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exv4w5

 

Execution Version

ACQUISITION AGREEMENT

THIS ACQUISITION AGREEMENT (the “Agreement”) dated December 23, 2004.

	 	 	BETWEEN:

	 	 	 	GOLDCORP INC.,

a corporation existing under the laws of the

Province of Ontario, Canada

(“Goldcorp”)

	 	 	 	– and –

	 	 	 	WHEATON RIVER MINERALS LTD.,

a corporation existing under the laws of the

Province of Ontario, Canada

(“Wheaton”)

     WHEREAS Goldcorp and Wheaton wish to enter into a business combination that would be
favourable to Goldcorp and Wheaton and their respective shareholders;

     AND WHEREAS the business combination, considered in its entirety as a single integrated
transaction, is intended to qualify for U.S. federal income tax purposes as a reorganization under
the provisions of Section 368(a) of the United States Internal Revenue Code of 1986, as amended,
the Treasury Regulations promulgated thereunder and other applicable U.S. federal income tax law;

     NOW THEREFORE IN CONSIDERATION of the covenants and agreements herein contained and other good
and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the
parties hereto hereby covenant and agree as follows:

	1.	 	INTERPRETATION
	 
	1.1	 	Defined Terms. In this Agreement:

 

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	 	 	“Acquisition Proposal” means, in respect of Wheaton or Goldcorp, any proposal or
offer made by any person, other than the other party and its affiliates, with
respect to any proposed transaction (by purchase, merger, amalgamation, arrangement,
business combination, liquidation, dissolution, recapitalization, take-over bid or
otherwise, including, for greater certainty, the proposed offer for Goldcorp Common
Shares announced by Glamis Gold Ltd. on December 16, 2004, that could result in any
person (or group of persons acting jointly or in concert), other than the other
party and its affiliates, acquiring or beneficially owning or exercising control or
direction over: (i) a material portion of the assets of it and its Subsidiaries, on
a consolidated basis; or (ii) together with any of its common shares or any equity
 shares or voting shares of any of its Subsidiaries beneficially owned by such person
(or group of persons acting jointly or in concert) or over which such person (or
group of persons acting jointly or in concert) exercised direction or control prior
to such proposal or offer, 10% or more of its common shares or the equity shares or
voting shares of any of its Subsidiaries.
	 
	 	 	“AMEX” means the American Stock Exchange.
	 
	 	 	“business day” means any day other than a Saturday, Sunday, a public holiday or a
day on which commercial banks are not open for business in the Cities of Toronto or
Vancouver.
	 
	 	 	“Confidentiality Agreement” means the confidentiality agreement dated December 3,
2004 between Goldcorp and Wheaton.
	 
	 	 	“Directors’ Circular” means the directors’ circular of the directors of Wheaton
relating to the Offer, as amended from time to time.
	 
	 	 	“Encumbrance” includes any mortgage, pledge, assignment, charge, lien, claim,
security interest, adverse interest, other third person interest or encumbrance of
any kind, whether contingent or absolute, and any agreement, option, right or

 

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	 	 	privilege (whether by law, contract or otherwise) capable of becoming any of the
foregoing.
	 
	 	 	“Environmental Approvals” means all permits, certificates, licences, authorizations,
consents, instructions, registrations, directions or approvals or similar authority
issued or required by any Governmental Entity pursuant to any Environmental Law.
	 
	 	 	“Environmental Condition” means the spill, discharge, disposal, deposit, emission or
release into the environment (including, without limitation, ambient air, surface
water, groundwater or land), generation, receiving, handling, use, storage,
containment, treatment, transportation, shipment or disposition prior to the Closing
Date of any Hazardous Substance by any person in respect of which remedial action is
required under any Environmental Laws or as to which any liability is currently or
in the future imposed upon any person based upon the acts or omissions of any person
prior to the Closing Date with respect to any Hazardous Substance or reporting with
respect thereto.
	 
	 	 	“Environmental Laws” means all applicable Laws, including applicable common law,
relating to the protection of the environment and employee and public health and
safety, and includes Environmental Approvals.
	 
	 	 	“Expiry Date” has the meaning set out in section 2.8 hereof.
	 
	 	 	“Expiry Time” means the time at which the Offer expires in accordance with its terms
and in accordance with the Securities Laws.
	 
	 	 	“Goldcorp Circular” means the management information circular to be prepared by
Goldcorp in respect of the Goldcorp Meeting.
	 
	 	 	“Goldcorp Common Shares” means common shares of Goldcorp.
	 
	 	 	“Goldcorp Disclosure Letter” means the letter of even date herewith delivered by
Goldcorp to Wheaton in a form accepted by and initialled on behalf of Wheaton with
respect to certain matters in this Agreement.

 

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	 	 	“Goldcorp Group Companies” means Goldcorp, the Goldcorp Subsidiaries and the
Goldcorp Significant Interest Companies, collectively.
	 
	 	 	“Goldcorp Meeting” means a special meeting of the Goldcorp Shareholders called to
consider an ordinary resolution to approve the Goldcorp Share Issuance, and shall
include any adjournment or postponement thereof.
	 
	 	 	“Goldcorp Options” means the options of Goldcorp, as at December 22, 2004, to
purchase an aggregate of 6,144,479 Goldcorp Common Shares issued pursuant to the
Goldcorp Share Option Plan, a summary of which is provided in Schedule D hereto.
	 
	 	 	“Goldcorp Share Issuance” means the issuance by Goldcorp of Goldcorp Common Shares
pursuant to the Offer and the Subsequent Acquisition Transaction.
	 
	 	 	“Goldcorp Share Option Plan” means the share option plan of Goldcorp adopted in
2000.
	 
	 	 	“Goldcorp Shareholders” means, collectively, the holders of Goldcorp Common Shares.
	 
	 	 	“Goldcorp Significant Interest Companies” means the corporations identified as such
in Schedule B attached hereto, collectively.
	 
	 	 	“Goldcorp Subsidiaries” means the corporations identified as such in Schedule B
attached hereto, collectively.
	 
	 	 	“Goldcorp Warrants” means: (i) the 3,000,000 share purchase warrants expiring May
13, 2009, each of which entitles the holder to acquire two Goldcorp Common Shares,
at a total price of C$20.00 (C$10.00 per share); and (ii) the 4,000,000 share
purchase warrants expiring April 30, 2007, each of which entitles the holder to
acquire two Goldcorp Common Shares at a total price of $25.00 ($12.50 per share).

 

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	 	 	“Governmental Entity” means any applicable: (i) multinational, federal, provincial,
state, regional, municipal, local or other government, governmental or public
department, central bank, court, tribunal, arbitral body, commission, board, bureau
or agency, domestic or foreign; (ii) any subdivision, agency, commission, board or
authority of any of the foregoing; or (iii) any quasi-governmental or private body
exercising any regulatory, expropriation or taxing authority under or for the
account of any of the foregoing.
	 
	 	 	“Hazardous Substance” means any pollutant, contaminant or waste of any nature, and
any substance, including deleterious substance, hazardous substance, hazardous
material, toxic substance, dangerous substance or dangerous good as defined,
judicially interpreted or identified in or for the purposes of any Environmental
Law.
	 
	 	 	“Investment Laws” means, collectively, the Competition Act (Canada), the U.S.
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, the Foreign
Acquisition and Takeovers Act 1975 (Cth) (Australia) and other similar laws of other
jurisdictions in which the Offer is made or in which Goldcorp or Wheaton carries on
business, including, without limitation, in Brazil, Argentina and Mexico.
	 
	 	 	“Laws” means all laws, by-laws, rules, regulations, orders, ordinances, protocols,
codes, statutes, instruments, policies, notices, directions and judgments or other
requirements of any Governmental Entity.
	 
	 	 	“Material Adverse Change” means, in respect of Goldcorp or Wheaton, any one or more
changes, events or occurrences, and “Material Adverse Effect” means, in respect of
Goldcorp or Wheaton, any state of facts, which, in either case, either individually
or in the aggregate, is, or would reasonably be expected to be, material and adverse
to the business, operations, results of operations, prospects, assets, liabilities
or financial condition of Goldcorp and the Goldcorp Subsidiaries, or Wheaton and the
Wheaton Subsidiaries, respectively, on a consolidated basis, other than any change,
effect, event or occurrence: (i) relating

 

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	 	 	to the global economy or securities markets in general; (ii) affecting the worldwide
gold, copper or silver mining industries in general and which does not have a
materially disproportionate effect on Goldcorp and the Goldcorp Subsidiaries on a
consolidated basis, or Wheaton and the Wheaton Subsidiaries on a consolidated basis,
respectively; (iii) resulting from changes in the price of gold, copper or silver;
or (iv) relating to changes in currency exchange rates, and references in this
Agreement to dollar amounts are not intended to be, and shall not be deemed to be,
interpretive of the amount used for the purpose of determining whether a “Material
Adverse Change” has occurred or whether a state of facts exists that has or could
have a “Material Adverse Effect” and such defined terms and all other references to
materiality in this Agreement shall be interpreted without reference to any such
amounts.
	 
	 	 	“Minimum Tender Condition” has the meaning set out in Schedule A.
	 
	 	 	“NYSE” means the New York Stock Exchange.
	 
	 	 	“OBCA” means the Business Corporations Act (Ontario).
	 
	 	 	“Offer” means the offer to be made by the Offeror pursuant to this Agreement to
purchase all of the outstanding Wheaton Common Shares upon and subject to the terms
and conditions described in Schedule A and shall include any further amendments or
variations to, or extensions of, such Offer, made in accordance with the terms of
this Agreement.
	 
	 	 	“Offer Documents” means, collectively, the Offer and the take-over bid circular, the
Schedule TO to be filed with the SEC, the letter of transmittal and the letter of
guaranteed delivery relating to the Offer, and other documents relating to the Offer
filed with the SEC, in each case as amended from time to time.
	 
	 	 	“Offeror” means, collectively, Goldcorp and Subsidiary Bidco.
	 
	 	 	“Response Period” has the meaning set out in subsection 8.5(a)(ii).

 

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	 	 	“SEC” means the Securities and Exchange Commission of the United States of America;
	 
	 	 	“Securities Authorities” means the Ontario Securities Commission and the other
securities regulatory authorities in the provinces and territories of Canada and the
SEC, collectively.
	 
	 	 	“Securities Laws” means, collectively, any securities laws applicable to the Offer,
including, without limitation, the Securities Act (Ontario) and the rules and
regulations made thereunder, the similar legislation, rules and regulations of the
other Canadian provinces, the applicable laws of the United States and other similar
laws of other jurisdictions in which the Offer is made.
	 
	 	 	“Share Exchange Ratio” means the ratio of 0.25 of a Goldcorp Common Share for each
Wheaton Common Share.
	 
	 	 	“Subsequent Acquisition Transaction” means a transaction to acquire any Wheaton
Common Shares not tendered to the Offer involving the continuance of Wheaton under
the laws of the Province of Nova Scotia followed by the amalgamation of Wheaton and
Subsidiary Bidco (pursuant to which Wheaton Shareholders would receive Goldcorp
Common Shares directly from Goldcorp), and otherwise satisfying, in Wheaton’s
opinion, the requirements for qualifying, together with the Offer as a single
integrated transaction, as a reorganization within the meaning of section 368(a) of
the U.S. Tax Code for U.S. federal income tax purposes.
	 
	 	 	“Subsequent Offering Period” means a subsequent offering period following the Offer
pursuant to Rule 14d-11 under the 1934 Act.
	 
	 	 	“Subsidiary” means, with respect to a specified body corporate, any body corporate
of which the specified body corporate is entitled to elect a majority of the
directors thereof and shall include any body corporate, partnership, joint venture
or other entity over which such specified body corporate exercises direction or
control or which is in a like relation to such a body corporate,

 

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	 	 	excluding any body corporate in respect of which such entitlement to elect directors
is not exercised by the specified body corporate as a result of any existing
contract, agreement or commitment, and, in the case of Goldcorp, includes the
Goldcorp Subsidiaries and, in the case of Wheaton, includes the Wheaton
Subsidiaries.
	 
	 	 	“Subsidiary Bidco” means a wholly-owned subsidiary of Goldcorp that is incorporated
under the laws of the Province of Nova Scotia as an unlimited liability company.
	 
	 	 	“Superior Proposal” has the meaning set out in Section 8.2(a).
	 
	 	 	“Tax” and “Taxes” means all taxes, assessments, charges, dues, duties, rates, fees,
imposts, levies and similar charges of any kind lawfully levied, assessed or imposed
by any Governmental Entity, including all income taxes (including any tax on or
based upon net income, gross income, income as specially defined, earnings, profits
or selected items of income, earnings or profits) and all capital taxes, gross
receipts taxes, environmental taxes, sales taxes, use taxes, ad valorem taxes, value
added taxes, transfer taxes (including, without limitation, taxes relating to the
transfer of interests in real property or entities holding interests therein),
franchise taxes, licence taxes, withholding taxes, payroll taxes, employment taxes,
Canada or Québec Pension Plan premiums, excise, severance, social security, workers’
compensation, employment insurance or compensation taxes or premium, stamp taxes,
occupation taxes, premium taxes, property taxes, windfall profits taxes, alternative
or add-on minimum taxes, goods and services tax, customs duties or other taxes,
fees, imports, assessments or charges of any kind whatsoever, together with any
interest and any penalties or additional amounts imposed by any Governmental Entity
on such entity, and any interest, penalties, additional taxes and additions to tax
imposed with respect to the foregoing.
	 
	 	 	“Tax Act” means the Income Tax Act (Canada).

 

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	 	 	“Tax Returns” means all returns, schedules, elections, declarations, reports,
information returns and statements required to be filed with any Governmental Entity
relating to Taxes.
	 
	 	 	“TSX” means the Toronto Stock Exchange.
	 
	 	 	“U.S. Tax Code” means The United States Internal Revenue Code of 1986, as amended,
or any successor thereto.
	 
	 	 	“Wheaton Common Shares” means the outstanding common shares of Wheaton, including
any such common shares issued upon the exercise of Wheaton Options and Wheaton
Warrants.
	 
	 	 	“Wheaton Disclosure Letter” means the letter of even date herewith delivered by
Wheaton to Goldcorp in a form accepted by and initialled on behalf of Goldcorp with
respect to certain matters in this Agreement.
	 
	 	 	“Wheaton Group Companies” means Wheaton and the Wheaton Subsidiaries and the Wheaton
Significant Interest Companies, collectively.
	 
	 	 	“Wheaton Options” means the options of Wheaton to purchase an aggregate of
20,231,497 Wheaton Common Shares issued pursuant to the Wheaton Share Option Plans
and the options to purchase an aggregate of 700,000 Wheaton Common Shares issued
pursuant to the acquisition of the Luismin mine, which options are subject to the
terms of Wheaton’s 2001 Share Option Plan, a summary of which is provided in
Schedule E hereto.
	 
	 	 	“Wheaton Series A Warrants” means those warrants referred to in paragraph (ii) of
the definition of Wheaton Warrants below.
	 
	 	 	“Wheaton Share Option Plans” means the share option plans of Wheaton adopted in 1995
and 2001.
	 
	 	 	“Wheaton Shareholders” means, collectively, the holders of Wheaton Common Shares.

 

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	 	 	“Wheaton Significant Interest Companies” means the corporations identified as such
in Schedule C attached hereto, collectively.
	 
	 	 	“Wheaton Subsidiaries” means the corporations identified as such in Schedule C
attached hereto, collectively.
	 
