 2%
Gold Produced (thousands of ounces) 84 65 29 % 305 274 11 %
Gold Sold (thousands of ounces) 85 69 23 % 299 278 8%
Total Cash Costs: By-product (per ounce) $ 828 $ 965 (14)% $ 841 $ 875 (4)%
AISC (per ounce) $ 1,043 $ 1,075 (3)% $ 1,095 $ 981 12 %
Financial Data (in millions)
Revenues $ 108 $ 82 32 % $ 377 $ 346 9%
Production costs $ 70 $ 66 6% $ 251 $ 243 3%
Depreciation and depletion $ 40 $ 39 3% $ 137 $ 146 (6)%
Earnings from mine operations $ (2) $ (23) (91)% $ (11) $ (43) (74)%
Expenditures on mining interests (cash basis) $ 26 $ 32 (19)% $ 110 $ 94 17 %
– Sustaining $ 17 $ 8 113 % $ 71 $ 28 154 %

– Expansionary $ 9 $ 24 (63 )% $ 39 $ 66 (41 )%

Fourth Quarter Operating and Financial Highlights

Gold production for the three months ended December 31, 2017 was higher than the same period in the prior year due to an increase in gold
grade in line with planned mine sequencing and higher tonnes milled. For the three months ended December 31, 2017 milled tonnes increased
by 15% compared to the same period in the prior year as earlier development efforts opened additional mining fronts in the fourth quarter of
2017 and the mine continued its ramp up. In order to maximize sustainable production, the focus continued to be on accelerating development
in order to open up new mining fronts, increasing capacity for mining tonnes on lower horizons and increasing flexibility in the mine. The mine
is on pace to achieve optimum sustainable gold production rates by the second half of 2018.

The loss from operations for the three months ended December 31, 2017 was lower than the same period in the prior year as higher revenue
from higher gold production was partially offset by higher production costs as a result of an increase in tonnes milled and higher operating
development costs related to the mine sequencing.

AISC for the three months ended December 31, 2017 were lower than the same period in the prior year due to higher gold sales, partially offset
by an increase in sustaining capital expenditures from the increased development work and expenditures on the mine waste pad, all of which
were planned for the fourth quarter of 2017.

Annual Operating and Financial Highlights

Gold production for the year ended December 31, 2017 was higher than the prior year due to an expected increase in grade and mined tonnes
as Éléonore continued its ramp up to optimized production levels. Acceleration of development efforts in 2017 contributed to this ramp up and
remain a focus in order to open up new mining fronts and increase the mining capacity in deeper mining horizons.

The loss from operations for the year ended December 31, 2017 was lower than the prior year as higher revenue from higher gold production
was partially offset by higher production costs as a result of higher tonnes mined and higher operating development costs related to the mine
sequencing.

AISC for the year ended December 31, 2017 were higher than the prior year due to a planned increase in sustaining capital expenditures as a
result of an increase in development work and expenditures on the tailings cell and expansion of the waste pad.

Expansionary capital expenditures continued to decrease with the completion of the majority of the infrastructure required to support the
designed throughput.

GOLDCORP | 41
 (in United States dollars, tabular amounts in millions, except
where noted)
Porcupine, Canada (100%-owned)

Three months ended December 31 Year ended December 31

Operating Data 2017 2016 Change 2017 2016 Change
Tonnes of ore milled (thousands) 954 808 18 % 3,289 3,491 (6)%
Mill head grade (grams/tonne) 2.82 2.78 1% 2.81 2.64 6%
Recovery rate 92% 92% —% 92% 92% — %
Gold Produced (thousands of ounces) 76 66 15 % 272 277 (2)%
Gold Sold (thousands of ounces) 78 63 24 % 270 275 (2)%
Total Cash Costs: By-product (per ounce) $ 661 $ 733 (10)% $ 754 $ 688 10 %
AISC (per ounce) $ 900 $ 985 (9)% $ 979 $ 898 9%
Financial Data (in millions)
Revenues $ 100 $ 76 32 % $ 341 $ 343 (1)%
Production costs $ 54 $ 46 17 % $ 209 $ 189 11 %
Depreciation and depletion $ 36 $ 7 414 % $ 122 $ 63 94 %
Earnings from mine operations $ 10 $ 23 (57)% $ 10 $ 91 (89)%
Expenditures on mining interests (cash basis) $ 35 $ 21 67 % $ 109 $ 62 76 %
– Sustaining $ 14 $ 15 (7 )% $ 47 $ 46 2%
– Expansionary $ 21 $ 6 250 % $ 62 $ 16 288 %
(1) Earnings from mine operations is reported prior to any impairment/ impairment reversals. See page 15 of this MD&A for details.

Fourth Quarter Operating and Financial Highlights

Gold production for the three months ended December 31, 2017 was higher than the same period in the prior year due to the investment in
additional development at Hoyle Pond which increased the mined tonnes from Hoyle by over 20% year over year, and positively impacted the
average milled grade. The investment in additional development is to enable higher long-term sustainable mining rates at Hoyle Pond
underground. The Dome mine also contributed to higher grade ore tonnes as final stopes were mined out as part of the mine closure plan. The
Dome mine officially closed on December 31, 2017.

Earnings from mine operations for the three months ended December 31, 2017 were lower than the same period in the prior year due to higher
production costs as a result of higher expensed development costs and higher depreciation and depletion, partially offset by higher production.
Depreciation and depletion increased compared to the same period in the prior year as a result of incremental depletion from the Hoyle Deep
winze which completed construction in 2016.

AISC for the three months ended December 31, 2017 were lower than the same period in the prior year due to higher production, partially offset
by higher production costs.

Annual Operating and Financial Highlights

Gold production was slightly lower for the year ended December 31, 2017 compared to the prior year due to the completion of processing of
surface stockpiles in the first quarter of 2016, partially offset by higher Hoyle Pond production rates in the second half of 2017.

Earnings from mine operations for the year ended December 31, 2017 were lower than the prior year due to lower sold ounces, higher production
costs as a result of higher expensed development costs and higher depreciation and depletion. Depreciation and depletion increased compared
to the prior year as a result of incremental depletion from the Hoyle Deep winze which completed construction in 2016.

AISC for the year ended December 31, 2017 were higher than the prior year due to higher production costs and higher sustaining capital.

Expansionary capital relates to the development and construction activities at the Borden project and, effective October 1, 2017, the Century
project (see the Project Pipeline section below).

GOLDCORP | 42
 (in United States dollars, tabular amounts in millions, except
where noted)
Musselwhite, Canada (100%-owned)

Three months ended December 31 Year ended December 31

Operating Data 2017 2016 Change 2017 2016 Change
Tonnes of ore milled (thousands) 309 348 (11)% 1,221 1,188 3%
Average mill head grade (grams/tonne) 6.96 7.13 (2)% 6.20 7.17 (14)%
Average recovery rate 96% 95% 1% 96% 96% — %
Gold Produced (thousands of ounces) 67 75 (11)% 236 261 (10)%
Gold Sold (thousands of ounces) 64 74 (14)% 232 260 (11)%
Total Cash Costs: By-product (per ounce) $ 535 $ 511 5% $ 620 $ 538 15 %
AISC (per ounce) $ 735 $ 696 6% $ 774 $ 678 14 %
Financial Data (in millions)
Revenues $ 83 $ 87 (5)% $ 293 $ 321 (9)%
Production costs $ 35 $ 38 (8)% $ 144 $ 140 3%
Depreciation and depletion $ 10 $ 12 (17)% $ 41 $ 59 (31)%
Earnings from mine operations $ 38 $ 37 3% $ 108 $ 122 (11)%
Expenditures on mining interests (cash basis) $ 22 $ 18 22 % $ 58 $ 37 57 %
– Sustaining $ 11 $ 12 (8 )% $ 26 $ 29 (10 )%

– Expansionary $ 11 $ 6 83 % $ 32 $ 8 300 %

Fourth Quarter Operating and Financial Highlights

Gold production for the three months ended December 31, 2017 was lower than the same period in the prior year due to the prior year period
exceeding average mining rates and grades due to sequencing. Tonnes mined in the three months ended December 31, 2017 were in line with
plan.

Earnings from operations for the three months ended December 31, 2017 were consistent with the same period in the prior year as lower
revenues were offset by decreases in production costs and depreciation and depletion.

AISC for the three months ended December 31, 2017 were higher than the same period in the prior year due to lower gold production, partially
offset by lower production costs.

Annual Operating and Financial Highlights

Gold production for the year ended December 31, 2017 was lower than the prior year due to lower grade, partially offset by higher tonnes
mined. Lower grades were the result of planned mining sequence and higher dilution in the first half of the year as a result of the impact of
mining larger stopes. In the second quarter of 2017, revised stope designs reduced dilution to be in line with life of mine expectations.

Earnings from operations for the year ended December 31, 2017 were lower than the prior year due to decreased revenue from lower gold
sales, partially offset by lower depreciation and depletion.

AISC for year ended December 31, 2017 were higher than the prior year primarily due to lower gold production and higher production costs.

Expansionary capital expenditures relate to the Materials Handling project (see the Project Pipeline section below).

GOLDCORP | 43
 (in United States dollars, tabular amounts in millions, except
where noted)
PROJECT PIPELINE
The current anticipated milestones for 2017 through 2021 for the Company's numerous projects are outlined b elow:

Expenditures relating to projects for the three months and years ended December 31, 2017 and 2016 were as follows (in millions):

Three Months Ended

December 31 Years Ended December 31
2017 2016 2017 2016
Peñasquito $ 151 $ 17 $ 324 $ 38
Musselwhite 11 6 32 8
Porcupine 21 6 70 16
Red Lake 11 4 21 31
Eleonore (1)
9 24 39 66
Cerro Negro — 7 8 29
Other 30 10 71 28
Total $ 233 $ 74 $ 565 $ 216
(1) Eleonore's 2017 expansionary capital relates primarily to the water treatment plant, which was commissioned in the third quarter of 2017.

Of the $233 million and $565 million of project expenditures for the three months and year ended December 31, 2017 (2016 - $74 million and
$216 million for the three months and year ended December 31, 2016), $233 million and $554 million ($60 million and $186 million for the three
months and year ended December 31, 2016) were included in expenditures on mining interests as expansionary capital. Certain Coffee
expenditures have been expensed as exploration, whereas HG Young and certain Century costs have been expensed as non-sustaining project
costs.

Peñasquito: Pyrite Leach Project

At Peñasquito, the PLP is 62% complete and is expected to commence commissioning in the fourth quarter of 2018, three months ahead of
schedule. The PLP is expected to recover approximately 40% of the gold and 48% of the silver currently reporting to the tailings and is expected
to add production of approximately 1 million ounces of gold and 44 million ounces of silver over the current life of the mine.

GOLDCORP | 44
 (in United States dollars, tabular amounts in millions, except
where noted)
Musselwhite: Materials Handling Project

At Musselwhite, the Materials Handling project is advancing as planned and has achieved 53% completion with detailed engineering mostly
completed. Capital costs of the project are tracking 10% below budget and commissioning is expected, on plan, in the first quarter of 2019.

Porcupine: Century Project

At Century, the base case pre-feasibility study was completed in the third quarter of 2017 on the following:

Century Project - Base Case Pre-feasibility Study

Mine Life 14 years
Contained Gold Ounces 5,710,000
Plant Size 50,000 t/d
Gold Grade (diluted) 0.87 g/t
Gold Recovery 88%
Strip Ratio (waste to ore) 4.5:1
Operating Costs (Mining, Process, G&A) US$17 to US$18/tonne processed
Initial Capex (1) US$950 to US1,050 million
Sustaining Capital and Tailings Expansion US$350 to US$400 million

(1) Includes 10% contingency

The base case pre-feasibility study is based on a total mineral reserve estimate of 5.7 million ounces of gold, including 1.0 million ounces of
previously reported mineral reserves from the Pamour pit, which have been integrated into the proposed Century project. However, the study
excludes approximately 1.0 million ounces of inferred mineral resources within the existing Dome reserve pit design, for which the Company
expects a portion to be converted following additional drilling. In 2018, Goldcorp will conduct a series of trade-off studies to further optimize
the project with a focus on evaluating the latest technologies to reduce project footprint and improve mining and processing efficiencies. Ore
sorting technologies, co-mingling of tailings with waste rock (Eco-Tails) to reduce water use, conveying of rock from the pit, electrical and/or
autonomous equipment, and optimized process plant design will all be studied as part of this process. The optimized pre-feasibility is expected
to be completed in the second half of 2018. Goldcorp considers Century to be a project with low execution risk in a proven mining district.

Porcupine: Borden Project

At Borden, construction of surface infrastructure to support the development of the exploration ramp has been completed. The current
infrastructure can support the mine once in production. Ramp development has reached 680 meters and is on schedule. The bulk sample is
expected to commence in the fourth quarter of 2018. Bulk sample extraction and critical mine production development will be conducted
concurrently. The mine is expected to begin commercial production in the second half of 2019 and is expected to comprise approximately one-
third of Porcupine's production in 2020.

Coffee Project

Since the acquisition of the Coffee project (100% owned, Canada) in July 2016, the Company has accelerated and expanded the scope of
exploration in this developing new gold camp. Goldcorp acquired the project not only for the high -grade Coffee gold deposit, but also to
participate in the development of the growing mineral wealth within the highly prospective Tintina Gold Province which is estimated to be
endowed with approximately 150 million ounces of gold across the Yukon and Alaska.

The project proposal was submitted to Yukon’s Environmental and Socio-economic Assessment Board on December 6, 2017 after Goldcorp
completed additional consultation with the affected First Nations. Impact Benefit Agreement discussions are ongoing with the potentially impacted
First Nations.

Goldcorp entered into an agreement with a vendor for the engineering and development of the Coffee project. Engineering is now 15% complete
with the target of being 90% complete by the time the final regulatory approval is received.

Red Lake: Cochenour Project

The Company completed the pre-feasibility study in the third quarter of 2017, which resulted in an initial mineral reserve estimate of 0.15
million ounces. As the understanding of the Cochenour deposit continues to advance, the Company expects that further mineral resources will
be converted into mineral reserves to ensure a constant production level in future years. Cochenour has 0.3 million ounces of measured and
indicated mineral resources and 2.0 million ounces of inferred mineral resources. The new mine plan at Cochenour is expected to contribute

GOLDCORP | 45
 (in United States dollars, tabular amounts in millions, except
where noted)
5,000-10,000 ounces in 2018 and approximately 30,000 to 50,000 ounces annually to the overall production at the Red Lake camp once in full
production, which is expected in 2019. The production profile remains based on a starter mine approach, and Cochenour continues to have
potential through expansion at depth and laterally to further increase annual production.

The study also concluded the preferred backfill system was pastefill and the preferred material handling system would be the high speed tram
which will move the ore across to the existing shaft at Campbell. The material handling system is expected to be completed by the end of 2018.

Red Lake: HG Young Project

During 2017, the Company updated the geological interpretation and block models which upgraded the structural understanding of the
mineralized system. The Company also completed a study concluding that the preferred access would be underground access from the Campbell
mine on either the 14 level and/or 21 level based primarily on the favorable drilling results obtained between 8 and 21 levels and the potential for
continuity at lower levels as the deposit is open at depth. The updated mineral resource estimate provided 0.2 million ounces of measured and
indicated mineral resources and 0.3 million ounces of inferred mineral resources.

Based on the positive overall results of the study, the Company is investing in a further study with the goal to double the current resource by
2019, primarily through infill drilling and extending the deposit at depth. Expenditures will primarily be related to development on the 14 and 21
levels to provide drilling platforms and additional drilling. In the event of a positive outcome of the further study, the Company expects to
commence the development of the preferred material handling system in order to facilitate production and would expect to provide parameters
for a starter mine by late 2019.

During the fourth quarter of 2017, development and rehabilitation works were started on 14 level, and infrastructure upgrades to ventilation
and electrical systems were completed, in preparation for conducting diamond drilling.

Norte Abierto Project

Norte Abierto (50% owned, Chile) has hired a dedicated project team based in Santiago and Copiapo. Since the acquisition in mid-2017, work
has commenced on key areas including geology, studies, community relations, and environmental monitoring. A key milestone for the project
was reached on December 29, 2017 when a 3-year voluntary easement was signed with a local community which enables site access, drilling,
and baseline studies on all concessions owned by the project.

In 2018, the project will continue progressing through the initial stage of planned studies with key focus areas including:
• Geological review and geologic models update for both Cerro Casale and Caspiche;
• Drilling campaign including infill, definition, geotechnical and metallurgical drilling for Cerro Casale and Caspiche;
• District exploration program underway to review prospects and identify targets including the satellite oxide pits at
Cerro Casale for the upcoming drilling season;
• Trade-off engineering studies;
• Understanding the application of Goldcorp's patented Concentrate Enrichment Process to optimize concentrate quality;
and
• Engaging various stakeholders and initiating a permitting strategy for the combined operation.

The lessons learned as part of the prefeasibility study at NuevaUnión will be beneficial as the joint operation advances through the pre-feasibility
stage. The joint operation will control more than 20,000 hectares of mineral properties, which contain a combined gold mineral reserve and
resource estimate of 23.2 million ounces of proven and probable reserves, 26.7 million ounces of measured and indicated resources, and 7.8
million ounces of inferred resources and a combined copper mineral reserve and resource estimate of 5.8 billion pounds of proven and probable
reserves, 13 billion pounds of measured and indicated resources, and 2.7 billion pounds of inferred resources (100% basis).

NuevaUnión Project

NuevaUnión (50% owned, Chile) expects the pre-feasibility study to be completed in the first quarter of 2018. There has been considerable
progress made to date to combine the Relincho and El Morro projects and consolidate infrastructure, which is expected to result in a more
robust combined project with a reduced environmental footprint, substantially reduced capital expenditures and an optimized plan including
innovative technologies such as an autonomous mining fleet, low energy consumption process plant design, and hybrid conveyance system.
While the pre-feasibility study remains to be finalized, the many trade-off studies completed as part of the process have resulted in incorporating
several value enhancing opportunities increasing confidence in the overall business case.

Goldcorp envisions a staged and internally financed capital program that would allow a large portion of the capital required to develop and
construct future phases to be funded largely from internal cash flows.
GOLDCORP | 46
 (in United States dollars, tabular amounts in millions, except
where noted)

2017 MINERAL RESERVES AND MINERAL RESOURCES UPDATE

Goldcorp’s proven and probable gold mineral reserves as of June 30, 2017 totaled 53.5 million ounces compared to 42.3 million ounces as of
June 30, 2016, an increase of 26%. The addition of 11.2 million ounces of gold mineral reserves during the period includes 5.6 million ounces
converted from successful exploration and mine design optimization, primarily driven by the inaugural gold mineral reserve estimate of 4.7 million
ounces at Porcupine’s Century Project. The balance of the increase in mineral reserves came as result of the acquisition of 50% of Cerro Casale
net of non-core divestments including Los Filos and Camino Rojo(1) , which resulted in the addition of 8.4 million ounces, partially offset by 2.8
million ounces of depletion.

Measured and Indicated gold mineral resources remained relatively unchanged after giving effect to the impact of the successful conversion of
indicated mineral resources into probable mineral reserves at Century, the addition of 50% of Caspiche and Cerro Casale, which added 13.3
million ounces, mainly offset by the sales of Los Filos and Camino Rojo(1), which together removed 17.5 million ounces. The sale of Cerro Blanco
and San Nicolas also contributed to a reduction in measured and indicated mineral resources of 1.1 million ounces. Inferred mineral resources
decreased to 20.0 million ounces from 22.5 million ounces, primarily as a result of the sale of Los Filos.
Mineral reserve estimates were based on a gold price of $1,200 per ounce while mineral resource estimates were based on a gol d price of
$1,400 per ounce. Gold price assumptions were unchanged from last year’sestimates. Complete mineral reserve and mineral resource information,
including tonnes and grades for all metals and details of the assumptions used in the calculations, can be found at www.goldcorp.com.

(1) Goldcorp removed Camino Rojo from its Mineral Reserve and Mineral Resource Estimates as of June 30, 2017 as the sale of Camino Rojo was
pending, subject to the satisfaction of customary conditions precedent. The sale subsequently closed in the fourth quarter of 2017.

GOLDCORP | 47
 (in United States dollars, tabular amounts in millions, except
where noted)
NON-GAAP FINANCIAL PERFORMANCE MEASURES

The Company has included certain non-GAAP performance measures throughout this document. These performance measures are employed
by the Company to measure its operating and economic performance internally and to assist in business decision-making as well as providing
key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance
with GAAP,certain investors and other stakeholders also use this information to evaluate the Company’s operating and financial 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’s primary business is gold production and its future development and current operations focus are on maximizing
returns from gold production, with other metal production being incidental to the gold production process. As a result, where applicable, the
Company's non-GAAP performance measures are disclosed on a per gold ounce basis.

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 of Pueblo Viejo, Alumbrera, Leagold and NuevaUnión. The inclusion of
NuevaUnión in the Company's non-GAAP performance measures primarily impacts the Company's adjusted operating cash flow metric at this
time as it is a development stage project. The Company believes that disclosing certain performance measures on an attributable basis provides
useful information about the Company’s operating and financial performance, and reflects the Company’s view of its core mining operations.

Non-GAAP Measure - Total Cash Costs: by-product

Total cash costs: by-product incorporate Goldcorp’s share of all production costs, including adjustments to inventory carrying values, adjusted
for changes in estimates in reclamation and closure costs at the Company’s closed mines which are non-cash in nature, and include Goldcorp’s
share of by-product silver, lead, zinc and copper 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 its 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 assesses this per ounce 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 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 this measure provides
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 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 reports total cash costs: by-product 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 producers 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.
The Company also reports total cash costs: co-product as a secondary metric to provide further information to the Company's stakeholders. Total
cash costs: co-product, per gold ounce, 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 total
cash costs: co-product were as follows:

2017 2016 2015

Gold (per ounce) $ 1,250 $ 1,100 $ 1,200
Silver (per ounce) $ 19 $ 15 $ 18
Copper (per pound) $ 2.25 $ 2.53 $ 3.00
Lead (per pound) $ 0.89 $ 0.80 $ 0.95
Zinc (per pound) $ 1.00 $ 0.80 $ 1.00

GOLDCORP | 48
 (in United States dollars, tabular amounts in millions, except
where noted)
The following tables provide a reconciliation of total cash costs: by-product per ounce to the consolidated financial statements:

Year ended December 31, 2017:

Treatment and Total Cash
Refining Charges Costs: by-
Total Cash
on Concentrate
Production By-Product Costs: by- Ounces product per
Costs (1) Credits Sales Other product (thousands) ounce (2), (3)

Peñasquito $ 751 $ (929) $ 132 $ (4) $ (50) 472 $ (106)

Cerro Negro 258 (58) — — 200 436 457
Pueblo Viejo 199 (28) — — 171 429 400
Red Lake 180 — — — 180 208 866
Éléonore 251 — — — 251 299 841
Porcupine 209 (1) — (5) 203 270 754
Musselwhite 144 — — — 144 232 620
Other mines 282 (131) 10 5 166 188 883
Corporate (3) — — 3 — — —
TOTAL - Attributable basis $ 2,271 $ (1,147) $ 142 $ (1) $ 1,265 2,534 $ 499
Less associates and joint
ventures (382) 124 (10) (6) (274) (532) (516)
Total - Consolidated $ 1,889 $ (1,023) $ 132 $ (7) $ 991 2,002 $ 495

Year ended December 31, 2016:

Treatment and Total
Refining Total Cash
Productio By- Charges on Cash Ounces Costs: by-
n Costs Product Concentrate Costs: (thousand product
(1) Credits s)
Sales by- per ounce
Othe product (2), (3)

Peñasquito $ 698 $ (604) $ 123 $ —$ 217 449 $ 483

Cerro Negro 249 (56) — — 193 382 505
Pueblo Viejo 185 (25) — — 160 467 343
Red Lake 179 (1) 2 2 182 313 582
Éléonore 243 — — — 243 278 875
Porcupine 189 — — — 189 275 688
Musselwhite 140 — — — 140 260 538
Other mines 599 (257) 21 (44) 319 445 716
Corporate (46) — — 46 — — —
TOTAL - Attributable basis $ 2,436 $ (943) $ 146 $ 4 $ 1,643 2,869 $ 573
Less associates and joint
ventures (370) 184 (21) — (207) (561) (371)
Total - Consolidated $ 2,066 $ (759) $ 125 $ 4 $ 1,436 2,308 $ 622

GOLDCORP | 49
 (in United States dollars, tabular amounts in millions, except
where noted)
Three months ended December 31, 2017:
Treatment and Total Cash
Refining Charges Costs: by-
on Concentrate Total Cash
Production By-Product Costs: by- Ounces product per
Costs (1) Credits Sales Other product (thousands) ounce (2), (3)

Peñasquito $ 187 $ (251) $ 25 $ (4) $ (43) 68 $ (629)

Cerro Negro 64 (17) — — 47 123 381
Pueblo Viejo 55 (6) — — 49 125 390
Red Lake 48 — — — 48 58 833
Éléonore 70 — — — 70 85 828
Porcupine 54 — — (3) 51 78 661
Musselwhite 35 — — — 35 64 535
Other mines 33 (22) 2 23 36 32 1,094
Corporate (3) — — 3 — — —
TOTAL - Attributable basis $ 543 $ (296) $ 27 $ 19 $ 293 633 $ 462
Less associates and joint
ventures (89) 28 (2) (21) (84) (157) (534)
Total - Consolidated $ 454 $ (268) $ 25 $ (2) $ 209 476 $ 438

Three months ended December 31, 2016:

Treatment and Total
Refining Total Cash
Productio By- Charges on Cash Ounces Costs: by-
n Costs Product Concentrate Costs: (thousand product
(1) Credits s)
Sales by- per ounce
Othe product (2), (3)

Peñasquito $ 182 $ (180) $ 36 $ —$ 38 185 $ 205

Cerro Negro 64 (9) — — 55 70 778
Pueblo Viejo 35 (8) — — 27 132 202
Red Lake 43 (1) 2 2 46 76 608
Éléonore 66 — — — 66 69 965
Porcupine 46 — — — 46 63 733
Musselwhite 38 — — — 38 74 511
Other mines 174 (83) 7 (44) 54 99 544
Corporate (46) — — 46 — — —
TOTAL - Attributable basis $ 602 $ (281) $ 45 $ 4$ 370 768 $ 481
Less associates and joint
ventures (86) 66 (7) — (27) (159) (177)
Total - Consolidated $ 516 $ (215) $ 38 $ 4$ 343 609 $ 561

(1) $18 million and $78 million in royalties are included in production costs for the three months and year ended December 31, 2017, respectively (three
months and year ended December 31, 2016– $20 million and $69 million, respectively).

(2) Total cash costs: by-product per ounce may not calculate based on amounts presented in these tables due to rounding.

(3) If silver, lead, zinc and copper for Peñasquito, silver for Marlin, silver and copper for Pueblo Viejo, and copper for Alumbrera were treated as co-products,
Goldcorp's share of total cash costs: co-product for the three months and year ended December 31, 2017, would be $627 and $660 per ounce of gold,
$9.98 and $9.19 per ounce of silver, $2.67 and $2.30 per pound of copper, $0.78 and $0.71 per pound of zinc, and $0.76 and $0.79 per pound of lead,
respectively (three months and year ended December 31, 2016 – $619 and $649 per ounce of gold, $8.73 and $10.17 per ounce of silver, $1.81 and $1.96
per pound of copper, $0.67 and $0.79 per pound of zinc, and $0.69 and $0.87 per pound of lead, respectively).

GOLDCORP | 50
 (in United States dollars, tabular amounts in millions, except
where noted)

NON-GAAP MEASURE – AISC

AISC 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, mine-site exploration and evaluation
costs, and reclamation cost accretion and amortization. The measure seeks to reflect the full cost of gold production from current operations,
therefore expansionary capital and non-sustaining expenditures are excluded. Certain other cash expenditures, including tax payments, dividends
and financing costs are also excluded.

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.
AISC, as a key performance measure, allows the Company to assess its ability to support capital expenditures and to sustain future production
from the generation of operating cash flows. This information provides management with the ability to more actively manage capital programs
and to make more prudent capital investment decisions.

The Company reports AISC on a gold ounces sold basis. This performance measure was adopted as a result of an initiative undertaken within
the gold mining industry; however, this performance measure has no standardized meaning and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with GAAP. The Company follows 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.

As described above, AISC include total production cash costs incurred at the Company's mining operations, which forms the basis of the
Company's cash costs: by-product and which are reconciled to reported production costs in the tables above. The following tables provide a
reconciliation of AISC per ounce to the consolidated financial statements:

Year ended December 31, 2017:

Reclamation
cost
Exploration accretion
Total cash and and Sustaining
costs: by- Corporate evaluation amortization capital Ounces Total AISC per
product Administration costs (thousands) ounce (1)
expenditures Total AISC

Peñasquito $ (50) $ — $ 3 $ 9 $ 213 $ 175 472 $ 370

Cerro Negro 200 — 12 8 79 299 436 684
Pueblo Viejo 171 — — 4 46 221 429 517
Red Lake 180 — 5 1 60 246 208 1,181
Éléonore 251 — 3 2 71 327 299 1,095
Porcupine 203 — 3 11 47 264 270 979
Musselwhite 144 — 8 2 26 180 232 774
Other mines 166 — 1 13 5 185 188 983
Corporate (2)
— 158 3 — 29 190 — 75
TOTAL -
Attributable
basis $ 1,265 $ 158 $ 38 $ 50 $ 576 $ 2,087 2,534 $ 824
Less associates
and joint
ventures (274) — — (15) (49) (338) (532) (637)
Total -
Consolidated $ 991 $ 158 $ 38 $ 35 $ 527 $ 1,749 2,002 $ 873

GOLDCORP | 51
 (in United States dollars, tabular amounts in millions, except
where noted)
Year ended December 31, 2016:
Reclamation
Total Exploration cost Sustaining
cash Corporate and accretion capital Ounces Total AISC
costs: Administrati evaluation and (thousand per ounce
by- on costs amortizatio expenditures Total s) (1)

product n AISC

Peñasquito $ 217 $ — $ 2 $ 6 $ 195 $ 420 449 $ 937

Cerro Negro 193 — 1 7 68 269 382 705
Pueblo Viejo 160 — — 4 40 204 467 439
Red Lake 182 — 11 2 78 273 313 872
Éléonore 243 — — 2 28 273 278 981
Porcupine 189 — 2 9 46 246 275 898
Musselwhite 140 — 5 3 29 177 260 678
Other mines 319 — 9 24 27 379 445 848
Corporate (2) — 187 2 — 26 215 — 75
TOTAL -
Attributable basis $ 1,643 $ 187 $ 32 $ 57 $ 537 $ 2,456 2,869 $ 856
Less associates and
joint ventures (207) — — (12) (41) (260) (561) (466)
Total - Consolidated $ 1,436 $ 187 $ 32 $ 45 $ 496 $ 2,196 2,308 $ 951

Three months ended December 31, 2017:

Reclamation
cost
Exploration accretion
Total cash and and Sustaining
costs: by- Corporate evaluation amortization capital Ounces Total AISC per
product Administration costs (thousands) ounce (1)
expenditures Total AISC

Peñasquito $ (43) $ — $ 1 $ 3 $ 78 $ 39 68 $ 571

Cerro Negro 47 — 5 2 29 83 123 672
Pueblo Viejo 49 — — — 12 61 125 496
Red Lake 48 — 3 — 14 65 58 1,116
Éléonore 70 — — 1 17 88 85 1,043
Porcupine 51 — 1 3 14 69 78 900
Musselwhite 35 — 2 — 11 48 64 735
Other mines 36 — — 2 2 40 32 1,213
Corporate (2) — 46 1 — 10 57 — 91
TOTAL -
Attributable
basis $ 293 $ 46 $ 13 $ 11 $ 187 $ 550 633 $ 870
Less associates
and joint
ventures (84) — — (2) (14) (100) (157) (641)

Total -
Consolidated $ 209 $ 46 $ 13 $ 9$ 173 $ 450 476 $ 945

GOLDCORP | 52
 (in United States dollars, tabular amounts in millions, except
where noted)

Three months ended December 31, 2016:

Reclamation
Total Exploration cost Sustaining
cash Corporate and accretion capital Ounces Total AISC
costs: Administrati evaluation and (thousand per ounce
by- on costs amortizatio expenditures Total s) (1)

product n AISC

Peñasquito $ 38 $ — $ — $ 2 $ 49 $ 89 185 $ 487

Cerro Negro 55 — 1 1 15 72 70 1,024
Pueblo Viejo 27 — — 1 12 40 132 311
Red Lake 46 — 2 — 22 70 76 932
Éléonore 66 — — 1 8 75 69 1,075
Porcupine 46 — — — 15 61 63 985
Musselwhite 38 — 1 1 12 52 74 696
Other mines 54 — 3 6 6 69 99 677
Corporate (2) — 38 1 — 6 45 — 59
TOTAL -
Attributable basis $ 370 $ 38 $ 8 $ 12 $ 145 $ 573 768 $ 747
Less associates and
joint ventures (27) — — (3) (13) (43) (159) (282)
Total - Consolidated $ 343 $ 38 $ 8 $ 9 $ 132 $ 530 609 $ 869

(1) AISC may not calculate based on amounts presented in these tables due to rounding.

(2) AISC for Corporate is calculated using total corporate expenditures and the Company's attributable gold sales ounces.

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’sprojects and certain expenditures at the Company’soperating sites which are deemed expansionary
in nature. Sustaining capital expenditures can include, but are not limited to, capitalized stripping costs at open pit mines, underground mine
development, mining and milling equipment and tailings dam raises. The following table reconciles sustaining capital expenditures to the
Company’s total capital expenditures for continuing operations:

Three months ended

Year ended
December 31 December 31
2017 2016 2017 2016
Expenditures on mining interests per consolidated financial statements $ 409 $ 203 $ 1,075 $ 696
Payment of finance lease obligations per consolidated financial statements 1 1 6 5
Expenditures on mining interests by Pueblo Viejo, Alumbrera, Leagold and
NuevaUnión (1) 10 13 49 43
Goldcorp’s share of expenditures on mining interests and deposits $ 420 $ 217 $ 1,130 $ 744
Sustaining capital expenditures $ 187 $ 145 $ 576 $ 537
Expansionary capital expenditures 233 72 554 207
$ 420 $ 217 $ 1,130 $ 744

(1) Expenditures on mining interests by Pueblo Viejo, Alumbrera, Leagold and NuevaUnión represent mining interest expenditures, net of additional
funding investments, which are included in expenditures on mining interests per the consolidated financial statements.

GOLDCORP | 53
 (in United States dollars, tabular amounts in millions, except
where noted)
The following table provides a reconciliation of exploration, evaluation and project costs in the consolidated financial statements to exploration
and evaluation costs included in the calculation of Goldcorp’s AISC:

Three months Year ended

ended December 31 December 31

2017 2016 2017 2016

Exploration, evaluation and project costs per the consolidated financial statements $ 22 $ 10 $ 62 $ 34
Project exploration costs — (2) (3) (2)
Non-sustaining project costs (9) — (21) —
Exploration, evaluation and project costs per AISC $ 13 $ 8 $ 38 $ 32

Non-GAAP Measure - Adjusted Operating Cash Flows

Adjusted operating cash flows comprises Goldcorp’sshare of operating cash flows before working capital changes, calculated on an attributable
basis to include the Company's share of Pueblo Viejo, Alumbrera, Leagold and NuevaUnión's operating cash flows before working capital
changes. 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 operate without reliance on additional external funding or use of
available cash.

Prior to April 1, 2017, adjusted operating cash flows was presented on an attributable basis using operating cash flows as sh own on the
Company's statement of cash flows. In the second quarter of 2017, the Company revised its presentation of adjusted operating cash flows to
present it on an attributable basis before working capital changes. The Company believes that this measure provides a better measure of the
Company's performance of its core business operations as the Company can experience changes in working capital from one period to another
which, at times, are not indicative of the performance of the Company’s business operations.

The following table provides a reconciliation of net cash provided by operating activities in the consolidated financial statements to Goldcorp’s
share of adjusted operating cash flows:

Three months ended Year ended

December 31 December 31
2017 2016 2017 2016
Net cash provided by operating activities of continuing operations $ 511 $ 239 $ 1,211 $ 799
Change in working capital (188) (23) (145) 126
Adjusted operating cash flows provided by Pueblo Viejo, Alumbrera, Leagold and
NuevaUnión 78 90 278 316
Goldcorp’s share of adjusted operating cash flows $ 401 $ 306 $ 1,344 $ 1,241

GOLDCORP | 54
 (in United States dollars, tabular amounts in millions, except
where noted)
Non-GAAP Measure - EBITDA and Adjusted EBITDA

Earnings before interest, taxes and depreciation and amortization ("EBITDA") is a non-GAAP financial measure which excludes the following
items from net earnings:

• income tax expense;

• finance costs;
• finance income; and
• depreciation and depletion.

Adjusted EBITDA removes the impact of impairments or reversals of impairment and other non-cash expenses or recoveries and is calculated
on an attributable basis to include the Company's share of Pueblo Viejo, Alumbrera, Leagold and NuevaUnión's earnings before interest, taxes
and depreciation and depletion. The non-cash expenses and recoveries are removed from the calculation of EBITDA as the Company does not
believe they are reflective of the Company's ability to generate liquidity and its core operating results.

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use
EBITDA and Adjusted EBITDA as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working
capital needs, service debt obligations and fund capital expenditures. EBITDA is also frequently used by investors and analysts for valuation
purposes whereby EBITDA is multiplied by a factor or "EBITDA multiple" that is based on an observed or inferred relationship between EBITDA
and market values to determine the approximate total enterprise value of a company.

EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition
under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA
and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital
balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies
may calculate EBITDA and Adjusted EBITDA differently.

The following table provides a reconciliation of net earnings in the consolidated financial statements to EBITDA and Adjusted EBITDA:

Three months Three months Three months Three months

Year ended ended ended ended ended
December 31 December 31 September 30 June 30 March 31

2017 2016 2015 2017 2016 2017 2016 2017 2016 2017 2016
Net earnings $ 658 $ 162 $ (4,157) $ 242 $ 101 $ 111 $ 59 $ 135 $ (78) $ 170 $ 80
Net loss (income) from
discontinued operations — — (46) — — — — — — — —
Income tax expense
(recovery) (465) 60 (485) (341) 38 (19) 30 (57) 32 (48) (40)
Depreciation and
depletion 990 1,024 1,493 255 254 250 267 239 232 246 271
Finance income (39) (49) (39) (10) (11) (10) (12) (9) (14) (10) (12)
Finance costs 133 137 135 29 34 31 34 37 35 36 34
EBITDA $ 1,277 $ 1,334 $ (3,099) $ 175 $ 416 $ 363 $ 378 $ 345 $ 207 $ 394 $ 333
Share of net earnings
related to associates and
joint venture (189) (171) 1 (61) (60) (27) (47) (41) (28) (60) (36)
Associates and joint
venture EBITDA 387 493 292 127 161 59 147 114 86 87 99
Impairment (reversal of
impairment) of mining
interests, net 244 (49) 4,906 247 (49) — — — — (3)
(Gain) loss on disposition
of mining interests and
associate, net (42) — (414) (48) — — — 6 — — —
Non-cash share-based
compensation 30 52 54 8 9 5 13 8 4 9 26
Adjusted EBITDA $ 1,707 $ 1,659 $ 1,740 $ 448 $ 477 $ 400 $ 491 $ 432 $ 269 $ 427 $ 422
GOLDCORP | 55
 (in United States dollars, tabular amounts in millions, except
where noted)
The following table provides a reconciliation of net cash provided by operating activities in the consolidated financial statements to EBITDA
and Adjusted EBITDA:

Three months Three months Three months Three months

Year ended ended ended ended ended
December 31 December 31 September 30 June 30 March 31

2017 2016 2015 2017 2016 2017 2016 2017 2016 2017 2016
Net cash provided by
operating activities $ 1,211 $ 799 $ 1,423 $ 511 $ 239 $ 315 $ 267 $ 158 $ 234 $ 227 $ 59
Current income tax
recovery (expense) 196 125 306 9 48 70 4 47 39 70 34
Share of net earnings
related to associates and
joint venture 189 171 (1) 61 60 27 47 41 28 60 36
(Impairment) reversal of
impairment of mining
interests, net (244) 49 (4,906) (247) 49 — — — — 3 —
(Decrease) increase in
working capital (145) 126 (158) (188) (23) (57) 32 77 (89) 23 206
Finance costs 133 137 135 29 34 31 34 37 35 36 34
Finance income (39) (49) (39) (10) (11) (10) (12) (9) (14) (10) (12)
Gain (loss) on disposition
of mining interests and
associate 42 — 414 48 — — — (6) — — —
Other non-cash
adjustments (66) (24) (273) (38) 20 (13) 6 — (26) (15) (24)
EBITDA $ 1,277 $ 1,334 $ (3,099) $ 175 $ 416 $ 363 $ 378 $ 345 $ 207 $ 394 $ 333
Share of net earnings
related to associates and
joint venture (189) (171) 1 (61) (60) (27) (47) (41) (28) (60) (36)
Associates and joint
venture EBITDA 387 493 292 127 161 59 147 114 86 87 99
Impairment (reversal of
impairment) of mining
interests, net 244 (49) 4,906 247 (49) — — — — (3)
Gain (loss) on disposition
of mining interest and
associate, net of
transaction costs (42) — (414) (48) — — — 6 — — —
Non-cash share-based
compensation 30 52 54 8 9 5 13 8 4 9 26
Adjusted EBITDA $ 1,707 $ 1,659 $ 1,740 $ 448 $ 477 $ 400 $ 491 $ 432 $ 269 $ 427 $ 422

GOLDCORP | 56
 (in United States dollars, tabular amounts in millions, except
where noted)
Non-GAAP Measure - Adjusted Net Debt

Adjusted net debt is comprised of Goldcorp’s short-term and long-term debt less cash and cash equivalents and short term investments,
calculated on an attributable basis to include the Company's share of Pueblo Viejo, Alumbrera, Leagold and NuevaUnión's net debt. 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 financial position and its ability to take on new debt in the future to expand operations, purchase new
assets or withstand adverse economic conditions.

The following table provides a reconciliation of short and long-term debt to adjusted net debt:

December 31 December 31
2017 2016
Current portion of long-term debt $ 499 $ —
Long-term debt 1,984 2,510
Cash and cash equivalents (186) (157)
Short term investments (48) (43)
Net Debt 2,249 2,310
Debt of associates and joint venture 22 160
Cash and short term investments of associates and joint venture (163) (254)
Adjusted Net Debt $ 2,108 $ 2,216

RISKS AND UNCERTAINTIES

Financial Instruments Risk Exposure

The Company manages its exposure to financial risks, including credit risk, liquidity risk, currency risk, interest rate risk and price risk, in accordance
with its Financial Risk Management Policy. The Company’s Board of Directors oversees management’s risk management practices by setting
trading parameters and reporting requirements. The Financial Risk Management Policy provides a framework for the Company to manage the
risks it is exposed to in various markets and to protect itself against adverse price movements. All transactions undertaken are to support the
Company’s ongoing business. The Company does not acquire or issue derivative financial instruments for trading or speculative purposes.

The following describes the types of risks that the Company is exposed to, and its objectives and policies for managing those risk exposures:

(i) Credit risk

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its
obligations. Credit risk is primarily associated with trade receivables; however,it also arises on cash and cash equivalents, short term investments,
derivative assets, other receivables and accrued interest receivable. To mitigate exposure to credit risk on financial assets, the Company has
established policies to limit the concentration of credit risk, to ensure counterparties demonstrate minimum acceptable credit worthiness and
to ensure liquidity of available funds.

The Company closely monitors its financial assets and does not have any significant concentration of credit risk. The Company sells its products
exclusively to large international financial institutions and other organizations with strong credit ratings. The historical level of customer defaults
has been negligible and, as a result, the credit risk associated with trade receivables at December 31, 2017 is considered to be negligible. The
Company invests its cash and cash equivalents and short term investments in highly-rated corporations and government issuances in accordance
with its Short-term Investment Policy and the credit risk associated with its investments is considered to be low. Foreign currency and commodity
contracts are entered into with large international financial institutions with strong credit ratings.

GOLDCORP | 57
 (in United States dollars, tabular amounts in millions, except
where noted)

The Company’s maximum exposure to credit risk was as follows:

At December 31 At December 31
2017 2016
Cash and cash equivalents $ 186 $ 157
Short term investments 48 43
Accounts receivable arising from sales of metal concentrates 110 77
Other current and non-current financial assets 29 8
Current and non-current derivative asset 3 7
Accrued interest receivable 4 31
$ 380 $ 323

(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The Company has
in place a rigorous planning, budgeting and forecasting process to help determine the funds required to support the Company’s normal operating
requirements on an ongoing basis, its expansionary plans and its dividend distributions. The Company ensures that sufficient committed loan
facilities exist to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of
cash and cash equivalents.

During the year ended December 31, 2017, the Company generated cash flows from operations, one of the Company's main sources of liquidity,
of $1,211 million (year ended December 31, 2016 – $799 million). At December 31, 2017, Goldcorp held cash and cash equivalents of $186 million
(December 31, 2016 – $157 million) and short-term investments of $48 million (December 31, 2016 – $43 million). At December 31, 2017, the
Company's working capital, defined as current assets less current liabilities, was negative $112 million (December 31, 2016 – positive $791 million),
which was primarily due to the Company's $499 million of long term debt becoming current at December 31, 2017. The Company intends to repay
the debt using cash flow from operations, draws on its credit facility and/or other short-term bank facilities in March 2018. At December 31, 2016,
$430 million of the total working capital was comprised of the Company's net assets held for sale.

In 2017, the Company extended the term of its $3.0 billion revolving credit facility to June 22, 2022. At December 31, 2017, the balance outstanding
on the revolving credit facility was $nil million (December 31, 2016 – $30 million) with $3.0 billion available for the Company's use (December
31, 2016 – $2.97 billion). Certain of the Company's borrowings are subject to various financial and general covenants with which the Company
was in compliance at December 31, 2017.

At December 31, 2017, the Company had letters of credit outstanding in the amount of $420 million (December 31, 2016 – $423 million) of which
$323 million (December 31, 2016 – $303 million) represented guarantees for reclamation obligations. The Company's capital commitments for
the next twelve months amounted to $364 million at December 31, 2017, including the Company's funding obligation for the Norte Abierto project
for the next twelve months. During 2017, the Company entered into an agreement with a vendor to construct the Coffee project and potentially
manage its initial two years of operation. The expected total capital and operating expenditures under the agreement are $298 million and $397
million, respectively, with the majority of the amount to be spent evenly throughout 2019 to 2023. The Company can terminate the contract at
any time without penalty with no further obligations other than payment for work completed to the date of any contract termination.

(iii) Market risk

Currency risk

Currency risk is the risk that the fair values or future cash flows of the Company’s financial instruments will fluctuate because of changes in
foreign exchange rates. Exchange rate fluctuations may affect the costs that the Company incurs in its operations. Gold, silver, copper, lead
and zinc are sold in US dollars and the Company’s costs are incurred principally in US dollars, Canadian dollars, Mexican pesos and
Argentinean pesos. The appreciation or depreciation of non-US dollar currencies against the US dollar can increase or decrease the cost of
metal production and capital expenditures in US dollar terms. The Company also holds cash and cash equivalents that are denominated in
non-US dollar currencies which are subject to currency risk. Accounts receivable and other current and non-current assets denominated in
non-US dollar currencies relate to goods and services taxes, income taxes, value-added taxes and insurance receivables. The Company is
further exposed to currency risk through non-monetary assets and liabilities and tax bases of assets, liabilities and losses of entities whose
taxable profit or tax loss are denominated in non-US currencies. Changes in exchange rates give rise to temporary differences resulting in a
deferred tax liability or asset with the resulting deferred tax charged or credited to income tax expense.

GOLDCORP | 58
 (in United States dollars, tabular amounts in millions, except
where noted)

During the year ended December 31, 2016, and in accordance with its Financial Risk Management Policy, the Company entered into Mexican
peso forward contracts to purchase the foreign currency at pre-determined US dollar amounts. The Company hedges a portion of its future
forecasted Mexican Pesos denominated operating and capital expenditures to reduce the currency risk exposure to the Mexican Peso.

As of December 31, 2017, the Company was exposed to currency risk through the following financial assets and liabilities, income and other
taxes receivables (payables) and deferred income tax assets and liabilities denominated in foreign currencies:

Financial asset and liabilities

Accounts
Accounts payable and Income taxes
receivable and accrued receivable
other current liabilities and Sales and (payable), Deferred
At December 31, Cash and cash and non- non-current indirect taxes current and income tax
2017 equivalents current assets liabilities recoverable non-current liabilities
Canadian dollar $ 5 $ 10 $ (231) $ 24 $ 35 $ (270)
Mexican peso 3 18 (112) 174 (203) (2,273)
Argentine peso 14 — (57) 80 1 (396)
$ 22 $ 28 $ (400) $ 278 $ (167) $ (2,939)
At December 31,
2016
Canadian dollar $ — $ 9 $ (217) $ 17 $ 4 $ (708)
Mexican peso 11 — (88) 146 (127) (2,354)
Argentine peso 1 — (41) 200 (2) (558)
$ 12 $ 9 $ (346) $ 363 $ (125) $ (3,620)

During the year ended December 31, 2017, the Company recognized a net foreign exchange loss of $23 million (year ended December 31,
2016 – $68 million), and a net foreign exchange gain of $9 million in income tax expense on income taxes receivable (payable) and deferred
income taxes (year ended December 31, 2016 – loss of $162 million). Based on the Company’snet foreign currency exposures at December 31,
2017, depreciation or appreciation of applicable foreign currencies against the US dollar would have resulted in the following decrease or
increase in the Company's net earnings:

Impact on earnings Impact on earnings from

excluding currency foreign exchange
At December 31, 2017 Possible exposure (1)
exposure related to taxes exposure related to taxes
Canadian dollar 10% $ 14 $ 145
Mexican peso 20% 15 82
Argentine peso 15% 5 75

(1)
Calculated based on fluctuations of foreign exchange rates during the twelve months ended December 31, 2017.

Interest rate risk

Interest rate risk is the risk that the fair values and future cash flows of the Company's financial instruments will fluctuate becaus e of
changes in market interest rates. The Company is exposed to interest rate cash flow risk primarily on its outstanding debt subject to floating
rates of interest, its shareholder loan related to Pueblo Viejo, its cash and cash equivalents, and interest-bearing receivables. The Company
is exposed to interest rate fair value risk primarily on its debt subject to fixed rates of interest. The Company monitors it s exposure to
interest rates and is comfortable with its exposures given its mix of fixed-and floating-rate debt, with 100% of total debt at December 31,
2017 subject to fixed rates, and the relatively low rate on its US dollar debt which comprised 100% of total debt at December 31, 2017.
The weighted-average interest rate paid by the Company during the year ended December 31, 2017 on its revolving credit facility subject
to floating rates of interest was 3.0% (2016 – 2.0%). The average interest rate earned by the Company during the year ended December 31,
2017 on its cash and cash equivalents was 0.72% (2016 – 0.14%).

GOLDCORP | 59
 (in United States dollars, tabular amounts in millions, except
where noted)

A 10% increase or decrease in the interest earned from financial institutions on deposits held would result in a nominal increase or decrease
in the Company’s net earnings. There was no significant change in the Company's exposure to interest rate risk during the year ended
December 31, 2017.

Price risk

Price risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of changes in
market prices. There was no significant change to the Company’s exposure to price risk during the year ended December 31, 2017.

The Company has a policy not to hedge gold sales. In accordance with the Company’s Financial Risk Management Policy, the Company may
hedge up to 50%, 30%, and 10% of its by-product base metal sales volume over the next 12 months, subsequent 13 to 24 months, and
subsequent 25 to 36 months, respectively, to manage its exposure to fluctuations in base metal prices. At December 31, 2017, the Company
had hedged approximately 7% and 6%, respectively, of its forecast zinc and lead sales from January 1, 2018 to December 31, 2018. These
contracts are not designated as hedges for accounting purposes. Subsequent to December 31, 2017, the Company hedged an additional
20% and 10%, respectively, of its forecast zinc and lead sales for the next 12 months. These contracts have been designated as hedges for
accounting purposes.
The Company holds certain investments in available-for-sale equity securities which are measured at fair value, being the closing share
price of each equity security, at the balance sheet date. The Company is exposed to changes in share prices which would result in gains
and losses being recognized in other comprehensive income.

Other Risks and Uncertainties

This section describes the principal risk and uncertainties that could have an adverse effect on the Company's business and financial results.

Commodity Prices
The majority of the Company's revenues are derived from the sale of gold and silver, and to a lesser extent, copper, lead and zinc. The price of
the Company’s Common Shares, its financial results and exploration, and its development and mining activities in the future may be materially
adversely affected by declines in the price of gold, silver, copper, lead and zinc. Gold, silver, copper, lead and zinc prices fluctuate widely and
are affected by numerous factors beyond the Company’s control, such as the sale or purchase of metals by various central banks and financial
institutions, interest rates, exchange rates, inflation or deflation, fluctuation in the value of the United States dollar and foreign currencies, global
and regional supply and demand, and the political and economic conditions of major metals-producing and metals-consuming countries
throughout the world. The prices of gold, silver, copper, lead and zinc fluctuate widely, and future price declines could cause continued
development of, and commercial production from, our properties to be uneconomic. Depending on the price of gold, silver, copper, lead and zinc,
cash flow from mining operations may not be sufficient and the Company could be forced to discontinue production at, may lose its interest in, or
may be forced to sell, some of its properties. Future production from the Company’s mining properties is dependent on the price of gold, silver,
copper, lead and zinc that are adequate to make these properties economically viable.

Estimates of Future Production

The Company prepares estimates and projections of its future production. Any such information is forward-looking and no assurance can be
given that such estimates will be achieved. These estimates are based on existing mine plans and other assumptions that change from time
to time, including the availability, accessibility, sufficiency and quality of ore, the Company’s costs of production, its ability to sustain and
increase production levels, the sufficiency of its infrastructure, the performance of its workforce and equipment, the ability to maintain and
obtain mining interests and permits and the Company’s compliance with existing and future laws and regulations. The Company’s actual
production may vary from estimates for a variety of reasons, including: actual ore mined varying from estimates of grade, tonnage, dilution and
metallurgical and other characteristics; short-term operating factors relating to the ore reserves, such as the need for sequential development
of orebodies and the processing of new or different ore grades; revisions to mine plans; unusual or unexpected orebody formations; risks and
hazards associated with mining; natural phenomena, such as inclement weather conditions, water availability, floods, and earthquakes; and
unexpected labor shortages, strikes, local community opposition or blockades. Failure to achieve the estimated forecasts could have an adverse
impact on the Company’s future cash flows, business, results of operations and financial condition.

Foreign Operations
The majority of the Company’s foreign operations are conducted in Mexico, Argentina, the Dominican Republic and Chile, and as such the
Company’s operations are exposed to various levels of political, economic and other risks and uncertainties. These risks and uncertainties vary
from country to country and include, but are not limited to, terrorism; hostage taking; military repression; expropriation; extreme fluctuations
in currency exchange rates; high rates of inflation; labour unrest; the risks of war,civil unrest or protests; renegotiation or nullification of existing
GOLDCORP | 60
 (in United States dollars, tabular amounts in millions, except
concessions, licenses, permits and contracts; ability of governments to unilaterally alter agreements;
where noted) government imposed supply laws, including

GOLDCORP | 61
 (in United States dollars, tabular amounts in millions, except
where noted)
laws establishing, among other things, profit margins, production quotas, maximum and minimum price levels and the ability to confiscate
merchandise in certain circumstances; surface land access issues; illegal mining; changes in taxation policies; restrictions on foreign exchange
and repatriation; and changing political conditions, currency controls and governmental regulations that favour or require the awarding of
contracts to local contractors or require foreign contractors to employ citizens of, or purchase supplies from, a particular jurisdiction.

In addition, adverse changes in mining or investment policies or shifts in political attitude in Mexico, Argentina, the Dominican Republic and
Chile may adversely affect the Company’s operations or profitability. Operations may be affected in varying degrees by government regulations
with respect to, but not limited to, restrictions on production, price controls, export controls, import restrictions, such as restrictions applicable
to, among other things, equipment, services and supplies, currency remittance, income taxes, expropriation of property, foreign investment,
maintenance of claims, environmental legislation, land use, surface land access, land claims of local people, water use and mine safety.

Failure to comply strictly with applicable laws, regulations and local practices relating to mineral right applications and tenure, environmental
requirements, land and water use, could result in loss, reduction or expropriation of entitlements, or the imposition of additional local or foreign
parties as joint venture partners with carried or other interests. The occurrence of these various factors and uncertainties related to the economic
and political risks of operating in foreign jurisdictions cannot be accurately predicted and could have a material adverse effect on the Company’s
operations or profitability.

Government Regulation
The Company’s mining, processing, development and mineral exploration activities are subject to various laws governing prospe cting,
development, production, taxes, labour standards and occupational health, mine safety, toxic substances, land use, water use, land claims of
local people and other matters. No assurance can be given that new rules and regulations will not be enacted or that existing rules and
regulations will not be applied in a manner which could limit or curtail production or development. Amendments to current laws and regulations
governing operations and activities of mining and milling or more stringent implementation thereof could have a material adverse impact on
the operations and financial position of the Company. Changes to laws regarding mining royalties or taxes, or other elements of a country’s
fiscal regime, may also adversely affect the Company’s costs of operations and financial results.

In addition, governments continue to struggle with deficits and concerns over the effects of depressed economies, which has resulted in the
mining and metals sector being targeted to raise revenue. Governments are continually assessing the fiscal terms of the economic rent for a
mining company to exploit resources in their countries. Numerous countries, including, but not limited to, Argentina, Australia, Brazil, Chile, the
Dominican Republic, Guatemala, Honduras, Mexico and Venezuela, have implemented changes to their respective mining regimes that reflect
increased government control or participation in the mining sector, including changes of law affecting foreign ownership and take-overs,
mandatory government participation, taxation and royalties, working conditions, rates of exchange, exchange control, exploration licensing, export
duties, repatriation of income or return of capital, environmental protection, as well as requirements for local goods, supplies and employment or
other benefits to be provided to local residents.

The occurrence of mining regime changes in both developed and developing countries adds uncertainties that cannot be accurately predicted
and any future adverse changes in government policies or legislation in the jurisdictions in which the Company operates that affect foreign
ownership, mineral exploration, development or mining activities, may affect our viability and profitability.

In December 2016, the State of Zacatecas in Mexico approved new purported environmental taxes that became effective January 1, 2017.
Certain operations at the Company’s Peñasquito mine may be subject to these taxes. The Company is not able to estimate the amount of the
taxes with sufficient reliability. The Company disputes the legality and constitutionality of the taxes and has filed legal c laims against the
taxes before the Mexican courts but cannot provide assurance on whether its claims will be successfully resolved.

Environmental Regulation
The Company’s operations are subject to environmental regulation in the various jurisdictions in which it operates. These regulations mandate,
among other things, the maintenance of air and water quality standards and land reclamation. They also set out limitations on the generation,
transportation, storage and disposal of solid and hazardous waste. Environmental legislation is evolving in a manner that will likely, in the future,
require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of
proposed projects and a heightened degree of responsibility for companies and their officers, directors and employees. Continuing issues with
tailings dam failures at other companies' operations may increase the likelihood that these stricter standards and enforcement mechanisms will
be implemented in the future. We can provide no assurance that future changes in environmental regulation will not adversely affect our results
of operations. Failure to comply with these laws, regulations and permitting requirements may result in enforcement actions, including orders
issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital
expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations or in the exploration or development
of mineral properties may also be required to compensate those suffering loss or damage due to the mining activities and may have civil or
criminal fines or penalties imposed for violations of applicable laws or regulations. The occurrence of any environmental violation or enforcement
action may have an adverse impact on the Company’sreputation and could adversely affect its results of operations. In addition, production at
certain of the Company’s mines involves the use of sodium cyanide or other reagents and exposes rock material that could cause
GOLDCORP | 62
 (in United States dollars, tabular amounts in millions, except
where noted)
toxicity to the environment if released or not properly managed. Should sodium cyanide, other reagents, or contact water be improperly managed,
leak or otherwise be discharged from the containment system, the Company may become subject to liability for clean-up work that may not be
insured. In the event of any discharges of pollutants into the ground water and the environment, we may become subject to liability for hazards
that we may not be insured against.

Mineral Reserve and Mineral Resources Estimates

There are numerous uncertainties inherent in estimating Ore/Mineral Reserves and Mineral Resources, including many factors beyond the
Company’s control. Such estimation is a subjective process, and the accuracy of any Ore/Mineral Reserve or Mineral Resource estimate is a
function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological
interpretation. Short-term operating factors relating to the Ore/Mineral Reserves, such as the need for orderly development of the ore bodies
or the processing of new or different ore grades, may cause the mining operation to be unprofitable in any particular accounting period.
From time to time the Company may undertake a review of its operations with the goal of optimizing operational performance, right sizing its
business model and improving the return on the Company’s investment, including: drilling programs to better define the geological complexity
of an ore body and the overall geological model of the deposit; optimization of the life of mine geotechnical stoping sequence to minimize
geotechnical stresses, improve mining dilution, productivity and employee safety; enhancing the reliability of the mineral resource model and
classification parameters to more accurately reflect the geological complexity observed to date in some zones of the deposit; optimization of
a variety of mining methods and stope geometries to provide greater versatility to productive mining; and rationalizing the direct operating,
administration and capital costs to right size all components of the operation to an optimized life of mine strategy.

Fluctuation in gold, silver, copper, zinc or lead prices, results of drilling, metallurgical testing and production and the evaluation of mine plans
subsequent to the date of any estimate may require revision of such estimate. The volume and grade of reserves mined and processed and
recovery rates may not be the same as currently anticipated.

Any material reductions in estimates of Ore/Mineral Reserves and Mineral Resources, including as a result of the processes outlined above, or
of our ability to extract these Ore/Mineral Reserves, could have a material adverse effect on the Company’sresults of operations and financial
condition.

New Mining Operations

The Company’s recently opened mines that commenced commercial production in 2015, the Cerro Negro Mine and the Éléonore Mine are
subject to risks associated with new mine development, including delays in existing operations, a change in the Mineral Reserve or Mineral
Resource estimates arising from enhanced understanding of the geological complexity of an ore body and the overall geological model of the
deposit and unanticipated costs. The Company is continually reviewing such operations with the goal of optimizing operational performance, right
sizing its business model and improving the return on the Company’sinvestment, including: drilling programs to better define the geological
complexity of an ore body and the overall geological model of the deposit; optimization of the life of mine geotechnical stoping sequence to
minimize geotechnical stresses, improve mining dilution, productivity and employee safety; enhancing the reliability of the mineral resource model
and classification parameters to more accurately reflect the geological complexity observed to date in some zones of the deposit; optimization of
a variety of mining methods and stope geometries to provide greater versatility to productive mining; and rationalizing the direct operating,
administration and capital costs to right size all components of the operation to an optimized life of mine strategy.
The Company’s production forecasts are based on full production being achieved at all of our mines based on the current mine plan, including
the mines that commenced commercial production in 2015, and the Company’s ability to achieve and maintain full production rates at these
mines is subject to a number of risks and uncertainties. As a result of continuous reviews, there may be reclassification of Mineral Reserves
and Mineral Resources, which could adversely affect the Company’s results of operations. Production from these mines may be lower than
anticipated if the anticipated full production rate cannot be achieved, which could adversely affect the Company’s cash flows and results of
operations.

Other Risks
For further information regarding the Company’soperational risks, please refer to the section entitled “Description of the Business - Risk Factors”
in the Company's most recent Annual Information Form available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

GOLDCORP | 63
 (in United States dollars, tabular amounts in millions, except
where noted)
ACCOUNTING MATTERS

Basis of Preparation
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued
by the International Accounting Standards Board ("IASB"), effective as of December 31, 2017. IFRS comprises IFRSs, International Accounting
Standards ("IASs"), and interpretations issued by the IFRS Interpretations Committee ("IFRICs") and the former Standing Inter pretations
Committee ("SICs").
Critical Judgements and Estimates

The Company’smanagement makes judgements in its process of applying the Company’saccounting policies in the preparation of its consolidated
financial statements. In addition, the preparation of the financial data requires that the Company’smanagement make assumptions and estimates
of the impacts of uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period, and
the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation
process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered
to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and
liabilities are accounted for prospectively.
Management has made the following critical judgements and estimates:

Critical Judgements in Applying Accounting Policies:

The critical judgements that the Company’s management has made in the process of applying the Company’s accounting policies, apart from
those involving estimations, that have the most significant effect on the amounts recognized in the Company’sconsolidated financial statements
are as follows:

(a) Operating levels intended by management

Prior to a mine being capable of operating at levels intended by management, costs incurred are capitalized as part of the costs of the
related mining properties and proceeds from mineral sales are offset against costs capitalized. Depletion of capitalized costs for mining
properties begins when the mine is capable of operating at levels intended by management. Management considers several factors in
determining when a mining property is capable of operating at levels intended by management.

(b) Economic recoverability and probability of future economic benefits of exploration, evaluation and development costs

Management has determined that exploratory drilling, evaluation, development and related costs incurred which have been capitalized
are economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future
economic benefit including geologic and metallurgic information, history of conversion of mineral deposits to proven and probable reserves,
scoping and feasibility studies, accessible facilities, existing permits and life of mine plans.

(c) Functional currency

The functional currency for each of the Company’s subsidiaries and investments in associate, is the currency of the primary economic
environment in which the entity operates. The Company has determined the functional currency of each entity is the US dollar.Determination
of functional currency may involve certain judgements to determine the primary economic environment and the Company reconsiders the
functional currency of its entities if there is a change in events and conditions which determined the primary economic environment.

(d) Asset held for sale and discontinued operation

The Company applies judgement to determine whether an asset or disposal group is available for immediate sale in its present condition
and that its sale is highly probable and therefore should be classified as held for sale at the balance sheet date. Conditions that support
a highly probable sale include the following: an appropriate level of management is committed to a plan to sell the asset or disposal group,
an active program to locate a buyer and complete the plan has been initiated, the asset or disposal group has been actively marketed for
sale at a price that is reasonable in relation to its current fair value, and the sale of the asset or disposal group is expected to qualify for
recognition as a completed sale within one year from the date of classification as held for sale. At December 31, 2016, the Company
concluded that the assets and liabilities of Los Filos met the criteria for classification as held for sale. Accordingly, the group of assets
and liabilities were presented separately under current assets and current liabilities, respectively, and measured at the lower of its carrying
amount and its fair value less costs of disposal, being its carrying amount. A reversal of impairment loss of $59 million was recorded for
Los Filos during the year ended December 31, 2016 to increase its carrying amount to its recoverable amount. A subsequent impairment

GOLDCORP | 64
 (in United States dollars, tabular amounts in millions, except
where noted)
of $16 million as recognized during the year ended December 31, 2017 based on changes to the carrying value of the Los Filos assets as
a result of normal operations prior to disposal. The assets of Los Filos ceased to be depreciated while they were classified as held for sale.

The Company also applies judgement to determine whether a component of the Company that either has been disposed of or is classified
as held for sale meets the criteria of a discontinued operation. The key area that involves management judgement in this determination
is whether the component represents a separate major line of business or geographical area of operation. Given that the Company continues
to operate in Mexico after the disposal of Los Filos, Los Filos was not considered to be a separate major line of business or geographical
area of operation, thus it was not considered to be a discontinued operation.

(e) Business combinations

Determination of whether a set of assets acquired and liabilities assumed constitute the acquisition of a business or asset may require the
Company to make certain judgements as to whether or not the assets acquired and liabilities assumed include the inputs, processes and
outputs necessary to constitute a business as defined in IFRS 3 – Business Combinations. If an acquired set of assets and liabilities includes
goodwill, the set is presumed to be a business. Based on an assessment of the relevant facts and circumstances, the Company concluded
that the acquisition of its interests in the Cerro Casale project and Exeter in 2017 and Kaminak in 2016 did not meet the criteria of a business
combination and the transactions have been accounted for as acquisitions of assets.