	 	 	“Wheaton Warrants” means: (i) the 54,716,772 warrants expiring May 30, 2007
entitling the holders to purchase an aggregate of 54,716,772 Wheaton Common Shares
at a price of C$1.65 per Wheaton Common Share issued and outstanding pursuant to the
warrant indenture dated May 30, 2002 between Wheaton and CIBC Mellon Trust Company;
(ii) the 57,341,837 Series A Warrants, expiring May 30, 2007, entitling the holders
to purchase an aggregate of 57,341,837 Wheaton Common Shares at a price of C$1.65
per Wheaton Common Share issued and outstanding pursuant to the warrant indenture
dated February 27, 2003 between Wheaton and CIBC Mellon Trust Company; and (iii) the
64,296,174 Series B Warrants, expiring August 25, 2008, entitling the holders to
purchase an aggregate of 64,296,174 Wheaton Common Shares at a price of C$3.10 per
Wheaton Common Share issued and outstanding pursuant to the Warrant Indenture dated
August 25, 2003 between Wheaton and CIBC Mellon Trust Company, and two supplemental
warrant indentures dated October 14, 2003 and January 8, 2004, respectively, each of
which is between Wheaton and CIBC Mellon Trust Company.
	 
	 	 	“Wheaton Warrant Indentures” means the warrant indentures made between Wheaton and
CIBC Mellon Trust Company dated May 30, 2002, February 27, 2003 and August 25, 2003
as such indentures have been amended or supplemented prior to the date hereof.
	 
	 	 	“1933 Act” means the Securities Act of 1933, as amended, of the United States of
America.
	 
	 	 	“1934 Act” means the Securities Exchange Act of 1934, as amended, of the United
States of America.

 

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	 	 	“1940 Act” means the Investment Company Act of 1940, as amended, of the United
States of America.

1.2     Governing Law. This Agreement shall be governed by and interpreted in accordance with
the Laws of the Province of Ontario and the federal laws of Canada applicable therein, but the
reference to such laws will not, by conflict of laws rules or otherwise, require the application of
the law of any jurisdiction other than the Province of Ontario. Each party hereto hereby
irrevocably attorns to the jurisdiction of the courts of the Province of Ontario in respect of all
matters arising under or in relation to this Agreement.

1.3     Headings. The headings contained in this Agreement are for convenience of reference
only and will not affect in any way the meaning or interpretation of this Agreement.

1.4     Severability. Any provision of this Agreement that is declared by a court of competent
jurisdiction to be invalid or unenforceable in any jurisdiction will be ineffective to the extent
of such invalidity or unenforceability without invalidating or rendering unenforceable the
remaining provisions of this Agreement, and any such invalidity or unenforceability in any
jurisdiction will not alone invalidate or render unenforceable such provision in any other
jurisdiction.

1.5     Currency. Unless otherwise stated, all references in this Agreement to amounts of
money are expressed in lawful money of United States.

1.6     Meaning of Certain Phrase. In this Agreement the phrase “in the ordinary and regular
course of business” will mean and refer to those activities that are normally conducted by
corporations engaged in the exploration for precious and base metals and in the construction and
operation of precious and base metal mines.

1.7     Knowledge. Where the phrases “to the knowledge of Goldcorp” or “to Goldcorp’s
knowledge” or “to the knowledge of Wheaton” or “to Wheaton’s knowledge” are used: (i) in respect of
Goldcorp, the Goldcorp Subsidiaries, Wheaton or the Wheaton Subsidiaries, such phrase shall mean,
in respect of each representation and warranty or other statement which is qualified by such
phrase, that such representation and warranty or other statement is being made based upon: (A) in
the case of Goldcorp and the Goldcorp Subsidiaries,

 

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the collective actual knowledge of those officers of Goldcorp and the Goldcorp Subsidiaries set
forth in Schedule H hereto, and (B) in the case of Wheaton and the Wheaton Subsidiaries, the
collective actual knowledge of those officers of Wheaton and the Wheaton Subsidiaries set forth in
Schedule I hereto; and (ii) to qualify any representation and warranty or statement made in respect
of the Goldcorp Significant Interest Companies or the Wheaton Significant Interest Companies, such
phrase shall mean that (A) in the case of the Goldcorp Significant Interest Companies, to the
collective actual knowledge of those officers of Goldcorp and the Goldcorp Subsidiaries and those
officers, directors or members of a management or operating committee of a Goldcorp Significant
Interest Company who are set forth in Schedule H hereto, they have no actual knowledge that the
representation and warranty or statement qualified by such phrase is incorrect, and (B) in the case
of the Wheaton Significant Interest Companies, to the collective actual knowledge of those officers
of Wheaton and the Wheaton Subsidiaries and those officers, directors or members of a management or
operating committee of a Wheaton Significant Interest Company who are set forth in Schedule I
hereto, they have no actual knowledge that the representation and warranty or statement qualified
by such phrase is incorrect.

1.8     Schedules. The following are the Schedules attached to and incorporated in this
Agreement by reference and are deemed to form a part of this Agreement:

	 	 	 
	Schedule A

	 	Terms and Conditions of the Offer
	 
	 	 
	Schedule B

	 	Goldcorp Subsidiaries and Goldcorp Significant Interest Companies
	 
	 	 
	Schedule C

	 	Wheaton Subsidiaries and Wheaton Significant Interest Companies
	 
	 	 
	Schedule D

	 	Description of Goldcorp Options
	 
	 	 
	Schedule E

	 	Description of Wheaton Options
	 
	 	 
	Schedule F

	 	List of Goldcorp Principal Properties
	 
	 	 
	Schedule G

	 	List of Wheaton Principal Properties
	 
	 	 
	Schedule H

	 	List of Goldcorp Officers
	 
	 	 
	Schedule I

	 	List of Wheaton Officers

 

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1.9          Commercially Reasonable Efforts. Each of Goldcorp and Wheaton acknowledges and agrees
that, for all purposes of this Agreement, an obligation on the part of either party to use its
commercially reasonable efforts to obtain any waiver, consent, approval, authorization or other
document or perform any action shall not require such party to make any payment to any person for
the purpose of procuring or performing, as the case may be, the same, other than payments for
amounts due and payable to such person, payments for incidental expenses incurred by such person
and payments required by any applicable Laws.

2.     THE OFFER

2.1          The Offer. As soon as practicable after the date of this Agreement, the Offeror will
make the Offer in accordance with this Agreement and the Securities Laws. Provided that the
Offeror has received the list of registered holders and beneficial owners of Wheaton Common Shares,
and all regulatory waivers, consents and approvals that are necessary to permit the Offeror to mail
the Offer, and provided further that the Offeror is not otherwise prohibited from making the Offer
by a court or regulatory authority of competent jurisdiction, the Offeror will make the Offer by
December 31, 2004. Wheaton Shareholders subject to Tax will be permitted to tender Wheaton Common
Shares to Goldcorp.

2.2          Consideration. The Offeror shall make the Offer on the basis of the Share Exchange
Ratio. No fractional Goldcorp Common Shares will be issued pursuant to the Offer; any fractional
number of Goldcorp Common Shares equal to or greater than 0.5 will be rounded up to the nearest
whole number and less than 0.5 will be rounded down to the nearest whole number.

2.3          Offer Documents. The form and content of the Offer Documents will comply in all
material respects with the requirements of the Securities Laws. Wheaton will use its reasonable
efforts to assist, and to cooperate with, the Offeror in sending the Offer Documents to Wheaton
Shareholders, including, without limitation, providing to the Offeror promptly, from time to time,
lists of the registered holders and beneficial owners of Wheaton Common Shares. The Offeror will
send the Offer Documents to Wheaton Shareholders by mail, and will file the Offer Documents with
the applicable securities regulatory authorities in accordance with the Securities Laws. Prior to
the mailing of the Offer Documents, the Offeror will provide Wheaton

 

 

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with an opportunity to review and comment on the Offer Documents recognizing that whether or not
such comments are appropriate will be determined by the Offeror, acting reasonably.

2.4          Registration Statement. Goldcorp shall, prior to or at the time of issue of the
Goldcorp Common Shares to be issued pursuant to the Offer, have declared effective a registration
statement on Form F-10 registering such shares under the 1933 Act.

2.5           Listing. Goldcorp shall effect the listing of the Goldcorp Common Shares to be issued
pursuant to the Offer on the TSX and the NYSE at the time of issue of such shares.

2.6      Expiry Time. The initial Expiry Time will be 12:01 a.m. (Vancouver time) on the
36th calendar day after the date on which the Offer Documents are mailed to Wheaton
Shareholders (or, if such 36th day is not a business day, on the next succeeding
business day); provided that, if the conditions set forth in Schedule A are not satisfied at the
Expiry Time, the Offeror may extend the Expiry Time, one or more times, in its sole discretion,
subject only to section 2.8. The Offeror will comply with all applicable Securities Laws in
connection with any such extension of the Expiry Time and the Offeror reserves the right to make
available a Subsequent Offering Period provided that it complies with applicable Canadian
Securities Laws.

2.7      Take Up and Payment. Subject to the satisfaction or waiver of the conditions set forth
in Schedule A, the Offeror will, within the time periods required by the Securities Laws, take up
and pay for all Wheaton Common Shares validly tendered (and not properly withdrawn) pursuant to the
Offer.

2.8      Amendment and Waiver. The Offeror will not amend or vary the terms and conditions of
the Offer, except to increase the value of the consideration payable thereunder or to extend the
Expiry Time, from time to time, to a date (the “Expiry Date”) not later than: (i) 120 calendar days
after the date of the Offer in the event that any of the conditions in paragraphs (e), (f), (g),
(h) or (j) of Schedule A have not been satisfied or waived by the Offeror or if an Acquisition
Proposal has been made and is continuing; and (ii) in any case other than as provided in clause
2.8(i), 60 calendar days after the date of the Offer; provided, however, that the Offeror may waive
any one or more of the conditions of the Offer, in its sole discretion, except the Minimum Tender
Condition. The Minimum Tender Condition may be waived by Goldcorp only

 

 

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with the prior written consent of Wheaton. The Offeror will comply with all applicable Securities
Laws in connection with any such amendment to the Offer or any waiver of any condition thereto.

2.9      Directors’ Circular. The Directors’ Circular will contain a unanimous recommendation
by the board of directors of Wheaton that Wheaton Shareholders accept the Offer and tender their
Wheaton Common Shares in acceptance of the Offer. Except as expressly permitted under this
Agreement, such recommendation in the Directors’ Circular shall not be withdrawn, varied or
otherwise amended. The form and content of the Directors’ Circular will comply in all material
respects with the requirements of the Securities Laws. Wheaton will send the Directors’ Circular
to Wheaton Shareholders by mail, and will file the Directors’ Circular and other documents required
to be filed by Wheaton under the Securities Laws with the applicable securities regulatory
authorities, in accordance with the Securities Laws; provided that Wheaton will use all reasonable
efforts to prepare the Directors’ Circular as quickly as practicable so that it may be mailed to
Wheaton Shareholders with the Offer Documents. Prior to the final approval of the Directors
Circular by the board of directors of Wheaton, Wheaton shall provide Goldcorp with an opportunity
to review and comment on it, recognizing that whether or not such comments are appropriate will be
determined by Wheaton and its board of directors, acting reasonably.

2.10      Cooperation. At the request of Goldcorp, Wheaton will provide to Goldcorp, on a
timely basis, all financial and other information concerning the Wheaton Group Companies that
Goldcorp reasonably requires in order to prepare the Offer Documents in accordance with the
Securities Laws, and will otherwise cooperate fully with Goldcorp in the preparation of the Offer
Documents so that they may be sent to Wheaton Shareholders promptly.

3.     ACTIONS FOLLOWING COMPLETION OF THE OFFER

3.1      Management and Directors. If the Minimum Tender Condition is satisfied and the Offeror
takes up and pays for Wheaton Common Shares under the Offer, Goldcorp and Wheaton will use all
reasonable efforts to cause their respective boards of directors to pass such resolutions and to
take such other actions as may be required in order that: (i) the number of directors of Goldcorp
will be increased to ten, with five current directors of Goldcorp to be

 

 

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nominated by Ian Telfer, on behalf of Wheaton, remaining as directors of Goldcorp and five current
directors of Wheaton nominated by Robert McEwen, on behalf of Goldcorp, becoming directors of
Goldcorp; (ii) Ian Telfer will become a director of Goldcorp and will be appointed as Chief
Executive Officer of Goldcorp; (iii) Robert McEwen will remain as a director and the Chair of
Goldcorp; and (iv) all of the directors of Wheaton will be replaced by nominees of Goldcorp to be
determined by the board of directors of Goldcorp following the appointments referred to in (i)
above.

3.2      Subsequent Acquisition Transaction. Upon satisfaction of the Minimum Tender
Consideration, Goldcorp and Wheaton shall take all necessary steps to proceed with, as soon as
practicable and in any event within 120 days following the Expiry Time, a Subsequent Acquisition
Transaction so that Goldcorp may thereby acquire all of the Wheaton Common Shares that were not
acquired by Goldcorp under the Offer. The consideration offered under the Subsequent Acquisition
Transaction will be at least equal in value to and in the same form as the consideration offered
under the Offer.

3.3      U.S. Tax Treatment. The Offer, considered together with the Subsequent Acquisition
Transaction as a single integrated transaction, is intended to qualify as a reorganization within
the meaning of Section 368(a) of the U.S. Tax Code and the Treasury Regulations promulgated
thereunder, and this Agreement is intended to be a “plan of reorganization” within the meaning of
the Treasury Regulations promulgated under Section 368 of the U.S. Tax Code. Each party hereto
agrees to treat the Offer, considered together with the Subsequent Acquisition Transaction, as a
reorganization within the meaning of Section 368(a) of the U.S. Tax Code for all U.S. federal
income tax purposes, and agrees to treat this Agreement as a “plan of reorganization” within the
meaning of the Treasury Regulations promulgated under Section 368 of the U.S. Tax Code, and to not
take any position on any Tax Return or otherwise take any Tax reporting position inconsistent with
such treatment, unless otherwise required by a “determination” within the meaning of Section 1313
of the U.S. Tax Code that such treatment is not correct. Each party hereto agrees to act in good
faith, consistent with the intent of the parties and the intended treatment of the Offer,
considered together with the Subsequent Acquisition Transaction, as set forth in this Section 3.3.

 

 

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3.4      Treatment of Wheaton Options and Wheaton Warrants.

	 	(a)	 	No offer shall be made by Goldcorp for Wheaton Options.
Subject to obtaining all necessary regulatory and shareholder approvals, the
board of directors of Wheaton may take the necessary actions to provide that
(i) each Wheaton Option holder, other than the directors of Wheaton or the
senior officers of Wheaton listed in Schedule I, may, at his or her option,
request that Wheaton fund the exercise price payable by such option holder
against receipt of a written direction to repay the amount of such funding from
the proceeds of the sale by the depository under the Offer (or such other
person as Wheaton and Goldcorp may agree) for and on behalf of such option
holders of such number of Goldcorp Common Shares to be received by such holder
for the Wheaton Common Shares tendered to the Offer pursuant to the exercise of
his or her options that is sufficient to repay the amount of such funding, or
(ii) each Wheaton Option holder may, at his or her option, in the case of
Wheaton Option holders other than the directors of Wheaton or the senior
officers of Wheaton listed in Schedule I, or shall, in the case of Wheaton
Option holders who are directors of Wheaton or senior officers of Wheaton
listed in Schedule I, receive upon the exercise of such options after a
Subsequent Acquisition Transaction in accordance with the terms of such
options, and shall accept in lieu of the number of Wheaton Common Shares
otherwise issuable upon such exercise, the number of Goldcorp Common Shares
(rounded down to the nearest whole number) which such holder would have been
entitled to receive as a result of the Offer, if such holder had been the
registered holder of the number of Wheaton Common Shares to which such holder
was entitled upon such exercise immediately prior to the effective time of a
Subsequent Acquisition Transaction. Any such action shall be conditional upon
the take up of Wheaton Common Shares under the Offer. Notwithstanding any
provision of this Agreement to the contrary, Goldcorp Common Shares to be
received by a Wheaton Option holder for Wheaton Common Shares tendered to the
Offer pursuant to the

 

 

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	 	 	 	exercise of a Wheaton Option shall be issued and registered in the name of
such holder prior to any sale by the depository under the Offer of such
Goldcorp Common Shares as described in (i) above.
	 