(f) Determination of control of subsidiaries and joint arrangements

Judgement is required to determine when the Company has control of subsidiaries or joint control of joint arrangements. This requires an
assessment of the relevant activities of the investee, being those activities that significantly affect the investee's returns, including operating
and capital expenditure decision-making, financing of the investee, and the appointment, remuneration and termination of key management
personnel; and when the decisions in relation to those activities are under the control of the Company or require unanimous consent from
the investors. Judgement is also required when determining the classification of a joint arrangement as a joint venture or a joint operation
through an evaluation of the rights and obligations arising from the arrangement. Changes to the Company's access to those rights and
obligations may change the classification of that joint arrangement. During 2017, the Company entered into the following transactions which
required judgement to determine when the Company has control of subsidiaries or joint control of joint arrangements:

a. Acquisition of Exeter

On June 7, 2017, based on the fact that Goldcorp has a majority ownership interest in Exeter, the majority of the Exeter board of directors
were Goldcorp nominees and Exeter's key management personnel was comprised of officers appointed by Goldcorp, the Company concluded
that it had control over Exeter. Accordingly, Exeter met the criteria to be classified as a subsidiary. Commencing at the acquisition date of
June 7, 2017, the financial results of Exeter were included in the results of the consolidated group and the portion of Exeter's net assets
that was not attributable to Goldcorp was accounted for as non-controlling interest.

b. Accounting for the 50% interest in Cerro Casale and Caspiche

Based on assessment of the relevant facts and circumstances, primarily the requirement for unanimous agreement on management
decisions relating to the development and operation of the arrangement, the Company concluded that the Norte Abierto project is a jointly
controlled entity. Judgement is also required when determining the classification of a joint arrangement as a joint venture o r a joint
operation through an evaluation of the rights and obligations arising from the arrangement. Despite the fact that the joint venture is a
limited liability company and the parties do not have rights and obligations to individual assets and liabilities, the Company concluded
that the Norte Abierto project is a joint operation as the arrangement requires the owners to purchase the output on a pro rata basis,
indicating that the entity has rights and obligations to the separate assets and liabilities of the joint entity. As such, the project has been
proportionately consolidated with the results of the consolidated group.

c. Acquisition of equity interest in Leagold

As Goldcorp owns greater than 20% of Leagold, Goldcorp is considered to have significant influence over Leagold, and therefore, is
required to account for its interest in Leagold using the equity method.

(g) Indicators of impairment and reversal of impairment

The Company considers both external and internal sources of information in assessing whether there are any indications that CGUs are
impaired or reversal of impairment is needed. External sources of information the Company considers include changes in the market,

GOLDCORP | 65
 (in United States dollars, tabular amounts in millions, except
where noted)
economic and legal environment in which the Company operates that are not within its control and are expected to affect the recoverable
amount of CGUs. Internal sources of information the Company considers include the manner in which mining properties and plant and
equipment are being used or are expected to be used and indications of economic performance of the assets. The primary external factors
considered are changes in spot and forecast metal prices, changes in laws and regulations and the Company's market capitalization relative
to its net asset carrying amount. Primary internal factors considered are the Company's current mine performance against expectations,
changes in mineral reserves and resources, life of mine plans and exploration results.

At December 31, 2017, the carrying amount of the Company's net assets exceeded the Company's market capitalization, which the
Company's management considered to be an impairment indicator of certain of the Company's CGUs as of December 31, 2017. Management
also identified certain CGU-specific impairment and impairment reversal indicators as of December 31, 2017. Accordingly, the recoverable
value was estimated and compared against the carrying value for the material CGUs of the Company, which resulted in the Company
recognizing an impairment expense for Red Lake and reversals of impairment for Pueblo Viejo and Porcupine (see page 15 of this report
for detail).

(h) Income and value added taxes

The Company’s operations involve dealing with uncertainties and judgements in the application of complex tax regulations in multiple
jurisdictions. The final income taxes paid and value added tax (“VAT”) refunds received are dependent up on many factors, including
negotiations with taxing authorities in various jurisdictions and resolution of issues arising from VAT and/or income tax audits, such as
intercompany charges.

The Company recognizes potential liabilities and records tax liabilities for uncertain tax positions and matters identified based on its
judgement of whether, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing
facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment
that is materially different from the Company’s current estimate of the tax liabilities. If the Company’s estimate of tax liabilities proves to
be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater
than the ultimate assessment, a tax benefit would result.

VAT receivables are generated on the purchase of supplies and services in most of the jurisdictions that the Company operates in. Timing
and collection of VATreceivables is uncertain as VATrefund procedures in certain jurisdictions require a significant amount of information
and follow-up. The Company is exposed to liquidity risk, credit risk and currency risk with respect to its VAT receivables if tax authorities are
unwilling to make payments in a timely manner in accordance with the Company’s refund requests. The Company regularly monitors actual
and projected collections of its VAT receivables to inform its assessment as to the collectability of the VAT receivables and classification as
current and non-current assets.

In June 2017, the Mexican government’s tax authority indicated that it had experienced an increase in VATrefund requests and as a result
had commenced more in-depth assessments of the requests. In 2017, the Company collected $269 million of VATrefunds from the Mexican
government, but the Mexican tax authority said it would withhold a portion of the VAT refunds until the authority’s reassessments are
complete. At December 31, 2017, the total VATreceivable due to the Company from Mexican tax authorities was $186 million (December
31, 2016 - $237 million), including the tax receivables retained on the sale of Los Filos. The Company reassessed the collectability and
classification of its Mexican VATreceivables and determined that no allowance was necessary in respect of collectability, but has classified
$29 million of the $186 million VAT receivable balance at December 31, 2017 as a non-current asset. If on review of the Company’s VAT
refund requests, the Mexican tax authority disallows any portion of the Company’s VAT refund requests then an additional charge to expense
may result.

(i) Contingencies
Contingencies can be either possible assets or liabilities arising from past events which, by their nature, will be resolved only when one
or more uncertain future events occur or fail to occur. Such contingencies include, but are not limited to, environmental obl igations,
litigation, regulatory proceedings, tax matters and losses results from other events and developments. The assessment of the existence
and potential impact of contingencies inherently involves the exercise of significant judgement regarding the outcome of future events.

GOLDCORP | 66
 (in United States dollars, tabular amounts in millions, except
where noted)
Key Sources of Estimation Uncertainty

The significant assumptions about the future and other major sources of estimation uncertainty as at the end of the reporting period that have
a significant risk of resulting in a material adjustment to the carrying amounts of the Company’s assets and liabilities are as follows:

(a) Impairment and reversal of impairment of mining interests

In determining the recoverable amounts of the Company’smining interests, the Company primarily uses estimates of the discounted future
after-tax cash flows expected to be derived from the Company’s mining properties, costs to sell the mining properties and the appropriate
discount rate. The projected cash flows are significantly affected by changes in assumptions related to metal prices, changes in the amount
of recoverable reserves, resources, and exploration potential, production cost estimates, future capital expenditures, discount rates and
exchange rates.

Significant changes in metal price forecasts, the amount of recoverable reserves, resources, and exploration potential, estimated future
costs of production, capital expenditures, and/or the impact of changes in current economic conditions may result in a write -down or
reversal of impairment of the carrying amounts of the Company’s mining interests.

During the year ended December 31, 2017, the Company recognized a net impairment expense of $244 million (2016 – net reversal of
impairment of $49 million) in respect of the carrying amounts of certain mining interests (see page 15 of this MD&A).

At December 31, 2017, the carrying amount of the Company’smining interests was $20,047 million (December 31, 2016 – $19,572 million) .

(b) Depreciation and depletion

The carrying amounts of the Company’s mining properties are depleted based on recoverable ounces contained in proven and probable
reserves and a portion of resources. The Company includes a portion of resources where it is considered probable that those resources will
be economically extracted.During the year ended December 31, 2017, depletion expense would have increased by $73 million (2016
– $80 million) if resources were excluded from recoverable ounces.

Changes to estimates of recoverable ounces and depletable costs including changes resulting from revisions to the Company’s mine plans
and changes in metal price forecasts can result in changes to future depletion rates.

Plant and equipment not depleted on a unit of production basis based on recoverable ounces are depleted on a straight-line basis. Changes
to estimates of the useful life and residual value may be impacted by the Company's mine plans and rate of usage of these capital assets.

(c) Deferred stripping costs

In determining whether stripping costs incurred during the production phase of an open pit mining property relate to reserves and resources
that will be mined in a future period and therefore should be capitalized, the Company makes estimates of the stripping activity over the
life of the component of reserves and resources which have been made accessible. Changes in estimated strip ratios can result in a change
to the future capitalization of stripping costs incurred. At December 31, 2017, the carrying amount of stripping costs capitalized and included
in mining properties was $204 million (December 31, 2016 – $205 million).

(d) Income taxes

In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future
taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax
positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional
weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income are based on forecasted
cash flows from operations and the application of existing tax laws in each jurisdiction. Forecasted cash flows from operations are based
on life of mine projections internally developed and reviewed by management. Weight is attached to tax planning opportunities that are
within the Company’s control, and are feasible and implementable without significant obstacles. The likelihood that tax positions taken
will be sustained upon examination by applicable tax authorities is assessed based on individual facts and circumstances of the relevant
tax position evaluated in light of all available evidence. Where applicable tax laws and regulations are either unclear or subject to ongoing
varying interpretations, it is reasonably possible that changes in these estimates can occur that materially affect the amounts of income
tax assets recognized. At the end of each reporting period, the Company reassesses the probability of realizing unrecognized income tax
assets.

GOLDCORP | 67
 (in United States dollars, tabular amounts in millions, except
where noted)
(e) Estimated reclamation and closure costs

The Company’s provision for reclamation and closure cost obligations represents management’s best estimate of the present value of the
future cash outflows required to settle the liability which reflects estimates of future costs, inflation, movements in foreign exchange rates,
assumptions of risks associated with the future cash outflows and assumptions of probabilities of alternative estimates of future cash
outflows, and the applicable risk-free interest rates for discounting those future cash outflows. Significant judgements and estimates are
required in forming assumptions of future activities, future cash outflows and the timing of those cash outflows. These assumptions are
formed based on environmental and regulatory requirements and the Company’s environmental policies which may give rise to constructive
obligations. The Company’sassumptions are reviewed at the end of each reporting period and adjusted to reflect management’s current best
estimate and changes in any of the above factors can result in a change to the provision recognized by the Company. At December 31,
2017, the Company’s total provision for reclamation and closure cost obligations was $599 million (December 31, 2016 –
$622 million). The undiscounted value of these obligations at December 31, 2017 was $1,572 million (December 31, 2016 – $1,786 million).

For the purpose of calculating the present value of the provision for reclamation and closure cost obligations, the Company discounts the
estimated future cash outflows using the risk-free interest rate applicable to the future cash outflows, which is the appropriate US Treasury
risk-free rate which reflects the reclamation lifecycle estimated for all sites, including operating, inactive and closed mines and development
projects. For those sites with a greater than 100-year reclamation lifecycle, a long-term risk-free rate is applied.

For the year ended December 31, 2017, the Company applied a 20-year risk-free rate of 2.94% (2016 – 2.94%) to all sites with the exception
of those sites with a reclamation lifecycle of greater than 100 years where a 5.0% (2016 – 5.0%) risk-free rate was applied, which resulted
in a weighted average discount rate of 4.1% (2016 – 4.1%).

Changes to reclamation and closure cost obligations are recorded with a corresponding change to the carrying amounts of the related
mining properties (for operating mines and development projects) and as production costs (for inactive and closed mines) for the period.
Adjustments to the carrying amounts of related mining properties can result in a change to future depletion expense.

(f) Contingencies

Due to the size, complexity and nature of the Company’s operations, various legal and tax matters are outstanding from time to time. In the
event that management’s estimate of the future resolution of these matters changes, the Company will recognize the effects of the changes
in its consolidated financial statements on the date such changes occur.

Changes in Accounting Policies

Application of new and revised accounting standards:

The Company has adopted the narrow scope amendments to IFRS 12 - Disclosure of Interests in Other Entities and IAS 12 - Income Taxes which
were effective for annual periods beginning on or after January 1, 2017. The amendments did not have an impact on the Company's unaudited
condensed interim consolidated financial statements.

The Company has also adopted the amendments to IAS 7 - Statement of Cash Flows, which were effective for annual periods beginning on or
after January 1, 2017. As a result of applying the amendment, the Company presented new disclosures relating to the changes in financial liabilities
arising from financing activities.

Changes in accounting standards not yet effective:

Revenue recognition
In May 2014, the IASB issued IFRS 15 – Revenue from Contracts with Customers ("IFRS 15") which supersedes IAS 11 – Construction
Contracts; IAS 18 – Revenue; IFRIC 13 – Customer Loyalty Programmes; IFRIC 15 – Agreements for the Construction of Real Estate; IFRIC 18 –
Transfers of Assets from Customers; and SIC 31 – Revenue – Barter Transactions involving Advertising Services. IFRS 15 establishes a single
five-step model framework for determining the nature, amount, timing and uncertainty of revenue and cash flows arising from a
contract with a customer. The standard is effective for annual periods beginning on or after January 1, 2018, with early adoption
permitted. Either a modified retrospective application or full retrospective application is required for IFRS 15. The Company has
elected to apply the full retrospective approach upon transition on January 1, 2018.

The core principle of IFRS 15 is that revenue related to the transfer of promised goods or services should be recognized when the control of the
goods or services passes to customers. The Company has evaluated the impact of applying IFRS 15, analyzing its bullion, doré and concentrate
sale agreements. The Company concluded there is no material change in the timing of revenue recognized under the new standard as the point
of transfer of risk and reward for goods and services and transfer of control occur at the same time.
GOLDCORP | 68
 (in United States dollars, tabular amounts in millions, except
where noted)
In addition, IFRS 15 requires entities to apportion revenue earned from contracts to distinct performance obligations on a relative standalone
selling price basis. In accordance with the terms of the Company's concentrate agreements, the seller must contract for and pay the shipping
and insurance costs necessary to bring the goods to the named destination. Therefore, where material, a portion of the revenue earned under
these contracts, representing the obligation to fulfill the shipping and insurance services, will b e deferred and recognized over time as the
obligations are fulfilled. The impact of this change on the amount of revenue recognized in a year is insignificant.
IFRS 15 contains presentation and disclosure requirements which are more detailed than the current standards, many of which are completely
new. Upon the adoption of IFRS 15, the Company will provide disclosures for each of the Company's revenue streams, which consist of the
Company's bullion, doré and concentrate sales, to supplement the revenue data that are currently presented in the segmented information
disclosure (note 9). New disclosures will be presented relating to the timing of completion of the Company's performance obligations, for example,
upon delivery and/or other points in time, and the portion of revenue related to provisional pricing adjustments on concentrate sales will also
be separately disclosed.

Financial instruments
In July 2014, the IASB issued the final version of IFRS 9 – Financial Instruments ("IFRS 9") to replace IAS 39 – Financial Instruments: Recognition
and Measurement. IFRS 9 provides a revised model for recognition and measurement of financial instruments and a single, forward-looking
'expected loss' impairment model. IFRS 9 also includes significant changes to hedge accounting. The standard is effective for annual periods
beginning on or after January 1, 2018, with early adoption permitted. The Company will apply IFRS 9 at the date it becomes effective. Except
for hedge accounting, retrospective application is required, but the provision of comparative information is not required. For hedge accounting,
the requirements are generally applied prospectively.
The following summarizes the significant changes in IFRS 9 compared to the current standards:
• The classification of financial assets and liabilities is expected to remain consistent under IFRS 9 with the exception of
equity securities. The Company will designate its equity securities as financial assets at fair value through other
comprehensive income, where they will be recorded initially at fair value. Subsequent changes in fair value will be
recognized in other comprehensive income only and will not be transferred into earnings (loss) upon disposition.
• The introduction of the new "expected credit loss" impairment model under IFRS 9, as opposed to an incurred credit loss
model under IAS 39, does not have a significant impact on the Company' accounts receivable, given the Company sells its
products exclusively to large international financial institutions and other organizations with strong credit ratings, the
negligible historical level of customer default, and the short term nature of the Company's receivables.
• The new general hedge accounting requirements retain the three types of hedge accounting mechanisms currently
available under IAS 39. Under IFRS 9, greater flexibility has been introduced to the types of transactions eligible for hedge
accounting, specifically broadening the types of instruments that qualify for hedging instruments and the types of risk
components of non-financial items that are eligible for hedge accounting. As a result, certain of the Company's hedging
strategies and hedging instruments that did not qualify for hedge accounting previously, primarily the hedging of its
forecast concentrate sales, will now be eligible for hedge accounting. In addition, the effectiveness test has been replaced
with the principle of an "economic relationship". Retrospective assessment of hedge effectiveness is also no longer
required. Enhanced disclosure requirements about an entity's risk management activities have also been introduced.

Leases

In January 2016, the IASB issued IFRS 16 – Leases ("IFRS 16") which replaces IAS 17 – Leases and its associated interpretative guidance. IFRS
16 applies a control model to the identification of leases, distinguishing between a lease and a service contract on the basis of whether the
customer controls the asset. For those assets determined to meet the definition of a lease, IFRS 16 introduces significant changes to the accounting
by lessees, introducing a single, on-balance sheet accounting model that is similar to the current finance lease accounting, with limited exceptions
for short-term leases or leases of low value assets. Lessor accounting remains similar to current accounting practice. The standard is effective
for annual periods beginning on or after January 1, 2019, with early application permitted for entities that apply IFRS 15. A leasee can choose
to apply IFRS 16 using either a full retrospective or a modified retrospective approach. The Company plans to apply IFRS 16 at the date it becomes
effective but has not yet selected a transition approach.
Upon the adoption of IFRS 16, the Company anticipates it will record a material balance of lease assets and associated lease liabilities related
to leases with a term of 12 months or more on the Consolidated Balance Sheet at January 1, 2019. Due to the recognition of additional lease
assets and liabilities, a higher amount of depreciation expense and interest on lease liabilities will be recognized under IFRS 16 as compared
to the current standard. Additionally, a reduction in production and/or corporate administration costs is expected. Lastly, the Company expects
a reduction in operating cash outflows with a corresponding increase in financing cash outflows under IFRS 16. The Company is in the process
of identifying and collecting data relating to existing agreements that may contain right-of-use assets. These include land easements and service
contracts that may contain embedded leases for property, plant and equipment. At this time, it is not possible for the Company to make reasonable
quantitative estimates of the effects of the new standard. The Company estimates the time frame to develop and implement the accounting
GOLDCORP | 69
 (in United States dollars, tabular amounts in millions, except
policies, estimates and processes (including the information technology systems)where
will extend
noted)into the latter part of 2018.

GOLDCORP | 70
 (in United States dollars, tabular amounts in millions, except
where noted)

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company’s management, with the participation of its (1) President and Chief Executive Officer and (2) Executive Vice President, Chief
Financial Officer and Corporate Development, has evaluated the effectiveness of the Company’s disclosure controls and procedures. Based
upon the results of that evaluation, the Company’s President and Chief Executive Officer and Executive Vice President, Chief Financial Officer
and Corporate Development have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and
procedures were effective to provide reasonable assurance that the information required to be disclosed by the Company in reports it files is
recorded, processed, summarized and reported, within the appropriate time periods and is accumulated and communicated to management,
including the President and Chief Executive Officer and Executive Vice President, Chief Financial Officer and Corporate Development, as
appropriate to allow timely decisions regarding required disclosure.

Internal Control Over Financial Reporting

The Company’s management, with the participation of its President and Chief Executive Officer and Executive Vice President, Chief Financial
Officer and Corporate Development, is responsible for establishing and maintaining adequate internal control over financial reporting. Under the
supervision of the President and Chief Executive Officer and Executive Vice President, Chief Financial Officer and Corporate Development, the
Company’sinternal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with IFRS. The Company’s internal control over financial
reporting includes policies and procedures that:

• pertain to the maintenance of records that accurately and fairly reflect, in reasonable detail, the transactions and
dispositions of assets of the Company;

• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with IFRS and that the Company’s receipts and expenditures are made only in accordance with
authorizations of management and the Company’s Directors; and

• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of
the Company’s assets that could have a material effect on the Company’s consolidated financial statements.

The Company’s management, with the participation of its President and Chief Executive Officer and its Executive Vice President, Chief Financial
Officer and Corporate Development, assessed the effectiveness of the Company’s internal control over financial reporting. In making this
assessment, management used the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the TreadwayCommission. Based on this assessment, management and the President and Chief Executive Officer and Executive
Vice President, Chief Financial Officer and Corporate Development have concluded that, as of December 31, 2017, the Company’s internal
control over financial reporting was effective.

There has been no change in the Company’sinternal control over financial reporting during the year ended December 31, 2017 that has materially
affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Limitations of Controls and Procedures

The Company’s management, including the President and Chief Executive Officer and Executive Vice President, Chief Financial Officer and
Corporate Development, believes that any disclosure controls and procedures or internal control over financial reporting, no matter how well
conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the
design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to
their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances
of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-
making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the
individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any control system
also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed
in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost effective control system,
misstatements due to error or fraud may occur and not be detected.

GOLDCORP | 71
RESPONSIBLITY FOR FINANCIAL REPORTING

The accompanying consolidated financial statements have been prepared by management and are in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board. Other information contained in this document has also been
prepared by management and is consistent with the data contained in the consolidated financial statements. A system of internal control has been
developed and is maintained by management to provide reasonable assurance that assets are safeguarded and financial information is accurate
and reliable.

The Board of Directors approves the consolidated financial statements and ensures that management discharges its financial re porting
responsibilities. The Board’s review is accomplished principally through the Audit Committee, which is composed of non-executive directors.
The Audit Committee meets periodically with management and the auditors to review financial reporting and control matters.

/s/ David Garofalo /s/ Jason Attew

David Garofalo Jason Attew
President and Chief Executive Officer Executive Vice President, Chief Financial Officer
and Corporate Development

February 14, 2018

Vancouver, Canada
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Goldcorp Inc.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated financial statements of Goldcorp Inc. and subsidiaries (the “Company”), which comprise the
consolidated balance sheets as at December 31, 2017 and December 31, 2016, and the consolidated statements of earnings, consolidated
statements of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for the years
then ended, and the related notes, including a summary of significant accounting policies and other explanatory information (collectively referred
to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2017
and December 31, 2016, and its financial performance and its cash flows for the years then ended in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board.

Report on Internal Control over Financial Reporting

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the
Company’s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 14, 2018
expressed an unqualified opinion on the Company’s internal control over financial reporting.

Basis for Opinion

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with
Canadian generally accepted auditing standards and the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error.
Those standards also require that we comply with ethical requirements. We are a public accounting firm registered with the PCAOB and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB. Further,we are required to be independent of the Company in accordance
with the ethical requirements that are relevant to our audit of the financial statements in Canada and to fulfill our other ethical responsibilities
in accordance with these requirements.

An audit includes performing procedures to assess the risks of material misstatement of the financial statements, whether due to fraud or error,
and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant
to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of accounting policies and principles used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained in our audits is sufficient and appropriate t o provide a reasonable basis for our audit
opinion.

/s/ Deloitte LLP

Chartered Professional Accountants
February 14, 2018
Vancouver, Canada

We have served as the Company's auditor since 2005.

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management of Goldcorp Inc. ("Goldcorp" or "the Company") is responsible for establishing and maintaining adequate internal control over
financial reporting. Internal control over financial reporting is a process designed by, or caused to be designed under the supervision of, the
President and Chief Executive Officer and the Executive Vice President, Chief Financial Officer and Corporate Development and effected by the
Board of Directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of consolidated financial statements for external purposes in accordance with International Financial Reporting Standards as issued
by the International Accounting Standards Board. It includes those policies and procedures that:

i. pertain to the maintenance of records that accurately and fairly reflect, in reasonable detail, the transactions
and dispositions of assets of Goldcorp;
ii. provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated
financial statements in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board, and that Goldcorp’s receipts and expenditures are made only in accordance with
authorizations of management and Goldcorp’s directors; and
iii. provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition
of Goldcorp’s assets that could have a material effect on Goldcorp’s consolidated financial statements.

Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis. Also, projections
of any evaluation of the effectiveness of internal control over financial reporting to future periods are subject to the risk that the controls may
become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of Goldcorp’s internal control over financial reporting as of December 31, 2017, based on the criteria
set forth in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on this assessment, management concludes that, as of December 31, 2017, Goldcorp’s internal control over financial reporting was
effective.

The effectiveness of Goldcorp’sinternal control over financial reporting, as of December 31, 2017, has been audited by Deloitte LLP,Independent
Registered Public Accounting Firm, who also audited the Company’s consolidated financial statements as of and for the year ended December
31, 2017, as stated in their report.

/s/ David Garofalo /s/ Jason Attew

David Garofalo Jason Attew
President and Chief Executive Officer Executive Vice President, Chief Financial Officer
and Corporate Development

February 14, 2018

Vancouver, Canada
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Goldcorp Inc. and subsidiaries (the “Company”) as of December 31, 2017, based
on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of
December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB) and Canadian
generally accepted auditing standards, the consolidated financial statements as at and for the year ended December 31, 2017, of the Company
and our report dated February 14, 2018, expressed an unmodified/unqualified opinion on those financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its asses sment of the
effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial
Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a
public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included
obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered
necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board. A company’s internal control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and that
receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte LLP

Chartered Professional Accountants
February 14, 2018
Vancouver, Canada
CONSOLIDATED STATEMENTS OF EARNINGS
YEARS ENDED DECEMBER 31
(In millions of United States dollars, except for per share amounts)

Note 2017 2016

Revenues 9 $ 3,423 $ 3,510
Mine operating costs
Production costs 9, 10, 17 (1,889) (2,066)
Depreciation and depletion 9, 19(d) (990) (1,024)
(2,879) (3,090)
Earnings from mine operations 544 420
Exploration, evaluation and project costs 19(a) (62) (34)
Share of net earnings related to associates and joint venture 20 189 171
(Impairment) reversal of impairment of mining interests, net 8(a), 8(b), 21 (244) 49
Corporate administration 10(a), 28 (158) (187)
Restructuring costs 11 (4) (50)
Earnings from operations, associates and joint venture 9 265 369
Gain on derivatives, net 26(b)(i), (ii) 4 3
Gain on disposition of mining interest, net of transaction costs 8(b), (c) 42 —
Finance costs 12 (133) (137)
Other income (expense), net 13 15 (13)
Earnings before taxes 193 222
Income tax recovery (expense) 14 465 (60)
Net earnings $ 658 $ 162

Net earnings per share

Basic 15(a) $ 0.76 $ 0.19
Diluted 15(a) 0.76 0.19

The accompanying notes form an integral part of these consolidated financial statements.

GOLDCORP | 1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31
(In millions of United States dollars)
2017 2016
Net earnings $ 658 $ 162
Other comprehensive (loss) income, net of tax
Items that may be reclassified subsequently to net earnings:
Unrealized (losses) gains
Available-for-sale securities 26(c) (17) 75
Derivatives designated as cash flow hedges 26(b) 19 (15)
Reclassification of realized gains (losses)
Available-for-sale securities recognized in net earnings 26(c) (15) (12)
Derivatives designated as cash flow hedges recognized in net
earnings 26(b) (3) —
Derivatives designated as cash flow hedges recorded as property,
plant and equipment 26(b) (1) —
(17) 48
Items that will not be reclassified subsequently to net earnings:
Remeasurement of defined benefit pension plans (1) (1)
Total other comprehensive (loss) income, net of tax (18) 47
Total comprehensive income $ 640 $ 209

The accompanying notes form an integral part of these consolidated financial statements.

GOLDCORP | 2
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31
(In millions of United States dollars)
Note 2017 2016
Operating activities
Net earnings $ 658 $ 162
Adjustments for:
Reclamation expenditures 25 (24) (28)
Items not affecting cash:
Depreciation and depletion 9, 19(d) 990 1,024
Share of net earnings related to associates and joint venture 20 (189) (171)
Impairment (reversal of impairment) of mining interests, net 8(a), 8(b), 21 244 (49)
Share-based compensation 28(a) 30 52
Unrealized loss (gains) on derivatives, net 26(b)(ii) 2 (9)
Gain on disposition of mining interest, net of transaction costs 8(b), (c) (42) —
Revision of estimates and accretion of closure cost obligations 10, 25 20 7
Foreign exchange loss 19 13
Deferred income tax recovery 14 (661) (65)
Other 19 (11)
Decrease (increase) in working capital 16 145 (126)
Net cash provided by operating activities 1,211 799
Investing activities
Acquisition of mining interests 7 (266) 6
Expenditures on mining interests 9, 19(b) (1,075) (696)
Return of capital investment in associate 20 65 24
Proceeds from dispositions of mining interests, net of transaction costs 8(a), (b), (c) 320 —
Interest paid 19(b) (35) (25)
(Purchases) proceeds of short-term investments and available-for-sale securities, net 16 (48) 37
Settlement of deferred payment obligation 7(a) (5) —
Other 9(f) (61) —
Net cash used in investing activities (1,105) (654)
Financing activities
Debt repayments — (202)
(Repayment) draw down of credit facility, net (30) 30
Finance lease payments (6) (5)
Dividends paid to shareholders 15(b) (62) (97)
Common shares issued 1 3
Other — (23)
Net cash used in financing activities (97) (294)
Effect of exchange rate changes on cash and cash equivalents — —
Increase (decrease) in cash and cash equivalents 9 (149)
Cash and cash equivalents, beginning of the year 157 326
Cash and cash equivalents reclassified as held for sale at the beginning of the period 8(a) 20 (20)
Cash and cash equivalents, end of the year 16 $ 186 $ 157
Supplemental cash flow information (note 16)

The accompanying notes form an integral part of these consolidated financial statements.

GOLDCORP | 3
CONSOLIDATED BALANCE SHEETS
(In millions of United States dollars)

At December 31 At December 31
Note 2017 2016
Assets
Current assets
Cash and cash equivalents 16 $ 186 $ 157
Short-term investments 48 43
Accounts receivable 146 95
Inventories 17 441 370
Sales and indirect taxes recoverable 250 271
Income taxes receivable 24 25
Assets held for sale 8(a) — 548
Other 18 48 59
1,143 1,568
Mining interests
Owned by subsidiaries and joint operation 19, 21 17,311 17,565
Investments in associates and joint venture 20, 21 2,736 2,007
20,047 19,572
Investments in securities 178 114
Deferred income taxes 14 112 49
Inventories 17 16 28
Other 22 189 166
Total assets $ 21,685 $ 21,497
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 574 $ 512
Current portion of debt 23 499 —
Income taxes payable 98 52
Liabilities relating to assets held for sale 8(a) — 118
Other 84 95
1,255 777
Deferred income taxes 14 3,063 3,658
Debt 23 1,984 2,510
Deferred payment obligation 7(a) 182 —
Provisions 25 610 661
Finance lease obligations 24 242 247
Income taxes payable 122 127
Other 43 102
Total liabilities 7,501 8,082
Shareholders' equity
Common shares, stock options and restricted share units 18,261 18,064
Accumulated other comprehensive income 23 41
Deficit (4,100) (4,690)
14,184 13,415
Total liabilities and shareholders' equity $ 21,685 $ 21,497
Commitments and contingencies (notes 7(a), 26(e)(ii) and 30)

The accompanying notes form an integral part of these consolidated financial

statements.

GOLDCORP | 4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In millions of United States dollars, shares in thousands)

Shares issued, other

At January 1, 2017 fully paid with $

853,812 17,733 $ 331 $ 41 $ (4,690) $ 13,415
Total comprehensive income
Net earnings — — — — 658 658
Other comprehensive loss — — — (18) — (18)
— — — (18) 658 640
Acquisition of Exeter Resource Corporation (note 7(a)) 11,261 156 2 — 2 160
Stock options exercised and restricted share units vested (note 28(a)) 1,647 33 (32) — — 1
Share-based compensation (note 28(a)) — — 30 — — 30
Dividends (note 15(b)) 626 8 — — (70) (62)
At December 31, 2017 867,346 $ 17,930 $ 331 $ 23 $ (4,100) $ 14,184

Common Shares
Shares issued, Accumulated other
Stock options
fully paid with and restricted comprehensive (loss)
no par value Amount share units income Deficit Total

At January 1, 2016 830,337 $ 17,276 $ 328 $ (6) $ (4,750) $ 12,848

Total comprehensive income
Net earnings — — — — 162 162
Other comprehensive income — — — 47 — 47
— — — 47 162 209

Shares issued pursuant to the acquisition of Kaminak Gold Corporation (note 7(b)) 20,997 400 — — — 400
Stock options exercised and restricted share units vested (note 28a)) 2,158 52 (49) — — 3
Share-based compensation (note 28(a)) — — 52 — — 52
Dividends (note 15(b)) 320 5 — — (102) (97)
At December 31, 2016 853,812 $ 17,733 $ 331 $ 41 $ (4,690) $ 13,415

The accompanying notes form an integral part of these consolidated financial

statements.
GOLDCORP | 5
 (In millions of United States dollars, except where
noted)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016

1. DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS

Goldcorp Inc. is the ultimate parent company of its consolidated group ("Goldcorp" or "the Company"). The Company is incorporated and
domiciled in Canada, and its head office is at Suite 3400 – 666 Burrard Street, Vancouver, British Columbia, V6C 2X8.

The Company is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada,
the United States, Mexico, and Central and South America. The Company’s current sources of operating cash flows are primarily from the
sale of gold, silver, lead, zinc and copper.

The Company’sprincipal producing mining properties are comprised of the Éléonore, Musselwhite, Porcupine and Red Lake mines in Canada;
the Peñasquito mine in Mexico; the Cerro Negro mine in Argentina; and the Pueblo Viejo mine (40% interest) in the Dominican Republic. At
December 31, 2017, the Company's significant projects include the Borden, Cochenour and Coffee projects in Canada, and the NuevaUnión
(50% interest) and Norte Abierto (50% interest) projects in Chile.
In 2017, the Company acquired 50% of the Cerro Casale project which was contributed to a newly formed 50/50 joint operation with Barrick
Gold Corporation ("Barrick"). The Company also acquired 100% of Exeter Resource Corporation ("Exeter") and its Caspiche project ("Caspiche"),
which was contributed to the joint operation with Barrick (note 7(a)). Barrick and Goldcorp each owns a 50% interest in the combined
project, Norte Abierto.
On April 7, 2017, the Company completed the sale of the Los Filos mine in Mexico to Leagold Mining Corporation ("Leagold") (note 8(a))
and received shares of Leagold as part of the consideration. The Company currently owns 22.9% of Leagold's issued and outstanding shares
which is accounted for as an investment in associate using the equity method.

2. BASIS OF PREPARATION

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as
issued by the International Accounting Standards Board ("IASB"), effective as of December 31, 2017. IFRS comprises IFRSs, International
Accounting Standards ("IASs"), and interpretations issued by the IFRS Interpretations Committee ("IFRICs") and the former Standing
Interpretations Committee ("SICs").

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies used in the preparation of these consolidated financial statements are as follows:

(a) Basis of measurement

These consolidated financial statements have been prepared on a historical cost basis, except for those assets and liabilities that are
measured at revalued amounts or fair values at the end of each reporting period.

(b) Currency of presentation

The Company's presentation currency is the United States ("US") dollar. All amounts, with the exception of per share amounts, are
expressed in millions of US dollars, unless otherwise stated. References to C$ are to Canadian dollars.

(c) Basis of consolidation

These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled
by the Company. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable
returns from the investee and when the Company has the ability to affect those returns through its power over the investee. Subsidiaries
are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of
disposition or loss of control. The principal subsidiaries of Goldcorp and their geographic locations at December 31, 2017 were as
follows:
 (In millions of United States dollars, except where
noted)
Mining properties and
Ownership development projects owned
Direct parent company Location interest (note 19)
Les Mines Opinaca Ltée ("Éléonore") Canada 100% Éléonore mine
Goldcorp Canada Ltd./Goldcorp Inc. ("Musselwhite") Canada 100% Musselwhite mine
Goldcorp Canada Ltd./Goldcorp Inc. ("Porcupine") Canada 100% Porcupine mine and Borden project
Red Lake Gold Mines Ontario Partnership ("Red Lake") Canada 100% Red Lake and Campbell
mines, and Cochenour project
Minera Peñasquito S.A. de C.V. ("Peñasquito") Mexico 100% Peñasquito mine
Oroplata S.A. ("Cerro Negro") Argentina 100% Cerro Negro mine
Kaminak Gold Corporation ("Kaminak") Canada 100% Coffee project

Intercompany assets and liabilities, equity, income, expenses, and cash flows between the Company and its subsidiaries are eliminated.

(d) Investments in associates and joint arrangements

These consolidated financial statements also include the following joint arrangements and investments in associates:

Ownership Classification and

Associates and joint arrangements Location interest accounting method Mining properties (note 20)
Compañia Minera Casale SpA ("Norte Chile 50.0% Joint Operation; Norte Abierto project
Abierto")") consolidate Goldcorp's
share
NuevaUnión SpA ("NuevaUnión") Chile 50.0% Joint Venture; equity NuevaUnión project
method
Pueblo Viejo Dominicana Corporation Dominican 40.0% Associate; equity method Pueblo Viejo mine
("Pueblo Viejo") Republic
Minera Alumbrera Limited ("Alumbrera") Argentina 37.5% Associate; equity method Alumbrera mine
Leagold Mining Corporation ("Leagold") Mexico 22.9% Associate; equity method Los Filos mine

The Company conducts a portion of its business through joint arrangements where the parties are bound by contractual arrangements
establishing joint control and decisions about the activities that significantly affect the returns of the investee require u nanimous
consent. A joint arrangement is classified as either a joint operation or a joint venture, subject to the terms that govern each investor's
rights and obligations in the arrangement.
In a joint operation, the investor has rights and obligations to the separate assets and liabilities of the investee and in a joint venture, the
investors have rights to the net assets of the joint arrangement. For a joint operation, the Company recognizes its share of the assets,
liabilities, revenue, and expenses of the joint arrangement, while for a joint venture, the Company accounts for its investment in the joint
arrangement using the equity method.
An associate is an entity over which the Company has significant influence, and is neither a subsidiary nor a joint arrangement. The
Company has significant influence when it has the power to participate in the financial and operating policy decisions of the associate
but does not have control or joint control over those policies. The Company accounts for its investments in associates using the equity
method.
Under the equity method, the Company’s investment in a joint venture or an associate is initially recognized at cost and subsequently
increased or decreased to recognize the Company's share of net earnings and losses of the joint venture or associate, after any
adjustments necessary to give effect to uniform accounting policies, any other movement in the joint venture or associate's reserves,
and for impairment losses after the initial recognition date. The total carrying amount of the Company's investments in joint venture and
associates also include any long-term debt interests which in substance form part of the Company's net investment. The Company’s share
of a joint venture or an associate's losses that are in excess of its investment are recognized only to the extent that the Company has
incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. The Company's share of earnings
and losses of joint venture and associates are recognized in net earnings during the period. Dividends and repayment of capital received
from a joint venture or an associate are accounted for as a reduction in the carrying amount of the Company’sinvestment. Unrealized gains
and losses between the Company and its joint venture and associates are recognized only to the extent of unrelated investors’ interests
in the associates and joint venture. Intercompany balances and interest expense and income arising on loans and borrowings between
the Company and its joint venture and associates are not eliminated.
The Company’s investments in joint venture and associates are included in mining interests on the Consolidated Balance Sheets.
 (In millions of United States dollars, except where
noted)

Impairment and reversal of impairment of investments in associates and joint arrangements

At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in an associate
or joint venture is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated
future cash flows of the investee’s operations. When there is objective evidence that an investment is impaired, the carrying amount of
such investment is compared to its recoverable amount, being the higher of its fair value less costs of disposal ("FVLCD") and value- in-
use ("VIU"). If the recoverable amount of an investment is less than its carrying amount, the carrying amount is reduced to its recoverable
amount and an impairment loss, being the excess of carrying amount over the recoverable amount, is recognized in the period in which
the relevant circumstances are identified. When an impairment loss reverses in a subsequent period, the carrying amount of the
investment is increased to the revised estimate of recoverable amount to the extent that the increased carrying amount does not exceed
the carrying amount that would have been determined had an impairment loss not been previously recognized. A reversal of an
impairment loss is recognized in net earnings in the period in which the reversal occurs.

Similar to the assessment of impairment for subsidiaries, the Company reviews the mining properties and plant and equipment for a
joint operation at the cash-generating unit ("CGU") level to determine whether there is any indication that these assets are impaired
(note 3(m)).

(e) Business combinations

A business combination is defined as an acquisition of assets and liabilities that constitute a business. A business is an integrated set
of activities and assets that is capable of being conducted and managed for the purpose of providing a return to the Company and its
shareholders in the form of dividends, lower costs or other economic benefits. A business consists of inputs, including non-current
assets, and processes, including operational processes, that when applied to those inputs have the ability to create outputs that provide
a return to the Company and its shareholders. A business also includes those assets and liabilities that do not necessarily have all the
inputs and processes required to produce outputs, but can be integrated with the inputs and processes of the Company to create outputs.
When acquiring a set of activities or assets in the exploration and development stage, which may not have outputs, the Company
considers other factors to determine whether the set of activities or assets is a business. Those factors include, but are not limited to,
whether the set of activities or assets:

(i) Has begun planned principal activities;

(ii) Has employees, intellectual property and other inputs and processes that could be applied to those inputs;

(iii) Is pursuing a plan to produce outputs; and

(iv) Will be able to obtain access to customers that will purchase the outputs.

Not all of the above factors need to be present for a particular integrated set of activities or assets in the exploration and development
stage to qualify as a business.

Business combinations are accounted for using the acquisition method whereby identifiable assets acquired and liabilities assumed,
including contingent liabilities, are recorded at 100% of their fair values at acquisition date. The acquisition date is the date at which the
Company obtains control over the acquiree, which is generally the date that consideration is transferred and the Company acquires the
assets and assumes the liabilities of the acquiree. The Company considers all relevant facts and circumstances in determining the
acquisition date.

The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the fair values
of the assets at the acquisition date transferred by the Company, the liabilities, including contingent consideration, incurred and payable
by the Company to former owners of the acquiree and the equity interests issued by the Company. The measurement date for equity
interests issued by the Company is the acquisition date. Acquisition-related costs, other than costs to issue debt or equity securities
of the acquirer, are expensed as incurred. The costs to issue equity securities of the Company as consideration for the acquisition are
reduced from share capital as share issue costs.

It generally requires time to obtain the information necessary to identify and measure the following as of the acquisition da te:

(i) The identifiable assets acquired, liabilities assumed and any non-controlling interest in the acquiree;

(ii) The consideration transferred in exchange for an interest in the acquiree;

 (In millions of United States dollars, except where
(iii) In a business combination achieved in stages, the equity interest in the acquiree
noted) previously held by the acquirer; and
 (In millions of United States dollars, except where
noted)
(iv) The resulting goodwill or gain on a bargain purchase.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs,
the Company reports in its consolidated financial statements provisional amounts for the items for which the accounting is incomplete.
During the measurement period, the Company will retrospectively adjust the provisional amounts recognized at the acquisition date
to reflect new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have
affected the measurement of the amounts recognized as of that date. During the measurement period, the Company will also recognize
additional assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date
and, if known, would have resulted in the recognition of those assets and liabilities as of that date. The measurement period ends as
soon as the Company receives the information it was seeking about facts and circumstances that existed as of the acquisition date
or learns that more information is not obtainable and shall not exceed one year from the acquisition date.

Non-controlling interests are recorded at their proportionate share of the fair value of identifiable net assets acquired on initial
recognition. The excess of: (i) total consideration transferred by the Company,measured at fair value, including contingent consideration,
and (ii) the non-controlling interests in the acquiree, over the fair value of net assets acquired, is recorded as goodwill.

(f) Discontinued operations

A discontinued operation is a component of the Company that either has been disposed of, or is classified as held for sale, and: (i)
represents a separate major line of business or geographical area of operation; (ii) is part of a single coordinated plan to dispose of a
separate major line of business or geographical area of operation; or (iii) is a subsidiary acquired exclusively with a view to resell.

A component of the Company comprises an operation and cash flows that can be clearly distinguished, operationally and for financial
reporting purposes, from the rest of the Company.

(g) Assets and liabilities held for sale

A non-current asset or disposal group of assets and liabilities ("disposal group") is classified as held for sale, if its carrying amount
will be recovered principally through a sale transaction rather than through continuing use, and when the following criteria are met:

(i) The non-current asset or disposal group is available for immediate sale in its present condition subject only to
terms that are usual and customary for sales of such assets or disposal groups; and

(ii) The sale of the non-current asset or disposal group is highly probable. For the sale to be highly probable:

a. The appropriate level of management must be committed to a plan to sell the asset or disposal group;

b. An active program to locate a buyer and complete the plan must have been initiated;

c. The non-current asset or disposal group must be actively marketed for sale at a price that is reasonable in
relation to its current fair value;

d. The sale should be expected to qualify for recognition as a completed sale within one year from the date of
classification as held for sale (with certain exceptions); and

e. Actions required to complete the plan should indicate that it is unlikely that significant changes to the plan
will be made or that the plan will be withdrawn.

Non-current assets and disposal groups are classified as held for sale from the date these criteria are met and are measured at the
lower of the carrying amount and FVLCD. If the FVLCD is lower than the carrying amount, an impairment loss is recognized in net
earnings. Upon classification as held for sale, non-current assets are no longer depreciated.

(h) Foreign currency translation

The functional and presentation currency of the Company and each of its subsidiaries, associates and joint arrangements is the US
dollar. Accordingly, foreign currency transactions and balances of the Company’s subsidiaries, associates and joint arrangements are
translated as follows: (i) monetary assets and liabilities denominated in currencies other than the US dollar ("foreign currencies") are
translated into US dollars at the exchange rates prevailing at the balance sheet date; (ii) non-monetary assets denominated in foreign
currencies and measured at other than fair value are translated using the rates of exchange at the transaction dates; (iii) non-monetary
assets denominated in foreign currencies that are measured at fair value are translated using the rates of exchange at the dates those
 (In millions of United States dollars, except where
noted)
fair values are determined; and (iv) income statement items denominated in foreign currencies are principally translated using daily
exchange rates, except for depreciation and depletion which is translated at historical exchange rates.

Foreign exchange gains and losses are recognized in net earnings and presented in the Consolidated Statements of Earnings in
accordance with the nature of the transactions to which the foreign currency gains and losses relate. Unrealized foreign exchange gains
and losses on cash and cash equivalent balances denominated in foreign currencies are disclosed separately in the Consolidated
Statements of Cash Flows.

(i) Revenue recognition

The Company includes proceeds from the sale of all metals in revenue. The Company’s primary product is gold and other metals
produced as part of the extraction process are considered to be by-products arising from the production of gold. Revenue from the sale
of metals is recognized when the significant risks and rewards of ownership have passed to the buyer; it is probable that economic
benefits associated with the transaction will flow to the Company; the sale price can be measured reliably; the Company has no
significant continuing involvement; and the costs incurred or to be incurred in respect of the transaction can be measured reliably. In
circumstances where title is retained to protect the financial security interests of the Company, revenue is recognized when the significant
risks and rewards of ownership have passed to the buyer.

The initial sales price of the Company’sconcentrate metal sales is determined on a provisional basis at the date of sale. The final sales
price is based on the monthly average London Metal Exchange or London Bullion Market Association prices with monthly movements
between the provisional and final pricing recognized in revenue. The period between provisional invoicing and final pricing, or settlement
period, is typically between 30 and 120 days. Revenue on provisionally priced sales is recognized based on the estimated fair value of
the total consideration receivable. These provisional sales contain an embedded derivative instrument which represents the forward
contract for which the provisional sale is subsequently adjusted and is required to be separated from the host contract. Accordingly, the
fair value of the final sales price adjustment is re-estimated by reference to forward market prices at each period end and changes in
fair value are recognized as an adjustment to revenue. Accounts receivable for metal concentrate sales are therefore measured at fair
value. Refining and treatment charges are netted against revenues from metal concentrate sales.

(j) Earnings per share

Earnings per share calculations are based on the weighted average number of common shares outstanding during the period. For
calculations of diluted earnings per share, the weighted average number of common shares outstanding are adjusted to include the
effects of restricted share units and dilutive stock options, whereby proceeds from the potential exercise of dilutive stock options with
exercise prices that are below the average market price of the underlying shares are assumed to be used in purchasing the Company’s
common shares at their average market price for the period.

(k) Cash and cash equivalents

Cash and cash equivalents include cash and short-term money market investments that are readily convertible to cash with original
terms of three months or less.

(l) Inventories and stockpiled ore

Finished goods, work-in-process, heap leach ore and stockpiled ore are measured at the lower of weighted average cost and net
realizable value. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long-term metal
prices less estimated future costs to convert the inventories into saleable form and estimated costs to sell. At operations where the ore
extracted contains significant amounts of metals other than gold, primarily silver, copper, lead and zinc, cost is allocated between the
joint products on a pro-rata basis. Incremental processing costs directly related to a joint product are allocated to that metal. Stockpiled
ore and ore on leach pads that is expected to take longer than 12 months to recover is presented as a non-current asset.

Ore extracted from the mines is generally stockpiled and subsequently processed into finished goods (gold and by-products in doré or
concentrate form). Costs are included in work-in-process inventory based on current costs incurred up to the point prior to the refining
process, including applicable depreciation and depletion of mining interests, and removed at the weighted average cost per recoverable
ounce of gold. The average costs of finished goods represent the average costs of work-in-process inventories incurred prior to the
refining process, plus applicable refining costs.

The recovery of gold and by-products from certain oxide ore is achieved through a heap leaching process at Peñasquito. Under this
method, ore is stacked on leach pads and treated with a cyanide solution that dissolves the gold contained within the ore. The resulting
pregnant solution is further processed in a plant where the gold is recovered. Costs are included in heap leach ore inventory based on
 (In millions of United States dollars, except where
noted)
current mining and leaching costs, including applicable depreciation and depletion of mining interests, and removed from heap leach
ore inventory as ounces of gold are recovered at the weighted average cost per recoverable ounce of gold on the leach pads. Estimates
of recoverable gold on the leach pads are calculated based on the quantities of ore placed on the leach pads (measured tonnes added
to the leach pads), the grade of ore placed on the leach pads (based on assay data), and a recovery percentage (based on ore type).

Supplies are measured at weighted average cost. In the event that the net realizable value of the finished product, the production of
which the supplies are held for use in, is lower than the expected cost of the finished product, the supplies are written down to net
realizable value.

The costs of inventories sold during the period are presented as mine operating costs in the Consolidated Statements of Earnings.

(m) Mining interests

Mining interests include mining properties, related plant and equipment, and the Company's investments in associates and join t
venture.

Mining properties

Mining properties are comprised of reserves, resources and exploration potential. The value associated with resources and exploration
potential is the value beyond proven and probable reserves.

Resources represent the property interests that are believed to potentially contain economic mineralized material such as inferred
material within pits; measured, indicated and inferred resources with insufficient drill spacing to qualify as proven and probable
reserves; and inferred resources in close proximity to proven and probable reserves. Exploration potential represents the estimated
mineralized material contained within: (i) areas adjacent to existing reserves and mineralization located within the immediate mine
area; (ii) areas outside of immediate mine areas that are not part of measured, indicated, or inferred resources; and (iii) greenfields
exploration potential that is not associated with any other production, development, or exploration stage property.

Recognition

Capitalized costs of mining properties include the following:

(i) Costs of acquiring production, development and exploration stage properties in asset acquisitions;

(ii) Costs attributed to mining properties acquired in business combinations;

(iii) Expenditures incurred to develop mining properties;

(iv) Economically recoverable exploration and evaluation expenditures;

(v) Borrowing costs incurred that are attributable to qualifying mining properties;

(vi) Certain costs incurred during production, net of proceeds from sales, prior to reaching operating levels intended by
management; and

(vii) Estimates of reclamation and closure costs (note 3(p)).

Acquisitions:

The cost of acquiring a mining property as part of a business combination is capitalized and represents the property’s fair value at the
date of acquisition. The purchase consideration of the acquisition of a mining property determined to be an asset acquisition is allocated
to the individual assets acquired and liabilities assumed based on their relative fair values. Fair value is determined by estimating the
value of the property’s reserves, resources and exploration potential.

Development expenditures:

Drilling and related costs incurred to define and delineate a mineral deposit that has not been classified as proven and probable reserves
are capitalized and included in the carrying amount of the related property in the period incurred, when management determines that it is
 (In millions of United States dollars, except where
probable that a future economic benefit to the Company noted)
 (In millions of United States dollars, except where
noted)
In open pit mining operations, it is necessary to incur costs to remove overburden and other mine waste materials in order to access the ore body
(stripping costs). Stripping costs incurred prior to the production stage of a mining property (pre-stripping costs) are capitalized as part of the carrying
amount of the related mining property.

Exploration and evaluation expenditures:

The costs of acquiring rights to explore, exploratory drilling and related costs incurred on sites without an existing mine and on areas
outside the boundary of a known mineral deposit which contain proven and probable reserves are exploration and evaluation
expenditures and are expensed as incurred to the date of establishing that costs incurred are economically recoverable. Exploration
and evaluation expenditures incurred subsequent to the establishment of economic recoverability are capitalized and included in the
carrying amount of the related mining property.

Management uses the following criteria in its assessments of economic recoverability and probability of future economic benef it:
(i) Geology: there is sufficient geologic certainty of converting a mineral deposit into a proven and probable reserve.
There is a history of conversion to reserves at operating mines;

(ii) Scoping, prefeasibility or feasibility: there is a scoping study, prefeasibility or preliminary feasibility study that
demonstrates the additional reserves and resources will generate a positive commercial outcome. Known
metallurgy provides a basis for concluding there is a significant likelihood of being able to recover the incremental
costs of extraction and production;

(iii) Accessible facilities: the mineral deposit can be processed economically at accessible mining and processing
facilities where applicable;

(iv) Life of mine plans: an overall life of mine plan and economic model to support the economic extraction of reserves
and resources exists. A long-term life of mine plan and supporting geological model identifies the drilling and related
development work required to expand or further define the existing ore body; and

(v) Authorizations: operating permits and feasible environmental programs exist or are obtainable.

Prior to capitalizing exploratory drilling, evaluation, development and related costs, management determines that the followi ng
conditions have been met:

(i) It is probable that a future economic benefit will flow to the Company;

(ii) The Company can obtain the benefit and controls access to it;

(iii) The transaction or event giving rise to the future economic benefit has already occurred; and

(iv) Costs incurred can be measured reliably.

Borrowing costs:

Borrowing costs incurred that are attributable to acquiring and developing exploration and development stage mining properties and
constructing new facilities ("qualifying assets") are capitalized and included in the carrying amounts of qualifying assets until those
qualifying assets are ready for their intended use, which in the case of mining properties, is when the mining property reaches
commercial production. Capitalization commences on the date that expenditures for the qualifying asset are incurred, borrowing costs
are being incurred by the Company and activities that are necessary to prepare the qualifying asset for its intended use are being
undertaken. All other borrowing costs are expensed in the period in which they are incurred. For funds obtained from general borrowing,
the amount capitalized is calculated using a weighted average of rates applicable to the borrowings during the period. For fu nds
borrowed that are directly attributable to a qualifying asset, the amount capitalized represents the actual borrowing costs incurred on
the specific borrowings.

Costs incurred during production:

Capitalization of costs incurred ceases when the mining property is capable of operating at levels intended by management. Costs
incurred prior to this point, including depreciation of related plant and equipment, are capitalized and proceeds from sales during this
period are offset against costs capitalized.
 (In millions of United States dollars, except where
noted)
Development costs incurred to maintain current production are included in mine operating costs. These costs include the development
and access (tunnelling) costs of production drifts to develop the ore body in the current production cycle.
 (In millions of United States dollars, except where
noted)

During the production phase of a mine, stripping costs incurred that provide access to a component of reserves and resources that will
be produced in future periods and that would not have otherwise been accessible are capitalized ("stripping activity asset"). The costs
qualifying for capitalization are those costs directly incurred to perform the stripping activity that improves access to the identified
component of ore, plus an allocation of directly attributable overhead costs, and which are determined using a strip ratio methodology.
The strip ratio represents the ratio of the estimated total volume of waste material to the estimated total quantity of economically
recoverable ore of the component of the reserves and resources for which access has been improved.The stripping activity asset is
included as part of the carrying amount of the mining property. Capitalized stripping costs are amortized based on the estimated
recoverable ounces contained in reserves and resources that directly benefit from the stripping activities. Costs for waste removal
that do not give rise to future economic benefits are included in mine operating costs in the period in which they are incurred.

Measurement

Mining properties are recorded at cost less accumulated depletion and impairment losses.

Depletion:

The carrying amounts of mining properties are depleted using the unit-of-production method over the estimated recoverable ounces,
when the mine is capable of operating at levels intended by management. Under this method, depletable costs are multiplied by the
number of ounces produced, and divided by the estimated recoverable ounces contained in proven and probable reserves and a portion
of resources where it is considered highly probable that those resources will be economically extracted. During the year ended
December 31, 2017, depletion expense would have increased by $63 million (2016 – $80 million) if resources were excluded from
recoverable ounces.

A mine is capable of operating at levels intended by management when:

(i) Operational commissioning of major mine and plant components is complete;

(ii) Operating results are being achieved consistently for a period of time;

(iii) There are indicators that these operating results will be continued; and

(iv) Other factors are present, including one or more of the following: A significant portion of plant/mill capacity has
been achieved; a significant portion of available funding is directed towards operating activities; a pre-determined,
reasonable period of time has passed; or significant milestones for the development of the mining property have
been achieved.

Management reviews the estimated total recoverable ounces contained in depletable reserves and resources annually, and when events
and circumstances indicate that such a review should be made. Changes to estimated total recoverable ounces contained in depletable
reserves and resources are accounted for prospectively.

Impairment and reversal of impairment:

At the end of each reporting period, the Company reviews its mining properties and plant and equipment at the CGU level to determine
whether there is any indication that these assets are impaired. If any such indication exists, the recoverable amount of the relevant
CGU is estimated in order to determine the extent of impairment. A CGU is the smallest identifiable group of assets that generates
cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The Company’s CGUs are its mine
sites, represented by its principal producing mining properties and significant development projects.

The recoverable amount of a mine site is the greater of its FVLCD and VIU. In determining the recoverable amounts of each of the
Company’smine sites, the Company uses the FVLCD as this will generally be greater than or equal to the VIU. When there is no binding
sales agreement, FVLCD is primarily 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 cost of capital. Estimated cash flows are based on expected future production, metal
selling prices, operating costs and capital expenditures. Continued access to the estimated recoverable reserves, resources and
exploration potential of the Company’s mining interests is a key assumption in determining their recoverable amounts. The ability to
maintain existing or obtain necessary mining concessions, surface rights title, and water concessions is integral to the access of the
reserves, resources and exploration potential. A mining concession gives its holder the right to carry out mining activities in the area
 (In millions of United States dollars, except where
covered by that concession and take ownership of any minerals found, but it does notnoted) always grant surface access rights. In some
jurisdictions surface access rights must be separately negotiated with the owner of the surface lands and in the event of a dispute or
failed negotiations, administrative legal process may be available. In other jurisdictions, surface access rights may be granted along
 (In millions of United States dollars, except where
noted)
with mining rights. Water concessions provide its holder the right to specified levels of water usage and are granted based on water
availability in the source area.

If the recoverable amount of a mine site is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable
amount. The carrying amount of each mine site includes the carrying amounts of mining properties, plant and equipment, goodwill and
related deferred income tax balances, net of the mine site reclamation and closure cost provision. In addition, the carrying amounts of
the Company’s corporate assets are allocated to the relevant mine sites for impairment purposes. Impairment losses are recognized in
net earnings in the period in which they are incurred. The allocation of an impairment loss, if any, for a particular mine site to its mining
properties and plant and equipment is based on the relative carrying amounts of those assets at the date of impairment. Those mine
sites which have been impaired are tested for possible reversal of the impairment whenever events or changes in circumstances indicate
that the impairment may have reversed. When an impairment loss reverses in a subsequent period, the revised carrying amount shall not
exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset previously, less
subsequent depreciation and depletion. Reversals of impairment losses are recognized in net earnings in the period in which the
reversals occur.

Plant and equipment

Plant and equipment are recorded at cost less accumulated depreciation and impairment losses. Costs capitalized for plant and
equipment include borrowing costs incurred that are attributable to qualifying plant and equipment. The carrying amounts of plant and
equipment are depreciated using either the straight-line or unit-of-production method over the shorter of the estimated useful life of
the asset or the life of mine. The significant classes of depreciable plant and equipment and their estimated useful lives are as follows:

Mill and mill components life of mine

Underground infrastructure life of mine
Mobile equipment components 3 to 15 years

Assets under construction are depreciated when they are substantially complete and available for their intended use, over their
estimated useful lives.

Management reviews the estimated useful lives, residual values and depreciation methods of the Company’s plant and equipment at
the end of each financial year, and when events and circumstances indicate that such a review should be made. Changes to estimated
useful lives, residual values or depreciation methods resulting from such review are accounted for prospectively.

Derecognition

Upon disposal or abandonment, the carrying amounts of mining properties and plant and equipment are derecognized and any associated
gains or losses are recognized in net earnings. The cost and accumulated depreciation and depletion and impairment of fully depleted
mineral properties and fully depreciated plant and equipment are derecognized.

(n) Leases

Contracts which contain the legal form of a lease are classified as either finance or operating leases. Finance leases represent leases
that transfer substantially all of the risks and rewards of ownership of the leased asset. They are capitalized at the commencement of
the lease at the lower of the fair value of the leased asset and the present value of the minimum lease payments and these capitalized
costs are depreciated over the shorter of the period of expected use and the lease term. Leases in which a significant portion of the
risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease payments are included in
production costs in the Company's Consolidated Statements of Earnings on a straight-line basis over the period of the lease. In addition
to contracts which take the legal form of a lease, other significant contracts are assessed to determine whether, in substance, they are
or contain a lease, if the contractual arrangement contains the use of a specific asset and the right to use that asset.

(o) Income Taxes

The Company uses the liability method of accounting for income taxes. Under the liability method, deferred income tax assets and
liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax bases, unused tax losses and other income tax deductions. Deferred income
tax assets are recognized for deductible temporary differences, unused tax losses and other income tax deductions to the extent that
it is probable the Company will have taxable income against which those deductible temporary differences, unused tax losses and
 (In millions of United States dollars, except where
noted)
other income tax deductions can be utilized. The extent to which deductible temporary differences, unused tax losses and other income
tax deductions are expected to be realized is reassessed at the end of each reporting period.

In a business combination, temporary differences arise as a result of differences between the fair values of identifiable assets and
liabilities acquired and their respective tax bases. Deferred income tax assets and liabilities are recognized for the tax effects of these
differences. Deferred income tax assets and liabilities are not recognized for temporary differences arising from goodwill or from the
initial recognition of assets and liabilities acquired in a transaction other than a business combination which do not affect either
accounting or taxable income or loss.

Deferred income tax assets and liabilities are measured using enacted or substantively enacted tax rates expected to apply when the
related assets are realized or the liabilities are settled. The measurement of deferred income tax assets and liabilities reflects the tax
consequences that would follow from the manner in which the Company expects, at the reporting date, to recover and settle the
carrying amounts of its assets and liabilities, respectively. The effect on deferred income tax assets and liabilities of a change in tax
rates is recognized in the period in which the change is substantively enacted.

The Company records foreign exchange gains and losses representing the impacts of movements in foreign exchange rates on the tax
bases of non-monetary assets and liabilities which are denominated in foreign currencies. Foreign exchange gains and losses relating
to deferred income taxes and current income taxes are included in deferred income tax expense/recovery and current income tax
expense/recovery, respectively in the Consolidated Statements of Earnings.

Current and deferred income tax expense or recovery are recognized in net earnings except when they arise as a result of items
recognized in other comprehensive income or directly in equity, in which case the related current and deferred income taxes are also
recognized in other comprehensive income or directly in equity, respectively.

(p) Provisions

Provisions are liabilities that are uncertain in timing or amount. The Company records a provision when and only when:

(i) The Company has a present obligation (legal or constructive) as a result of a past event;

(ii) It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation;
and

(iii) A reliable estimate can be made of the amount of the obligation.

Constructive obligations are obligations that derive from the Company’s actions where:

(i) By an established pattern of past practice, published policies or a sufficiently specific current statement, the
Company has indicated to other parties that it will accept certain responsibilities; and

(ii) As a result, the Company has created a valid expectation on the part of those other parties that it will
discharge those responsibilities.

Provisions are reviewed at the end of each reporting period and adjusted or reversed to reflect management’s current best estimate of
the expenditure required to settle the present obligation at the end of the reporting period. If it is no longer probable that an outflow of
resources embodying economic benefits will be required to settle the obligation, the provision is reversed. Provisions are reduced by
actual expenditures for which the provision was originally recognized. Where discounting has been used, the carrying amount of a
provision is accreted during the period to reflect the passage of time. This accretion expense is included in finance costs in the
Consolidated Statements of Earnings.

Reclamation and closure cost obligations

The Company records a provision for the estimated future costs of reclamation and closure of operating, closed and inactive mines and
development projects when environmental disturbance occurs or a constructive obligation arises. Future costs represent management’s
best estimates which incorporate assumptions on the effects of inflation, movements in foreign exchange rates, the effects of country
and other specific risks associated with the related liabilities. These estimates of future costs are discounted to net present value using
the risk-free interest rate applicable to the future cash outflows. The provision for the Company’s reclamation and closure cost obligations
is accreted over time to reflect the unwinding of the discount with the accretion expense included in finance costs in the Consolidated
Statements of Earnings. The provision for reclamation and closure cost obligations is remeasured at the end of each reporting period
for changes in estimates or circumstances. Changes in estimates or circumstances include changes in legal
 (In millions of United States dollars, except where
noted)
or regulatory requirements, increased obligations arising from additional mining and exploration activities, changes to cost estimates
and changes to the risk-free interest rates.

Reclamation and closure cost obligations relating to operating mines and development projects are initially recorded with a
corresponding increase to the carrying amounts of related mining properties. Changes to the obligations which may arise as a result of
changes in estimates and assumptions are also accounted for as changes in the carrying amounts of related mining properties, except
where a reduction in the obligation is greater than the capitalized reclamation and closure costs, in which case, the capitalized
reclamation and closure costs are reduced to nil and the remaining adjustment is included in production costs in the Consolidated
Statements of Earnings. Reclamation and closure cost obligations related to inactive and closed mines are included in production costs
in the Consolidated Statements of Earnings on initial recognition and subsequently when remeasured.

(q) Financial instruments

Measurement – initial recognition

On initial recognition, all financial assets and financial liabilities are recorded at fair value, net of attributable transaction costs, except
for financial assets and liabilities classified as at fair value through profit or loss ("FVTPL"). The directly attributable transaction costs
of financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred.

Classification and measurement – subsequent to initial recognition

Subsequent measurement of financial assets and liabilities depends on the classifications of such assets and liabilities.

Classified as at FVTPL:

Financial assets and liabilities classified as at FVTPL are measured at fair value with changes in fair values recognized in net earnings.
Financial assets and liabilities are classified as at FVTPL when: (i) they are acquired or incurred principally for short-term profit taking
and/or meet the definition of a derivative (held-for-trading); or (ii) they meet the criteria for being designated as at FVTPL and have been
designated as such on initial recognition.

A contract to buy or sell non-financial items that can be settled net in cash, which include non-financial items that are readily convertible
to cash, that has not been entered into and held for the purpose of receipt or delivery of non-financial items in accordance with the
Company's expected purchase, sale or use meets the definition of a non-financial derivative. Derivatives are classified as either hedges
of highly probable forecasted transactions ("cash flow hedges") or non-hedge derivatives.

Derivative instruments designated as cash flow hedges:

On initial designation of the derivative as a cash flow hedge, the Company documents the relationship between the hedging instrument
and hedged item and assesses the effectiveness of the hedging instrument in offsetting the changes in the cash flows attributable to
the hedged risk and whether the forecast transaction is highly probable. Subsequent assessment will be performed on an ongoing
basis to determine that the hedging instruments have been highly effective throughout the reporting periods for which they we re
designated. The changes in the fair value of derivatives that are designated and determined to be effective in offsetting forecasted
cash flows is recognized in other comprehensive income (loss) ("OCI"). The gain or loss relating to the ineffective portion is recognized
immediately as Gain (loss) on derivatives, net, in the Consolidated Statements of Earnings.