	 	(b)	 	No Offer shall be made by Goldcorp for Wheaton Warrants. Upon
the exercise of any such warrants after a Subsequent Acquisition Transaction,
the holder of any such Wheaton Warrants shall receive, in lieu of the number of
Wheaton Common Shares otherwise issuable upon such exercise, that number of
Goldcorp Common Shares (rounded down to the nearest whole number) which such
holder would have been entitled to receive as a result of the Offer, if such
holder had been the registered holder of the number of Wheaton Common Shares to
which such holder was entitled upon such exercise immediately prior to the
effective time of a Subsequent Acquisition Transaction.
	 
	 	(c)	 	Goldcorp shall take all necessary steps (including seeking all
necessary regulatory and shareholder approvals and executing assumption
agreements) to ensure that all Wheaton Options (both vested and unvested) and
Wheaton Warrants outstanding immediately prior to the effective time of a
Subsequent Acquisition Transaction will, as part of such Subsequent Acquisition
Transaction, subject to receipt of such regulatory and shareholder approvals,
become securities of Goldcorp exercisable to purchase Goldcorp Common Shares on
the basis described in paragraphs (a) and (b) above and, in the case of the
Wheaton Warrants, subject to any applicable listing requirements, be listed and
posted for trading on such stock exchanges as the Wheaton Warrants are listed
and posted for trading on immediately prior to the effective time of such
Subsequent Acquisition Transaction.

3.5      Cooperation; Compliance with Laws. Wheaton will cooperate fully with Goldcorp in
preparing, disseminating and filing all documents necessary or desirable in connection with a
Subsequent Acquisition Transaction. Any such Subsequent Acquisition

 

 

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Transaction, and any solicitation of proxies or offering of securities in connection therewith,
will be carried out in a manner that complies with the Securities Laws and other applicable Laws.

4.     REPRESENTATIONS AND WARRANTIES OF GOLDCORP

     Goldcorp hereby represents and warrants to Wheaton as follows, and hereby acknowledges that
Wheaton is relying upon such representations and warranties in connection with entering into this
Agreement and agreeing to support the Offer:

4.1      Organization. Goldcorp, each of the Goldcorp Subsidiaries and, to the knowledge of
Goldcorp, each of the Goldcorp Significant Interest Companies, has been incorporated, is validly
subsisting and has full corporate and legal power and authority to own its property and assets and
to conduct its business as currently owned and conducted. Goldcorp, each of the Goldcorp
Subsidiaries and, to the knowledge of Goldcorp, each of the Goldcorp Significant Interest
Companies, is registered, licensed or otherwise qualified as an extra-provincial corporation or a
foreign corporation in each jurisdiction where the nature of the business or the location or
character of the property and assets owned or leased by it requires it to be so registered,
licensed or otherwise qualified, other than those jurisdictions where the failure to be so
registered, licensed or otherwise qualified would not have a Material Adverse Effect on Goldcorp.
All of the outstanding shares of Goldcorp and the Goldcorp Subsidiaries and the outstanding shares
representing Goldcorp’s interest in each of the Goldcorp Significant Interest Companies are validly
issued, fully paid and non-assessable. All of the outstanding shares of the Goldcorp Subsidiaries
are owned directly or indirectly by Goldcorp or a Goldcorp Subsidiary. Except pursuant to
restrictions on transfer contained in the articles or by-laws (or their equivalent) of the
applicable Goldcorp Group Company or to the extent that there would not be a Material Adverse
Effect on Goldcorp, the outstanding shares of each Goldcorp Group Company which are owned by
Goldcorp (or by another Goldcorp Group Subsidiary) are owned free and clear of all Encumbrances and
neither Goldcorp nor any of the Goldcorp Group Companies is liable to any Goldcorp Group Company or
to any creditor in respect thereof. Other than as disclosed by Goldcorp in the Goldcorp Disclosure
Letter, there are no outstanding options, rights, entitlements, understandings or commitments
(contingent or otherwise) regarding the

 

 

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right to acquire any issued or unissued securities of any of the Goldcorp Group Companies from
either Goldcorp or any of the Goldcorp Subsidiaries.

4.2      Capitalization. Goldcorp is authorized to issue an unlimited number of Goldcorp Common
Shares. As at December 22, 2004, there were 189,980,188 Goldcorp Common Shares outstanding, an
aggregate of 6,144,479 Goldcorp Common Shares were set aside for issue under the Goldcorp Options
and an aggregate of 14,000,000 Goldcorp Common Shares were set aside for issue under the Goldcorp
Warrants. Except: (i) as described in the immediately preceding sentence; (ii) pursuant to this
Agreement and the transactions contemplated hereby; and (iii) as disclosed in the Goldcorp
Disclosure Letter, there are no options, warrants, conversion privileges or other rights,
agreements, arrangements or commitments (pre-emptive, contingent or otherwise) obligating Goldcorp
or any of the Goldcorp Subsidiaries to issue or sell any shares of Goldcorp or any of the Goldcorp
Subsidiaries or any securities or obligations of any kind convertible into or exchangeable for any
shares of Goldcorp or any of the Goldcorp Subsidiaries. All options issued by Goldcorp are
summarized in Schedule D attached hereto. All outstanding Goldcorp Common Shares have been
authorized and are validly issued and outstanding as fully paid and non-assessable shares, free of
pre-emptive rights. There are no outstanding bonds, debentures or other evidences of indebtedness
of Goldcorp or any of the Goldcorp Group Companies having the right to vote with the Goldcorp
Shareholders on any matter. There are no outstanding contractual obligations of Goldcorp or of any
of the Goldcorp Group Companies to repurchase, redeem or otherwise acquire any outstanding Goldcorp
Common Shares or with respect to the voting or disposition of any outstanding Goldcorp Common
Shares.

4.3      Authority. Goldcorp has the necessary power, authority and capacity to enter into this
Agreement and all other agreements and instruments to be executed by Goldcorp as contemplated by
this Agreement, and to perform its obligations hereunder and under such other agreements and
instruments. The execution and delivery of this Agreement by Goldcorp and the completion by
Goldcorp of the transactions contemplated by this Agreement have been authorized by the directors
of Goldcorp, and no other corporate proceedings on the part of Goldcorp are necessary to authorize
this Agreement or to complete the transactions contemplated hereby other than in connection with
the approval by the directors of Goldcorp of the Offer Documents. This Agreement has been executed
and delivered by Goldcorp and constitutes a

 

 

- 21 -

legal, valid and binding obligation of Goldcorp, enforceable against Goldcorp in accordance with
its terms, subject to bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and
other applicable Laws relating to or affecting creditors’ rights generally, and to general
principles of equity. Except as disclosed in the Goldcorp Disclosure Letter, the execution and
delivery by Goldcorp of this Agreement, the performance by it of its obligations hereunder and the
completion of the transactions contemplated hereby, do not and will not:

	 	(a)	 	result in a violation, contravention or breach of, require any
consent to be obtained under or give rise to any termination rights under any
provision of,

	 	(i)	 	the articles or by-laws (or their equivalent)
of Goldcorp or any of the Goldcorp Subsidiaries or, to the knowledge of
Goldcorp, any of the Goldcorp Significant Interest Companies,
	 
	 	(ii)	 	any Law, or
	 
	 	(iii)	 	any contract, agreement, licence or permit to
which Goldcorp, or any of the Goldcorp Subsidiaries, or to the
knowledge of Goldcorp, any of the Goldcorp Significant Interest
Companies, is bound or is subject to or of which Goldcorp or any
Goldcorp Group Company is the beneficiary;

	 	(b)	 	give rise to any right of termination or acceleration of
indebtedness, or cause any indebtedness owing by Goldcorp or any of the
Goldcorp Subsidiaries, or to the knowledge of Goldcorp, any of the Goldcorp
Significant Interest Companies, to come due before its stated maturity or cause
any of its available credit to cease to be available;
	 
	 	(c)	 	result in the imposition of any Encumbrance upon any of the
property or assets of Goldcorp, any of the Goldcorp Subsidiaries, or to the
knowledge of Goldcorp, any of the Goldcorp Significant Interest Companies, or
restrict, hinder, impair or limit the ability of Goldcorp, any of the Goldcorp
Subsidiaries, or to the knowledge of Goldcorp, any of the

 

 

- 22 -

	 	 	 	Goldcorp Significant Interest Companies to conduct the business of Goldcorp
or any of the Goldcorp Subsidiaries, or to the knowledge of Goldcorp, any of
the Goldcorp Significant Interest Companies as and where it is now being
conducted; or
	 
	 	(d)	 	result in any payment (including severance, unemployment
compensation, golden parachute, bonus or otherwise) becoming due to any
director or officer of Goldcorp or any Goldcorp Subsidiary or increase any
benefits otherwise payable under any pension or benefits plan of Goldcorp or
any Goldcorp Subsidiary or result in the acceleration of the time of payment or
vesting of any such benefits;

	 	 	which would, individually or in the aggregate, have a Material Adverse Effect on
Goldcorp. No consent, approval, order or authorization of, or declaration or filing
with, any Governmental Entity or other person is required to be obtained by
Goldcorp, any of the Goldcorp Subsidiaries, or to the knowledge of Goldcorp, any of
the Goldcorp Significant Interest Companies in connection with the execution and
delivery of this Agreement or the consummation by Goldcorp of the transactions
contemplated hereby other than: (i) filings with and approvals required by the
Securities Authorities and stock exchanges; (ii) any other consents, waivers,
permits, orders or approvals referred to in the Goldcorp Disclosure Letter; and
(iii) any other consents, approvals, orders, authorizations, declarations or filings
which, if not obtained, would not, individually or in the aggregate, have a Material
Adverse Effect on Goldcorp.

4.4      Goldcorp Subsidiaries. The only Subsidiaries of Goldcorp are the Goldcorp Subsidiaries
and the only other corporations in which Goldcorp owns a direct or indirect voting or equity
interest of greater than 30% are the Goldcorp Significant Interest Companies.

4.5      No Defaults. Wheaton has been provided with a true and complete copy of all contracts,
agreements and licences material to the conduct of the business of Goldcorp or any of the Goldcorp
Group Companies that if breached or in default would or could reasonably be expected to have a
Material Adverse Effect on Goldcorp, or access thereto, and there are no

 

 

- 23 -

current or pending negotiations with respect to the renewal, termination or amendment of any such
material contracts, agreements and licences. Neither Goldcorp nor any of the Goldcorp Subsidiaries
nor, to the knowledge of Goldcorp, any of the Goldcorp Significant Interest Companies is in default
under, and there exists no event, condition or occurrence which, after notice or lapse of time or
both, would (to the knowledge of Goldcorp in the case of the Goldcorp Significant Interest
Companies) constitute such a default under, any contract, agreement or licence to which any of them
is a party or by which any of them is bound which would, individually or in the aggregate, have a
Material Adverse Effect on Goldcorp.

4.6      Absence of Changes. Since December 31, 2003, except as publicly disclosed by Goldcorp
prior to the date hereof, or disclosed in the Goldcorp Disclosure Letter:

	 	(a)	 	Goldcorp and each of the Goldcorp Subsidiaries and, to the
knowledge of Goldcorp, each of the Goldcorp Significant Interest Companies has
conducted its business only in the ordinary and regular course of business
consistent with past practice;
	 
	 	(b)	 	none of the Goldcorp Group Companies has incurred or suffered a
Material Adverse Change;
	 
	 	(c)	 	there has not been any acquisition or sale by Goldcorp, any of
the Goldcorp Subsidiaries, or to the knowledge of Goldcorp, any of the Goldcorp
Significant Interest Companies of any material property or assets thereof;
	 
	 	(d)	 	other than in the ordinary and regular course of business
consistent with past practice, there has not been any incurrence, assumption or
guarantee by Goldcorp, any of the Goldcorp Subsidiaries or, to the knowledge of
Goldcorp, any of the Goldcorp Significant Interest Companies of any debt for
borrowed money, any creation or assumption by Goldcorp, any of the Goldcorp
Subsidiaries or, to the knowledge of Goldcorp, any of the Goldcorp Significant
Interest Companies of any Encumbrance, any making by Goldcorp, any of the
Goldcorp Subsidiaries or, to the

 

 

- 24 -

	 	 	 	knowledge of Goldcorp, any of the Goldcorp Significant Interest Companies of
any loan, advance or capital contribution to or investment in any other
person (other than (a) loans or advances made in the ordinary and regular
course of business, (b) other loans and advances in an aggregate amount
which does not exceed $1,000,000 outstanding at any time and (c) loans made
to other Goldcorp Subsidiaries) or any entering into, amendment of,
relinquishment, termination or non-renewal by Goldcorp, any of the Goldcorp
Subsidiaries or, to the knowledge of Goldcorp, any of the Goldcorp
Significant Interest Companies of any contract, agreement, licence, lease
transaction, commitment or other right or obligation, except to the extent
that any such matter referred to in this subsection 4.6(d) would not,
individually or in the aggregate, have a Material Adverse Effect on
Goldcorp;
	 
	 	(e)	 	other than as publicly disclosed by Goldcorp prior to the date
hereof, Goldcorp has not declared or paid any dividends or made any other
distribution on any of the Goldcorp Common Shares;
	 
	 	(f)	 	Goldcorp has not effected or passed any resolution to approve a
split, consolidation or reclassification of any of the outstanding Goldcorp
Common Shares;
	 
	 	(g)	 	other than in the ordinary and regular course of business
consistent with past practice, there has not been any material increase in or
modification of the compensation payable to or to become payable by Goldcorp or
any of the Goldcorp Subsidiaries to any of their respective directors or
officers or to any director or officer of any of the Goldcorp Significant
Interest Companies who is listed in Schedule H, or any grant to any such
director or officer of any increase in severance or termination pay or any
increase or modification of any bonus, pension, insurance or benefit
arrangement made to, for or with any of such directors or officers;

 

 

- 25 -

	 	(h)	 	Goldcorp has not effected any material change in its accounting
methods, principles or practices; and
	 
	 	(i)	 	other than as specifically provided for in this Agreement,
Goldcorp has not adopted any, or materially amended any, collective bargaining
agreement, bonus, pension, profit sharing, stock purchase, stock option or
other benefit plan or shareholder rights plan.

4.7      Employment Agreements. Other than as disclosed by Goldcorp in the Goldcorp Disclosure
Letter:

	 	(a)	 	neither Goldcorp nor any of the Goldcorp Subsidiaries is a
party to any written or oral policy, agreement, obligation or understanding
providing for severance or termination payments to, or any employment agreement
with, any director or officer of Goldcorp or any of the Goldcorp Subsidiaries
which cannot be terminated without payment upon a maximum of 12 months’ notice;
	 
	 	(b)	 	neither Goldcorp nor any of the Goldcorp Subsidiaries has any
employee or consultant whose employment or contract with Goldcorp or the
Goldcorp Subsidiary, respectively, cannot be terminated without payment upon a
maximum of 12 months’ notice; and
	 
	 	(c)	 	neither Goldcorp nor any of the Goldcorp Subsidiaries: (i) is a
party to any collective bargaining agreement; (ii) is, to the knowledge of
Goldcorp, subject to any application for certification or threatened or
apparent union-organizing campaigns for employees not covered under a
collective bargaining agreement; or (iii) is subject to any current, or, to the
knowledge of Goldcorp, pending or threatened strike or lockout, and, to the
knowledge of Goldcorp, none of the Goldcorp Significant Interest Companies is
subject to any current, pending or threatened strike or lockout.