When the forecasted transaction impacts earnings, the cumulative gains or losses that were recorded in Accumulated other
comprehensive income (loss) ("AOCI") are reclassified to earnings in the same period or periods during which the hedged transaction
has occurred. When the forecasted transaction that is hedged results in the recognition of a non-financial asset, the cumulative gains
or losses that were recorded in AOCI are reclassified and included in the carrying amount of the asset.

When a derivative designated as a cash flow hedge expires or is sold and the forecasted transaction is still expected to occur, any
cumulative gain or loss relating to the derivative that is recorded in AOCI at that time remains in AOCI and is recognized in the
Consolidated Statements of Earnings when the forecasted transaction occurs. When a forecasted transaction is no longer expected to
occur, the cumulative gain or loss that was recorded in AOCI is immediately transferred to the Consolidated Statements of Earnings.

Non-hedge derivatives
 (In millions of United States dollars, except where
noted)
Derivative instruments that do not qualify as cash flow hedges are recorded at fair value with changes in fair value recognized in net
earnings.
 (In millions of United States dollars, except where
noted)

Classified as available-for-sale:

A financial asset is classified as available-for-sale when: (i) it is not classified as a loan and receivable, a held-to-maturity investment
or as at FVTPL; or (ii) it is designated as available-for-sale on initial recognition. The Company has investments in equity securities in
accordance with its long-term investment plans. The Company’s investments in equity securities are classified as available-for-sale
and are measured at fair value with mark-to-market gains and losses recognized in OCI and accumulated in the investment revaluation
reserve within equity until the financial assets are derecognized or there is objective evidence that the financial assets are impaired.
When available-for-sale investments in marketable securities and equity securities are derecognized, the cumulative mark-to-market
gains or losses that had been previously recognized in OCI are reclassified to earnings for the period. When there is objective evidence
that an available-for-sale financial asset is impaired, the cumulative loss that had been previously recognized in OCI is reclassified to
earnings for the period. Equity securities are classified as non-current assets if the Company intends to hold the investment for more
than 12 months, otherwise, they are classified as marketable securities and included in other current assets. At December 31, 2017
and 2016, all of the Company's equity securities were classified as non-current assets.

Loans and receivables, held-to-maturity investments, and other financial liabilities:

Financial assets classified as loans and receivables, held-to-maturity investments, and other financial liabilities are measured at
amortized cost using the effective interest method. The effective interest method calculates the amortized cost of a financial asset or
financial liability and allocates the effective interest income or interest expense over the term of the financial asset or financial liability,
respectively. The interest rate is the rate that exactly discounts estimated future cash receipts or payments throughout the term of the
financial instrument to the net carrying amount of the financial asset or financial liability, respectively.

When there is objective evidence that an impairment loss on a financial asset measured at amortized cost has been incurred, an
impairment loss is recognized in net earnings for the period measured as the difference between the financial asset's carrying amount
and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the
financial asset's effective interest rate at initial recognition.

Impairment

The Company assesses at the end of each reporting period whether there is objective evidence that financial assets are impaired. A
financial asset is impaired and impairment losses are incurred if, and only if, there is objective evidence of impairment as a result of
one or more events that occurred after the initial recognition of the asset that has a negative impact on the estimate d future cash
flows of the financial asset that can be reliably estimated.

(r) Share-based payments

The fair value of the estimated number of stock options and restricted share units ("RSUs") awarded to employees, officers and directors
that will eventually vest, determined as of the date of grant, is recognized as share-based compensation expense within corporate
administration in the Consolidated Statements of Earnings over the vesting period of the stock options and RSUs, with a corresponding
increase to equity. The fair value of stock options is determined using the Black-Scholes option pricing model with market related
inputs as of the date of grant. The fair value of RSUs is the market value of the underlying shares as of the date of grant. Stock options
and RSUs with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. Changes
to the estimated number of awards that will eventually vest are accounted for prospectively.

Performance share units ("PSUs") and phantom restricted units ("PRUs") are settled in cash. The fair value of the estimated number of
PSUs and PRUs awarded that will eventually vest, determined as of the date of grant, is recognized as share-based compensation
expense within corporate administration expense in the Consolidated Statements of Earnings over the vesting period, with a
corresponding amount recorded as a liability. Until the liability is settled, the fair value of the PSUs and PRUs is re-measured at the
end of each reporting period and at the date of settlement, with changes in fair value recognized as share-based compensation expense
or recovery over the vesting period. The fair value of PRUs is the market value of the underlying shares as of the date of valuation.
 (In millions of United States dollars, except where
noted)
4. CHANGES IN ACCOUNTING STANDARDS

Application of new and revised accounting standards:

The Company has adopted the narrow scope amendments to IFRS 12 - Disclosure of Interests in Other Entities and IAS 12 - Income Taxes
which were effective for annual periods beginning on or after January 1, 2017. The amendments did not have an impact on the Company's
consolidated financial statements.

The Company has also adopted the amendments to IAS 7 - Statement of Cash Flows, which were effective for annual periods beginning on
or after January 1, 2017. As a result of applying the amendment, the Company presented new disclosures relating to the changes in financial
liabilities arising from financing activities (note 16).

Changes in accounting standards not yet effective:

Revenue recognition
In May 2014, the IASB issued IFRS 15 – Revenue from Contracts with Customers ("IFRS 15") which supersedes IAS 11 – Construction
Contracts; IAS 18 – Revenue; IFRIC 13 – Customer Loyalty Programmes; IFRIC 15 – Agreements for the Construction of Real Estate; IFRIC
18 – Transfers of Assets from Customers; and SIC 31 – Revenue – Barter Transactions involving Advertising Services. IFRS 15 establishes
a single five-step model framework for determining the nature, amount, timing and uncertainty of revenue and cash flows
arising from a contract with a customer. The standard is effective for annual periods beginning on or after January 1, 2018,
with early adoption permitted. Either a modified retrospective application or full retrospective application is required for IFRS
15. The Company has elected to apply the full retrospective approach upon transition on January 1, 2018.

The core principle of IFRS 15 is that revenue related to the transfer of promised goods or services should be recognized when the control of
the goods or services passes to customers. The Company has evaluated the impact of applying IFRS 15, analyzing its bullion, doré and
concentrate sale agreements. The Company concluded there is no material change in the timing of revenue recognized under the new
standard as the point of transfer of risk and reward for goods and services and transfer of control occur at the same time.
In addition, IFRS 15 requires entities to apportion revenue earned from contracts to distinct performance obligations on a relative standalone
selling price basis. In accordance with the terms of the Company's concentrate agreements, the seller must contract for and pay the shipping
and insurance costs necessary to bring the goods to the named destination. Therefore, where material, a portion of the revenue earned
under these contracts, representing the obligation to fulfill the shipping and insurance services, will be deferred and recognized over time
as the obligations are fulfilled. The impact of this change on the amount of revenue recognized in a year is insignificant.
IFRS 15 contains presentation and disclosure requirements which are more detailed than the current standards, many of which are completely
new. Upon the adoption of IFRS 15, the Company will provide disclosures for each of the Company's revenue streams, which consist of the
Company's bullion, doré and concentrate sales, to supplement the revenue data that are currently presented in the segmented information
disclosure (note 9). New disclosures will be presented relating to the timing of completion of the Company's performance obligations, for
example, upon delivery and/or other points in time, and the portion of revenue related to provisional pricing adjustments on concentrate
sales will also be separately disclosed.

Financial instruments
In July 2014, the IASB issued the final version of IFRS 9 – Financial Instruments ("IFRS 9") to replace IAS 39 – Financial Instruments:
Recognition and Measurement. IFRS 9 provides a revised model for recognition and measurement of financial instruments and a single,
forward-looking 'expected loss' impairment model. IFRS 9 also includes significant changes to hedge accounting. The standard is effective
for annual periods beginning on or after January 1, 2018, with early adoption permitted. The Company will apply IFRS 9 at the date it
becomes effective. Except for hedge accounting, retrospective application is required, but the provision of comparative information is not
required. For hedge accounting, the requirements are generally applied prospectively.
The following summarizes the significant changes in IFRS 9 compared to the current standards:
• The classification of financial assets and liabilities is expected to remain consistent under IFRS 9 with the exception of
equity securities. The Company will designate its equity securities as financial assets at fair value through other
comprehensive income, where they will be recorded initially at fair value. Subsequent changes in fair value will be
recognized in other comprehensive income only and will not be transferred into earnings (loss) upon disposition.
• The introduction of the new "expected credit loss" impairment model under IFRS 9, as opposed to an incurred credit loss
model under IAS 39, does not have a significant impact on the Company's accounts receivable given the Company sells
its products exclusively to large international financial institutions and other organizations with strong credit ratings, the
negligible historical level of customer default, and the short term nature of the Company's receivables.
 (In millions of United States dollars, except where
noted)
• The new general hedge accounting requirements retain the three types of hedge accounting mechanisms currently
available under IAS 39. Under IFRS 9, greater flexibility has been introduced to the types of transactions eligible for
hedge accounting, specifically broadening the types of instruments that qualify for hedging instruments and the types
of risk components of non-financial items that are eligible for hedge accounting. As a result, certain of the Company's
hedging strategies and hedging instruments that did not qualify for hedge accounting previously, primarily the hedging
of its forecast concentrate sales, will now be eligible for hedge accounting. In addition, the effectiveness test has been
replaced with the principle of an "economic relationship". Retrospective assessment of hedge effectiveness is also no
longer required. Enhanced disclosure requirements about an entity's risk management activities have also been
introduced.

Leases

In January 2016, the IASB issued IFRS 16 – Leases ("IFRS 16") which replaces IAS 17 – Leases and its associated interpretative guidance.
IFRS 16 applies a control model to the identification of leases, distinguishing between a lease and a service contract on the basis of whether
the customer controls the asset. For those assets determined to meet the definition of a lease, IFRS 16 introduces significant changes to
the accounting by lessees, introducing a single, on-balance sheet accounting model that is similar to the current finance lease accounting,
with limited exceptions for short-term leases or leases of low value assets. Lessor accounting remains similar to current accounting practice.
The standard is effective for annual periods beginning on or after January 1, 2019, with early application permitted for entities that apply
IFRS 15. A leasee can choose to apply IFRS 16 using either a full retrospective or a modified retrospective approach. The Company plans
to apply IFRS 16 at the date it becomes effective but has not yet selected a transition approach.
Upon the adoption of IFRS 16, the Company anticipates it will record a material balance of lease assets and associated lease liabilities
related to leases with a term of 12 months or more on the Consolidated Balance Sheet at January 1, 2019. Due to the recogniti on of
additional lease assets and liabilities, a higher amount of depreciation expense and interest on lease liabilities will be recognized under
IFRS 16 as compared to the current standard. Additionally, a reduction in production and/or corporate administration costs is expected.
Lastly, the Company expects a reduction in operating cash outflows with a corresponding increase in financing cash outflows under IFRS
16. The Company is in the process of identifying and collecting data relating to existing agreements that may contain right-of-use assets.
These include land easements and service contracts that may contain embedded leases for property, plant and equipment. At this time, it
is not possible for the Company to make reasonable quantitative estimates of the effects of the new standard. The Company estimates the
time frame to develop and implement the accounting policies, estimates and processes (including the information technology systems) will
extend into the latter part of 2018.

5. CRITICAL JUDGEMENTS IN APPLYING ACCOUNTING POLICIES

The critical judgements that the Company’s management has made in the process of applying the Company’s accounting policies, apart from
those involving estimations (note 6), that have the most significant effect on the amounts recognized in the Company’s consolidated financial
statements are as follows:

(a) Operating levels intended by management

Prior to a mine being capable of operating at levels intended by management, costs incurred are capitalized as part of the costs of the
related mining properties and proceeds from mineral sales are offset against costs capitalized. Depletion of capitalized costs for mining
properties begins when the mine is capable of operating at levels intended by management. Management considers several factors
(note 3(m)) in determining when a mining property is capable of operating at levels intended by management.

(b) Economic recoverability and probability of future economic benefits of exploration, evaluation and development costs

Management has determined that exploratory drilling, evaluation, development and related costs incurred which have been capitalized
are economically recoverable. Management uses several criteria (note 3(m)) in its assessments of economic recoverability and
probability of future economic benefit including geologic and metallurgic information, history of conversion of mineral deposits to
proven and probable reserves, scoping and feasibility studies, accessible facilities, existing permits and life of mine plans.

(c) Functional currency

The functional currency for each of the Company’s subsidiaries and investments in associate, is the currency of the primary economic
environment in which the entity operates. The Company has determined the functional currency of each entity is the US dollar.
Determination of functional currency may involve certain judgements to determine the primary economic environment and the Company
reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic
 (In millions of United States dollars, except where
environment. noted)
 (In millions of United States dollars, except where
noted)

(d) Asset held for sale and discontinued operation

The Company applies judgement to determine whether an asset or disposal group is available for immediate sale in its present condition
and that its sale is highly probable and therefore should be classified as held for sale at the balance sheet date. Conditions that support
a highly probable sale include the following: an appropriate level of management is committed to a plan to sell the asset or disposal
group, an active program to locate a buyer and complete the plan has been initiated, the asset or disposal group has been actively
marketed for sale at a price that is reasonable in relation to its current fair value, and the sale of the asset or disposal group is expected
to qualify for recognition as a completed sale within one year from the date of classification as held for sale. At December 31, 2016,
the Company concluded that the assets and liabilities of Los Filos met the criteria for classification as held for sale. Accordingly, the
group of assets and liabilities were presented separately under current assets and current liabilities, respectively, and measured at
the lower of its carrying amount and FVLCD, being its carrying amount. A reversal of impairment loss of $59 million was recorded for
Los Filos during the year ended December 31, 2016 (note 21) to increase its carrying amount to its recoverable amount. A subsequent
impairment of $16 million was recognized during the year ended December 31, 2017 based on changes to the carrying value of the
Los Filos assets as a result of normal operations prior to its disposal. The assets of Los Filos ceased to be depreciated while they were
classified as held for sale.

The Company also applies judgement to determine whether a component of the Company that either has been disposed of or is
classified as held for sale meets the criteria of a discontinued operation. The key area that involves management judgement in this
determination is whether the component represents a separate major line of business or geographical area of operation. Given that
the Company continues to operate in Mexico after the disposal of Los Filos, Los Filos was not considered to be a separate major line
of business or geographical area of operation, thus it was not considered to be a discontinued operation.

(e) Business combinations

Determination of whether a set of assets acquired and liabilities assumed constitute the acquisition of a business or asset may require
the Company to make certain judgements as to whether or not the assets acquired and liabilities assumed include the inputs, processes
and outputs necessary to constitute a business as defined in IFRS 3 – Business Combinations. If an acquired set of assets and liabilities
includes goodwill, the set is presumed to be a business. Based on an assessment of the relevant facts and circumstances, the Company
concluded that the acquisition of its interests in the Cerro Casale project and Exeter in 2017 and Kaminak in 2016 did not meet the
criteria of a business combination and the transactions have been accounted for as acquisitions of assets (notes 7(a) and 7(b)).

(f) Determination of control of subsidiaries and joint arrangements

Judgement is required to determine when the Company has control of subsidiaries or joint control of joint arrangements. This requires
an assessment of the relevant activities of the investee, being those activities that significantly affect the investee's returns, including
operating and capital expenditure decision-making, financing of the investee, and the appointment, remuneration and termination of key
management personnel; and when the decisions in relation to those activities are under the control of the Company or require unanimous
consent from the investors. Judgement is also required when determining the classification of a joint arrangement as a joint venture or
a joint operation through an evaluation of the rights and obligations arising from the arrangement. Changes to the Company's access to
those rights and obligations may change the classification of that joint arrangement. In 2017, the Company entered into the following
transactions which required judgement to determine when the Company has control of subsidiaries or joint control of joint arrangements:

a. Acquisition of Exeter

On June 7, 2017, based on the fact that Goldcorp has a majority ownership interest in Exeter, the majority of the Exeter board of
directors were Goldcorp nominees and Exeter's key management personnel was comprised of officers appointed by Goldcorp, the
Company concluded that it has control over Exeter. Accordingly, Exeter met the criteria to be classified as a subsidiary. Commencing
at the acquisition date of June 7, 2017, the financial results of Exeter were included in the results of the consolidated group and
the portion of Exeter's net assets that was not attributable to Goldcorp was accounted for as non-controlling interest (note 7(a)).

b. Accounting for the 50% interest in Cerro Casale and Caspiche

Based on assessment of the relevant facts and circumstances, primarily the requirement for unanimous agreement on management
decisions relating to the development and operation of the arrangement, the Company concluded that the Norte Abierto Project is
a jointly controlled entity. Judgement is also required when determining the classification of a joint arrangement as a joint venture
or a joint operation through an evaluation of the rights and obligations arising from the arrangement. Despite the fact that the joint
 (In millions of United States dollars, except where
noted)
venture is a limited liability company and the parties do not have rights and obligations to individual assets and liabilities, the
Company concluded that the Norte Abierto Project is a joint operation as the arrangement requires the owners to purchase the
output on a pro rata basis, indicating that the entity has rights and obligations to the separate assets and liabilities of the joint
entity. As such, the project has been proportionately consolidated with the results of the consolidated group (note 7(a)).

c. Acquisition of equity interest in Leagold

As Goldcorp owns greater than 20% of Leagold, Goldcorp is considered to have significant influence over Leagold, and therefore, is
required to account for its interest in Leagold using the equity method (note 8(a)).

(g) Indicators of impairment and reversal of impairment

The Company considers both external and internal sources of information in assessing whether there are any indications that CGUs are
impaired or reversal of impairment is needed. External sources of information the Company considers include changes in the market,
economic and legal environment in which the Company operates that are not within its control and are expected to affect the recoverable
amount of CGUs. Internal sources of information the Company considers include the manner in which mining properties and plant and
equipment are being used or are expected to be used and indications of economic performance of the assets. The primary external
factors considered are changes in spot and forecast metal prices, changes in laws and regulations and the Company's market
capitalization relative to its net asset carrying amount. Primary internal factors considered are the Company's current mine performance
against expectations, changes in mineral reserves and resources, life of mine plans and exploration results.

At December 31, 2017, the carrying amount of the Company's net assets exceeded the Company's market capitalization, which the
Company's management considered to be an impairment indicator of certain of the Company's CGUs as of December 31, 2017.
Management also identified certain CGU-specific impairment and impairment reversal indicators as of December 31, 2017 (note 21).
Accordingly, the recoverable value was estimated and compared against the carrying value for the material CGUs of the Company,
which resulted in the Company recognizing an impairment expense for Red Lake and reversals of impairment for Pueblo Viejo and
Porcupine (note 21).

(h) Income and value added taxes

The Company’s operations involve dealing with uncertainties and judgements in the application of complex tax regulations in multiple
jurisdictions. The final income taxes paid and value added tax (“VAT”) refunds received are dependent upon many factors, including
negotiations with taxing authorities in various jurisdictions and resolution of issues arising from VAT and/or income tax audits, such
as the Company’s intercompany charges (note 30(a)).

The Company recognizes potential liabilities and records tax liabilities for uncertain tax positions and matters identified based on its
judgement of whether, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing
facts and circumstances; however,due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment
that is materially different from the Company’s current estimate of the tax liabilities. If the Company’s estimate of tax liabilities proves
to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be
greater than the ultimate assessment, a tax benefit would result.

VAT receivables are generated on the purchase of supplies and services in most of the jurisdictions that the Company operates in.
Timing and collection of VAT receivables is uncertain as VAT refund procedures in certain jurisdictions require a significant amount of
information and follow-up. The Company is exposed to liquidity risk, credit risk and currency risk with respect to its VAT receivables
if tax authorities are unwilling to make payments in a timely manner in accordance with the Company’s refund requests. The Company
regularly monitors actual and projected collections of its VAT receivables to inform its assessment as to the collectability of the VAT
receivables and classification as current and non-current assets.

In June 2017, the Mexican government’s tax authority indicated that it had experienced an increase in VAT refund requests and as a
result had commenced more in-depth assessments of the requests. In 2017, the Company collected $269 million of VAT refunds from
the Mexican government, but the Mexican tax authority said it would withhold a portion of the VAT refunds until the authority’s evaluations
are complete. At December 31, 2017, the total VATreceivable due to the Company from Mexican tax authorities was $186 million
(December 31, 2016 – $237 million), including the tax receivables retained on the sale of Los Filos (note 8(a)). The Company reassessed
the collectability and classification of its Mexican VAT receivables and determined that no allowance was necessary in respect of
collectability, but has classified $29 million of the $186 million VAT receivable balance at December 31, 2017 as a non- current asset. If
on review of the Company’s VAT refund requests, the Mexican tax authority disallows any portion of the Company’s VAT refund requests
then an additional charge to expense may result.
 (In millions of United States dollars, except where
noted)
(i) Contingencies
Contingencies can be either possible assets or liabilities arising from past events which, by their nature, will be resolved only when
one or more uncertain future events occur or fail to occur. Such contingencies include, but are not limited to, environmental obligations,
litigation, regulatory proceedings, tax matters and losses results from other events and developments. The assessment of the existence
and potential impact of contingencies inherently involves the exercise of significant judgement regarding the outcome of future events.

6. KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of consolidated financial statements requires that the Company’smanagement make assumptions and estimates of effects
of uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period. Actual results
may differ from those estimates as the estimation process is inherently uncertain. Actual future outcomes could differ from present estimates
and assumptions, potentially having material future effects on the Company’s consolidated financial statements. Estimates are reviewed on
an ongoing basis and are based on historical experience and other facts and circumstances. Revisions to estimates and the resulting effects
on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively.

The significant assumptions about the future and other major sources of estimation uncertainty as at the end of the reporting period that
have a significant risk of resulting in a material adjustment to the carrying amounts of the Company’s assets and liabilities are as follows:

(a) Impairment and reversal of impairment of mining interests

In determining the recoverable amounts of the Company’s mining interests, the Company primarily uses estimates of the discounted
future after-tax cash flows expected to be derived from the Company’s mining properties, costs to sell the mining properties and the
appropriate discount rate. The projected cash flows are significantly affected by changes in assumptions related to metal prices, changes
in the amount of recoverable reserves, resources, and exploration potential, production cost estimates, future capital expenditures,
discount rates and exchange rates.

Significant changes in metal price forecasts, the amount of recoverable reserves, resources, and exploration potential, estimated future
costs of production, capital expenditures, and/or the impact of changes in current economic conditions may result in a write-down or
reversal of impairment of the carrying amounts of the Company’s mining interests and/or goodwill.

During the year ended December 31, 2017, the Company recognized a net impairment expense of $244 million (2016 – net impairment
reversal of $49 million) in respect of the carrying amounts of certain mining interests (note 21).

At December 31, 2017, the carrying amount of the Company’s mining interests was $20,047 million (December 31, 2016 – $19,572
million) (notes 19 and 20).

(b) Depreciation and depletion

The carrying amounts of the Company’s mining properties are depleted based on recoverable ounces contained in proven and probable
reserves and a portion of resources. The Company includes a portion of resources where it is considered probable that those resources
will be economically extracted. Changes to estimates of recoverable ounces and depletable costs including changes resulting from
revisions to the Company’s mine plans and changes in metal price forecasts can result in changes to future depletion rates.

Plant and equipment not depleted on a unit of production basis based on recoverable ounces are depleted on a straight-line basis.
Changes to estimates of the useful life and residual value may be impacted by the Company's mine plans and rate of usage of these
capital assets.
 (In millions of United States dollars, except where
noted)
(c) Deferred stripping costs

In determining whether stripping costs incurred during the production phase of an open pit mining property relate to reserves and
resources that will be mined in a future period and therefore should be capitalized, the Company makes estimates of the stripping
activity over the life of the component of reserves and resources which have been made accessible. Changes in estimated strip ratios
can result in a change to the future capitalization of stripping costs incurred. At December 31, 2017, the carrying amount of stripping
costs capitalized and included in mining properties was $204 million (December 31, 2016 – $205 million).

(d) Income taxes

In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future
taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that
tax positions taken will be sustained upon examination by applicable tax authorities (note 14). In making its assessments, management
gives additional weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income are based
on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. Forecasted cash flows from
operations are based on life of mine projections internally developed and reviewed by management. Weight is attached to tax planning
opportunities that are within the Company’s control, and are feasible and implementable without significant obstacles. The likelihood
that tax positions taken will be sustained upon examination by applicable tax authorities is assessed based on individual facts and
circumstances of the relevant tax position evaluated in light of all available evidence. Where applicable tax laws and regulations are
either unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these estimates can occur that
materially affect the amounts of income tax assets recognized. At the end of each reporting period, the Company reassesses the
probability of realizing unrecognized income tax assets.

(e) Estimated reclamation and closure costs

The Company’s provision for reclamation and closure cost obligations represents management’s best estimate of the present value of
the future cash outflows required to settle the liability which reflects estimates of future costs, inflation, movements in foreign exchange
rates, assumptions of risks associated with the future cash outflows and assumptions of probabilities of alternative estimates of future
cash outflows, and the applicable risk-free interest rates for discounting those future cash outflows. Significant judgements and estimates
are required in forming assumptions of future activities, future cash outflows and the timing of those cash outflows. These assumptions
are formed based on environmental and regulatory requirements and the Company’s environmental policies which may give rise to
constructive obligations. The Company’s assumptions are reviewed at the end of each reporting period and adjusted to reflect
management’s current best estimate and changes in any of the above factors can result in a change to the provision recognized by the
Company. At December 31, 2017, the Company’s total provision for reclamation and closure cost obligations was $599 million
(December 31, 2016 – $622 million). The undiscounted value of these obligations at December 31, 2017 was $1,572 million (December
31, 2016 – $1,786 million) (note 25).

For the purpose of calculating the present value of the provision for reclamation and closure cost obligations, the Company discounts
the estimated future cash outflows using the risk-free interest rate applicable to the future cash outflows, which is the appropriate US
Treasuryrisk-free rate which reflects the reclamation lifecycle estimated for all sites, including operating, inactive and closed mines and
development projects. For those sites with a greater than 100-year reclamation lifecycle, a long-term risk-free rate is applied.

For the year ended December 31, 2017, the Company applied a 20-year risk-free rate of 2.94% (2016 – 2.94%) to all sites with the
exception of those sites with a reclamation lifecycle of greater than 100 years where a 5.0% (2016 – 5.0%) risk-free rate was applied,
which resulted in a weighted average discount rate of 4.1% (2016 – 4.1%).

Changes to reclamation and closure cost obligations are recorded with a corresponding change to the carrying amounts of the related
mining properties (for operating mines and development projects) and as production costs (for inactive and closed mines) for the period.
Adjustments to the carrying amounts of related mining properties can result in a change to future depletion expense.

(f) Contingencies

Due to the size, complexity and nature of the Company’s operations, various legal and tax matters are outstanding from time to time. In
the event that management’s estimate of the future resolution of these matters changes, the Company will recognize the effects of the
changes in its consolidated financial statements on the date such changes occur (note 30).
 (In millions of United States dollars, except where
noted)
7. ACQUISITIONS

(a) Acquisitions of Cerro Casale and Caspiche Projects

On June 9, 2017, the Company completed the acquisition of a 50% interest in the Cerro Casale Project. The transaction was executed
in multiple steps, including the acquisition of a 25% interest by Goldcorp in the project from each of Kinross Gold Corporation ("Kinross")
and Barrick, which resulted in Barrick and Goldcorp each owning 50% of the project and subsequently forming a 50/50 joint operation
with Barrick. The Cerro Casale Project is located in the Maricunga Gold Belt in the Atacama Region in northern Chile.

The Company also acquired 100% of the issued and outstanding shares of Exeter and its Caspiche Project, also located in the Maricunga
Gold Belt. After completing the acquisition of the 100% interest in Exeter, Goldcorp contributed the Caspiche Project into the joint
operation with Barrick, which resulted in a 50% interest held by each of Barrick and Goldcorp in the combined project, Norte Abierto.

The key steps in the transactions were as follows:

• Acquisition of Kinross' 25% interest in Cerro Casale and 100% interest in the Quebrada Seca exploration project for: (i) an initial
cash payment of $260 million; (ii) the granting of a 1.25% royalty interest to Kinross on 25% of gross revenues derived
from metal production from Cerro Casale and Quebrada Seca, with Kinross foregoing the first $10 million payable;
(iii) a contingent payment of $40 million payable after a decision to commence construction at Cerro Casale; and (iv)
the assumption of a $20 million obligation to Barrick payable on commercial production at Cerro Casale.

• Acquisition of an additional 25% interest in Cerro Casale from Barrick for: (i) a deferred payment obligation of $260 million
to be satisfied through the funding of 100% of the joint operation’sexpenditures (as described below); (ii) the granting
of a 1.25% royalty interest to Barrick on 25% of gross revenues derived from metal production from Cerro Casale and
Quebrada Seca; (iii) a contingent payment of $40 million payable after a decision to commence construction at Cerro
Casale; and (iv) the transfer to Barrick of a 50% interest in Quebrada Seca, followed by the joint contribution by
Goldcorp and Barrick of 100% of Quebrada Seca to the joint operation.

• Acquisition of Exeter and its 100% owned Caspiche Project: under the terms of the supported takeover bid, Exeter
shareholders received 0.12 of a common share of Goldcorp for each Exeter common share held. During the year ended
December 31, 2017, the Company acquired all of the issued and outstanding common shares of Exeter for share
consideration of $156 million in Goldcorp common shares.

• Formation of a new 50/50 joint operation with Barrick: The joint operation, Norte Abiero, includes a 100% interest in each
of the Cerro Casale and Quebrada Seca projects. Additionally, the Caspiche Project was contributed to the joint
operation after the Company acquired Exeter. 50% of Caspiche’s acquisition cost, or approximately $80 million, has
been credited against Goldcorp’s deferred payment obligation to Barrick. Additionally, Goldcorp will be required to
spend a minimum of $60 million in the two-year period following closing of the Cerro Casale transaction, and a
minimum of $80 million in each successive two-year period until the deferred payment obligation is satisfied, at which
point Goldcorp and Barrick will equally fund requirements of the joint operation. If Goldcorp does not spend the
minimum in any two-year period, Goldcorp will instead be required to make a payment to Barrick equal to 50% of the
shortfall, with a corresponding reduction in the deferred payment obligation. As of December 31, 2017, the deferred
payment obligation amounted to $182 million (December 31, 2016 – $nil).

The total amount of consideration paid for the acquisition of the 50% interest in the Cerro Casale and Quebrada Seca projects was
$526 million, comprised of a $260 million initial cash payment to Kinross, the $260 million deferred payment obligation to Barrick and
$6 million of transaction costs. The deferred obligation payment includes an annual price adjustment of 4.75% per annum. The royalty
interests for future production and contingent payments to Barrick and Kinross stipulated in the agreements will be recognized as
production costs and mining interests, respectively, if and when, the obliging events occur.

The Company concluded the acquired assets and assumed liabilities of Cerro Casale did not constitute a business and accordingly the
transaction was accounted for as an asset acquisition. The purchase price was allocated to the assets acquired and liabilities assumed
on a relative fair value basis as follows: $449 million to mining interest, $59 million representing water rights presented as non-current
asset, $21 million to tax receivables and $3 million to reclamation and other current liabilities. Additionally, the Company concluded
that the Cerro Casale Project is a joint operation, as such, it has been proportionately consolidated with the results of the Company.

The Company completed the acquisition of 100% of the issued and outstanding common shares of Exeter for total consideration of
$156 million based on the closing price of the Company's common shares on the dates of acquisition, including transaction costs and
other adjustments of $7 million. The Company concluded the acquired assets and assumed liabilities of Exeter did not constitute a
 (In millions of United States dollars, except where
business and accordingly the transaction was accounted for as an asset acquisition. Thenoted)
consideration paid was allocated to the assets
acquired and liabilities assumed on a relative fair value basis with $160 million allocated to mining interests, and $3 million
 (In millions of United States dollars, except where
noted)
to working capital.

(b) Acquisition of Kaminak

On July 19, 2016, the Company completed the acquisition of 100% of the issued and outstanding common shares of Kaminak by way
of a plan of arrangement (the "Arrangement") for total consideration of $406 million based on the closing price of the Company's common
shares on the date of acquisition, including transaction costs of $6 million. Pursuant to the Arrangement, each common share of Kaminak
was exchanged for 0.10896 of a common share of the Company. Kaminak's principal asset is the 100% owned Coffee project, a
hydrothermal gold deposit located approximately 130 kilometres south of the City of Dawson, Yukon. Coffee is a high-grade, open pit,
heap leach mining project.

The Company concluded that the acquired assets and assumed liabilities did not constitute a business and accordingly the transaction
was accounted for as an asset acquisition. The purchase price was allocated to the assets acquired and liabilities assumed on a
relative fair value basis with $386 million allocated to mining interests and the remaining $20 million allocated to deferred income
tax asset ($9 million) and working capital items ($11 million). The assets acquired and liabilities assumed have been assigned to and
included in Other in the segment information disclosure (note 9).

8. DIVESTITURES

(a) Divestiture of Los Filos

On April 7, 2017, the Company completed the sale of Los Filos to Leagold and received total consideration of $350 million, before
working capital adjustments. The consideration was comprised of $71 million of Leagold common shares, $250 million in cash and a
$29 million short-term promissory note which was paid in July 2017. The Company also retained rights to certain VAT receivables of
approximately $100 million. At December 31, 2017, the balance of the VAT receivables was $13 million (December 31, 2016 – $nil) and
was collected in January 2018. The amount was included in other current assets on the Consolidated Balance Sheet.

At December 31, 2016, the sale was considered highly probable; therefore, the assets and liabilities of Los Filos were classified as
assets and liabilities held for sale and presented separately under current assets and current liabilities, respectively. In connection with
the transaction, the Company recognized a net reversal of the 2015 impairment of mining interests of $43 million; an impairment reversal
of $59 million was recognized during the year ended December 31, 2016 based on estimated proceeds from the sale. A subsequent
impairment of $16 million was recognized during the year ended December 31, 2017 based on changes to the carrying value of the Los
Filos assets as a result of normal operations. There was no gain or loss on the disposition.