 

 

- 26 -

4.8      Financial Matters. The audited consolidated balance sheets, audited consolidated
statements of earnings and retained earnings and audited consolidated statements of cash flows for
the financial years ended December 31, 2003 and December 31, 2002 of Goldcorp were prepared in
accordance with Canadian GAAP consistently applied, and fairly present in all material respects the
consolidated financial condition of Goldcorp at the respective dates indicated and the results of
operations of Goldcorp for the periods covered on a consolidated basis and reflect adequate
provision for the liabilities of Goldcorp on a consolidated basis in accordance with Canadian GAAP.
Neither Goldcorp nor any of the Goldcorp Subsidiaries has any liability or obligation (including,
without limitation, liabilities or obligations to fund any operations or work or exploration
program, to give any guarantees or for Taxes), whether accrued, absolute, contingent or otherwise,
not reflected in the audited consolidated financial statements of Goldcorp for the financial year
ended December 31, 2003, except liabilities and obligations publicly disclosed by Goldcorp prior to
the date hereof or incurred in the ordinary and regular course of business since December 31, 2003,
or liabilities or obligations which do not in the aggregate exceed $3,000,000.

4.9      Books and Records. The corporate records and minute books of Goldcorp and, since the
date each Goldcorp Subsidiary was acquired or incorporated by Goldcorp, the corporate records and
minute books of the Goldcorp Subsidiaries have been maintained substantially in accordance with all
applicable Laws and are complete and accurate in all material respects, except where such
incompleteness or inaccuracy would not have a Material Adverse Effect on Goldcorp. Financial books
and records and accounts of Goldcorp and the Goldcorp Subsidiaries in all material respects: (i)
have been maintained in accordance with good business practices on a basis consistent with prior
years; (ii) are stated in reasonable detail and accurately and fairly reflect the transactions and
acquisitions and dispositions of assets of Goldcorp and the Goldcorp Subsidiaries; and (iii) in the
case of Goldcorp and the Goldcorp Subsidiaries, accurately and fairly reflect the basis for the
consolidated financial statements of Goldcorp. Goldcorp has: (i) designed and maintains disclosure
controls and procedures to ensure that material information relating to Goldcorp and the Goldcorp
Subsidiaries is made known to management of Goldcorp by others within those entities; and (ii)
devised and maintains a system of internal controls over financial reporting sufficient to provide
reasonable assurances regarding the reliability of financial reporting and the preparation of
financial statements including that, in all material

 

 

- 27 -

respects (A) transactions are executed in accordance with the general or specific authorization of
the management of Goldcorp, and (B) transactions are recorded as necessary: (i) to permit
preparation of consolidated financial statements in conformity with Canadian GAAP or any criteria
applicable to such consolidated financial statements; and (ii) to maintain accountability for
assets and liabilities. The management of Goldcorp has disclosed, based on its most recent
evaluation, to Goldcorp’s auditors and the audit committee of Goldcorp’s board of directors: (i)
all significant deficiencies in the design or operation of internal controls which could adversely
affect Goldcorp’s ability to record, process, summarize and report financial data and have
identified for Goldcorp’s auditors any material weaknesses in internal controls; and (ii) any
fraud, whether or not material, that involves management or other employees who have a significant
role in Goldcorp internal controls.

4.10      Litigation. Other than as disclosed by Goldcorp in the Goldcorp Disclosure Letter,
there is no claim, action, proceeding or investigation pending or in progress or, to the knowledge
of Goldcorp, threatened against or relating to Goldcorp or any of the Goldcorp Subsidiaries or
affecting any of their respective properties or assets before any Governmental Entity which
individually or in the aggregate has, or could reasonably be expected to have, a Material Adverse
Effect on Goldcorp or affect the right or ability of Goldcorp or any of the Goldcorp Subsidiaries,
respectively, to conduct its business in all material respects as it has been carried on prior to
the date hereof, or that would materially impede the consummation of the transactions contemplated
by this Agreement. To the knowledge of Goldcorp, there is no claim, action, proceeding or
investigation pending or threatened against or relating to any of the Goldcorp Significant Interest
Companies or affecting any of their respective properties or assets before any Governmental Entity
which individually or in the aggregate has, or could reasonably be expected to have, a Material
Adverse Effect on Goldcorp. There is no bankruptcy, liquidation, winding-up or other similar
proceeding pending or in progress, or, to the knowledge of Goldcorp, threatened against or relating
to Goldcorp or any of the Goldcorp Subsidiaries, or to the knowledge of Goldcorp, any of the
Goldcorp Significant Interest Companies, before any Governmental Entity. Neither Goldcorp, any of
the Goldcorp Subsidiaries, or to the knowledge of Goldcorp, any of the Goldcorp Significant
Interest Companies, nor any of their respective properties or assets is subject to any outstanding
judgment, order, writ, injunction or decree that involves or may involve, or restricts or may
restrict, the right or ability of Goldcorp or any

 

 

- 28 -

Goldcorp Group Company, respectively, to conduct its business in all material respects as it has
been carried on prior to the date hereof, or that would materially impede the consummation of the
transactions contemplated by this Agreement, except to the extent that any such matter would not
have a Material Adverse Effect on Goldcorp.

4.11      Title to Properties and Condition of Assets. Except as set forth in the Goldcorp
Disclosure Letter, applying customary standards in the mining industry, each Goldcorp Group Company
has sufficient title, free and clear of any title defect or Encumbrance, to its operating
properties and properties with proven and probable reserves (other than property as to which it is
a lessee, in which case it has a valid leasehold interest), such properties being described in
Schedule F hereto, except for such defects in title or Encumbrances that, individually or in the
aggregate, do not have, and would not be reasonably likely to have, a Material Adverse Effect on
Goldcorp. Furthermore, all real and tangible personal property of each Goldcorp Group Company is
in generally good repair and is operational and usable in the manner in which it is currently being
utilized, subject to normal wear and tear and technical obsolescence, repair or replacement, except
for such property whose failure to be in such condition does not, and would not be reasonably
likely to have, a Material Adverse Effect on Goldcorp.

4.12      Insurance. Goldcorp maintains policies of insurance in amounts and in respect of such
risks as are normal and usual for companies of a similar size operating in the mining industry and
such policies are in full force and effect as of the date hereof.

4.13      Environmental. Except as to the matters described in the Goldcorp Disclosure Letter,
since the date Goldcorp acquired each of the Goldcorp Group Companies there has been no
Environmental Condition, and in respect of each such Goldcorp Group Company, to Goldcorp’s
knowledge there exists no Environmental Condition, which, individually or in the aggregate, has, or
is reasonably likely to have, a Material Adverse Effect on Goldcorp.

4.14      Tax Matters. Goldcorp and the Goldcorp Subsidiaries have filed or caused to be filed,
in a timely manner all Tax Returns required to be filed by them (all of which Tax Returns were
correct and complete in all material respects) and have paid, collected, withheld or remitted, or
caused to be paid, collected, withheld or remitted, all Taxes that are due and payable, collectible
and remittable, except, where such failure to file or to pay, collect, withhold or remit

 

 

- 29 -

would not, individually or in the aggregate, have a Material Adverse Effect on Goldcorp. Goldcorp
has provided adequate accruals in accordance with Canadian GAAP in its most recently published
consolidated financial statements for any Taxes for the period covered by such financial statements
which have not been paid, whether or not shown as being due on any Tax Returns. Since such
publication date, no material liability for Taxes not reflected in such consolidated financial
statements or otherwise provided for has been assessed, proposed to be assessed, incurred or
accrued other than in the ordinary and regular course of business. To the knowledge of Goldcorp,
there are no material proposed (but unassessed) additional Taxes and none have been asserted by the
Canada Revenue Agency or any other taxing authority, including, without limitation, any sales tax
authority, in connection with any of the Tax Returns referred to above. No lien for Taxes has been
filed or exists against Goldcorp or the Goldcorp Subsidiaries, other than liens for Taxes not yet
due and payable and liens which would not have a Material Adverse Effect on Goldcorp.

4.15      Intellectual Property. Goldcorp and the Goldcorp Subsidiaries own, or are validly
licensed or otherwise have the right to use, all patents, patent rights, trademarks, trade names,
service marks, copyrights, know how and other proprietary intellectual property rights that are
material to the conduct of the business of Goldcorp.

4.16      Pension and Employee Benefits.

	 	(a)	 	Goldcorp and the Goldcorp Subsidiaries have complied, in all
material respects, with all of the terms of the pension and other employee
compensation and benefit obligations of Goldcorp and the Goldcorp Subsidiaries,
as the case may be, including the provisions of any collective agreements,
funding and investment contracts or obligations applicable thereto, arising
under or relating to each of the pension or retirement income plans or other
employee compensation or benefit plans, agreements, policies, programs,
arrangements or practices, whether written or oral, which are maintained by or
binding upon Goldcorp or the Goldcorp Subsidiaries, as the case may be,
(collectively referred to in this subsection as the “Goldcorp Plans”) and all
Goldcorp Plans maintained by

 

 

- 30 -

	 	 	 	or binding upon Goldcorp or any of the Goldcorp Subsidiaries are, except as
disclosed in the Goldcorp Disclosure Letter, fully funded and in good
standing with such regulatory authorities as may be applicable and no notice
of underfunding, non-compliance, failure to be in good standing or otherwise
has been received by Goldcorp or any of the Goldcorp Subsidiaries from any
such regulatory authority.
	 
	 	(b)	 	No action has been taken, no event has occurred and no
condition or circumstance exists that has resulted in or could reasonably be
expected to result in any Goldcorp Plan maintained by or binding upon Goldcorp
or any of the Goldcorp Subsidiaries being ordered or required to be terminated
or wound up in whole or in part or having its registration under applicable
legislation refused or revoked, or being placed under the administration of any
trustee or receiver or regulatory authority.

4.17      Reporting Status. Goldcorp is a reporting issuer or its equivalent in each of the
provinces and territories of Canada. The Goldcorp Common Shares are registered under section 12(b)
of the 1934 Act. The Goldcorp Common Shares are listed on the TSX and the NYSE. The Goldcorp
Warrants are listed on the TSX.

4.18      Reports. Goldcorp has filed with the Securities Authorities, stock exchanges and all
applicable self-regulatory authorities a true and complete copy of all forms, reports, schedules,
statements, certifications, material change reports and other documents required to be filed by it
(such forms, reports, schedules, statements, certifications and other documents, including any
financial statements or other documents, including any schedules included therein, are referred to
in this subsection as the “Goldcorp Documents”). The Goldcorp Documents, at the time filed; (i) did
not contain any misrepresentation (as defined in the Securities Act (Ontario)) and; (ii) complied
in all material respects with the requirements of applicable securities legislation and the rules,
policies and instruments of all Securities Authorities having jurisdiction over Goldcorp, except
where such non-compliance has not and would not reasonably be expected to have a Material Adverse
Effect on Goldcorp. Goldcorp has not filed any confidential

 

 

- 31 -

material change or other report or other document with any Securities Authorities or stock exchange
or other self-regulatory authority which at the date hereof remains confidential.

4.19      Compliance with Laws. Goldcorp and, since the date Goldcorp acquired each of the
Goldcorp Subsidiaries, the Goldcorp Subsidiaries have complied with and are not in violation of any
applicable Law other than such non-compliance or violations which would not, individually or in the
aggregate, have a Material Adverse Effect on Goldcorp. To the knowledge of Goldcorp, the Goldcorp
Subsidiaries and the Goldcorp Significant Interest Companies have complied with and are not in
violation of any applicable Law other than such non-compliance or violations which would not,
individually or in the aggregate, have a Material Adverse Effect on Goldcorp.

4.20      No Cease Trade. Goldcorp is not subject to any cease trade or other order of any
applicable stock exchange or Securities Authority and, to the knowledge of Goldcorp, no
investigation or other proceedings involving Goldcorp which may operate to prevent or restrict
trading of any securities of Goldcorp are currently in progress or pending before any applicable
stock exchange or Securities Authority.

4.21      No Option on Assets. Except as disclosed in the Goldcorp Disclosure Letter, no person
has any agreement or option or any right or privilege capable of becoming an agreement or option
for the purchase from Goldcorp or the Goldcorp Subsidiaries of any of the material assets of
Goldcorp or any of the Goldcorp Subsidiaries.

4.22      Certain Contracts. Except as disclosed in the Goldcorp Disclosure Letter, neither
Goldcorp, nor to the knowledge of Goldcorp any of the Goldcorp Subsidiaries is, nor since the date
Goldcorp acquired each of the Goldcorp Subsidiaries has any Goldcorp Subsidiary become, a party to
or bound by any non-competition agreement or any other agreement, obligation, judgment, injunction,
order or decree which purports to: (i) limit the manner or the localities in which all or any
material portion of the business of Goldcorp or the Goldcorp Subsidiaries are conducted; (ii) limit
any business practice of Goldcorp or any Goldcorp Subsidiary in any material respect; or (iii)
restrict any acquisition or disposition of any material property by Goldcorp or any Goldcorp
Subsidiary in any material respect.

 

 

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4.23      Foreign Private Issuer. As of the date hereof, Goldcorp is a “foreign private issuer”
as defined in Rule 405 under the 1933 Act.

4.24      Investment Company Status. Goldcorp is not registered, and is not required to be
registered, as an “investment company” (as that term is defined in the 1940 Act) under the 1940
Act.

4.25      Shares. The Goldcorp Common Shares to be issued pursuant to the Offer and the
Goldcorp Common Shares to be issued upon the exercise of the Wheaton Options and the Wheaton
Warrants will, upon issue and payment of the applicable exercise price in the case of the Wheaton
Options and Wheaton Warrants, be issued as fully-paid and non-assessable shares.

4.26      Certain Securities Law Matters. The Goldcorp Common Shares to be issued in connection
with the Offer, including the Goldcorp Common Shares to be issued upon the exercise of the Wheaton
Options and the Wheaton Warrants, will not be subject to any statutory hold or restricted period
under the securities legislation of any province or territory of Canada and, subject to
restrictions contained therein in respect of distributions by “control persons”, will be freely
tradable by the holders thereof. The Goldcorp Common Shares to be issued in connection with the
Offer to Wheaton Shareholders who are residents of the United States of America or who are “U.S.
persons” within the meaning of Regulation S under the 1933 Act, other than persons who are deemed
to be affiliates of Wheaton for the purposes of Rule 145 under the 1933 Act, will not bear any
restrictive legend imposed as a result of the operation of the 1933 Act and will be freely
tradeable by the holder thereof.

4.27      Full Disclosure. Goldcorp has made available to Wheaton all material information,
including financial, operational and other information in respect of the properties listed in
Schedule F (except such information that does not have, and would not reasonably be expected to
lead to, a Material Adverse Effect in respect of Goldcorp) and all such information as made
available to Wheaton is true and correct in all material respects and no material fact or facts
have been omitted therefrom which would make such information misleading.

4.28      No Broker’s Commission. Goldcorp has not entered into any agreement that would
entitle any person to any valid claim against Goldcorp for a broker’s commission, finder’s

 

 

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fee or any like payment in respect of the Offer or any other matter contemplated by this Agreement
except as disclosed in the Goldcorp Disclosure Letter.

4.29      Reorganization. Neither Goldcorp nor any of the Goldcorp Subsidiaries has taken or
agreed to take any action (without regard to any action taken or agreed to be taken by Wheaton or
any of the Wheaton Subsidiaries) or knows of any circumstances that would prevent the Offer and the
Subsequent Acquisition Transaction, considered together as a single integrated transaction, from
qualifying as a reorganization within the meaning of Section 368(a) of the U.S. Tax Code.