Total consideration, including working capital adjustments (net of transaction costs of $3 million) $ 348
Net assets sold and derecognized:
Cash and cash equivalents 23
Inventories and heap leach ore - current 143
Other current assets 14
Inventories and heap leach ore - non-current 128
Mining interests 151
Accounts payable and accrued liabilities (38)
Deferred tax liabilities (12)
Provisions (56)
Other (5)
348
Gain (loss) on disposition $ —

Los Filos and Leagold are presented in Other in the segment information disclosure (note 9).
 (In millions of United States dollars, except where
noted)
(b) Divestiture of Cerro Blanco

On May 31, 2017, the Company completed the sale of the Cerro Blanco Project in Guatemala to Bluestone Resources Inc. ("Bluestone")
for total consideration of $22 million, comprised of $18 million in cash, and 3 million Bluestone common shares with a fair value of
$4 million. Goldcorp will receive an additional $15 million cash payment from Bluestone upon declaration of commercial production
at Cerro Blanco and a 1% net smelter return royalty on production.
Immediately prior to the classification to assets and liabilities as held for sale, the carrying amount of Cerro Blanco was remeasured to
its recoverable amount, being its fair value less costs of disposal ("FVLCD"), based on the expected proceeds from the sale. As a result,
the Company recorded an impairment reversal during the year ended December 31, 2017 of $19 million. Subsequently, on completion
of the sale, the Company recognized a loss on the disposal of $6 million ($6 million, net of tax), net of transaction costs of $1 million.
Cerro Blanco's assets and liabilities were presented in Other in the segment information disclosure up to the date of disposition (note
9).

(c) Divestiture of San Nicolas

On October 18, 2017, the Company sold its 21% interest in the San Nicolas copper-zinc project, a stand-alone project in Mexico, to
Teck Resources Limited for cash consideration of $50 million. The carrying value of San Nicolas was $2 million on the date of sale and
the gain on disposition of $48 million ($34 million, net of tax) was recognized in the Consolidated Statements of Earnings. San Nicolas'
assets and liabilities were presented in Other in the segment information disclosure up to the date of disposition (note 9).
(d) Divestiture of Camino Rojo

On November 7, 2017, the Company completed the sale of its 100% interest in the Camino Rojo Project, part of the Peñasquito mine
located in Mexico, to Orla Mining Ltd. ("Orla"). Under the terms of the agreement, the Company received approximately 19.9% of the
issued and outstanding shares of Orla valued at $34 million and will receive a 2% net smelter return royalty on revenues from all metal
production from the Camino Rojo oxide project. The Company also has the option to acquire up to 70% interest in future sulphide
projects, subject to certain criteria. The shares were recorded as investment in securities on the Consolidated Balance Sheet. The value
of consideration received was credited to mining interests associated with Peñasquito, resulting in $nil gain or loss on disposition.

9. SEGMENT INFORMATION

Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about
resources to be allocated to the segments and to assess their performance. The Company considers each individual mine site as operating
segments for financial reporting purposes except as noted below.

Following the Company's acquisition and divestitures, and the closure of Marlin in 2017, the Company reassessed its segments for financial
reporting purposes. The Company concluded that Marlin and Los Filos are no longer operating segments and are included in Other; they
were previously included in the Other mines operating segment. The Company's 37.5% interest in Alumbrera, which was previously reported
as Other associate, and Leagold are also presented in Other, because their financial results do not meet the quantitative threshold required
for segment disclosure purposes. Prior periods' results have been re-presented to reflect the current presentation.

Assets in Other also include the Company's 100% interest in the Coffee Project, the Company's 50% interests in the NuevaUnión and the
Norte Abierto projects, corporate assets and the Company's closed and inactive mines. Liabilities in Other include the Company's $1.0
billion notes, $1.5 billion notes, $182 million of deferred payment obligation (note 7(a)), the revolving credit facility, asset retirement
obligations for closed and inactive mines and certain income taxes payable.
 (In millions of United States dollars, except where
noted)
Significant information relating to the Company’s reportable operating segments is summarized in the tables below:

Earnings (loss) from

operations,
Production Depreciation associates and joint Expenditures on
Revenues (a)(b) costs and depletion venture (b)(c)(e)(g) mining interests

Years Ended December 31 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
Éléonore $ 377 $ 346 $ 251 $ 243 $ 137 $ 146 $ (17) $ (43) $ 109 $ 94
Musselwhite 293 321 144 140 41 59 98 118 58 37
Porcupine 341 343 209 189 122 63 96 85 109 62
Red Lake 264 388 180 179 87 123 (900) 64 80 100
Peñasquito 1,400 1,044 751 698 279 243 360 99 532 230
Cerro Negro 609 532 258 249 267 217 72 52 87 97
Pueblo Viejo (d) 569 607 199 185 39 35 888 387 46 40
Other (d)
357 793 279 553 71 188 (126) (119) 103 79
Attributable segment total 4,210 4,374 2,271 2,436 1,043 1,074 471 643 1,124 739
Excluding attributable
amounts from associates
and joint venture (787) (864) (382) (370) (53) (50) (206) (274) (49) (43)
Consolidated total $ 3,423 $ 3,510 $ 1,889 $ 2,066 $ 990 $ 1,024 $ 265 $ 369 $ 1,075 $ 696

At December 31, 2017 Assets Liabilities Net Assets

Éléonore $ 2,735 $ 273 $ 2,462
Musselwhite 546 153 393
Porcupine 990 196 794
Red Lake 1,731 88 1,643
Peñasquito 8,370 3,089 5,281
Cerro Negro 3,285 531 2,754
Pueblo Viejo (d) 1,746 — 1,746
Other (d)
2,282 3,171 (889)
Total $ 21,685 $ 7,501 $ 14,184

At December 31, 2016 Assets Liabilities Net Assets

Éléonore $ 2,759 $ 356 $ 2,403
Musselwhite 774 153 621
Porcupine 1,028 173 855
Red Lake 2,526 342 2,184
Peñasquito 8,011 3,033 4,978
Cerro Negro 3,536 738 2,798
Pueblo Viejo 1,123 — 1,123
Other 1,740 3,287 (1,547)
Total $ 21,497 $ 8,082 $ 13,415
 (In millions of United States dollars, except where
noted)
(a) The Company’s principal product is gold bullion which is sold primarily in the London spot market. Concentrate produced
at Peñasquito and Alumbrera, containing both gold and by-product metals, is sold to third party smelters and traders.
The Company’s consolidated revenues (excluding attributable share of revenues from Pueblo Viejo and Alumbrera) for
the years ended December 31 were derived from the following:

2017 2016
Gold $ 2,527 74% $ 2,861 81%
Silver 364 11% 384 11%
Zinc 425 12% 200 6%
Lead 98 3% 62 2%
Copper 9 —% 3 —%
$ 3,423 100% $ 3,510 100%

Certain of the Company's mines (including the Company's associates) supplemented their gold revenues with the sale of other metals
as shown in the table below:

Years Ended December 31 Peñasquito (i) Cerro Negro Pueblo Viejo Other
Gold 2017 $ 598 $ 552 $ 541 $ 142
2016 $ 552 $ 477 $ 582 $ 263
Silver 2017 270 57 27 38
2016 227 55 24 102
Zinc 2017 425 — — —
2016 200 — — —
Lead 2017 98 — — —
2016 62 — — —
Copper 2017 9 — 1 80
2016 3 — 1 130
Molybdenum 2017 — — — 4
2016 — — — 4
Total 2017 $ 1,400 $ 609 $ 569 $ 264
2016 $ 1,044 $ 532 $ 607 $ 499
(i)
The Company has a long term agreement with Wheaton Precious Metals Corp. ("Wheaton") to deliver 25% of silver produced
from Peñasquito during its life of mine for a per ounce cash payment of $4.13 (2016 - $4.09), subject to annual inflation
adjustments.

(b) Intersegment sales and transfers are eliminated in the above information reported to the Company’s CODM. For the year
ended December 31, 2017, intersegment purchases included $541 million and $27 million, respectively, of gold and silver
ounces purchased from Pueblo Viejo (2016 – $582 million and $24 million, respectively) and revenues related to the sale
of these ounces to external third parties were $541 million and $27 million, respectively (2016 – $582 million and $24
million, respectively).

(c) A reconciliation of attributable segment total earnings from operations, associates and joint venture to the Company's
earnings before taxes per the Consolidated Statements of Earnings is as follows:
 (In millions of United States dollars, except where
noted)

2017 2016

Attributable segment total earnings from operations, associates and joint venture $ 471 $ 643
Adjustment to account for Pueblo Viejo, NuevaUnión, Leagold and Alumbrera on an equity
method basis (206) (274)
Gain on derivatives, net (i) 4 3
Gain on disposition of mining interest, net of transaction costs 42 —
Finance costs (i)
(133) (137)
Other income (expense), net (i) 15 (13)
Earnings before taxes $ 193 $ 222
(i)
Arose from corporate activities that would primarily be allocated to Other except for $27 million (2016 – $27 million) of finance
costs incurred during the year ended December 31, 2017, which would be allocated to the Peñasquito segment and gain on
derivatives of $4 million (2016 – $3 million) which would be allocated primarily to the Peñasquito segment. Additionally, during
the year ended December 31, 2017, the Company recognized a net foreign exchange of $23 million (2016 – $68 million) which
would primarily be allocated to the Peñasquito and Cerro Negro segments.

(d) The attributable segment information relating to Pueblo Viejo, NuevaUnión and Alumbrera, as reviewed by the CODM,
is based on the Company's proportionate share of profits and expenditures on mining interests. However, as required by
IFRS, the Company's investments in Pueblo Viejo, NuevaUnión and Alumbrera are accounted for in these consolidated
financial statements using the equity method (note 20). Alumbrera and NuevaUnión are presented in Other.

(e) During the year ended December 31, 2016, $22 million of corporate restructuring costs (note 11) were included in
Other. There were no restructuring costs included in Other during the year ended December 31, 2017.
(f) On February 15, 2017, the Company paid cash consideration of $65 million and recognized a $2 million loss on the
acquisition of the 4% gold stream on the El Morro deposit, part of the Company's NuevaUnión joint venture, from New
Gold Inc. eliminating the Company's obligation to New Gold Inc.
(g) Earnings (loss) from operations, associates and joint venture includes $244 million of net impairment expense ($23
million reversal of impairment, net of tax recovery) recognized in respect of the Company's mining interests (2016 –
impairment reversal of $49 million) (note 21).

10. PRODUCTION COSTS

Years ended December 31 2017 2016

Raw materials and consumables $ 836 $ 937
Salaries and employee benefits (a) 480 500
Contractors 415 408
Royalties (note 19(i)) 78 69
Transportation costs 47 35
Maintenance costs 35 58
Revision of reclamation and closure cost provision (4) (17)
Change in inventories (64) (5)
Other 66 81
$ 1,889 $ 2,066

(a) Salaries and employee benefits exclude $64 million of salaries and employee benefits included in corporate administration in the
Consolidated Statements of Earnings for the year ended December 31, 2017 (2016 – $69 million). Salaries and employee benefits
also exclude amounts related to restructuring activities incurred at mine sites of $4 million for the year ended December 31, 2017,
(2016 – $28 million). These costs are presented separately as restructuring costs in the Consolidated Statements of Earnings (note
11).
 (In millions of United States dollars, except where
noted)
11. RESTRUCTURING COSTS

The Company incurred $4 million in restructuring costs during the year ended December 31, 2017 (2016 – $50 million), of which $nil related
to the accelerated vesting of share-based compensation (2016 – $4 million). The restructuring costs relate primarily to severance costs
associated with involuntary and voluntary workforce reduction initiatives to improve efficiencies at mine sites and corporate offices. At
December 31, 2017, $2 million (December 31, 2016 – $16 million) of the restructuring costs was included in accrued liabilities. During the
year ended December 31, 2017, $18 million (2016 – $34 million) of the accrued liabilities was paid.

12. FINANCE COSTS

201
Interest expense $ 99 $ 6103
Finance fees 10 10
Accretion of reclamation and closure cost obligations (note 25(a)) 24 24
$ 133 $ 137

13. OTHER INCOME (EXPENSES), NET

201
6
Finance income $ 39 $ 49
Gains on sale of investments 16 23
Foreign exchange loss (23) (68)
Other (1) (17) (17)
$ 15 $ (13)

(1)
Other expense includes the impact of a $10 million provision which the Company recognized in respect of the settlement of a
guarantee the Company had provided to Wheaton relating to a silver stream agreement with Primero Mining Corp. The Company was
released from the guarantee on payment of the $10 million in January 2018.
 (In millions of United States dollars, except where
noted)
14. INCOME TAXES

Years ended December 31 2017 2016

Current income tax expense $ 196 $ 125
Deferred income tax recovery (661) (65)
Income tax (recovery) expense $ (465) $ 60

Income tax (recovery) expense differs from the amount that would result from applying the Canadian federal and provincial income tax
rates to earnings before taxes. These differences result from the following items:

Years ended December 31 2017 2016

Earnings before taxes $ 193 $ 222
Canadian federal and provincial income tax rates 25% 25%
Income tax expense based on Canadian federal and provincial income tax rates 48 56
(Decrease) increase attributable to:
Changes in recognition of deferred tax assets 38 (47)
Effects of different foreign statutory tax rates on earnings of subsidiaries 25 (58)
Non-deductible expenditures 16 42
Mining taxes 10 35
Foreign exchange impact on tax bases of assets, liabilities, and losses (8) 189
Mexican inflation on tax values (30) (14)
Assets sold and assets held for sale (note 8) (36) 29
Non-taxable portion of net earnings from associates (47) (43)
Other impacts of foreign exchange (1) (116) (128)
Argentinian tax reform (2) (156) —
Impairment of mining interests (note 21) (206) —
Other (3) (1)
$ (465) $ 60
(1)
Other impacts of foreign exchange include the currency translation effects of local currency current taxes receivable and payable,
the tax impact of local currency foreign exchange gains or losses and the non-taxable or non-deductible US dollar currency foreign
exchange gains or losses.

(2)
In December 2017, Argentina enacted corporate tax changes which included a reduction in the corporate tax rate from 35% to 30% for
2018 and 2019, with a further reduction to 25% for 2020 and thereafter. Concurrently, a dividend distribution tax was introduced
which charges an effective tax of 5% and 10% on dividend distributions for 2018 and 2019, and 2020 and thereafter, respectively. The
Argentine tax rate reduction resulted in a deferred tax recovery of $156 million in 2017.
 (In millions of United States dollars, except where
noted)
The significant components of deferred income tax assets and liabilities were as follows:

At December 31 At December 31
2017 2016
Deferred income tax assets (a)
Operating loss carryforwards
Argentina $ 144 $ 199
Canada 141 129
Mexico 3 25
Chile 5 5
Other — 1
293 359
Deductible temporary differences relating to:
Reclamation and closure cost obligations 144 147
Mining interests 131 87
Other 112 79
387 313
Investment tax credits 89 86
Total deferred income tax assets 769 758

Deferred income tax liabilities

Taxable temporary differences relating to:
Mining interests (3,636) (4,255)
Other (84) (112)
Total deferred income tax liabilities (3,720) (4,367)
Deferred income tax liabilities, net (2,951) (3,609)

Balance sheet presentation

Deferred income taxes assets 112 49
Deferred income taxes liabilities (3,063) (3,658)
Deferred income tax liabilities, net $ (2,951) $ (3,609)

(a) The Company believes that it is probable that the results of future operations will generate sufficient taxable income to
realize the above noted deferred income tax assets. The Company recognized $109 million (2016 – $43 million) in
deferred tax assets that were in excess of taxable temporary differences but are supported by expected future taxable
earnings.
Deferred tax assets that have not been recognized as part of the total above were as follows:

At December 31 At December 31
2017 2016
Operating loss carryforwards $ 37 $ 78
Deductible temporary differences relating to:
Non-operating losses 111 63
Mining interests — 17
Other 6 31
$ 154 $ 189
 (In millions of United States dollars, except where
noted)
15. PER SHARE INFORMATION

(a) Net earnings per share

Net earnings per share for the year ended December 31, 2017 was calculated based on basic and diluted net earnings of $658 million,
(2016 – $162 million) and the weighted average number of shares outstanding used in the calculation was based on the following:

(in millions) 2017 2016

Basic weighted average number of shares outstanding 862 842
Effect of dilutive stock options and restricted share units 3 3
Diluted weighted average number of shares outstanding 865 845

The outstanding equity instruments that could potentially dilute basic earnings per share in the future, but were not included in the
calculation of diluted net earnings per share for the year ended December 31, 2017 because they were anti-dilutive, were 7 million
stock options (2016 – 11 million).

(b) Dividends declared

On February 25, 2016, the Company announced a quarterly dividend of $0.02 per share, effective April 1, 2016, with the first payment
in June 2016. During the year ended December 31, 2017, the Company declared dividends of $0.08 per share for total dividends of
$70 million, respectively (2016 – $0.12 per share for dividends of $102 million).
On May 11, 2016, the Company announced that it implemented a Dividend Reinvestment Plan ("DRIP") which allows shareholders the
opportunity to increase their investment in Goldcorp without additional transaction costs by receiving dividend payments in the form of
common shares of the Company. The DRIP allows shareholders to reinvest their cash dividends into additional common shares issued
from treasury at a 3% discount to the average market price calculated at the time of dividend payment. Participation in the DRIP is
optional and will not affect shareholders’ cash dividends unless they elect to participate in the DRIP. During the year ended December
31, 2017, the Company issued $8 million (2016 – $5 million) in common shares under the Company's Dividend Reinvestment Plan.

16. SUPPLEMENTAL CASH FLOW INFORMATION

(a) Cash and cash equivalents are comprised of the following:

At December 31 At December 31
2017 2016

Cash $ 184 $ 146

Money market investments 2 11
$ 186 $ 157

(b) The following table summarizes the decrease and increase in working capital during the years end December 31:

2017 2016
Accounts receivable increase $ (48) $ (28)
Inventories (increase) decrease (57) 18
Sales and indirect taxes recoverable decrease (increase) 165 (54)
Accounts payable and accrued liabilities increase (decrease) 39 (128)
Income taxes payable increase, net of income taxes receivable 3 20
Other 43 46
Decrease (increase) in working capital $ 145 $ (126)
 (In millions of United States dollars, except where
noted)
(c) The following table summarizes cash received and paid included in the Company's operating and investing activities during
the years
end Dec 31:

Years ended December 31 2017 2016

Operating activities include the following cash received (paid):
Interest received $ 77 $ 76
Interest paid (89) (98)
Income taxes refunded 9 17
Income taxes paid (201) (134)
Investing activities include the following cash received (paid):
Net (purchases) proceeds of short-term investments and available-for-sale securities
Purchases of short-term investments $ (91) $ (49)
Proceeds from maturity of short-term investments 86 63
Purchases of available-for-sale securities (67) (31)
Proceeds from sale of available-for-sale securities 24 54
$ (48) $ 37

(d) The changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash
changes were as follows:

Finance lease
Debt obligation

At January 1, 2016 $ 2,688 $ 272

Principal payment (172) (5)
Accretion 4 1
Foreign exchange gain (10) —
Revision to future lease payments — (16)
At January 1, 2017 2,510 252
Principal payment (30) (6)
Accretion 3 2
At December 31, 2017 $ 2,483 $ 248

17. INVENTORIES

At December 31
2017 At December 31
2016
Supplies $ 237 $ 230
Finished goods 112 76
Work-in-process 66 45
Stockpiled ore 42 35
Heap leach ore — 12
457 398
Less: non-current heap leach and stockpiled ore (16) (28)
$ 441 $ 370

(a) The costs of inventories recognized as expense for the year ended December 31, 2017 amounted to $2,719 million (2016
– $2,952 million), of which $1,753 million (2016 – $1,953 million) and $966 million (2016 – $999 million) was included in
 (In millions of United States dollars, except where
noted)

production costs and depreciation and depletion in the Consolidated Statements of Earnings, respectively.
 (In millions of United States dollars, except where
noted)
18. OTHER CURRENT ASSETS
At December 31 At December 31
2017 2016
Prepaid expenses and other $ 29 $ 28
VAT receivables related to disposition of Los Filos (note 8(a)) 13 —
Accrued interest receivable (note 20(a)) 4 31

Current derivative assets designated as hedging instruments 2 —

$ 48 $ 59

19. MINING INTERESTS – OWNED BY SUBSIDIARIES AND JOINT OPERATION

Mining properties
Depletable Non-depletable
Reserves Reserves
and and Exploration Plant and
resources resources potential equipment (g) (h) Total
Cost

At January 1, 2017 $ 12,668 $ 4,670 $ 7,225 $ 6,757 $ 31,320

Acquisition of mining interest (note 7(a)) — 529 — 2 531

Expenditures on mining interests (a)(b)(c) 427 170 — 500 1,097

Removal of fully depreciated/depleted assets and
disposals (e) (1,469) (1) (2) (295) (1,767)
Transfers and other movements (f) 1,432 464 (1,965) 12 (57)
At December 31, 2017 13,058 5,832 5,258 6,976 31,124
Accumulated depreciation and depletion and
impairment
At January 1, 2017 (5,780) (2,510) (2,263) (3,202) (13,755)
Depreciation and depletion (d) (615) — — (393) (1,008)
Impairment expense, net (note 8(b), 21) (294) (259) (80) (136) (769)

Removal of fully depreciated/depleted assets and

disposals 1,463 — — 275 1,738
Transfers and other movements (f) (17) — — (2) (19)
At December 31, 2017 (5,243) (2,769) (2,343) (3,458) (13,813)
Carrying amount – At December 31, 2017 $ 7,815 $ 3,063 $ 2,915 $ 3,518 $ 17,311
 (In millions of United States dollars, except where
noted)
Mining properties
Depletable Non-depletable
Reserves Reserves
and and Exploration Plant and
resources resources potential equipment (g) (h) Total
Cost

At January 1, 2016 $ 11,964 $ 4,346 $ 7,991 $ 6,733 $ 31,034

Acquisition of mining interest (note 7(b)) — 386 — — 386

Expenditures on mining interests (a)(b)(c) 335 96 — 243 674

Reclassifications to asset held for sale (note 8(a)) (509) — (13) (191) (713)
Transfers and other movements (f) 878 (158) (753) (28) (61)
At December 31, 2016 12,668 4,670 7,225 6,757 31,320
Accumulated depreciation and depletion and
impairment
At January 1, 2016 (5,608) (2,510) (2,263) (3,023) (13,404)
Depreciation and depletion (d) (599) — — (397) (996)
Reclassifications to asset held for sale (note 8(a)) 368 — — 178 546
Impairment reversal, net (notes 8(a), 21) 58 — — (6) 52
Transfers and other movements (f) 1 — — 46 47
At December 31, 2016 (5,780) (2,510) (2,263) (3,202) (13,755)
Carrying amount – At December 31, 2016 $ 6,888 $ 2,160 $ 4,962 $ 3,555 $ 17,565

A summary by property of the carrying amount of mining interests owned by subsidiaries and joint operation is as follows:

Mining properties (i)

Depletable Non-depletable
Reserves Reserves
and and Exploration Plant and At December 31 At December 31
resources resources potential equipment (g)(h) 2017 2016
Éléonore $ 1,590 $ 85 $ — $ 921 $ 2,596 $ 2,643
Musselwhite 292 16 28 171 507 477
Porcupine 398 440 — 139 977 872
Red Lake 520 457 198 221 1,396 2,260
Coffee — 432 — 2 434 399
Peñasquito 3,760 1,031 1,859 1,202 7,852 7,603
Cerro Negro 1,255 56 830 770 2,911 3,166
Norte Abierto — 546 — 2 548 —
Corporate and other — — — 90 90 145
$ 7,815 $ 3,063 $ 2,915 $ 3,518 $ 17,311 $ 17,565
 (In millions of United States dollars, except where
noted)
(a) Exploration, evaluation and project costs incurred by the Company during the years ended December 31 were as follows:

2017 2016
Total exploration, evaluation and project expenditures $ 114 $ 102
Less: amounts capitalized to mining interests (52) (68)
Total exploration, evaluation and project costs recognized in the Consolidated Statements
of Earnings $ 62 $ 34

(b) Expenditures on mining interests include finance lease additions, capitalized borrowing costs and deposits on mining
interests, and are net of investment tax credits and exclude capitalized reclamation and closure costs. The following is
a reconciliation of capitalized expenditures on mining interests to expenditures on mining interests in the
Consolidated Statements of Cash Flows:

2017 2016

Capitalized expenditures on mining interests including associates and joint venture $ 1,130 $ 684
Interest paid (35) (25)
(Increase) decrease in accrued expenditures (20) 37

Expenditures on mining interests per Consolidated Statements of Cash Flows $ 1,075 $ 696

(c) Includes capitalized borrowing costs incurred during the years ended December 31 as follows:

2017 2016
Red Lake - Cochenour $ 23 $ 22
Norte Abierto Project 11 —
Porcupine - Borden Project 4 —
Peñasquito - Pyrite Leach Project 6 —
Other 2 1
$ 46 $ 23

During the years ended December 31 2017 and 2016, the Company's borrowings eligible for capitalization included its $1.0 billion
notes, $1.5 billion notes, the revolving credit facility and the deferred payment obligation related to Norte Abierto (note 7(a)). All
borrowing costs related to the deferred payment obligations were capitalized to the mining interests of Norte Abierto.

A reconciliation of total eligible borrowing costs incurred to total borrowing costs included in finance costs in the Consolida ted
Statements of Earnings is as follows:

2017 2016
Total borrowing costs incurred $ 111 $ 99
Less: amounts capitalized to mining interests (46) (23)
Total borrowing costs included in finance costs in the Consolidated Statements of
Earnings $ 65 $ 76
Weighted average rate used in capitalization of borrowing costs during year 3.84% 3.67%
 (In millions of United States dollars, except where
noted)

(d) A reconciliation of depreciation and depletion during the years ended December 31 to depreciation and depletion
recognized in the Consolidated Statements of Earnings is as follows:

2017 2016
Total depreciation and depletion $ 1,008 $ 996
Less: amounts capitalized to mining interests (5) (11)
Changes in amounts allocated to ending inventories (13) 39
Total depreciation and depletion recognized in the Consolidated Statements of Earnings $ 990 $ 1,024

(e) Removal of fully depreciated/depleted asset and disposals primarily includes the costs and accumulated
depreciation/depletion of fully depreciated/depleted assets for closed sites that are no longer in use.

(f) Transfers and other movements primarily represent the reallocation of costs between mining interest categories
relating to the conversion of reserves, resources and exploration potential within mining interests, capitalized
reclamation and closure costs, capitalized depreciation, and the reclassification of non-depletable to depletable
mining properties.

(g) At December 31, 2017, assets not yet ready for intended use, and therefore not yet being depreciated, included in the
carrying amount of plant and equipment amounted to $512 million (December 31, 2016 – $309 million).

(h) At December 31, 2017, finance leases included in the carrying amount of plant and equipment amounted to $278 million
(December 31, 2016 – $299 million) (note 24).

(i) Certain of the mining properties in which the Company has interests are subject to royalty arrangements based on their
net smelter returns ("NSR"s), modified NSRs, net profits interest ("NPI"), net earnings, and/or gross revenues. Royalties
are expensed at the time of sale of gold and other metals. For the year ended December 31, 2017, royalties included in
production costs amounted to $78 million (2016 – $69 million) (note 10). At December 31, 2017, the significant royalty
arrangements of the Company and its associates, joint venture and joint operation were as follows:

Mining properties: Royalty arrangements

Musselwhite 1.25 – 5% NPI
Éléonore 2.2 – 3.5% of NSR
Peñasquito 2% of NSR and 0.5% of gross income on sale of gold and silver
Cerro Negro 3% of modified NSR and 1% of net earnings
Alumbrera 3% of modified NSR plus 20 – 30% of net proceeds after capital recovery and changes
in working capital
Pueblo Viejo 3.2% of NSR
NuevaUnión 1.5% – 2% modified NSR on portions of the property and 2% NPI
Coffee 2% of NSR
Norte Abierto 3.08% NSR on the Caspiche property; Goldcorp to pay 1.25% gross royalty on Cerro
Casale and Quebrada Seca (note 7(a))
 (In millions of United States dollars, except where
noted)
20. MINING INTERESTS – INVESTMENTS IN ASSOCIATES AND JOINT VENTURE

At December 31, 2017, the Company had a 40% interest in Pueblo Viejo, a 50% interest in NuevaUnión, a 22.9% interest in Leagold (included
in "Other") and a 37.5% interest in Alumbrera (included in "Other"). These investments are accounted for using the equity method and
included in mining interests. The Company adjusts each associate and joint venture’s financial results, where appropriate, to give effect to
uniform accounting policies.

The following table summarizes the change in the carrying amount of the Company's investments in associates and joint venture:

Pueblo Viejo (a) NuevaUnión Other (b) Total

At January 1, 2017 $ 1,123 $ 884 $ — $ 2,007
Company’s share of net earnings of associates and joint
venture (1) 142 2 — 144
Acquisition of interest in Leagold (note 8(a)) — — 71 71
Capital investment — 33 — 33
Return of capital investment (65) — — (65)
Reversal of impairment 557 — — 557
Other (11) — — (11)
At December 31, 2017 $ 1,746 $ 919 $ 71 $ 2,736

At January 1, 2016 $ 967 $ 872 $ — $ 1,839

Company’s share of net earnings of associates and joint venture 169 2 — 171
Capital investment — 10 — 10
Return of capital investment (24) — — (24)
Other 11 — — 11
At December 31, 2016 $ 1,123 $ 884 $ — $ 2,007
(1)
Share of net earnings related to associates and joint venture of $189 million (year ended December 31, 2016 – $171 million) presented on
the Consolidated Statement of Earnings includes the Company's share of net earnings of associates and joint venture of $144 million (year
ended December 31, 2016 –171 million) and the reduction of the provision related to funding Alumbrera's reclamation costs of $45 million
(year ended December 31, 2016 – $nil ) (note 20(c)).
 (In millions of United States dollars, except where
noted)
Summarized financial information for the Company's investments in associates and joint venture, on a 100% basis and reflecting adjustments
made by the Company, including fair value adjustments made at the time of acquisition/formation and adjustments for differenc es in
accounting policies, is as follows:

Year ended December 31, 2017 Pueblo Viejo NuevaUnión Other (b) Total
Revenues $ 1,423 $ — $ 653 $ 2,076
Production costs (497) — (544) (1,041)
Depreciation and depletion (98) — (42) (140)
Earnings from mine operations 828 — 67 895
Interest income 1 — 2 3
Interest expense (133) — (41) (174)
Other (expense) income (18) 3 (49) (64)
Income tax (expense) recovery (324) 2 (43) (365)
Net earnings of associates and joint venture 354 5 (64) 295
Company's share of net earnings of associates and joint
venture 142 2 45 189
Reversal of impairment 557 — — 557
Company's equity share of net earnings of associates and
joint venture $ 699 $ 2 $ 45 $ 746

Year ended December 31, 2016 Pueblo Viejo NuevaUnión Other (b) Total
Revenues $ 1,517 $ — $ 686 $ 2,203
Production costs (462) — (492) (954)
Depreciation and depletion (88) — (40) (128)
Earnings from mine operations 967 — 154 1,121
Interest expense (132) — (25) (157)
Other income (expense) 9 3 (16) (4)
Income tax (expense) recovery (421) 1 (8) (428)
Net earnings of associates and joint venture 423 4 105 532
Company's equity share of net earnings of associates and joint
venture $ 169 $ 2 $ — $ 171
 (In millions of United States dollars, except where
noted)
The asset and liabilities of the Company's material associate and joint venture were as
follows:

At December 31, 2017 Pueblo Viejo(a) NuevaUnión (c)

Current assets $ 515 $ 24
Non-current assets 6,296 2,278
6,811 2,302
Current liabilities 341 23
Non-current liabilities 2,105 441
2,446 464
Net assets 4,365 1,838
Company’s equity share of net assets of associates and joint venture $ 1,746 $ 919

At December 31, 2016 Pueblo Viejo(a) NuevaUnión (c)

Current assets $ 833 $ 10
Non-current assets 3,902 2,205
4,735 2,215
Current liabilities 668 6
Non-current liabilities 1,258 441
1,926 447
Net assets 2,809 1,768
Company’s equity share of net assets of associates $ 1,123 $ 884

The equity share of cash flows of the Company's investments in associates and joint venture are as follows:

Year ended December 31, 2017 Pueblo Viejo(a) NuevaUnión Other (b) Total
Net cash provided by operating activities $ 132 $ 6$ 50 $ 188
Net cash used in investing activities (46) (33) — (79)
Net cash (used in) provided by financing activities (234) 33 — (201)

Year ended December 31, 2016

Net cash provided by operating activities $ 258 $ 1$ 63 $ 322
Net cash used in investing activities (35) (12) (1) (48)
Net cash (used in) provided by financing activities (125) 10 (51) (166)

(a) In June 2009, the Company entered into a $400 million shareholder loan agreement with Pueblo Viejo with a term of
fifteen years. In April 2012, additional funding of $300 million was issued to Pueblo Viejo with a term of twelve years.
Both loans bear interest at 95% of LIBOR plus 2.95% payable semi-annually in arrears on February 28 and August 31 of
each year. The loan has no set repayment terms. At December 31, 2017, the carrying amount of the Company's share of
shareholder loans to Pueblo Viejo was $506 million (December 31, 2016 – $537 million), which is included in the
Company's investments in associates and is being accreted to the face value over the term of the loans. Included in other
current assets of the Company was a total of $4 million (December 31, 2016 – $31 million) in interest receivable relating
to the shareholder loan.

(b) The Company's investments in other associates are comprised of its interests in Alumbrera and Leagold. Effective January
1, 2016, the Company discontinued recognizing its share of earnings (loss) of Alumbrera because the Company's share of
losses exceeded its interest in Alumbrera. Additional losses in the future will be provided to the extent the Company has
incurred legal or constructive obligations or made payments on behalf of Alumbrera. Any future earnings of Alumbrera
will be recognized by the Company only after the Company's share of future earnings equals its share of losses not
recognized.
 (In millions of United States dollars, except where
During the year ended December 31, 2017, the Company recognized a reduction of $45 noted)
million (year ended December 31, 2016 – $nil)
in the Company's provision to fund its share of Alumbrera's reclamation and closure cost obligations which has been classified as
 (In millions of United States dollars, except where
noted)
Share of Net Earnings Related to Associate and Joint Venture in the Consolidated Statements of Earnings. The reduction in the provision
reflects the expectation that Alumbrera will be able to fund a greater portion of its reclamation costs than previously estimated due to
improved financial results, primarily as a result of higher realized copper prices.
(c) At December 31, 2017, NuevaUnión held $15 million (December 31, 2016 – $3 million) of cash and cash equivalents, $21
million (December 31, 2016 – $4 million) of total current financial liabilities and $nil million (December 31, 2016 – $nil)
of total non-current financial liabilities which have been included in the total of current assets, current liabilities and non-
current liabilities, respectively. At December 31, 2017, NuevaUnión's capital and operating commitments amounted to
$92 million (December 31, 2016 – $39 million).