5.          REPRESENTATIONS AND WARRANTIES OF WHEATON

          Wheaton hereby represents and warrants to Goldcorp as follows, and hereby acknowledges that
Goldcorp is relying upon such representations and warranties in connection with entering into this
Agreement and agreeing to make the Offer:

5.1      Organization. Wheaton, each of the Wheaton Subsidiaries and, to the knowledge of
Wheaton, each of the Wheaton Significant Interest Companies has been incorporated, is validly
subsisting and has full corporate and legal power and authority to own its property and assets and
to conduct its business as currently owned and conducted. Wheaton, each of the Wheaton
Subsidiaries and, to the knowledge of Wheaton, each of the Wheaton Significant Interest Companies
is registered, licensed or otherwise qualified as an extra-provincial corporation or a foreign
corporation in each jurisdiction where the nature of the business or the location or character of
the property and assets owned or leased by it requires it to be so registered, licensed or
otherwise qualified, other than those jurisdictions where the failure to be so registered, licensed
or otherwise qualified would not have a Material Adverse Effect on Wheaton. All of the outstanding
shares of Wheaton and the Wheaton Subsidiaries and the outstanding shares representing Wheaton’s
interest in each of the Wheaton Significant Interest Companies are validly issued, fully paid and
non-assessable. All of the outstanding shares of the Wheaton Subsidiaries, and all of the
outstanding shares representing Wheaton’s interest in each of the Wheaton Significant Interest
Companies, are owned directly or indirectly by Wheaton or a Wheaton Subsidiary. Except pursuant to
restrictions on transfer contained in the articles or by-laws (or their equivalent) of the
applicable Wheaton Group Company, as disclosed by Wheaton

 

 

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in the Wheaton Disclosure Letter or to the extent that there would not be a Material Adverse Effect
on Wheaton, the outstanding shares of each Wheaton Group Company which are owned by Wheaton (or by
another Wheaton Group Company) are owned free and clear of all Encumbrances and neither Wheaton nor
any of the Wheaton Group Companies is liable to any Wheaton Group Company or to any creditor in
respect thereof. Other than as disclosed by Wheaton in the Wheaton Disclosure Letter, there are no
outstanding options, rights, entitlements, understandings or commitments (contingent or otherwise)
regarding the right to acquire any issued or unissued securities of any of the Wheaton Group
Companies from either Wheaton or any of the Wheaton Subsidiaries.

5.2      Capitalization. Wheaton is authorized to issue an unlimited number of preferred
shares, issuable in series, and an unlimited number of Common Shares. As at December 17, 2004,
there were nil preferred shares and 572,135,538 Wheaton Common Shares outstanding, an aggregate of
20,931,497 Wheaton Common Shares were set aside for issue under Wheaton Options and an aggregate of
176,354,783 Wheaton Common Shares were set aside for issue under the Wheaton Warrants. The Wheaton
Options are summarized in Schedule E attached hereto. Except for the Wheaton Options and the
Wheaton Warrants and except as disclosed in the Wheaton Disclosure Letter, there are no options,
warrants, conversion privileges or other rights, agreements, arrangements or commitments
(pre-emptive, contingent or otherwise) obligating Wheaton or any of the Wheaton Subsidiaries to
issue or sell any shares of Wheaton or any of the Wheaton Subsidiaries or any securities or
obligations of any kind convertible into or exchangeable for any shares of Wheaton or any of the
Wheaton Subsidiaries. All outstanding Wheaton Common Shares have been authorized and are validly
issued and outstanding as fully paid and non-assessable shares, free of pre-emptive rights. There
are no outstanding bonds, debentures or other evidences of indebtedness of Wheaton or any of the
Wheaton Group Companies having the right to vote with the Wheaton Shareholders on any matter.
There are no outstanding contractual obligations of Wheaton or of any of the Wheaton Group
Companies to repurchase, redeem or otherwise acquire any outstanding Wheaton Common Shares or with
respect to the voting or disposition of any outstanding Wheaton Common Shares.

5.3      Authority. Wheaton has all necessary power, authority and capacity to enter into this
Agreement and all other agreements and instruments to be executed by Wheaton as

 

 

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contemplated by this Agreement, and to perform its obligations hereunder and under such other
agreements and instruments. The execution and delivery of this Agreement by Wheaton and the
completion by Wheaton of the transactions contemplated by this Agreement have been authorized by
the directors of Wheaton and no other corporate proceedings on the part of Wheaton are necessary to
authorize this Agreement or to complete the transactions contemplated hereby other than in
connection with the approval by the directors of Wheaton of the Directors’ Circular. This
Agreement has been executed and delivered by Wheaton and constitutes a legal, valid and binding
obligation of Wheaton, enforceable against Wheaton in accordance with its terms, subject to
bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and other applicable Laws
relating to or affecting creditors’ rights generally, and to general principles of equity. Except
as disclosed in the Wheaton Disclosure Letter, the execution and delivery by Wheaton of this
Agreement, the performance by it of its obligations hereunder and the completion of the
transactions contemplated hereby, do not and will not:

	 	(a)	 	result in a violation, contravention or breach of, require any
consent to be obtained under or give rise to any termination rights under any
provision of,

	 	(i)	 	the articles or by-laws (or their equivalent)
of Wheaton or any of the Wheaton Subsidiaries, or to the knowledge of
Wheaton, any of the Wheaton Significant Interest Companies,
	 
	 	(ii)	 	any Law, or
	 
	 	(iii)	 	any contract, agreement, licence or permit to
which Wheaton, any of the Wheaton Subsidiaries, or to the knowledge of
Wheaton, any of the Wheaton Significant Interest Companies, is bound or
is subject to or of which Wheaton or any Wheaton Group Company is the
beneficiary;

	 	(b)	 	give rise to any right of termination or acceleration of
indebtedness, or cause any indebtedness owing by Wheaton or any of the Wheaton
Subsidiaries, or to the knowledge of Wheaton, any of the Wheaton

 

 

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	 	 	 	Significant Interest Companies, to come due before its stated maturity or
cause any of its available credit to cease to be available;

	 	(c)	 	result in the imposition of any Encumbrance upon any of the
property or assets of Wheaton, any of the Wheaton Subsidiaries, or to the
knowledge of Wheaton, any of the Wheaton Significant Interest Companies, or
restrict, hinder, impair or limit the ability of Wheaton, any of the Wheaton
Subsidiaries, or to the knowledge of Wheaton, any of the Wheaton Significant
Interest Companies to conduct the business of Wheaton or any of the Wheaton
Subsidiaries, or to the knowledge of Wheaton, any of the Wheaton Significant
Interest Companies as and where it is now being conducted; or
	 
	 	(d)	 	result in any payment (including severance, unemployment
compensation, “golden parachute”, bonus or otherwise) becoming due to any
director or officer of Wheaton or any Wheaton Subsidiary or increase any
benefits otherwise payable under any pension or benefits plan of Wheaton or any
Wheaton Subsidiary or result in the acceleration of the time of payment or
vesting of any such benefits;

	 	 	which would, individually or in the aggregate, have a Material Adverse Effect on
Wheaton. No consent, approval, order or authorization of, or declaration or filing
with, any Governmental Entity or other person is required: (i) to be obtained by
Wheaton, any of the Wheaton Subsidiaries, or to the knowledge of Wheaton, any of the
Wheaton Significant Interest Companies in connection with the execution and delivery
of this Agreement or the consummation by Wheaton of the transactions contemplated
hereby other than (A) filings with and approvals required by Securities Authorities
and stock exchanges, (B) any other consents, waivers, permits, orders or approvals
referred to in the Wheaton Disclosure Letter, and (C) any other consents, approvals,
orders, authorizations, declarations or filings which, if not obtained, would not,
individually or in the aggregate, have a Material Adverse Effect on Wheaton; or (ii)
to be obtained in connection with

 

 

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	 	 	the acquisition by Goldcorp of the properties, property interests and mining
operations owned directly or indirectly by Wheaton in connection with the Offer.

5.4      Directors’ Approvals. The directors of Wheaton have received an opinion from Merrill
Lynch Canada Inc., the financial advisor to the directors of Wheaton, that the exchange ratio under
the Offer is fair, from a financial point of view, to the Wheaton Shareholders and have unanimously
recommended that the Wheaton Shareholders accept the Offer. Further, each of the directors of
Wheaton has indicated his intention to accept the Offer and tender his Wheaton Common Shares to the
Offer.

5.5      Wheaton Subsidiaries. The only Subsidiaries of Wheaton are the Wheaton Subsidiaries
and the only other corporations in which Wheaton owns a direct or indirect voting or equity
interest of greater than 30% are the Wheaton Significant Interest Companies.

5.6      No Defaults. Goldcorp has been provided with a true and complete copy of all
contracts, agreements and licences material to the conduct of the business of Wheaton or any of the
Wheaton Group Companies that if breached or in default would or could reasonably be expected to
have a Material Adverse Effect on Wheaton, or access thereto, and there are no current or pending
negotiations with respect to the renewal, termination or amendment of any such material contracts,
agreements or licences. Neither Wheaton nor any of the Wheaton Subsidiaries nor, to the knowledge
of Wheaton, any of the Wheaton Significant Interest Companies is in default under, and there exists
no event, condition or occurrence which, after notice or lapse of time or both, would (to the
knowledge of Wheaton in the case of the Wheaton Significant Interest Companies) constitute such a
default under, any contract, agreement or licence to which any of them is a party or by which any
of them is bound which would, individually or in the aggregate, have a Material Adverse Effect on
Wheaton.

5.7      Absence of Changes. Since December 31, 2003, except as publicly disclosed by Wheaton
prior to the date hereof, or disclosed in the Wheaton Disclosure Letter:

	 	(a)	 	Wheaton and each of the Wheaton Subsidiaries and, to the
knowledge of Wheaton, each of the Wheaton Significant Interest Companies has

 

 

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	 	 	 	conducted its business only in the ordinary and regular course of business
consistent with past practice;
	 
	 	(b)	 	none of the Wheaton Group Companies has incurred or suffered a
Material Adverse Change;
	 
	 	(c)	 	there has not been any acquisition or sale by Wheaton, any of
the Wheaton Subsidiaries, or to the knowledge of Wheaton, any of the Wheaton
Significant Interest Companies of any material property or assets thereof;
	 
	 	(d)	 	other than in the ordinary and regular course of business
consistent with past practice, there has not been any incurrence, assumption or
guarantee by Wheaton, any of the Wheaton Subsidiaries, or to the knowledge of
Wheaton, any of the Wheaton Significant Interest Companies of any debt for
borrowed money, any creation or assumption by Wheaton, any of the Wheaton
Subsidiaries, or to the knowledge of Wheaton, any of the Wheaton Significant
Interest Companies of any Encumbrance, any making by Wheaton, any of the
Wheaton Subsidiaries, or to the knowledge of Wheaton, any of the Wheaton
Significant Interest Companies of any loan, advance or capital contribution to
or investment in any other person or any entering into, amendment of,
relinquishment, termination or non-renewal by Wheaton, any of the Wheaton
Subsidiaries, or to the knowledge of Wheaton, any of the Wheaton Significant
Interest Companies, of any contract, agreement, licence, lease transaction,
commitment or other right or obligation, except to the extent that any such
matter referred to in this subsection 5.7(d) would not, individually or in the
aggregate, have a Material Adverse Effect on Wheaton;
	 
	 	(e)	 	Wheaton has not declared or paid any dividends or made any
other distribution on any of the Wheaton Common Shares;

 

 

- 39 -

	 	(f)	 	Wheaton has not effected or passed any resolution to approve a
split, consolidation or reclassification of any of the outstanding Wheaton
Common Shares;
	 
	 	(g)	 	other than in the ordinary and regular course of business
consistent with past practice, there has not been any material increase in or
modification of the compensation payable to or to become payable by Wheaton or
any of the Wheaton Subsidiaries to any of their respective directors or
officers or to any director of officer of any of the Wheaton Significant
Interest Companies who is listed in Schedule I, or any grant to any such
director or officer of any increase in severance or termination pay or any
increase or modification of any bonus, pension, insurance or benefit
arrangement (including, without limitation, the granting of Wheaton Options
pursuant to the Wheaton Share Option Plans) made to, for or with any of such
directors or officers;
	 
	 	(h)	 	Wheaton has not effected any material change in its accounting
methods, principles or practices; and
	 
	 	(i)	 	other than as specifically provided for in this Agreement,
Wheaton has not adopted any, or materially amended any, collective bargaining
agreement, bonus, pension, profit sharing, stock purchase, stock option or
other benefit plan or shareholder rights plan.

5.8      Employment Agreements. Other than as disclosed by Wheaton in the Wheaton Disclosure
Letter:

	 	(a)	 	neither Wheaton nor any of the Wheaton Subsidiaries is a party
to any written or oral policy, agreement, obligation or understanding providing
for severance or termination payments to, or any employment agreement with, any
director or officer of Wheaton or any of the Wheaton Subsidiaries which cannot
be terminated without payment upon a maximum of 12 months’ notice;

 

 

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	 	(b)	 	neither Wheaton nor any of the Wheaton Subsidiaries has any
employee or consultant whose employment or contract with Wheaton or the Wheaton
Subsidiary, respectively, cannot be terminated without payment upon a maximum
of 12 months’ notice; and
	 
	 	(c)	 	neither Wheaton nor any of the Wheaton Subsidiaries: (i) is a
party to any collective bargaining agreement; (ii) is, to the knowledge of
Wheaton, subject to any application for certification or threatened or apparent
union-organizing campaigns for employees not covered under a collective
bargaining agreement; or (iii) is subject to any current, or to the knowledge
of Wheaton, pending or threatened strike or lockout, and, to the knowledge of
Wheaton, none of the Wheaton Significant Interest Companies is subject to any
current, pending or threatened strike or lockout.

5.9      Financial Matters. The audited consolidated balance sheets, audited consolidated
statements of operations, audited consolidated statements of shareholders’ equity and audited
consolidated statements of cash flows for the financial years ended December 31, 2003 and December
31, 2002 of Wheaton were prepared in accordance with Canadian GAAP, consistently applied, and
fairly present in all material respects the consolidated financial condition of Wheaton at the
respective dates indicated and the results of operations of Wheaton for the periods covered on a
consolidated basis and reflect adequate provision for the liabilities of Wheaton on a consolidated
basis in accordance with Canadian GAAP. Neither Wheaton nor any of the Wheaton Subsidiaries has
any liability or obligation (including, without limitation, liabilities or obligations to fund any
operations or work or exploration program, to give any guarantees or for Taxes), whether accrued,
absolute, contingent or otherwise, not reflected in the audited consolidated financial statements
of Wheaton for the financial year ended December 31, 2003, except liabilities and obligations
publicly disclosed by Wheaton prior to the date hereof or incurred in the ordinary and regular
course of business since December 31, 2003, or liabilities or obligations which do not in the
aggregate exceed $3,000,000.

 

 

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5.10      Books and Records. The corporate records and minute books of Wheaton and, since the
date each Wheaton Subsidiary was acquired or incorporated by Wheaton, the corporate records and
minute books of the Wheaton Subsidiaries have been maintained substantially in accordance with all
applicable Laws and are complete and accurate in all material respects, except where such
incompleteness or inaccuracy would not have a Material Adverse Effect on Wheaton. Financial books
and records and accounts of Wheaton and the Wheaton Subsidiaries in all material respects: (i) have
been maintained in accordance with good business practices on a basis consistent with prior years;
(ii) are stated in reasonable detail and accurately and fairly reflect the transactions and
acquisitions and dispositions of assets of Wheaton and the Wheaton Subsidiaries; and (iii) in the
case of Wheaton and the Wheaton Subsidiaries, accurately and fairly reflect the basis for the
consolidated financial statements of Wheaton. Wheaton has: (i) designed and maintains disclosure
controls and procedures to ensure that material information relating to Wheaton and the Wheaton
Subsidiaries is made known to management of Wheaton by others within those entities; and (ii)
devised and maintains a system of internal controls over financial reporting sufficient to provide
reasonable assurances regarding the reliability of financial reporting and the preparation of
financial statements, including that, in all material respects (A) transactions are executed in
accordance with the general or specific authorization of the management of Wheaton, and (B)
transactions are recorded as necessary (x) to permit preparation of consolidated financial
statements in conformity with Canadian GAAP or any criteria applicable to such consolidated
financial statements and (y) to maintain accountability for assets and liabilities. The management
of Wheaton has disclosed, based on its most recent evaluation, to Wheaton’s auditors and the audit
committee of Wheaton’s board of directors: (i) all significant deficiencies in the design or
operation of internal controls which could adversely affect Wheaton’s ability to record, process,
summarize and report financial data and have identified for Wheaton’s auditors any material
weaknesses in internal controls; and (ii) any fraud, whether or not material, that involves
management or other employees who have a significant role in Wheaton internal controls.

5.11      Litigation. There is no claim, action, proceeding or investigation pending or in
progress or, to the knowledge of Wheaton, threatened against or relating to Wheaton or any of the
Wheaton Subsidiaries or affecting any of their respective properties or assets before any
Governmental Entity which individually or in the aggregate has, or could reasonably be expected

 

 

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to have, a Material Adverse Effect on Wheaton or affect the right or ability of Wheaton or any of
the Wheaton Subsidiaries, respectively, to conduct its business in all material respects as it has
been carried on prior to the date hereof, or that would materially impede the consummation of the
transactions contemplated by this Agreement. To the knowledge of Wheaton, there is no claim,
action, proceeding or investigation pending or threatened against or relating to any of the Wheaton
Significant Interest Companies or affecting any of their respective properties or assets before any
Governmental Entity which individually or in the aggregate has, or could reasonably be expected to
have, a Material Adverse Effect on Wheaton. There is no bankruptcy, liquidation, winding-up or
other similar proceeding pending or in progress, or, to the knowledge of Wheaton, threatened
against or relating to Wheaton, any of the Wheaton Subsidiaries, or to the knowledge of Wheaton,
any of the Wheaton Significant Interest Companies, before any Governmental Entity. Neither
Wheaton, any of the Wheaton Subsidiaries, or to the knowledge of Wheaton, any of the Wheaton
Significant Interest Companies, nor any of their respective properties or assets is subject to any
outstanding judgment, order, writ, injunction or decree that involves or may involve, or restricts
or may restrict, the right or ability of Wheaton or any Wheaton Group Company, respectively, to
conduct its business in all material respects as it has been carried on prior to the date hereof,
or that would materially impede the consummation of the transactions contemplated by this
Agreement, except to the extent that any such matter would not have a Material Adverse Effect on
Wheaton.

5.12      Title to Properties and Condition of Assets. Except as set forth in the Wheaton
Disclosure Letter, applying customary standards in the mining industry, each Wheaton Group Company
has sufficient title, free and clear of any title defect or Encumbrance, to its operating
properties and properties with proven and probable reserves (other than property as to which it is
a lessee, in which case it has a valid leasehold interest), such properties being described in
Schedule G hereto, except for such defects in title or Encumbrances that, individually or in the
aggregate, do not have, and would not be reasonably likely to have, a Material Adverse Effect on
Wheaton. Furthermore, all real and tangible personal property of each Wheaton Group Company is in
generally good repair and is operational and usable in the manner in which it is currently being
utilized, subject to normal wear and tear and technical obsolescence, repair or replacement, except
for such property whose failure to be in such condition does not, and would not be reasonably
likely to have, a Material Adverse Effect on Wheaton.

 

 

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5.13      Insurance. Wheaton maintains policies of insurance in amounts and in respect of such
risks as are normal and usual for companies of a similar size operating in the mining industry and
such policies are in full force and effect as of the date hereof.

5.14      Environmental. Except as to the matters described in the Wheaton Disclosure Letter,
since the date Wheaton acquired each of the Wheaton Group Companies there has been no Environmental
Condition, and in respect of each such Wheaton Group Company, to Wheaton’s knowledge there exists
no Environmental Condition, which, individually or in the aggregate, has, or is reasonably likely
to have, a Material Adverse Effect on Wheaton.

5.15      Tax Matters. Wheaton and the Wheaton Subsidiaries have filed or caused to be filed,
in a timely manner all Tax Returns required to be filed by them (all of which Tax Returns were
correct and complete in all material respects) and have paid, collected, withheld or remitted, or
caused to be paid, collected, withheld or remitted, all Taxes that are due and payable, collectible
and remittable, except where such failure to file or to pay, collect, withhold or remit would not,
individually or in the aggregate, have a Material Adverse Effect on Wheaton. Wheaton has provided
adequate accruals in accordance with Canadian GAAP in its most recently published consolidated
financial statements for any Taxes for the period covered by such financial statements which have
not been paid, whether or not shown as being due on any Tax Returns. Since such publication date,
no material liability for Taxes not reflected in such consolidated financial statements or
otherwise provided for has been assessed, proposed to be assessed, incurred or accrued other than
in the ordinary and regular course of business. To the knowledge of Wheaton, there are no material
proposed (but unassessed) additional Taxes and none have been asserted by the Canada Revenue Agency
or any other taxing authority, including, without limitation, any sales tax authority, in
connection with any of the Tax Returns referred to above. No lien for Taxes has been filed or
exists against Wheaton or the Wheaton Subsidiaries, other than liens for Taxes not yet due and
payable and liens which would not have a Material Adverse Effect on Wheaton.

5.16      Intellectual Property. Neither Wheaton nor the Wheaton Subsidiaries own or license
any patents, patent rights, trademarks, trade names, service marks, copyrights, know how or other
proprietary intellectual property rights that are material to the conduct of the business of

 

 

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Wheaton and the Wheaton Subsidiaries other than such trade names, service marks and/or copyrights
as may exist at law or by usage in respect of the use of the words “Wheaton River” in the context
of the business of Wheaton.

5.17      Pension and Employee Benefits.

	 	(a)	 	Wheaton and the Wheaton Subsidiaries have complied, in all
material respects, with all of the terms of the pension and other employee
compensation and benefit obligations of Wheaton and the Wheaton Subsidiaries,
as the case may be, including the provisions of any collective agreements,
funding and investment contracts or obligations applicable thereto, arising
under or relating to each of the pension or retirement income plans or other
employee compensation or benefit plans, agreements, policies, programs,
arrangements or practices, whether written or oral, which are maintained by or
binding upon Wheaton or the Wheaton Subsidiaries (collectively referred to in
this subsection as the “Wheaton Plans”) and all Wheaton Plans maintained by or
binding upon Wheaton or any of the Wheaton Subsidiaries are, except as
disclosed in the Wheaton Disclosure Letter, fully funded and in good standing
with such regulatory authorities as may be applicable and no notice of
underfunding, non-compliance, failure to be in good standing or otherwise has
been received by Wheaton or any of the Wheaton Subsidiaries from any such
regulatory authority.
	 
	 	(b)	 	No action has been taken, no event has occurred and no
condition or circumstance exists that has resulted in or could reasonably be
expected to result in any Wheaton Plan maintained by or binding upon Wheaton or
any of the Wheaton Subsidiaries, being ordered or required to be terminated or
wound up in whole or in part or having its registration under applicable
legislation refused or revoked, or being placed under the administration of any
trustee or receiver or regulatory authority.

 

 

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5.18      Reporting Status. Wheaton is a reporting issuer or its equivalent in each of the
provinces of Canada. Wheaton is subject to section 12(b) of the 1934 Act. The Wheaton Common
Shares and the Wheaton Warrants are listed on the TSX. The Wheaton Common Shares and the Wheaton
Series A Warrants are listed on AMEX.

5.19      Reports. Except as disclosed in the Wheaton Disclosure Letter, Wheaton has filed with
the Securities Authorities, stock exchanges and all applicable self-regulatory authorities a true
and complete copy of all forms, reports, schedules, statements, certifications, material change
reports and other documents required to be filed by it (such forms, reports, schedules, statements,
certifications and other documents, including any financial statements or other documents,
including any schedules included therein, are referred to in this subsection as the “Wheaton
Documents”). The Wheaton Documents, at the time filed: (i) did not contain any misrepresentation
(as defined in the Securities Act (Ontario)); and (ii) complied in all material respects with the
requirements of applicable securities legislation and the rules, policies and instruments of all
Securities Authorities having jurisdiction over Wheaton, except where such non-compliance has not
and would not reasonably be expected to have a Material Adverse Effect on Wheaton. Wheaton has not
filed any confidential material change or other report or other document with any Securities
Authorities or stock exchange or other self-regulatory authority which at the date hereof remains
confidential.

5.20      Compliance with Laws. Wheaton and, since the date Wheaton acquired each of the
Wheaton Subsidiaries, the Wheaton Subsidiaries have complied with and are not in violation of any
applicable Law other than such non-compliance or violations which would not, individually or in the
aggregate, have a Material Adverse Effect on Wheaton. To the knowledge of Wheaton, the Wheaton
Subsidiaries and the Wheaton Significant Interest Companies have complied with and are not in
violation of any applicable Law other than such non-compliance or violations which would not,
individually or in the aggregate, have a Material Adverse Effect on Wheaton.

5.21      No Cease Trade. Wheaton is not subject to any cease trade or other order of any
applicable stock exchange or Securities Authority and, to the knowledge of Wheaton, no
investigation or other proceedings involving Wheaton which may operate to prevent or restrict

 

 

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trading of any securities of Wheaton are currently in progress or pending before any applicable
stock exchange or Securities Authority.

5.22      No Option on Assets. Except as disclosed in the Wheaton Disclosure Letter, no person
has any agreement or option or any right or privilege capable of becoming an agreement or option
for the purchase from Wheaton or the Wheaton Subsidiaries of any of the material assets of Wheaton
or any of the Wheaton Subsidiaries.

5.23      Certain Contracts. Except as disclosed in the Wheaton Disclosure Letter, neither
Wheaton, nor to the knowledge of Wheaton any of the Wheaton Subsidiaries is, nor since the date
Wheaton acquired each of the Wheaton Subsidiaries has any Wheaton Subsidiary become, a party to or
bound by any non-competition agreement or any other agreement, obligation, judgment, injunction,
order or decree which purports to: (i) limit the manner or the localities in which all or any
material portion of the business of Wheaton or the Wheaton Subsidiaries are conducted; (ii) limit
any business practice of Wheaton or any Wheaton Subsidiary in any material respect; or (iii)
restrict any acquisition or disposition of any material property by Wheaton or any Wheaton
Subsidiary in any material respect.

5.24      Foreign Private Issuer. As of the date hereof, Wheaton is a “foreign private issuer”
as defined in Rule 405 under the 1933 Act.

5.25      Investment Company Status.  Wheaton is not registered, and is not required to be
registered, as an “investment company” under the 1940 Act.

5.26      Full Disclosure. Wheaton has made available to Goldcorp all material information,
including financial, operational and other information, in respect of the properties listed in
Schedule G (except such information that does not have, and would not reasonably be expected to
lead to, a Material Adverse Effect in respect of Wheaton) and all such information as made
available to Goldcorp is true and correct in all material respects and no material fact or facts
have been omitted therefrom which would make such information misleading.

5.27      No Broker’s Commission. Wheaton has not entered into any agreement that would entitle
any person to any valid claim against Wheaton for a broker’s commission, finder’s

 

 

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fee or any like payment in respect of the Offer or any other matter contemplated by this Agreement,
except as disclosed in the Wheaton Disclosure Letter.

5.28      Reorganization. Neither Wheaton nor any of the Wheaton Subsidiaries has taken or
agreed to take any action (without regard to any action taken or agreed to be taken by Goldcorp or
any of the Goldcorp Subsidiaries) or knows of any circumstances that would prevent the Offer and
the Subsequent Acquisition transaction, considered together as a single integrated transaction,
from qualifying as a reorganization within the meaning of Section 368(a) of the U.S. Tax Code.

6.     CONDUCT OF BUSINESS

6.1      Conduct of Business by Wheaton. Wheaton covenants and agrees that, subject to
compliance by the directors of Wheaton with their fiduciary duties, during the term of this
Agreement, unless Goldcorp shall otherwise agree in writing, acting reasonably, or as otherwise
expressly permitted or specifically contemplated by this Agreement or as set forth in the Wheaton
Disclosure Letter:

	 	(a)	 	the business of Wheaton and the Wheaton Subsidiaries will be
conducted only in, and Wheaton and the Wheaton Subsidiaries will not take any
action except in, the usual and ordinary course of business and consistent with
past practice, and Wheaton will use its commercially reasonable efforts to
maintain and preserve its and the Wheaton Subsidiaries’ business organization,
assets, employees and advantageous business relationships;
	 
	 	(b)	 	except for transactions exclusively between Wheaton and the
Wheaton Subsidiaries in the ordinary course of business, Wheaton will not, and
will not permit any of the Wheaton Subsidiaries, directly or indirectly, to do
any of the following: (i) amend the articles or by-laws (or equivalent) of
Wheaton or any of the Wheaton Subsidiaries; (ii) declare, set aside or pay any
dividend or other distribution or payment (whether in cash, shares or property)
in respect of its shares owned by any person, except dividends paid in the
ordinary course consistent with past practice; (iii) issue, grant,

 

 

- 48 -

	 	 	 	sell or pledge or agree to issue, grant, sell or pledge any shares of
Wheaton or the Wheaton Subsidiaries, or securities convertible into or
exchangeable or exercisable for, or otherwise evidencing a right to acquire,
 shares of Wheaton or the Wheaton Subsidiaries, other than Wheaton Common
Shares issuable upon the exercise of Wheaton Options or Wheaton Warrants
granted prior to the date of this Agreement and Wheaton Options granted in
the ordinary course consistent with past practice and Wheaton Common Shares
issuable upon the exercise thereof; (iv) redeem, purchase or otherwise
acquire any of its outstanding shares or other securities; (v) split,
combine or reclassify any of its shares; (vi) adopt a plan of liquidation or
resolutions providing for the liquidation, dissolution, merger,
consolidation or reorganization of Wheaton; (vii) enter into or modify any
contract, agreement, commitment or arrangement with respect to any of the
foregoing, except as permitted above; or (viii) take any other action that
would have a Material Adverse Effect on Wheaton;
	 
	 	(c)	 	except for transactions exclusively between Wheaton and the
Wheaton Subsidiaries in the ordinary course of business, Wheaton will not, and
will not permit any Wheaton Subsidiary, directly or indirectly, to do any of
the following: (i) sell, pledge, dispose of or encumber any assets of Wheaton
or any of the Wheaton Subsidiaries; (ii) acquire (by merger, amalgamation,
consolidation or acquisition of shares or assets) any corporation, partnership
or other business organization or division thereof, or make any investment
either by purchase of shares or securities, contributions of capital (other
than to wholly owned subsidiaries), property transfer, or purchase of, any
property or assets of any other individual or entity; (iii) incur any
indebtedness for borrowed money or any other material liability or obligation
or issue any debt securities or assume, guarantee, endorse or otherwise as an
accommodation become responsible for, the obligations of any other individual
or entity, or make any loans or advances; (iv) pay, discharge or satisfy any
material claims, liabilities or obligations other than the payment, discharge
or satisfaction,

 

 

- 49 -

	 	 	 	in the ordinary and regular course of business consistent with past
practice, of liabilities reflected or reserved against in Wheaton’s
financial statements or incurred in the ordinary and regular course of
business consistent with past practice; (v) authorize, recommend or propose
any release or relinquishment of any material contract right, other than in
the ordinary and regular course of business; (vi) waive, release, grant or
transfer any rights of value or modify or change in any material respect any
existing licence, lease, contract or other document, other than in the
ordinary and regular course of business; or (vii) authorize or propose any
of the foregoing, or enter into or modify any contract, agreement,
commitment or arrangement to do any of the foregoing; provided, however,
that the foregoing shall not apply if, to have done any of the foregoing or
not, as applicable, the effect thereof would not be a Material Adverse
Effect on Wheaton or to the ability of Wheaton to consummate the
transactions contemplated by this Agreement;
	 
	 	(d)	 	Wheaton shall not, and shall not permit any of its Subsidiaries
to, grant to any officer or director an increase in compensation in any form,
grant any general salary increase other than in accordance with the
requirements of any existing collective bargaining or union contracts, grant to
any other employee any increase in compensation in any form, make any loan to
any officer or director, or take any action with respect to the grant of any
severance or termination pay (otherwise than pursuant to its current severance
or termination pay policies heretofore disclosed to Goldcorp) to, or the
entering into of any employment agreement with, any senior officer or director
of Wheaton or any of its Subsidiaries, or with respect to any increase of
benefits payable under its current severance or termination pay policies;
	 
	 	(e)	 	neither Wheaton nor any of its Subsidiaries shall adopt or
amend or make any contribution to any bonus, profit sharing, option, pension,
retirement, deferred compensation, insurance, incentive compensation, other

 

 

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	 	 	 	compensation or other similar plan, agreement, trust, fund or arrangement
for the benefit of employees, except as is necessary to comply with
applicable law or the terms of any such plan, agreement, trust, fund or
arrangement; and
	 
	 	(f)	 	neither Wheaton nor any of the Wheaton Subsidiaries shall take
any action that (without regard to any action taken or agreed to be taken by
Goldcorp or any of the Goldcorp Subsidiaries) would prevent the Offer and the
Subsequent Acquisition Transaction, considered together as a single integrated
transaction, from qualifying as a reorganization within the meaning of Section
368(a) of the U.S. Tax Code.