21. IMPAIRMENT AND REVERSAL OF IMPAIRMENT

For the year ended December 31, the Company recognized an impairment expense of $244 million ($23 million reversal of impairment, net
of tax recovery) in respect of the following CGUs:

2017 2016
Red Lake $ 889 $ —
Porcupine (99) —
Pueblo Viejo (557) —
Other (1) 11 (49)
Total impairment expense (reversal) $ 244 $ (49)

(1)
Includes impairment reversal, net, recognized for Los Filos in 2017 and 2016 and impairment expense for Cerro Blanco in 2017 (notes
8(a), (d)).

2017 Impairment testing

The recoverable amounts of the Company’s CGUs are based primarily on the future after-tax cashflows expected to be derived from the
Company’smining properties and represent each CGU’sFVLCD, a Level 3 fair value measurement. The projected cash flows used in impairment
testing are significantly affected by changes in assumptions for metal prices, changes in the amount of recoverable reserves, resources, and
exploration potential, production costs estimates, capital expenditures estimates, discount rates, and exchange rates. For the year ended
December 31, 2017, the Company's impairment testing incorporated the following key assumptions:

(a) Weighted average cost of capital

During the year ended December 31, 2017, projected cash flows were discounted using an after -tax discount rate of 5% which
represented the Company’s weighted average cost of capital and which included estimates for risk-free interest rates, market value
of the Company’s equity, market return on equity, share volatility and debt-to-equity financing ratio.

Pricing assumptions

Metal pricing included in the cash flow projections beyond five years is based on historical volatility and consensus analyst pricing.
The metal prices assumptions used in the Company's impairment assessments in 2017 were as follows:

Metal price assumptions 2017 / 2018 2019 and Long-term

Gold (per ounce) $ 1,300 $ 1,300
Silver (per ounce) 19.00 18.00
Copper (per pound) 2.75 3.00
Zinc (per pound) 1.30 1.15
Lead (per pound) 1.10 1.00
 (In millions of United States dollars, except where
noted)
(b) Additional CGU-specific assumptions affecting the recoverable amount assessment

(i) Additional CGU-specific assumptions used in determining the recoverable amounts of the CGUs that resulted in
impairment expense and reversal of impairment during the year ended December 31, 2017 were as follows:

Red Lake

The Red Lake CGU includes the Cochenour and HG Young Deposit. The recoverable amount of Cochenour was negatively impacted
primarily due to lower grade as indicated in the 2017 mineral reserve estimate. In addition, the life of mine assessment included a
longer than expected time line for conversion to bulk mining, resulting in a lower recoverable value. The Company has recognized an
impairment expense of $889 million ($610 million, net of tax) against the carrying value of the Red Lake CGU at December 31,
2017.

Porcupine

The Porcupine CGU includes the Borden and the Century projects. In 2017, the Century project completed a base case pre-
feasibility study,increasing the Porcupine mineral reserve estimate by 4.7 million ounces. A life of mine assessment was completed
which reflected expected synergies across the Porcupine CGU associated with the Century and Borden projects. As a result, the
Company reversed the remaining unamortized impairment recognized for the Porcupine CGU in prior years of $99 million ($84
million, net of tax).

Pueblo Viejo

During the years ended December 2017 and 2016, Pueblo Viejo has generated significantly higher cash flows from operations
than the amount assumed in the recoverable value estimation at December 31, 2015. In 2017, Pueblo Viejo set new records for
the crushing and autoclave circuits as performance continued to improve beyond prior expectations. As a result of the CGU's
continued strong performance and higher long-term metal prices, the Company recognized a reversal of the remaining unamortized
impairment of $557 million ($557 million, net of tax) related to its investment in Pueblo Viejo at December 31, 2017. After tax income
from associates, including the reversal of impairment of Pueblo Viejo, is not subject to further income tax in the accounts of the
Company.

2016 impairments

During the year ended December 31, 2016, the Company recognized reversal of impairment of $59 million related to Los Filos. The recoverable
amount of Los Filos, being its FVLCD, was $430 million based on the expected proceeds from the sale (note 8(a)). The Company also recognized
an impairment expense of $10 million related to certain land at Marlin. At December 31, 2016, the land had a recoverable amount of $nil,
being its FVLCD, due to the mine's near-closure status. Los Filos and Marlin mine are both included in the Other mines reportable operating
segment.There were no other indications that the Company's CGUs may be impaired or that an impairment reversal was required.

22. OTHER NON-CURRENT ASSETS

At December 31 At December 31
2017 2016
Sales/indirect taxes recoverable $ 62 $ 105
Water rights (note 7(a)) 59 —
Exploration tax credits and mining duties 44 35
Deposits on mining interest expenditures 7 9
Non-current derivative assets not designated cash flow hedges 1 7
Other 16 10
$ 189 $ 166
 (In millions of United States dollars, except where
noted)
23. DEBT

At December 31 At December 31
2017 2016
$1.0 billion Notes (a)
3.625% 7-year notes due June 2021 ($550 million) $ 547 $ 547
5.45% 30-year notes due June 2044 ($450 million) 444 444
991 991
$1.5 billion Notes (b)
2.125% 5-year notes due March 2018 ($500 million) 499 498
3.70% 10-year notes due March 2023 ($1 billion) 993 991
1,492 1,489
$3.0 billion credit facility (c) — 30
2,483 2,510
Less: current portion of debt (b) (499) —
$ 1,984 $ 2,510

(a) The $1.0 billion Notes consist of $550 million in 7-year notes (the "7-year Notes") and $450 million in 30-year notes (the
"30-year Notes"). In 2013, the Company received total proceeds of $988 million from the issuance of the $1.0 billion
Notes, net of transaction costs. The $1.0 billion Notes are unsecured and interest is payable semi-annually in arrears on
June 9 and December 9 of each year, beginning on December 9, 2014. The $1.0 billion Notes are callable at anytime by
the Company prior to maturity, subject to make- whole provisions. The 7-year Notes and the 30-year Notes are accreted
to the face value over their respective terms using annual effective interest rates of 3.75% and 5.49%, respectively.

(b) The $1.5 billion Notes consist of $500 million in 5-year notes ("5-year Notes") and $1.0 billion in 10-year notes ("10-
year Notes"). In 2013, the Company received total proceeds of $1.48 billion from the issuance of the $1.5 billion Notes,
net of transaction costs. The
$1.5 billion Notes are unsecured and interest is payable semi-annually in arrears on March 15 and September 15 of each year,beginning
on September 15, 2013. The $1.5 billion Notes are callable at anytime by the Company prior to maturity, subject to make-whole
provisions. The 5-year Notes and the 10-year Notes are accreted to face value over their respective terms using annual effective interest
rates of 2.37% and 3.84%, respectively.

(c) In June 2017, the Company extended the term of its $3.0 billion revolving credit facility to June 22, 2022, under
existing terms and conditions. The credit facility bears interest rate of LIBOR plus 1.50%. During the year ended
December 31, 2017, the average interest rate paid by the Company on the loan was 3.2% (2016 – 2.4%).

24. FINANCE LEASE OBLIGATIONS

At December 31 At December 31
2017 2016
Minimum payments under finance leases

Within 1 year $ 30 $ 30
2 to 3 years 60 59
4 to 5 years 59 59
Over 5 years 372 404
521 552
Effect of discounting (273) (300)
Present value of minimum lease payments 248 252
Less: current portion included in accounts payable and accrued liabilities (1) (6) (5)
Non-current portion of finance lease obligations $ 242 $ 247
 (In millions of United States dollars, except where
noted)

(1) Amount excludes interest payable on lease payments

 (In millions of United States dollars, except where
noted)
25. NON-CURRENT PROVISIONS

At December 31
2017 At December 31
2016
Reclamation and closure cost obligations (a) $ 599 $ 622
Less: current portion included in other current liabilities (59) (67)
540 555
Other (b) 70 106
$ 610 $ 661

(a) The Company incurs reclamation and closure cost obligations relating to its operating, inactive and closed mines and
development projects. At December 31, 2017, the present value of obligations relating to these sites was estimated at
$355 million, $238 million and $6 million, respectively (December 31, 2016 – $350 million, $267 million and $5 million,
respectively) reflecting anticipated cash flows to be incurred over approximately the next 100 years, with the majority
estimated to be incurred within the next 20 years. Significant reclamation and closure activities include land rehabilitation,
demolition of buildings and mine facilities, ongoing care and maintenance and monitoring.
The total provision for reclamation and closure cost obligations at December 31, 2017 was $599 million (December 31, 2016 – $622
million) and was calculated using a weighted average discount rate of 4.1% (2016 – 4.1%). The undiscounted value of these obligations
was $1,572 million (December 31, 2016 – $1,786 million), calculated using a weighted average inflation rate assumption of 2.16% (2016
– 2.74%).

Changes to the reclamation and closure cost obligations during the years ended December 31 were as foll ows:

2017 2016
Reclamation and closure cost obligations – beginning of year $ 622 $ 702
Reclamation expenditures (24) (28)
Accretion expense, included in finance costs (note 12) 24 24
Revisions in estimates and obligations (4) (21)
Reclamation and closure cost obligations related to divested mining properties (19) —
Reclassification of reclamation and closure cost obligations to assets held for sale (note 8(a)) — (55)
Reclamation and closure cost obligations – end of year $ 599 $ 622

(b) At December 31, 2017, other non-current provision primarily included $30 million (2016 – $75 million) related to the
Company's obligation to fund its 37.5% share of Alumbrera's estimated reclamation costs.
 (In millions of United States dollars, except where
noted)
26. FINANCIAL INSTRUMENTS AND RELATED RISKS

(a) Financial assets and liabilities by categories

Loans and Available- profit or other hedging

At December 31, 2017 receivables for-sale loss financial instruments Total
Financial assets
Cash and cash equivalents $ — $ — $ 186 $ — $ — $ 186
Short-term investments 48 — — — — 48
Accounts receivable arising
from sales of metal concentrates — — 110 — — 110
Investments in securities — 178 — — — 178
Derivative assets designated as
hedging instruments — — — — 2 2
Derivative assets not designated
as hedging instruments — — 1 — — 1
Other current and non-current
financial assets 33 — — — — 33
Total financial assets $ 81 $ 178 $ 297 $ — $ 2 $ 558
Financial liabilities
Debt $ — $ — $ — $ (2,483) $ — $ (2,483)
Deferred payment obligation — — — (182) — (182)
Accounts payable and accrued
liabilities — — — (547) — (547)
Derivative liabilities not
designated as hedging
instruments — — (2) — — (2)
Other current and non-current
financial liabilities — — — (257) — (257)
Total financial liabilities $ — $ — $ (2) $ (3,469) $ — $ (3,471)
 (In millions of United States dollars, except where
noted)
Held to
Fair value maturity/other Effective
Loans and Available- through profit financial hedging
At December 31, 2016 receivables for-sale or loss liabilities instruments Total
Financial assets
Cash and cash equivalents $ — $ — $ 157 $ — $ — $ 157
Short-term investments 43 — — — — 43
Accounts receivable arising from
sales of metal concentrates — — 77 — — 77
Investments in securities — 114 — — — 114
Derivative assets not designated as
hedging instruments — — 7 — — 7
Other current and non-current
financial assets 39 — — — — 39
Total financial assets $ 82 $ 114 $ 241 $ — $ — $ 437
Financial liabilities
Debt $ — $ — $ — $ (2,510) $ — $ (2,510)
Accounts payable and accrued
liabilities — — — (478) — (478)
Derivative liabilities designated as
hedging instruments — — (22) — — (22)
Other current and non-current
financial liabilities — — — (259) — (259)
Total financial liabilities $ — $ — $ (22) $ (3,247) $ — $ (3,269)
 (In millions of United States dollars, except where
noted)
(b) Derivatives instruments ("Derivatives")

(i) Derivatives designated as cash flow hedges

As part of Goldcorp's Financial Risk Management Policy, unless otherwise approved by the Board of Directors, the Company can
elect to hedge up to a maximum of 50%, 30% and 10% of forecasted operating, exploration, general administrative and sustaining
capital ("operating and sustaining") expenditures over the next 12 months, subsequent 13 to 24 months and subsequent 25 to 36
months, respectively. In addition, during the year ended December 31, 2016, the Company’s Board of Directors authorized the
Company to hedge up to 50% of Mexican peso denominated forecasted expenditures in 2016 through 2018 for an expansionary
capital project, the Pyrite Leach project (“PLP”), at Peñasquito. During the year ended December 31, 2016, the Company designated
Mexican peso currency contracts as cash flow hedges of anticipated Mexican peso denominated PLP expenditures and operating
and sustaining expenditures for Peñasquito. At December 31, 2017, the notional amount of these contracts was 2,245 million
Mexican pesos, which are due to be settled within one year (2016 – 4,379 million Mexican pesos and 2,245 million Mexican pesos
within year 1 and 2 years, respectively).

The net gain on derivatives designated as cash flow hedges for the year ended December 31, 2017 recorded in OCI was $15 million
(2016 – loss of $15 million), net of tax expense of $8 million (2016 – net of tax recovery of $7 million), which represented the effective
portion of the change in fair value of the hedges. The gain on the ineffective portion of the hedges of $7 million (2016 –
$nil) was included in gain on derivatives, net, in the Consolidated Statements of Earnings.

(ii) Derivatives not designated as hedging instruments

The net (loss) gain on derivatives not designated as hedging instruments for the years ended December 31 were comprised of the
following:

2017 2016
Realized losses
Foreign currency, lead and zinc contracts $ — $ (6)
Other (1) —
(1) (6)
Unrealized (losses) gains
Foreign currency, lead and zinc contracts (2) —
Other — 9
(2) 9
$ (3) $ 3

(c) Financial assets designated as available-for-sale

The Company’s investments in securities are designated as available-for-sale. The unrealized (losses) gains on available-for-sale
investments recognized in OCI for the years ended December 31 were as follows:

2017 2016
Mark-to-market (losses) gains on available-for-sale securities $ (17) $ 86
Deferred income tax expense in OCI — (11)
Unrealized (losses) gains on available-for-sale securities, net of tax (17) 75
Reclassification adjustment for realized gains on disposition of available-for-sale securities
recognized in net earnings, net of tax of $1 million (2016 – $11 million) (15) (12)
$ (32) $ 63
 (In millions of United States dollars, except where
noted)
(d) Fair value information

(i) Fair value measurements of financial assets and liabilities measured at fair value

The categories of the fair value hierarchy that reflect the significance of inputs used in making fair value measurements are as follows:

Level 1 – quoted prices in active markets for identical assets or liabilities;

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices)
or indirectly (i.e., derived from prices); and

Level 3 – inputs for the asset or liability that are not based on observable market data.

The levels in the fair value hierarchy into which the Company’s financial assets and liabilities that are measured and recognized on
the Consolidated Balance Sheets at fair value on a recurring basis were categorized as follows:

At December 31, 2017 At December 31, 2016

Level 1 Level 2 Level 1 Level 2
Cash and cash equivalents $ 186 $ — $ 157 $ —
Accounts receivable arising from sales of metal concentrates — 110 — 77
Investments in securities 178 — 114 —
Derivative assets designated as cash flow hedges — 2 — —
Derivative assets not designated as cash flow hedges — 1 — 7
Derivative liabilities designated as cash flow hedges — — — (22)
Derivative liabilities not designated as cash flow hedges — (2) — —

At December 31, 2017, there were no financial assets and liabilities measured and recognized at fair value on a non-recurring basis.

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2017. At December 31, 2017, there were
no financial assets or liabilities measured and recognized on the Consolidated Balance Sheets at fair value that would be categorized
as Level 3 in the fair value hierarchy. During the years ended December 31, 2017 and 2016, the Company recognized impairment
expense and reversals of impairment for certain of its mining interests, which adjusted their carrying amounts to their recoverable
amounts, being their FVLCD. Valuation techniques and inputs used in the calculation of these fair value based amounts are categorized
as Level 3 in the fair value hierarchy (note 21).

(ii) Valuation methodologies used in the measurement of fair value for Level 2 financial assets and liabilities

Accounts receivable arising from sales of metal concentrates:

The Company’s metal concentrate sales contracts are subject to provisional pricing with the final selling price adjusted at the end of
the quotational period. At the end of each reporting period, the Company’s accounts receivable relating to these contracts are marked-
to-market based on quoted forward prices for which there exists an active commodity market.

Derivative assets and liabilities:

The Company's derivative assets and liabilities were comprised of investments in warrants and foreign currency forward contracts. The
fair values of the warrants are calculated using an option pricing model which utilizes a combination of quoted prices and market- derived
inputs, including volatility estimates. Foreign currency forward contracts are valued using a combination of quoted prices and market-
derived inputs including credit spreads.
 (In millions of United States dollars, except where
noted)
(iii) Fair values of financial assets and liabilities not already measured at fair value

At December 31, 2017, the fair values of the Company's notes payable and deferred payment obligation, as compared to the carrying
amounts, were as follows:

Carrying
Level Input amount (1) Fair value
$1.0 billion notes 1 Closing price $ 994 $ 1,087
$1.5 billion notes 1 Closing price 1,507 1,530
Deferred payment obligation 2 4.75% (2) 182 182
(1)
Includes accrued interest payable.
(2)
Represents the Company's current rate of borrowing.

At December 31, 2017, the carrying amounts of the Company's short-term investments, other current financial assets, accounts payable
and accrued liabilities and other current financial liabilities were considered to be reasonable approximations of their fair values due
to the short-term nature of these instruments.

(e) Financial instruments and related risks

The Company manages its exposure to financial risks, including credit risk, liquidity risk, currency risk, interest rate risk and price risk in
accordance with its Financial Risk Management Policy. The Company’s Board of Directors oversees management’srisk management
practices by setting trading parameters and reporting requirements. The Financial Risk Management Policy provides a framework for
the Company to manage the risks it is exposed to in various markets and to protect itself against adverse price movements. All
transactions undertaken were to support the Company’s ongoing business. The Company does not acquire or issue derivative financial
instruments for trading or speculative purposes.

The following describes the types of risks that the Company is exposed to and its objectives and policies for managing those risk
exposures:

(i) Credit risk

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge
its obligations. Credit risk is primarily associated with trade receivables; however, it also arises on cash and cash equivalents, short
term investments, derivative assets, other receivables and accrued interest receivable. To mitigate exposure to credit risk on financial
assets, the Company has established policies to limit the concentration of credit risk, to ensure counterparties demonstrate minimum
acceptable credit worthiness and to ensure liquidity of available funds.

The Company closely monitors its financial assets and does not have any significant concentration of credit risk. The Company sells
its products exclusively to large international financial institutions and other organizations with strong credit ratings. The historical
level of customer defaults has been negligible and, as a result, the credit risk associated with trade receivables at December 31, 2017
is considered to be negligible. The Company invests its cash and cash equivalents and short term investments in highly-rated corporations
and government issuances in accordance with its Short-term Investment Policy and the credit risk associated with its investments is
considered to be low. Foreign currency and commodity contracts are entered into with large international financial institutions with
strong credit ratings.

The Company’s maximum exposure to credit risk was as follows:

At December 31 At December 31
2017 2016
Cash and cash equivalents $ 186 $ 157
Short term investments 48 43
Accounts receivable arising from sales of metal concentrates 110 77
Other current and non-current financial assets 29 8
Current and non-current derivative assets 3 7
Accrued interest receivable (note 20(a)) 4 31
$ 380 $ 323
 (In millions of United States dollars, except where
noted)
(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The
Company has in place a rigorous planning, budgeting and forecasting process to help determine the funds required to support the
Company’s normal operating requirements on an ongoing basis, its expansionary plans and its dividend distributions. The Company
ensures that sufficient committed loan facilities exist to meet its short-term business requirements, taking into account its anticipated
cash flows from operations and its holdings of cash and cash equivalents.

During the year ended December 31, 2017, the Company generated cash flows from operations, one of the Company's main sources
of liquidity, of $1,211 million (year ended December 31, 2016 – $799 million). At December 31, 2017, Goldcorp held cash and cash
equivalents of $186 million (December 31, 2016 – $157 million) and short-term investments of $48 million (December 31, 2016 – $43
million). At December 31, 2017, the Company's working capital, defined as current assets less current liabilities, was negative $112
million (December 31, 2016 – positive $791 million), which was primarily due to the Company's $499 million of long term debt becoming
current at December 31, 2017. The Company intends to repay the debt due in March 2018 using cash flow from operations, draws on
its credit facility and/or other short term bank facilities. At December 31, 2016, $430 million of the total working capital was comprised
of the Company's net assets held for sale (notes 8(a)).

In 2017, the Company extended the term of its $3.0 billion revolving credit facility to June 22, 2022. At December 31, 2017, the balance
outstanding on the revolving credit facility was $nil (December 31, 2016 – $30 million) with $3.0 billion available for the Company's
use (December 31, 2016 – $2.97 billion). Certain of the Company's borrowings are subject to various financial and general covenants
with which the Company was in compliance at December 31, 2017.

At December 31, 2017, the Company had letters of credit outstanding in the amount of $420 million (December 31, 2016 – $423 million)
of which $323 million (December 31, 2016 – $303 million) represented guarantees for reclamation obligations. The Company's capital
commitments for the next twelve months amounted to $409 million at December 31, 2017, including the Company's funding obligation
for the Norte Abierto project for the next twelve months. During 2017, the Company entered into an agreement with a vendor to
construct the Coffee project and to potentially manage its initial two years of operation. The expected total capital and ope rating
expenditures under the agreement are $298 million and $397 million, respectively, with the majority of the amount to be spent evenly
throughout 2019 to 2023. The Company can terminate the contract at any time without penalty, with no further obligations other than
payment for work completed to the date of termination of the contract with the vendor.

In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The
following table summarizes the remaining contractual maturities of the Company's financial liabilities and operating and capital
commitments, shown in contractual undiscounted cashflows:
 (In millions of United States dollars, except where
noted)
At December 31,
At December 31, 2017 2016
Within 1 2 to 3 4 to 5 Over 5
year years years years Total Total
Financial liabilities
Accounts payable and accrued
liabilities $ 570 $ — $ — $ — $ 570 $ 462
Derivative liabilities designated as
hedging instruments (note 26(b)) — — — — — 22
Derivative liabilities not designated as
hedging instruments (note 26(b)) 2 — — — 2 —
Debt repayments (principal portion)
(note 24) 500 — 550 1,450 2,500 2,530
Deferred payment obligation (note
7(a)) 37 78 67 — 182 —
Other 1 9 2 17 29 23
1,110 87 619 1,467 3,283 3,037
Other commitments
Capital expenditure commitments (1) (2) 409 347 100 — 856 75
Operating expenditure commitments (2) 218 4 245 152 619 161
Reclamation and closure cost
obligations (note 25) 54 54 33 1,432 1,573 1,786
Interest payments on debt (note 23) 71 163 133 546 913 1,006
Minimum rental and lease payments (3) 4 8 8 15 35 35
Other 5 11 — — 16 81
761 587 519 2,145 4,012 3,144
$ 1,871 $ 674 $ 1,138 $ 3,612 $ 7,295 $ 6,181

(1)
Contractual commitments are defined as agreements that are enforceable and legally binding. Certain of the contractual
commitments may contain cancellation clauses; however, the Company discloses the contractual maturities of the Company's
operating and capital commitments based on management's intent to fulfill the contract.
(2)
Includes the capital and operating commitment for the Coffee project.
(3)
Excludes the Company's minimum finance lease payments (note 24).
 (In millions of United States dollars, except where
noted)
(iii) Market risk

Currency risk

Currency risk is the risk that the fair values or future cash flows of the Company’s financial instruments will fluctuate because of changes
in foreign exchange rates. Exchange rate fluctuations may affect the costs that the Company incurs in its operations. Gold, silver, copper,
lead and zinc are sold in US dollars and the Company’s costs are incurred principally in US dollars, Canadian dollars, Mexican pesos
and Argentinean pesos. The appreciation or depreciation of non-US dollar currencies against the US dollar can increase or decrease the
cost of metal production and capital expenditures in US dollar terms. The Company also holds cash and cash equivalents that are
denominated in non-US dollar currencies which are subject to currency risk. Accounts receivable and other current and non- current
assets denominated in non-US dollar currencies relate to goods and services taxes, income taxes, value-added taxes and insurance
receivables. The Company is further exposed to currency risk through non-monetary assets and liabilities and tax bases of assets,
liabilities and losses of entities whose taxable profit or tax loss are denominated in non-US currencies. Changes in exchange rates give
rise to temporary differences resulting in a deferred tax liability or asset with the resulting deferred tax charged or credited to income
tax expense.

During the year ended December 31, 2016, and in accordance with its Financial Risk Management Policy, the Company entered into
Mexican peso forward contracts to purchase the foreign currency at pre-determined US dollar amounts. The Company hedges a portion
of its future forecasted Mexican Pesos denominated operating and capital expenditures to reduce the currency risk exposure to the
Mexican Pesos (note 27(b)(i)).

As of December 31, 2017, the Company was primarily exposed to currency risk through the following financial assets and liabilities,
income and other taxes receivables (payables) and deferred income tax assets and liabilities denominated in foreign currencies:

Financial asset and liabilities

Accounts
Accounts payable and Income taxes
receivable and accrued receivable
other current liabilities and Sales and (payable), Deferred
At December 31, Cash and cash and non- non-current indirect taxes current and income tax
2017 equivalents current assets liabilities recoverable non-current liabilities
Canadian dollar $ 5 $ 10 $ (231) $ 24 $ 35 $ (270)
Mexican peso 3 18 (112) 174 (203) (2,273)
Argentine peso 14 — (57) 80 1 (396)
$ 22 $ 28 $ (400) $ 278 $ (167) $ (2,939)
At December 31,
2016
Canadian dollar $ — $ 9 $ (217) $ 17 $ 4 $ (708)
Mexican peso 11 — (88) 146 (127) (2,354)
Argentine peso 1 — (41) 200 (2) (558)
$ 12 $ 9 $ (346) $ 363 $ (125) $ (3,620)
 (In millions of United States dollars, except where
noted)
During the year ended December 31, 2017, the Company recognized a net foreign exchange loss of $23 million (year ended December
31, 2016 – $68 million), and a net foreign exchange gain of $9 million in income tax expense on income taxes receivable (payable) and
deferred income taxes (year ended December 31, 2016 – loss of $162 million). Based on the Company’s net foreign currency exposures
at December 31, 2017, depreciation or appreciation of applicable foreign currencies against the US dollar would have resulted in the
following decrease or increase in the Company's net earnings:

Impact on earnings from

Impact on earnings foreign exchange
excluding currency exposure related to
At December 31, 2017 Possible exposure (1)
exposure related to taxes taxes
Canadian dollar 10% $ 14 $ 145
Mexican peso 20% 15 82
Argentine peso 15% 5 75

(1)
Calculated based on fluctuations of foreign exchange rates during the twelve months ended December 31, 2017.

Interest rate risk

Interest rate risk is the risk that the fair values and future cash flows of the Company's financial instruments will fluctuate because
of changes in market interest rates. The Company is exposed to interest rate cash flow risk primarily on its outstanding debt subject
to floating rates of interest, its shareholder loan related to Pueblo Viejo, its cash and cash equivalents, and interest-bearing receivables.
The Company is exposed to interest rate fair value risk primarily on its debt subject to fixed rates of interest (note 23). The Company
monitors its exposure to interest rates and is comfortable with its exposures given its mix of fixed-and floating-rate debt, with 100%
of total debt at December 31, 2017 subject to fixed rates, and the relatively low rate on its debt. The weighted-average interest rate
paid by the Company during the year ended December 31, 2017 on its revolving credit facility, subject to floating rates of interest was
3.0% (2016 – 2.0%). The average interest rate earned by the Company during the year ended December 31, 2017 on its cash and cash
equivalents was 0.72% (2016 – 0.14%).

A 10% increase or decrease in the interest earned from financial institutions on deposits held would result in a nominal increase or
decrease in the Company’s net earnings. There was no significant change in the Company's exposure to interest rate risk during the
year ended December 31, 2017.

Price risk

Price risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of changes
in market prices. There was no significant change to the Company’s exposure to price risk during the year ended December 31, 2017.

The Company has a policy not to hedge gold sales. In accordance with the Company’s Financial Risk Management Policy, the Company
may hedge up to 50%, 30%, and 10% of its by-product base metal sales volume over the next 12 months, subsequent 13 to 24 months,
and subsequent 25 to 36 months, respectively, to manage its exposure to fluctuations in base metal prices. At December 31, 2017, the
Company had hedged approximately 7% and 6%, respectively of its forecast zinc and lead sales from January 1, 2018 to December 31,
2018. These contracts are not designated as hedges for accounting purposes. Subsequent to December 31, 2017, the Company hedged
an additional 20% and 10%, respectively, of its forecast zinc and lead sales for the next 12 months. These contracts have been
designated as hedges for accounting purposes.
The Company holds certain investments in available-for-sale equity securities which are measured at fair value, being the closing
share price of each equity security, at the balance sheet date. The Company is exposed to changes in share prices which would result
in gains and losses being recognized in other comprehensive income.
 (In millions of United States dollars, except where
noted)
27. MANAGEMENT OF CAPITAL

The Company’s objectives of capital management are to safeguard its ability to support the Company’s normal operating requirements on an
ongoing basis, continue the development and exploration of its mineral properties and support any expansionary plans.

The capital of the Company consists of items included in shareholders’ equity and debt, net of cash and cash equivalents and short term
investments as follows:
At December 31 At December 31
2017 2016
Shareholders’ equity $ 14,184 $ 13,415
Debt 2,483 2,510
16,667 15,925
Less:
Cash and cash equivalents (186) (157)
Short term investments (48) (43)
$ 16,433 $ 15,725

The Company manages its capital structure and makes adjustments in light of changes in its economic environment and the risk characteristics
of the Company’sassets. To effectively manage the entity’scapital requirements, the Company has instituted a rigorous planning, budgeting
and forecasting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating
and growth objectives. The Company ensures that there are sufficient committed loan facilities to meet its short-term business requirements,
taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents and short term investments.

At December 31, 2017, the Company expects its capital resources and projected future cash flows from operations to support its normal
operating requirements on an ongoing basis, and planned development and exploration of its mineral properties and other expansionary
plans. At December 31, 2017, there was no externally imposed capital requirement to which the Company was subject and with which the
Company did not comply.
 (In millions of United States dollars, except where
noted)
28. SHARE-BASED COMPENSATION AND OTHER RELATED INFORMATION

(a) Stock options and restricted share units ("RSUs")

For the year ended December 31, 2017, total share-based compensation relating to stock options and RSUs was $30 million (2016 –
$52 million). Of the total, $30 million (2016 – $48 million) was included in corporate administration and $nil (2016 – $4 million) was
included in restructuring costs (note 11) in the Consolidated Statements of Earnings.

Stock options

The following table summarizes the changes in stock options for the years ended December 31:
Number of Weighted Average
Options Exercise Price
(000’s)
(C$/option)
At January 1, 2017 10,675 $ 28.03
Issued in connection with the acquisition of Exeter (note 7) 192 4.32
Exercised (2) (27) 20.27
Forfeited/expired (3,545) 30.92
At December 31, 2017 – outstanding 7,295 $ 26.02
At December 31, 2017 – exercisable 5,252 $ 27.39
At January 1, 2016 14,775 $ 34.53
Granted (1) 3,087 20.27
Exercised (2) (232) 12.64
Forfeited/expired (6,955) 38.92
At December 31, 2016 – outstanding 10,675 $ 28.03
At December 31, 2016 – exercisable 6,061 $ 31.24
(1)
Effective January 1, 2017, the Company has stopped granting options under the stock option plan. Stock options granted during the
year ended December 31, 2016 vest over 3 years, are exercisable at C$20.27 per option, expire in 2023 and had a total fair value of
$15 million at the date of grant.
(2)
The weighted average share price at the date stock options were exercised was C$21.78 (2016 – C$20.74).

The weighted average fair value of stock options granted during the year ended December 31, 2016 of $4.89 per option was calculated
as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions and inputs:

2016
Expected life 3.3 years
Expected volatility 45.3%
Expected dividend yield 0.8%
Risk-free interest rate 0.5%
Weighted average share price 15.24

The expected volatility assumption is based on the historical and implied volatility of Goldcorp’s Canadian dollar common share price
on the Toronto Stock Exchange. The risk-free interest rate assumption is based on yield curves on Canadian government zero-coupon
bonds with a remaining term equal to the stock options’ expected life. The Company estimated a forfeiture rate of 12.6% for the options
granted during the year ended December 31, 2016.
 (In millions of United States dollars, except where
noted)
The following table summarizes information about the Company’s stock options outstanding at December 31, 2017:

Options Outstanding Options Exercisable

Weighted Weighted
Weighted Average Options Weighted Average
Average Remaining Outstanding Average Remaining
Options Exercise Contractual and Exercise Contractual
Exercise Prices Outstanding Price Life Exercisable Price Life
(C$/option) (000’s) (C$/option) (years) (000’s) (C$/option) (years)
$4.17 - $4.50 192 $ 4.32 2.7 192 $ 4.32 2.7
$20.27 2,106 20.27 4.9 732 20.27 4.7
$26.66 - 29.63 2,793 27.49 3.0 2,124 27.60 2.7
$29.63 - $33.48 2,204 31.55 0.7 2,204 31.55 0.7
7,295 $ 26.02 2.8 5,252 $ 27.39 2.1

RSUs

Under the RSU Plan, RSUs are granted to employees and directors as a discretionary payment in consideration of past services to
the Company. Each RSU entitles the holder to one common share at the end of the vesting period.

The Company granted 1.6 million RSUs during the year ended December 31, 2017, the majority of which vests over 3 years (2016 –
2.5 million RSU's issued, 0.2 million of which vested immediately with the remaining vesting over 3 years). The grant date fair value
was $16.94 per RSU (2016 – $15.59) with a total fair value of $27 million (2016 – $39 million) based on the market value of the
underlying shares at the date of issuance. The Company estimated a forfeiture rate of 17.3% for the RSUs granted during the year
ended December 31, 2017 (2016 – 16.7%).