6.2      Conduct of Business by Goldcorp. Goldcorp covenants and agrees that, subject to
compliance by the directors of Goldcorp with their fiduciary duties, during the term of this
Agreement, unless Wheaton shall otherwise agree in writing, acting reasonably, or as otherwise
expressly permitted or specifically contemplated by this Agreement or as set forth in the Goldcorp
Disclosure Letter:

	 	(a)	 	the business of Goldcorp and the Goldcorp Subsidiaries will be
conducted only in, and Goldcorp and the Goldcorp Subsidiaries will not take any
action except in, the usual and ordinary course of business and consistent with
past practice, and Goldcorp will use its best efforts to maintain and preserve
its and the Goldcorp Subsidiaries’ business organization, assets, employees and
advantageous business relationships;
	 
	 	(b)	 	except for transactions exclusively between Goldcorp and the
Goldcorp Subsidiaries in the ordinary course of business, Goldcorp will not,
and will not permit any of the Goldcorp Subsidiaries to, directly or
indirectly, do any of the following: (i) amend the charter documents or by-laws
of Goldcorp or any of the Goldcorp Subsidiaries; (ii) declare, set aside or pay
any dividend or other distribution or payment (whether in cash, shares or
property) in respect of its shares owned by any person, except dividends paid
in the ordinary course consistent with past practice; (iii) issue, grant,

 

 

- 51 -

	 	 	 	sell or pledge or agree to issue, grant, sell or pledge any shares of
Goldcorp or the Goldcorp Subsidiaries, or, except for a shareholder rights
plan, securities convertible into or exchangeable or exercisable for, or
otherwise evidencing a right to acquire, shares of Goldcorp or the Goldcorp
Subsidiaries, other than Goldcorp Common Shares issuable upon the exercise
of Goldcorp Options or Goldcorp Warrants granted prior to the date of this
Agreement and Goldcorp Options granted in the ordinary course consistent
with past practice and Goldcorp Common Shares issuable upon the exercise
thereof; (iv) redeem, purchase or otherwise acquire any of the outstanding
Goldcorp Shares or other securities; (v) split, combine or reclassify any of
the Goldcorp Shares; (vi) adopt a plan of liquidation or resolutions
providing for the liquidation, dissolution, merger, consolidation or
reorganization of Goldcorp; or (vii) take any other action that would have a
Material Adverse Effect on Goldcorp;
	 
	 	(c)	 	other than increases disclosed in the Goldcorp Disclosure
Letter or those that do not exceed $1,000,000 in the aggregate, Goldcorp shall
not, and shall not permit any of its Subsidiaries to, grant to any officer or
director an increase in compensation in any form, grant any general salary
increase other than in accordance with the requirements of any existing
collective bargaining or union contracts, make any loan to any officer or
director, or take any action with respect to the grant of any severance or
termination pay (otherwise than pursuant to its current severance or
termination pay policies heretofore disclosed to Wheaton) to, or the entering
into of any employment agreement with, any senior officer or director of
Goldcorp or any of its Subsidiaries, or with respect to any increase of
benefits payable under its current severance or termination pay policies; and
	 
	 	(d)	 	neither Goldcorp nor any of the Goldcorp Subsidiaries shall
take any action that (without regard to any action taken or agreed to be taken
by Wheaton or any of the Wheaton Subsidiaries) would prevent the Offer and

 

 

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	 	 	 	the Subsequent Acquisition Transaction, considered together as a single
integrated transaction, from qualifying as a reorganization within the
meaning of Section 368(a) of the U.S. Tax Code.

7.     ADDITIONAL AGREEMENTS

7.1      Other Filings. Each of Goldcorp and Wheaton has filed, or as promptly as practicable
hereafter, will prepare and file, any filings required under the Securities Laws and the Investment
Laws relating to the Offer and the transactions contemplated by this Agreement. Each of Goldcorp
and Wheaton shall cooperate with each other in the preparation of such filings and shall furnish to
the other all such information concerning it and its Subsidiaries as may be required for such
filings.

7.2      Notice of Material Adverse Change. From the date of this Agreement until the
termination of this Agreement, each of Goldcorp and Wheaton will promptly notify the other, in
writing, upon the occurrence of any Material Adverse Change in respect of itself.

7.3      Additional Agreements. Subject to the terms and conditions herein provided and to
fiduciary obligations under applicable law as advised by legal counsel in writing, each of Goldcorp
and Wheaton will use its best efforts to take, or cause to be taken, all action and to do, or cause
to be done, all things necessary, proper or advisable to consummate and make effective as promptly
as practicable the transactions contemplated by this Agreement, including the Offer and the
transactions contemplated by Article 3, and to cooperate with each other in connection with the
foregoing, including using reasonable commercial efforts to obtain all necessary consents,
approvals and authorizations as are required to be obtained under any applicable law, to defend all
lawsuits or other legal proceedings challenging this Agreement or the consummation of the
transactions contemplated by this Agreement, including the Offer and the transactions contemplated
by Article 3, to cause to be lifted or rescinded any injunction or restraining order or other order
adversely affecting the ability of the parties to consummate the transactions contemplated by this
Agreement, including the Offer and the transactions contemplated by Article 3, and to effect all
necessary registrations and other filings and submissions of information requested by any
governmental department, commission, board, bureau, agency or instrumentality.

 

 

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7.4     Fees and Expenses. All fees, costs and expenses incurred in connection with this
Agreement and the transactions contemplated by this Agreement will be paid by the party incurring
such fees, costs or expenses.

7.5     Access to Information; Confidentiality.

	 	(a)	 	From the date of this Agreement until any termination of this
Agreement, Wheaton will, and will cause its Subsidiaries, directors, officers,
employees and agents to, afford to Goldcorp and to the directors, officers,
employees and agents of Goldcorp reasonable access to Wheaton’s and the Wheaton
Subsidiaries’ officers, employees, agents, properties, books, records and
contracts, and will furnish Goldcorp with all data and information as Goldcorp
may reasonably request, subject to the conditions contained in this Agreement
and the Confidentiality Agreement.
	 
	 	(b)	 	From the date of this Agreement until any termination of this
Agreement, Goldcorp will, and will cause its Subsidiaries, directors, officers,
employees and agents to, afford to Wheaton and to the directors, officers,
employees and agents of Wheaton reasonable access to Goldcorp’s and the
Goldcorp Subsidiaries’ officers, employees, agents, properties, books, records
and contracts, and will furnish Wheaton with all data and information as
Wheaton may reasonably request, subject to the conditions contained in this
Agreement and the Confidentiality Agreement.

7.6     Goldcorp Meeting. As soon practicable after the date of this Agreement, Goldcorp will:

	 	(a)	 	prepare the Goldcorp Circular, the form and content of which
will comply in all material respects with the requirements of the Securities
Laws. Goldcorp will send the Goldcorp Circular to Goldcorp Shareholders by
mail, and will file the Goldcorp Circular and other documents required to be
filed by Goldcorp under the Securities Laws with the applicable securities
regulatory authorities, in accordance with the Securities Laws.

 

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	 	 	 	Prior to the final approval of the Goldcorp Circular by the board of
directors of Goldcorp, Goldcorp shall provide Wheaton with an opportunity to
review and comment on it, recognizing that whether or not such comments are
appropriate will be determined by Goldcorp and its board of directors,
acting reasonably; and
	 
	 	(b)	 	provided that Goldcorp has received all regulatory waivers,
consents and approvals that are necessary to permit Goldcorp to convene the
Goldcorp Meeting, and provided further that Goldcorp is not otherwise
prohibited from convening the Goldcorp Meeting, Goldcorp will convene the
Goldcorp Meeting prior to February 4, 2005.

8.     ACQUISITION PROPOSALS; SUPERIOR PROPOSALS

8.1     Non-Solicitation. Except as permitted under sections 8.2 and 8.5, neither Wheaton nor
Goldcorp will, directly or indirectly:

	 	(a)	 	solicit, initiate, encourage or facilitate (including by way of
furnishing non-public information) any inquiries or proposals regarding any
Acquisition Proposal;
	 
	 	(b)	 	participate in any discussions or negotiations regarding any
Acquisition Proposal;
	 
	 	(c)	 	approve or recommend any Acquisition Proposal; or
	 
	 	(d)	 	accept, support or enter into any agreement, arrangement or
understanding related to any Acquisition Proposal.

Additionally, each of Wheaton and Goldcorp:

	 	(e)	 	will immediately cease and cause to be terminated all existing
discussions or negotiations, directly or indirectly, with any person with
respect to any Acquisition Proposal;

 

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	 	(f)	 	will not, directly or indirectly, waive or vary any terms or
conditions of any confidentiality or non-disclosure or standstill agreement
entered into prior to the date of this Agreement between it and any person
considering any Acquisition Proposal and will immediately request the return
(or the deletion from retrieval systems and data bases or the destruction) of
all information provided by it, directly or indirectly, to any such person;
	 
	 	(g)	 	in the case of Wheaton, will promptly reaffirm its
recommendation that Wheaton Shareholders accept the Offer, after a
determination by the board of directors of Wheaton that any Acquisition
Proposal that has been publicly disclosed is not a Superior Proposal; and
	 
	 	(h)	 	in the case of Goldcorp, will promptly recommend that Goldcorp
Shareholders not accept any Acquisition Proposal that is publicly disclosed,
after a determination by the board of directors of Goldcorp that any such
Acquisition Proposal is not a Superior Proposal (and shall include such
recommendation in any directors’ circular or other document sent to Goldcorp
Shareholders in response to any such Acquisition Proposal).

8.2     Permitted Actions.

	 	(a)	 	Subject to section 8.3, nothing in this Agreement shall prevent
the board of directors of Wheaton or Goldcorp from receiving, considering,
participating in discussions or negotiations and entering into confidentiality
agreements or providing information, in each case pursuant to section 8.5,
regarding a bona fide written Acquisition Proposal that:

	 	(i)	 	did not result from a breach of section 8.1;
and
	 
	 	(ii)	 	the board of directors of Wheaton or Goldcorp,
as applicable, has determined by formal resolution passed in good faith
and acting reasonably after consultation with its financial advisors
and outside legal counsel, is or could reasonably be expected to, if

 

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	 	 	 	consummated in accordance with its terms, result in a transaction
more favourable, from a financial point of view, to the Wheaton
Shareholders or to the Goldcorp Shareholders, as applicable, than the
Offer, but only if and to the extent that the board of directors of
Wheaton or Goldcorp, as applicable, also has determined by formal
resolution, in good faith, acting reasonably, after considering the
opinion of its outside legal counsel, that the failure to take such
action would be inconsistent with the fiduciary duties of the board
of directors of Wheaton or Goldcorp, as applicable (any such
Acquisition Proposal being a “Superior Proposal”).

	 	(b)	 	The board of directors of each of Wheaton and Goldcorp will not
approve, recommend, accept, support or enter into any other agreement,
arrangement or understanding in respect of any Acquisition Proposal, except in
accordance with sections 8.2, 8.3, 8.4, 8.5 and 8.6.
	 
	 	(c)	 	Nothing in this Agreement shall prohibit the board of directors
of Wheaton or Goldcorp from delivering a directors’ circular or
solicitation/recommendation on Schedule 14D-9 as required by the Securities
Laws in response to an unsolicited take-over bid for Wheaton Common Shares or
Goldcorp Common Shares, as applicable, in respect of which it has not breached
its obligations under this Agreement.
	 
	 	(d)	 	Goldcorp represents and warrants that the board of directors of
Goldcorp has determined by formal resolution that the proposed offer for
Goldcorp Common Shares announced by Glamis Gold Ltd. on December 16, 2004 is
not a Superior Proposal and accordingly, the parties agree that such proposal
is not a Superior Proposal for the purposes of this Agreement.

8.3     Notice Concerning Acquisition Proposal. Each of Wheaton and Goldcorp will immediately
notify the other, at first orally and then promptly in writing, of any Acquisition Proposal that
becomes known to it, or any amendment to any Acquisition Proposal, or any request for information
relating to it or any of its Subsidiaries in connection with any Acquisition

 

- 57 -

Proposal or for access to the properties, books or records of it or any of its Subsidiaries by any
person that may be proposing, or has made a proposal for, any Acquisition Proposal. Provided
Goldcorp or Wheaton, as applicable, agrees to such requirements as to the confidentiality to be
afforded in respect of any Acquisition Proposal that the person proposing such Acquisition Proposal
may reasonably request, such notice shall include: (i) a description of the material terms and
conditions of such Acquisition Proposal; (ii) the identity of the person making such Acquisition
Proposal, inquiry or contact; and (iii) such other details of such Acquisition Proposal, inquiry,
contact, discussions or negotiations as Goldcorp or Wheaton, as applicable, may reasonably request.
Each of Wheaton and Goldcorp shall, upon request from the other, provide further notices of the
status (including any change to the material terms) of any such Acquisition Proposal or inquiry or
contact.

8.4     Access to Information. If Wheaton or Goldcorp receives a request for information from
a person that has made a bona fide written Acquisition Proposal that meets the requirements of
subsections 8.2(a)(i) and 8.2(a)(ii), then, and only in that case, Wheaton or Goldcorp, as
applicable, may provide such person with access to information regarding the Wheaton Group of
Companies or the Goldcorp Group of Companies, as applicable (provided that any information in
addition to that which had been previously provided to the other party shall be contemporaneously
provided to the other party); provided that such person has executed a confidentiality agreement
containing terms at least as favourable to Wheaton or Goldcorp, as applicable, as those contained
in the Confidentiality Agreement.

8.5     Proceeding With a Superior Proposal.

	 	(a)	 	Subject to Goldcorp’s rights and Wheaton’s obligations under
section 8.6, Wheaton may accept, approve or recommend or enter into an
agreement, understanding or arrangement to proceed with a Superior Proposal in
respect of which there has been no breach of this Article 8 and withdraw,
modify or change its recommendation concerning the Offer in connection
therewith, but only if:

	 	(i)	 	Wheaton has complied with its obligations under
this Article 8 and has provided Goldcorp with a copy of all
documentation (including

 

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	 	 	 	unexecuted final documentation) relating to the Superior Proposal
(provided Goldcorp agrees to requirements as to the confidentiality
to be afforded in respect of that Superior Proposal that the person
proposing such Superior Proposal may reasonably request);
	 
	 	(ii)	 	a period (the “Response Period”) of five
business days shall have elapsed from the date on which Goldcorp
received written notice from the board of directors of Wheaton that the
board of directors of Wheaton determined, subject only to compliance
with this section 8.5, to accept, approve, recommend or enter into a
binding agreement to proceed with the Superior Proposal; and
	 
	 	(iii)	 	the board of directors of Wheaton has
considered any amendment to the terms of the Offer that increases or
modifies the consideration (or value of the consideration) to be
received by the Wheaton Shareholders proposed by Goldcorp before the
end of the Response Period and determined by formal resolution, in good
faith, acting reasonably after consultation: (x) with its financial
advisors, that the Superior Proposal is more favourable to Wheaton
Shareholders from a financial point of view than the Offer (with the
amendments, if any, proposed by Goldcorp); and (y) with its outside
legal counsel, that the failure to enter into a binding agreement in
respect of the Superior Proposal would be inconsistent with its
fiduciary duties.