During the year ended December 31, 2017, 1.6 million (2016 – 1.9 million) of common shares were issued from the vesting of RSUs.
At December 31, 2017, there were 2.9 million RSUs outstanding (December 31, 2016 – 3.4 million).

(b) PSUs

Under the amended 2017 PSU plan, PSUs are granted to senior management, where each PSU has a value equal to one Goldcorp
common share. The payout for each performance share unit is determined by a shareholder return metric, measured against a select
peer group of companies during a three-year performance period, and other internal financial performance measures. There is no payout
if performance does not meet a certain threshold. Under the 2016 PSU Plan, the payout was based on a performance multiplier on both
total shareholder return relative to our gold mining peers and an absolute total shareholder return.

The initial fair value of the liability is calculated as of the grant date and is recognized within share-based compensation expense using
the straight-line method over the vesting period. Subsequently,at each reporting date and on settlement, the liability is remeasured with
changes in fair value recognized as share-based compensation expense or recovery over the vesting period.

During the year ended December 31, 2017, the Company issued 0.7 million PSUs (2016 – 0.5 million) with a total fair value of $13
million (2016 – $6 million) at the date of issuance.

At December 31, 2017, the carrying amount of PSUs outstanding and included in other current liabilities and other non-current liabilities
in the Consolidated Balance Sheets was $1 million and $2 million, respectively (December 31, 2016 –$nil and $1 million, respectively).
At December 31, 2017, the total intrinsic value of PSUs outstanding and vested was $nil (December 31, 2016 – $nil). During the year
ended December 31, 2017, the total intrinsic value of PSUs vested and exercised was nominal (2016 – $3 million). The Company
estimated a forfeiture rate of 8.1% for the PSUs granted during the year ended December 31, 2017 (2016 – 8.1%).

Total share-based compensation expense included in corporate administration in the Consolidated Statements of Earnings relating to
PSUs for the year ended December 31, 2017 was $3 million (2016 – nominal). At December 31, 2017, there were 1.0 million PSUs
outstanding (December 31, 2016 – 0.8 million).

(c) PRUs

Under the PRU Plan, participants are granted a number of PRUs which entitle them to a cash payment equivalent to the fair market
value of one common share for each PRU held by the participant on the vesting date.
 (In millions of United States dollars, except where
noted)
The Company issued 0.4 million PRUs during the year ended December 31, 2017 (2016 – 0.7 million), which vest over 3 years (2016 –
3 years) and had a fair value of $7 million (2016 – $11 million) based on the market value of the underlying shares at the date of issuance
(weighted average fair value per unit – $16.99 (2016 – $15.56).

Total share-based compensation relating to PRUs for the year ended December 31, 2017 was $3 million (2016 – $8 million), which is
included in corporate administration in the Consolidated Statements of Earnings.

At December 31, 2017, the total carrying amount of the 0.6 million PRUs outstanding (2016 – 0.8 million) and included in other current
liabilities and other non-current liabilities in the Consolidated Balance Sheets was $3 million and $2 million, respectively (December 31,
2016 – $5 million and $2 million, respectively).

(d) Employee share purchase plan ("ESPP")

During the year ended December 31, 2017, the Company recorded compensation expense of $5 million (2016 – $4 million), which was
included in corporate administration in the Consolidated Statements of Earnings, representing the Company’scontributions to the ESPP
measured using the market price of the underlying shares at the dates of contribution.

(e) Issued share capital

The Company has an unlimited number of authorized shares and does not reserve shares for issuances in connection with the exercise
of stock options, the vesting of RSU and share purchases from the ESPP.

29. RELATED PARTY TRANSACTIONS

(a) Related party transactions

The Company’s related parties include its subsidiaries, associates, joint venture and joint operation over which it exercises significant
influence, and key management personnel. During its normal course of operations, the Company enters into transactions with its related
parties for goods and services. There were no related party transactions for the years ended December 31, 2017 and 2016 that have
not been disclosed in these consolidated financial statements (notes 9 and 20).

(b) Compensation of directors and other key management personnel

The remuneration of the Company’sdirectors and other key management personnel during the years ended December 31 are as follows:

2017 2016
Short-term employee benefits (1) $ 9 $ 8
Post-employment benefits 1 1
Termination benefits 4 6
Share-based compensation 6 6
$ 20 $ 21

(1)
Short-term employee benefits include salaries, bonuses payable within twelve months of the balance sheet date and other
annual employee benefits.
 (In millions of United States dollars, except where
noted)
30. CONTINGENCIES

Due to the size, complexity and nature of the Company’soperations, various legal, tax, environmental and regulatory matters are outstanding from
time to time. By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of
contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. While the outcomes of these
matters are uncertain, based upon the information currently available and except as noted in note 30(a), the Company does not believe that these
matters in aggregate will have a material adverse effect on its consolidated financial position, cash flows or results of operations. In the event that
management’s estimate of the future resolution of these matters changes, the Company will recognize the effects of these changes in its
consolidated financial statements in the appropriate period relative to when such changes occur.
(a) Tax Reassessment from Mexican Tax Authority

During 2016, the Company received reassessment notices from the Mexican Tax Authority for two of its Mexican subsidiaries primarily related
to a reduction in the amount of deductible interest paid on related party debt by those subsidiaries during their 2008 and 2009 fiscal years, and
the disallowance of certain intra company fees and expenses. The 2008 fiscal year notices reassess an additional $11 million of income tax,
interest, and penalties. The 2009 fiscal year notices reassess an additional $95 million of income tax, interest and penalties relating to the
reduction in the amount of deductible interest paid to related parties, and the assertion that tax should have been withheld on the interest paid
at a rate of 28% rather than the 10% tax treaty rate relied upon.

In respect of the fiscal 2008 year, the Mexican Tax Authority’s position is that the interest rates charged on the related party debt are not interest
rates that independent parties would have agreed to. In respect of the fiscal 2009 year, the Mexican Tax Authority’s position is that the debts did
not have a valid business purpose and therefore denied the interest deduction and have assessed a higher rate of Mexican withholding taxes on
the interest paid.

The Company’s Mexican subsidiaries incurred debt owing to a related company for the purpose of growing their Mexican business of investing in
mining development and operations directly or indirectly. The Company believes that the terms of the debt and applicable interest rate are
consistent with terms that would apply between unrelated parties and had prepared the required contemporaneous documentation supporting
their arm’s length nature with the assistance of independent transfer pricing specialists.

As a result the Company disputes the positions taken by the Mexican Tax Authority, believes it has filed its tax returns and paid applicable taxes
in compliance with Mexican income tax laws and has substantial defenses to these assessments. No amounts have been recorded for any
potential liability arising from these matters. The intercompany debt remained in place for years subsequent to 2009 and these years remain open
to audit by the Mexican Tax Authority and could be reassessed. The outcome of any potential reassessments for the Company’s Mexican
subsidiaries’ 2010 through 2017 years is not readily determinable but could have a material impact on the Company.

The Company intends to vigorously defend its tax filing positions.

(b) Securities Class Action Lawsuits

United States shareholder class action lawsuit

Following the publication on August 24, 2016 of a news article relating to operations at the Company’s Peñasquito mine, several putative class
action lawsuits were filed against the Company and certain of its current and former officers in the U.S. District Court for the Central District of
California and one class action lawsuit was filed in the U.S. District Court for the Southern District of New York. On November 21, 2016, a lead
plaintiff (“Plaintiff”) was appointed and all claims were consolidated into one action in the U.S. District Court for the Central District of California.
On December 8, 2016, the Plaintiff filed an Amended Class Action Complaint and on December 22, 2016, the Plaintiff filed a Corrected Amended
Class Action Complaint (the “Amended Complaint”). The Amended Complaint alleges that the Company and certain of its current and former
officers made materially false or misleading statements or materially false omissions in violation of Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) concerning the Peñasquito mine. The Amended Complaint purports to be brought on
behalf of persons who purchased or otherwise acquired the Company’ssecurities during an alleged class period from March 31, 2014 to October
3, 2016. On January 20, 2017, the Company filed a motion to dismiss the Amended Complaint. On October 12, 2017, the U.S. District Court
for the Central District of California issued an order dismissing the action. No loss was incurred by the Company.
Canadian shareholder class action lawsuit

On October 28, 2016 and February 14, 2017, separate proposed class actions were commenced in the Ontario Superior Court of Justice
pursuant to the Class Proceedings Act (Ontario) against the Company and certain of its current and former officers. Both statement of claims
alleged common law negligent misrepresentation in the Company’s public disclosure concerning the Peñasquito mine and also pleaded an
intention to seek leave from the Court to proceed with an allegation of statutory misrepresentation pursuant to the secondary market civil liability
provisions under the Securities Act (Ontario). By a consent order, the latter lawsuit will proceed, and the former action has been
 (In millions of United States dollars, except where
noted)
stayed. The active lawsuit purports to be brought on behalf of persons who acquired the Company's securities in the secondary market during
an alleged class period from October 30, 2014 to August 23, 2016. The Company believes the allegations made in the claim are without merit
and intends to vigorously defend against this matter.

(c) State of Zacatecas’ Ecological Tax

In December 2016, the State of Zacatecas in Mexico approved new environmental taxes that became effective January 1, 2017. Certain
operations at the Company’s Peñasquito mine may be subject to these taxes. Payments are due monthly in arrears with the first payment due
on February 17, 2017. The legislation provides little direction for how the taxes are to be calculated and therefore, the Company is not able to
estimate the amount of the taxes with sufficient reliability.

Further, the Company believes that there is no legal basis for the taxes and filed legal claims challenging their constitutionality and legality on
March 9, 2017. Other companies similarly situated also filed legal claims against the taxes and the Mexican federal government has filed a
claim before the National Supreme Court against the State of Zacatecas challenging whether the State of Zacatecas had the constitutional
authority to implement the taxes.

As the Company is not able to estimate the amount of the taxes with sufficient reliability, no amounts have been recorded for any potential
liability.

(d) Pueblo Viejo Dominicana Corporation ("PVDC") Alleged Environmental Contamination

In October 2014, PVDC received a copy of an action filed in an administrative court in the Dominican Republic by Rafael Guillen Beltre (the
"Petitioner"), who claims to be affiliated with the Dominican Christian Peace Organization. The Government of the Dominican Republic has
also been notified of the action. The action alleges that environmental contamination in the vicinity of the Pueblo Viejo min e has caused
illness and affected water quality in violation of the Petitioner’s fundamental rights under the Dominican Constitution and other laws. The
primary relief sought in the action, which is styled as an "Amparo" remedy, is the suspension of operations at the Pueblo Viejo mine as well as
other mining projects in the area until an investigation into the alleged environmental contamination has been completed by the relevant
governmental authorities. On June 25, 2015, the trial court in the Municipality of Cotui (“Trial Court”) dismissed the legal action as the
Petitioner failed to produce evidence to support his allegations. The Petitioner appealed the Trial Court’s decision to the Constitutional Court
on July 21, 2015. On July 28, 2015, PVDC filed a motion to dismiss the appeal as it was filed after the expiry of the applicable filing deadline.
The matter is pending ruling by the Constitutional Court. No amounts have been recorded for any potential liability or asset impairment
arising from this matter, as PVDC cannot reasonably predict any potential loss
 COMUNICADO DE PRENSA NÚM. 20/18
24 DE ENERO DE 2018
PÁGINA 1/2

INPC
ÍNDICE NACIONAL DE PRECIOS AL CONSUMIDOR
Primera quincena de enero de 2018

El Instituto Nacional de Estadística y Geografía (INEGI) informa que el Índice Nacional de Precios al Consumidor (INPC) registró
en la primera quincena de enero de 2018 un incremento de 0.24 por ciento, así como una tasa de inflación anual de
5.51 por ciento. Para el mismo periodo de 2017 los datos fueron de 1.51 por ciento quincenal y de 4.78 por ciento anual.

El índice de precios subyacente1 tuvo un crecimiento de 0.17 por ciento quincenal y de 4.63 por ciento anual; por su parte, el índice
de precios no subyacente aumentó
0.43 por ciento, alcanzando una variación anual de 8.10 por ciento.

Dentro del índice de precios subyacente, los precios de las mercancías subieron
0.42 por ciento quincenal, en tanto que los de los servicios retrocedieron (-)0.05 por ciento.

Al interior del índice de precios no subyacente, los precios de los productos agropecuarios disminuyeron (-)1.01 por ciento
quincenal, y los de los energéticos y tarifas autorizadas por el gobierno se elevaron 1.32 por ciento.

1 La inflación subyacente se obtiene eliminando del cálculo del INPC los bienes y servicios cuyos precios son más volátiles, o bien que su proceso
de determinación no responde a condiciones de mercado. Así, los grupos que se excluyen en el indicador subyacente son los siguientes:
agropecuarios, y energéticos y tarifas autorizadas por distintos órdenes de gobierno.

COMUNICACIÓN SOCIAL
 INPC, SUBYACENTE Y NO SUBYACENTE
Primera quincena de enero de los años que se indican
Variación quincenal Variación anual Incidencia quincenal 1/ Incidencia anual 1/
Concepto
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
Inflación INPC 0.03 1.51 0.24 2.48 4.78 5.51 0.027 1.513 0.238 2.476 4.778 5.509
Subyacente 0.08 0.37 0.17 2.61 3.72 4.63 0.059 0.276 0.125 1.962 2.800 3.449
Mercancías 0.19 0.58 0.42 2.81 4.54 5.94 0.066 0.201 0.144 0.966 1.566 2.044
Alimentos, Bebidas y Tabaco 2/ 0.30 0.82 0.56 2.53 5.03 6.56 0.047 0.130 0.089 0.396 0.789 1.031
Mercancías no Alimenticias 0.10 0.38 0.29 3.05 4.13 5.42 0.019 0.071 0.055 0.570 0.777 1.013
Servicios -0.02 0.19 -0.05 2.44 3.02 3.50 -0.007 0.075 -0.019 0.995 1.234 1.405
Vivienda 3/ 0.13 0.15 0.14 2.04 2.44 2.65 0.024 0.026 0.024 0.374 0.445 0.473
Educación (Colegiaturas) 0.32 0.32 0.19 4.40 4.26 4.60 0.017 0.017 0.010 0.231 0.228 0.245
Otros Servicios 4/ -0.28 0.19 -0.31 2.27 3.26 4.06 -0.048 0.032 -0.052 0.391 0.561 0.687
No Subyacente -0.13 5.03 0.43 2.08 8.02 8.10 -0.032 1.237 0.113 0.515 1.978 2.060
Agropecuarios 0.23 -1.02 -1.01 4.61 1.81 10.63 0.022 -0.098 -0.100 0.433 0.173 0.991
Frutas y Verduras 0.75 -3.31 -3.31 16.99 -2.94 20.83 0.027 -0.118 -0.133 0.546 -0.108 0.708
Pecuarios -0.09 0.34 0.57 -1.82 4.75 4.78 -0.005 0.020 0.034 -0.113 0.281 0.283
Energéticos y Tarifas Autorizadas por el Gobierno -0.36 8.88 1.32 0.53 11.97 6.63 -0.054 1.334 0.213 0.082 1.805 1.069
Energéticos -1.02 12.66 1.68 -0.84 16.53 6.38 -0.101 1.240 0.182 -0.084 1.615 0.693
Tarifas Autorizadas por Gobierno 0.89 1.81 0.58 3.15 3.57 7.15 0.047 0.095 0.031 0.166 0.190 0.375
1/ La incidencia se refiere a la contribución en puntos porcentuales de cada componente del INPC en la inflación general. Ésta se calcula utilizando

los ponderadores de cada subíndice, así como los precios relativos y sus respectivas variaciones. En ciertos casos, la suma de los componentes
de algún grupo de subíndices puede tener alguna discrepancia por efectos de redondeo.

2/ Incluye alimentos procesados, bebidas y tabaco, no incluye productos agropecuarios.

3/ Este subíndice incluye vivienda propia, renta de vivienda, servicio doméstico y otros servicios para el hogar.

4/ Incluye loncherías, fondas y taquerías, restaurantes y similares, servicio telefónico local fijo, servicio de telefonía móvil, consulta médica,
servicios turísticos en paquete, entre otros.

Se anexa Nota Técnica

NOTA TÉCNICA

ÍNDICE NACIONAL DE PRECIOS AL CONSUMIDOR

Primera quincena de enero de 2018

Índice General

En la primera quincena de enero de 2018 el Índice Nacional de Precios al Consumidor registró un aumento de 0.24 por ciento respecto a
la inmediata anterior. En el mismo periodo de 2017 se incrementó 1.51 por ciento.

ÍNDICE NACIONAL DE PRECIOS AL CONSUMIDOR

Variación porcentual en la primera quincena de enero de los años que se indican
 1.60 1.51

1.40

1.20

0.75
0.68

0.60

0.32
0.24
0.15 0.17 0.15
0.20
0.03
0.00

-0.19
-0.40
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

En el siguiente cuadro se muestran las variaciones e incidencias de los subíndices que integran al INPC en la primera quincena de enero
de 2018. La contribución de los componentes subyacente y no subyacente al índice general fue de 0.125 y de 0.113 puntos porcentuales,
respectivamente.
 INPC, SUBYACENTE Y NO SUBYACENTE
Primera quincena de enero de los años que se indican
Variación quincenal Variación anual Incidencia quincenal 1/ Incidencia anual 1/
Concepto
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
Inflación INPC 0.03 1.51 0.24 2.48 4.78 5.51 0.027 1.513 0.238 2.476 4.778 5.509
Subyacente 0.08 0.37 0.17 2.61 3.72 4.63 0.059 0.276 0.125 1.962 2.800 3.449
Mercancías 0.19 0.58 0.42 2.81 4.54 5.94 0.066 0.201 0.144 0.966 1.566 2.044
Alimentos, Bebidas y Tabaco 2/ 0.30 0.82 0.56 2.53 5.03 6.56 0.047 0.130 0.089 0.396 0.789 1.031
Mercancías no Alimenticias 0.10 0.38 0.29 3.05 4.13 5.42 0.019 0.071 0.055 0.570 0.777 1.013
Servicios -0.02 0.19 -0.05 2.44 3.02 3.50 -0.007 0.075 -0.019 0.995 1.234 1.405
Vivienda 3/ 0.13 0.15 0.14 2.04 2.44 2.65 0.024 0.026 0.024 0.374 0.445 0.473
Educación (Colegiaturas) 0.32 0.32 0.19 4.40 4.26 4.60 0.017 0.017 0.010 0.231 0.228 0.245
Otros Servicios 4/ -0.28 0.19 -0.31 2.27 3.26 4.06 -0.048 0.032 -0.052 0.391 0.561 0.687
No Subyacente -0.13 5.03 0.43 2.08 8.02 8.10 -0.032 1.237 0.113 0.515 1.978 2.060
Agropecuarios 0.23 -1.02 -1.01 4.61 1.81 10.63 0.022 -0.098 -0.100 0.433 0.173 0.991
Frutas y Verduras 0.75 -3.31 -3.31 16.99 -2.94 20.83 0.027 -0.118 -0.133 0.546 -0.108 0.708
Pecuarios -0.09 0.34 0.57 -1.82 4.75 4.78 -0.005 0.020 0.034 -0.113 0.281 0.283
Energéticos y Tarifas Autorizadas por el Gobierno -0.36 8.88 1.32 0.53 11.97 6.63 -0.054 1.334 0.213 0.082 1.805 1.069
Energéticos -1.02 12.66 1.68 -0.84 16.53 6.38 -0.101 1.240 0.182 -0.084 1.615 0.693
Tarifas Autorizadas por Gobierno 0.89 1.81 0.58 3.15 3.57 7.15 0.047 0.095 0.031 0.166 0.190 0.375
1/ La incidencia se refiere a la contribución en puntos porcentuales de cada componente del INPC en la inflación general. Ésta se calcula
utilizando los ponderadores de cada subíndice, así como los precios relativos y sus respectivas variaciones. En ciertos casos, la suma de los
componentes de algún grupo de subíndices puede tener alguna discrepancia por efectos de redondeo.
2/ Incluye alimentos procesados, bebidas y tabaco, no incluye productos agropecuarios.
3/ Este subíndice incluye vivienda propia, renta de vivienda, servicio doméstico y otros servicios para el hogar.

4/ Incluye loncherías, fondas y taquerías, restaurantes y similares, servicio telefónico local fijo, servicio de telefonía móvil, consulta médica, servicios
turísticos en paquete, entre otros.

Índices Subyacente y No Subyacente

La variación en la primera quincena de enero de los índices subyacente y no subyacente se ubicó en 0.17 y 0.43 por ciento, en ese orden.
Los datos correspondientes para el mismo periodo de 2017 fueron de 0.37 y de 5.03 por ciento.
 ÍNDICE DE PRECIOS SUBYACENTE Y NO SUBYACENTE
Variación porcentual en la primera quincena de enero de los años que se indican

6.00
Subyacente

No Subyacente 5.03
5.00

4.00

3.00

2.00
1.58

1.00 0.71 0.69 0.63

0.49 0.37 0.43
0.27 0.21 0.20 0.18 0.08 0.17
0.06 0.08
0.00
-0.09 -0.13
-0.24
-1.00 -0.48
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

A continuación se presentan los principales genéricos cuyas variaciones de precios, al alza y a la baja destacaron por su incidencia
sobre la inflación general.

ÍNDICE NACIONAL DE PRECIOS AL CONSUMIDOR:

GENÉRICOS CON MAYORES INCIDENCIAS
Primera quincena de enero de 2018

quincenal quincenal quincenal quincenal

Gas doméstico LP 3.86 0.083 Jitomate -17.42 -0.110

Gasolina de bajo octanaje 1.47 0.079 Transporte aéreo -31.91 -0.083
Loncherías, fondas, torterías y taquerías 0.59 0.025 Servicios turísticos en paquete -8.33 -0.047
Huevo 3.44 0.025 Calabacita -12.42 -0.017
Restaurantes y similares 0.64 0.023 Cebolla -5.79 -0.015
Papa y otros tubérculos 6.09 0.019 Otros chiles frescos -12.11 -0.014
Plátanos 9.69 0.018 Chile serrano -12.57 -0.010
Derechos por el suministro de agua 1.61 0.016 Chayote -10.08 -0.006
Vivienda propia 0.11 0.014 Chile poblano -10.53 -0.006
Electricidad 0.54 0.013 Ropa de abrigo -1.92 -0.005
1/ La incidencia se refiere a la contribución en puntos porcentuales
de cada componente del INPC a la inflación general. Ésta se calcula utilizando
los ponderadores de cada subíndice, así como los precios relativos y sus respectivas variaciones.
En el siguiente cuadro se muestran las localidades con la mayor variación, por arriba o por debajo de la registrada en el INPC, en la
quincena que se reporta.

ÍNDICE NACIONAL DE PRECIOS AL CONSUMIDOR: POR

PRINCIPALES LOCALIDADES
Variación porcentual en la primera quincena de enero de 2018
Localidades con variación Localidades con variación
Variación % Variación %
por arriba de la nacional por debajo de la nacional

Tulancingo, Hgo. 0.80 Tehuantepec, Oax. -0.39

Huatabampo, Son. 0.63 Aguascalientes, Ags. -0.11
Culiacán, Sin. 0.62 Puebla, Pue. -0.08
Hermosillo, Son. 0.61 Tijuana, B.C. -0.01
Cd. Acuña, Coah. 0.60 Cd. Juárez, Chih. 0.11
Tapachula, Chis. 0.57 San Andrés Tuxtla, Ver. 0.11
Cortazar, Gto. 0.56 Mérida, Yuc. 0.11
Durango, Dgo. 0.52 Área Met. de la Cd. de México 0.14
León, Gto. 0.50 Fresnillo, Zac. 0.14
San Luis Potosí, S.L.P. 0.44 Villahermosa, Tab. 0.14

El comportamiento en la primera quincena de enero de 2018, de los subíndices que integran al INPC según la Clasificación del Consumo
Individual por Finalidades (CCIF), utilizada internacionalmente para los índices de precios al consumidor 2, se presenta a continuación:

ÍNDICE NACIONAL DE PRECIOS AL CONSUMIDOR: CLASIFICACIÓN DEL

CONSUMO INDIVIDUAL POR FINALIDADES
Variación porcentual
Primera quincena de enero de 2018 con relación a:
Concepto
Segunda quincena de Primera quincena de Primera quincena de
diciembre de 2017 diciembre de 2017 enero de 2017

INPC 0.24 0.51 5.51

Alimentos y bebidas no alcohólicas -0.16 1.18 8.59
Bebidas alcohólicas y tabaco 0.56 0.66 4.78
Prendas de vestir y calzado -0.06 -0.26 4.61
Vivienda, agua, electricidad, gas y otros combustibles 0.60 0.67 4.56
Muebles, artículos para el hogar y para su conservación 0.46 0.62 5.56
Salud 0.68 0.68 4.59
Transporte 0.20 0.12 4.62
Comunicaciones -0.03 -0.26 -0.67
Recreación y cultura -0.83 -1.97 3.37
Educación 0.19 0.19 4.60
Restaurantes y hoteles 0.48 0.78 5.85
Bienes y servicios diversos 1/ 0.57 0.77 5.88
1/ Incluye productos y servicios de cuidado personal, relojes, maletas, seguro de automóvil, servicios funerarios y profesionales, entre otros.

2 Manual del Índice de Precios al Consumidor: Teoría y Práctica, pagina 26. OIT, FMI, OCDE, Eurostat, UNECE, Banco Mundial.
 El nivel del Índice Nacional de Precios al Consumidor (base segunda quincena de diciembre de 2010=100) se ubicó en la primera quincena
de enero de 2018 en 131.305.

El índice de precios de la canasta básica registró un incremento quincenal de 0.81 por ciento, así como una tasa anual de 6.18 por ciento.
En la misma quincena de 2017 las variaciones fueron de 4.15 y de 7.21 por ciento, respectivamente.

Nota metodológica

Para el cálculo se cotizaron los precios en 46 ciudades, las cuales están ubicadas en las 32 entidades federativas.

Se recaban en promedio 117 mil 500 precios quincenalmente agrupados en 283 conceptos de consumo genéricos, los cuales abarcan
48 ramas de actividadeconómica.

La recolección de precios de los alimentos se realiza por lo menos dos veces durante la quincena que se reporta; para el resto de los
productos se obtienen por lo menos una vez en dicho periodo. Estas cotizaciones dan lugar a índices de precios relativos, los cuales,
ponderados conforme a la fórmula de Laspeyres, generan los índices nacionales correspondientes a los distintos conceptos de consumo
familiar.

La canasta de bienes y servicios considera el total del gasto en consumo de los hogares urbanos y la estructura de ponderación se obtuvo
de los gastos reportados en la Encuesta Nacional de Ingreso y Gasto de los Hogares 2010. Cabe señalar que la base de referencia del cálculo
del INPC es la segunda quincena de diciembre de 2010.

Herramientas de análisis de los Índices Nacionales de Precios

El INEGI lo invita a conocer y hacer uso de las herramientas para el análisis y entendimiento de los índices nacionales de precios,
disponibles en el apartado Divulgación dentro de la sección Índices de Precios de su página web.
http://www.inegi.org.mx/est/contenidos/proyectos/inp/default.aspx

 Caleidoscopio. Muestra la forma en que los consumidores, en promedio, distribuyen su

gasto en 8 grupos y 36 subgrupos, así como, las variaciones en los precios de los mismos.
 Gráfica dinámica. Proporciona elementos gráficos que permiten comprender el concepto
de variación de precios y su evolución en el tiempo.
 Mapa de precios. Presenta en forma dinámica las variaciones anualizadas de los precios
por ciudad y región, así como la participación o peso que tienen estos en el INPC.
 Simulador de inflación. Permite comparar la inflación de una familia, mediante su forma
de gastar, con el promedio de nuestro país.
En el apartado Productos y servicios dentro de la sección de Índices de Precios, está
disponible la:

 Consulta de precios promedio. Permite consultar y exportar el precio

promedio mensual de cada uno de los productos específicos utilizados para el
cálculo del INPC. http://www.inegi.org.mx/sistemas/preciospromedio_inpc/

La información contenida en este documento es generada por el INEGI y se da a conocer en la fecha establecida en el
Calendario de difusión de información estadística y geográfica y de Interés Nacional.

Las cifras aquí mencionadas podrán ser consultadas en la página del INEGI en Internet:
http://www.inegi.org.mx/est/contenidos/proyectos/inp/default.aspx
Factura En Dólares
Moneda Extranjera
EUROPA
País Moneda
Albania Lek
Alemania Euro
Andorra Euro
Armenia Dram
Austria Euro
Azerbaiyán Manat
Bélgica Euro
Bielorrusia Rublo Bielorruso

Bosnia-Herzegovina Marco Convertible

Bulgaria Lev
Chipre Libra de Chipre
Croacia Kuna
Dinamarca Corona Danesa
Eslovaquia Corona Eslovaca
Eslovenia Tolar
España Euro
Estonia Corona de Estonia
Finlandia Euro
Francia Euro
Georgia
Grecia Euro
Holanda Euro
Hungría Forintio

Irlanda (Eire) Euro

Islandia Corona islandesa

Italia Euro

Kazajstán Tengue
Kirguizistán Som
 Letonia Lat
Liechtenstein Franco Suizo
Lituania Lit
Luxemburgo Euro
Malta Libra Maltesa
Moldova Leu de Moldova
Mónaco Euro
Noruega Corona noruega
Polonia Zloty
Portugal Euro
Reino Unido Libra esterlina
Republica Checa Corona Checa
Rumania Leu
Rusia Rublo
San Marino Euro
Santa Sede Euro
Suecia Corona sueca
Suiza Franco Suizo
Tayikistán Rublo
Turkmenistán Manat
Ucrania Grivna
Uzbekistán Som-kupon
Yugoslavia Nuevo dinar

AMERICA
País Moneda
Antillas Holandesas Florín de las Antillas
Argentina Peso Argentino
Bahamas Dólar de las Bahamas
Barbados Dólar de Barbados
Belice Dólar de Belice
Bolivia Peso Boliviano
Brasil Real
Canadá Dólar de Canadá
Chile Peso Chileno
Colombia Peso Colombiano
Costa Rica Colon de Costa Rica
Cuba Peso Cubano

Ecuador Dólar USA

El Salvador Colón del Salvador
Estados Unidos Dólar USA
Granada Dólar del Caribe Oriental
Guatemala Quetzal
Guayana Francesa Franco francés
Guyana Dólar de Guyana
Haití Gourde-Dólar USA
Honduras Lempira
Islas Caimán Dólar de las Islas Caimán
Islas Vírgenes Dólar USA
Americanas
Islas Vírgenes Británicas Dólar USA
Jamaica Dólar de Jamaica
Martinica Franco francés
México Peso mexicano
Nicaragua Córdoba
Panamá Dólar USA / Balboa
Paraguay Guaraní
Perú Sol
Puerto Rico Dólar USA
República Dominicana Peso Dominicano
San Cristóbal y Nevis
San Vicente y Dólar del Caribe Oriental
Granadinas
Santa Lucia Dólar del Caribe Oriental
Surinam Florín de Surinam
Trinidad y Tobago Dólar de Trinidad y Tobago
Uruguay Peso Uruguayo
Venezuela Bolívar

ASIA
País Moneda
Afganistán Afgani
Arabia Saudita Rial Saudita
Bahrein Dinar Bahraini
Bangla Desh Taka
Bhután Rupia hindú
Brunei Dólar de Brunei
Camboya Riel
China Yuan Renminbi
(1 Oct)
Corea del Norte Won norcoreano
Corea del Sur Won
Emiratos Árabes Unidos Dirham UAE
Filipinas Peso filipino
India Rupia hindú
Indonesia Rupia
Irak Dinar Iraquí
Irán Rial Iraní
Israel Shekel
Japón Yen
(23 Dic)
 Jordania Dinar jordano
Kuwait Dinar Kuwaití
Laos Kip
Líbano Libra libanesa
Malasia Ringgit Malaysio
Maldivas Rupia de las Maldivas
Mongolia Tugrik
Myanmar Kyat de Myanmar
Nepal Rupia nepalí
Omán Rial Omani
Pakistán Rupia Paquistaní
Qatar Rial Qatari
Singapur Dólar de Singapur
Siria Libra Siria
Sri Lanka (ex Ceylan) Rupia de Sri Lanka
Tailandia Baht
Taiwán Dólar de Taiwán
Turquía Dong
Vietnam Dong
Yemen Rial de Yemen

ÁFRICA
País Moneda
Angola Kwanza
Argelia Dinar argelino
Benín Franco CFA
Botswana Pula
Burkina Faso Franco CFA
Burundi Franco de Burundi
Cabo Verde Escudo de Cabo Verde
Camerún Franco CFA
Chad Franco CFA
Comores Franco de las Comores
Congo Franco CFA
Costa de Marfil Franco CFA
Djibouti (o Yibuti) Franco de Djibouti
Egipto Libra egipcia
Etiopia Biir etíope
Gabón Franco CFA
Gambia Dalasi
Ghana Cedi
Guinea Syli
Guinea Bissau Peso de Guinea Bissau
Guinea Ecuatorial Ekwele
Kenia Chelín keniata
Lesotho Maloti-Rand
Liberia Dólar de Liberia
Libia Dinar Libio (Jamahiriya
Arabe)
Madagascar Franco malgache
Malawi Kwacha
Mali Franco de Mali
Marruecos Dirham marroquí
Mauricio Rupia de las Mauricio
Mauritania Ouguiya
Mozambique Metical
Namibia Rand
Niger Franco CFA
Nigeria Naira
Republica Centroafricana Franco CFA
Republica Democrática del Franco CFA
Congo
Ruanda Franco de Ruanda
Senegal Franco CFA
Seychelles Rupia de las Seychelles
Somalia Chelín Somali
Suazilandia Lilangeni
Sudafrica Rand
Sudan Libra Sudanes
Tanzania Chelín Tanzano
Togo Franco CFA
Túnez Dinar tunecino
Uganda Chelín de Uganda
Zambia Kwacha
Zimbabwe Dólar de Zimbabwe

OCEANÍA
País Moneda
Australia Dólar Australiano
Fitji Dólar de Fitji
Islas Salomón Dólar de las Islas Salomón
Nauru Dólar Australiano
Nueva Zelanda Dólar de Nueva Zelanda
Papua-Nueva Guinea Kina
Tuvalu Dólar Australiano
Vanuatu Vatu