	 	(b)	 	Goldcorp may accept, approve or recommend or enter into an
agreement, understanding or arrangement to proceed with a Superior Proposal in
respect of which there has been no breach of this Article 8, but only if:

	 	(i)	 	Goldcorp has complied with its obligations
under this Article 8 and has provided Wheaton with a copy of all
documentation (including unexecuted final documentation) relating to
the Superior Proposal (provided Wheaton agrees to requirements as to
the confidentiality

 

- 59 -

	 	 	 	to be afforded in respect of that Superior Proposal that the person
proposing such Superior Proposal may reasonably request); and

	 	(ii)	 	the board of the directors of Goldcorp has
determined by formal resolution, in good faith, acting reasonably after
consultation: (x) with its financial advisors, that the Superior
Proposal is more favourable to the Goldcorp Shareholders from a
financial point of view than the Offer; and (y) with its outside legal
counsel, that the failure to enter into a binding agreement in respect
of the Superior Proposal would be inconsistent with its fiduciary
duties.

8.6     Response by Goldcorp. During the Response Period, Goldcorp will have the right, but
not the obligation, to offer to amend the terms of the Offer and this Agreement. The board of
directors of Wheaton will review any such proposal by Goldcorp to amend the terms of the Offer and
this Agreement, including, without limitation, an increase in, or modification of, the
consideration to be received by the Wheaton Shareholders (or value of such consideration), in good
faith, acting reasonably in consultation with its financial advisors and outside legal counsel, to
determine whether the Acquisition Proposal to which Goldcorp is responding would be a Superior
Proposal when assessed against the Offer and this Agreement as they are proposed by Goldcorp to be
amended. If the board of directors of Wheaton does not make the determination referred to in
section 8.5(a)(iii), the board of directors of Wheaton will promptly reaffirm its recommendation of
the Offer (as so amended by Goldcorp) as described in section 2.9 and Goldcorp and Wheaton shall
enter into an amending agreement to this Agreement to reflect Goldcorp’s amended Offer.

8.7     Amendment to any Acquisition Proposal. Each successive amendment to any Acquisition
Proposal that results in an increase in, or modification of, the consideration (or value of such
consideration) to be received by the Wheaton Shareholders or the Goldcorp Shareholders, as
applicable, shall constitute a new Acquisition Proposal for the purposes of sections 8.5 and 8.6,
and, in the case of an amendment of an Acquisition Proposal for Wheaton, Goldcorp shall be afforded
a new Response Period in respect of each such Acquisition Proposal.

 

- 60 -

9.     TERM, TERMINATION, AMENDMENT AND WAIVER

9.1     Term. This Agreement shall be effective from the date of this Agreement until it has
been terminated in accordance with this Article 9.

9.2     Termination. This Agreement may be terminated, by written notice promptly given to the
other party to this Agreement, at any time prior to the time the Offeror first takes up and pays
for Wheaton Common Shares under the Offer:

	 	(a)	 	by either Goldcorp or Wheaton, if the Offeror shall not have
taken up and paid for Wheaton Common Shares under the Offer on or before the
Expiry Date, or Goldcorp or Wheaton, as applicable, shall have concluded,
acting reasonably, that a condition to the Offer is not capable of satisfaction
on or before the Expiry Date (excluding where this Agreement may be terminated
pursuant to subsection 9.2(i)), unless the reason for the Offeror not so taking
up and paying for the Wheaton Common Shares or for the relevant condition not
being capable of satisfaction is due to the failure of the party seeking to
terminate this Agreement to perform any of the obligations under this Agreement
required to be performed by such party; or
	 
	 	(b)	 	by Goldcorp, if the Offer terminates or expires at the Expiry
Time without the Offeror taking up and paying for any Wheaton Common Shares due
to the non-satisfaction of any condition set forth in the Offer that has not
been waived, other than as a result of Goldcorp’s failure to perform any of its
obligations under this Agreement; or
	 
	 	(c)	 	by either Goldcorp or Wheaton, if the board of directors of
Wheaton, pursuant to section 8.5, shall withdraw, modify or change its
recommendation concerning the Offer; or
	 
	 	(d)	 	by Goldcorp, if the board of directors of Wheaton approves,
recommends or accepts, or enters into any agreement, undertaking or arrangement
in respect of, an Acquisition Proposal; or

 

- 61 -

	 	(e)	 	by either Goldcorp or Wheaton, if the board of directors of
Goldcorp, pursuant to section 8.5, determines to accept, approve, recommend or
enter into an agreement, understanding or arrangement to proceed with a
Superior Proposal; or
	 
	 	(f)	 	by Wheaton, if the board of directors of Goldcorp approves,
recommends or accepts, or enters into any agreement, undertaking or arrangement
in respect of, an Acquisition Proposal; or
	 
	 	(g)	 	by either Goldcorp or Wheaton, if the other such party shall
not have complied or cannot comply in all material respects with such other
party’s covenants and obligations under this Agreement to be complied with at
or prior to the Expiry Time, or if any of the representations and warranties of
such other party under this Agreement are not true and correct in all respects,
in the case of representations and warranties qualified by materiality, and in
all material respects in the case of all other representations and warranties;
or
	 
	 	(h)	 	by Wheaton, if there shall have occurred after the date hereof
any Material Adverse Change of Goldcorp; or
	 
	 	(i)	 	by either Goldcorp or Wheaton, if the Goldcorp Shareholders do
not approve the Goldcorp Share Issuance by a simple majority of the votes cast
by the Goldcorp Shareholders, present in person or represented by proxy, at the
Goldcorp Meeting; or
	 
	 	(j)	 	by either Goldcorp or Wheaton, if an Acquisition Proposal in
respect of the other party is completed.

9.3     Termination Fee.

	 	(a)	 	Wheaton shall forthwith pay to Goldcorp a termination fee of
$35 million if any of the following events shall occur:

 

- 62 -

	 	(i)	 	termination of this Agreement pursuant to
subsections 9.2(c) or 9.2(d); or
	 
	 	(ii)	 	the board of directors of Wheaton fails to
reaffirm its recommendation of the Offer by press release within a
reasonable time after the public announcement or commencement of any
Acquisition Proposal; or
	 
	 	(iii)	 	on or after December 5, 2004 and prior to the
Expiry Time, an Acquisition Proposal in respect of Wheaton is publicly
announced or any person has publicly announced an intention to make
such Acquisition Proposal, and such Acquisition Proposal either has
been accepted or has not expired, been withdrawn or been publicly
abandoned, and (A) the Offer is not completed as a result of the
Minimum Tender Condition not having been met, and (B) such Acquisition
Proposal is completed on or prior to September 30, 2005.

	 	(b)	 	Goldcorp shall forthwith pay to Wheaton a termination fee of
$35 million if any of the following events shall occur:

	 	(i)	 	termination of this Agreement pursuant to
subsections 9.2(e), 9.2(f) or 9.2(i); or
	 
	 	(ii)	 	on or after December 5, 2004 and prior to the
Expiry Time, an Acquisition Proposal in respect of Goldcorp is publicly
announced or any person has publicly announced an intention to make
such Acquisition Proposal, and such Acquisition Proposal either has
been accepted or has not expired, been withdrawn or been publicly
abandoned, and (A) the Offer is not commenced or completed, and (B)
such Acquisition Proposal is completed on or prior to September 30,
2005.

 

- 63 -

	 	(c)	 	In the event this Agreement is terminated pursuant to
subsection 9.2(g), and at the time of termination the terminating party has
complied in all material respects with its covenants and obligations under this
Agreement and the representations and warranties given by the terminating party
under this Agreement are true and correct, in the case of representations and
warranties qualified by materiality, and true and correct in all material
respects, in the case of all other representations and warranties, the other
party will forthwith pay to the terminating party a termination fee of $35
million.
	 
	 	(d)	 	No party shall be obligated to make more than one payment
pursuant to this section 9.3.

9.4     Effect of Termination. If this Agreement is terminated as provided in this Article 9:
(i) this Agreement shall forthwith become void and there shall be no liability on the part of
Goldcorp or Wheaton under this Agreement, except as set forth in section 9.3; and (ii) if such
termination by Goldcorp occurs prior to the purchase by the Offeror of Wheaton Common Shares
pursuant to the Offer, the Offer shall be terminated without any Wheaton Common Shares being so
purchased. The parties each acknowledge that the payment amount set out in section 9.3 is a
payment of liquidated damages which are a genuine pre-estimate of the damages the other party will
suffer or incur as a result of such termination, and are not penalties.

9.5     Amendment. This Agreement may be amended only by mutual agreement between Goldcorp and
Wheaton set forth in a written instrument signed on behalf of each of the parties.

9.6     Waiver. Either Goldcorp or Wheaton may, in a written instrument signed by the
appropriate party: (i) extend the time for the performance of any of the obligations or other acts
of the other party; (ii) waive compliance with any of the other party’s agreements or the
fulfillment of any conditions to its own obligations contained in this Agreement; or (iii) waive
inaccuracies in any of the other party’s representations or warranties contained in this Agreement
or in any document delivered by such other party.

 

- 64 -

10.     GENERAL PROVISIONS

10.1      Notices. All notices and other communications given or made pursuant hereto shall be
in writing and shall be deemed to have been duly given or made as of the date delivered or sent if
delivered personally or sent by facsimile transmission or sent by prepaid overnight courier to the
parties at the following addresses (or at such other addresses as shall be specified by either
party by notice to the other party); provided that notice to the respective legal counsel of
Goldcorp and Wheaton set out below shall not constitute notice from one party to the other party
under this Agreement:

	 	(a)	 	if to Goldcorp:
	 
	 	 	 	145 King Street West

Suite 2700

Toronto, Ontario

M5H 1J8
	 
	 	 	 	Attention:          Robert McEwen and Gregory Laing
	 
	 	 	 	Facsimile:          (416) 361-6403 / (416) 865-3234
	 
	 	 	 	with a copy to:
	 
	 	 	 	Fraser Milner Casgrain LLP

Suite 3900, One First Canadian Place

100 King Street West

Toronto, Ontario

M5X 1B2
	 
	 	 	 	Attention:          Michael Melanson and Leslie Johnson
	 
	 	 	 	Facsimile:          (416) 863-4592
	 
	 	(b)	 	if to Wheaton:
	 
	 	 	 	200 Burrard Street

Suite 1560

Vancouver, B.C.

V6C 3L6
	 
	 	 	 	Attention:          Ian Telfer and Peter Barnes
	 
	 	 	 	Facsimile:          (604) 696-3001

 

 

- 65 -

	 	 	 	with a copy to:
	 
	 	 	 	Davies Ward Phillips &Vineberg LLP

44th Floor

1 First Canadian Place

Toronto, Ontario

M5X 1B1
	 
	 	 	 	Attention:          William Gula and Vincent Mercier
	 
	 	 	 	Facsimile:          (416) 863-0871

10.2      Miscellaneous. This Agreement: (i) constitutes, together with the Confidentiality
Agreement, the entire agreement and supersedes all other prior agreements and understandings, both
written and oral, among the parties, or any of them, with respect to the subject matter of this
Agreement; (ii) shall be binding upon and enure to the benefit of the parties hereto and their
respective successors and assigns and is not intended to confer upon any other person any rights or
remedies under this Agreement; and (iii) may be executed in two or more counterparts, which,
together, shall constitute a single agreement. The parties hereto shall be entitled to rely upon
delivery of an executed facsimile copy of this Agreement, and such facsimile copy shall be legally
effective to create a valid and binding agreement among the parties hereto. The parties hereto
agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent
breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement
in any court of the Province of Ontario having jurisdiction, this being in addition to any other
remedy to which the parties are entitled at law or in equity.

10.3      Publicity. So long as this Agreement is in effect, each of Goldcorp and Wheaton
promptly shall advise, consult, cooperate and obtain written consent from the other party prior to
issuing, or permitting any of its subsidiaries, directors, officers, employees or agents to issue,
any press release or other statement to the media or any third party with respect to this Agreement
or the transactions contemplated by this Agreement.

 

 

- 66 -

10.4      Assignment. Except as expressly permitted by the terms of this Agreement, neither
this Agreement nor any of the rights, interests or obligations under this Agreement shall be
assigned by either of the parties hereto without the prior written consent of the other party.

            IN WITNESS WHEREOF Goldcorp and Wheaton have caused this Agreement to be executed as of the
date first written above by their respective officers thereunto duly authorized.

	 	 	 	 	 
	 	GOLDCORP INC.

 	 
	 	By:  	/s/
Robert McEwen
 	 
	 	 	 	 
	 	 	 	 
	 
	 	WHEATON RIVER MINERALS LTD.

 	 
	 	By:  	/s/
Ian Telfer
 	 
	 	 	 	 
	 	 	 	 

 

 

	 	 	 	 	 

SCHEDULE A

CONDITIONS OF THE OFFER

Goldcorp may withdraw the Offer (in which event the Offeror shall not be required to take up or pay
for any Wheaton Common Shares deposited under the Offer) or extend the period of time during which
the Offer is open (in which event, the Offeror may postpone taking up and paying for any Wheaton
Common Shares deposited under the Offer), unless each of the following conditions has been
satisfied in Goldcorp’s reasonable judgment, or has been waived by Goldcorp in its sole discretion,
at or prior to the Expiry Time:

	 	(a)	 	there shall have been properly deposited under the Offer and not withdrawn at
the Expiry Time at least 662⁄3% of the Wheaton Common Shares outstanding at the time
Wheaton Common Shares are taken up under the Offer (the “Minimum Tender Condition”);
	 
	 	(b)	 	the Goldcorp Share Issuance is approved by a majority of votes cast by the
Goldcorp Shareholders, present in person or represented by proxy at the Goldcorp
Meeting;
	 
	 	(c)	 	the board of directors of Wheaton shall have unanimously recommended that
Wheaton Shareholders tender their Wheaton Common Shares to the Offer, and not withdrawn
such recommendation;
	 
	 	(d)	 	the Acquisition Agreement shall not have been terminated by Wheaton or by
Goldcorp in accordance with its terms;
	 
	 	(e)	 	all necessary orders, authorizations or consents shall have been obtained under
the Securities Laws in respect of the issuance of the Goldcorp Common Shares pursuant
to the Offer and a registration statement relating to such Goldcorp Common Shares to be
issued pursuant to the Offer shall have become effective under the 1933 Act and no stop
order relating to such registration statement shall be in effect;

 

 

	 	(f)	 	Goldcorp shall have received waivers relating to any change of control
provisions in any note, bond, mortgage, indenture, license, lease, contract, agreement
or other instrument or obligation to which Wheaton or any of its Subsidiaries is a
party or by which any of them or any of their properties or assets may be bound, except
such waivers, the absence of which, would not, in the aggregate, have a Material
Adverse Effect on Wheaton and its Subsidiaries, on a consolidated basis;
	 
	 	(g)	 	there shall not be in effect as of the Expiry Time, as it may be extended, any
temporary restraining order, preliminary or permanent injunction, statute, rule,
regulation, order or decree enacted, entered, promulgated, issued or enforced by any
court, administrative agency or commission or other governmental authority or
instrumentality which challenges, prohibits, restricts or makes illegal the
consummation of any or all of the Offer or the Subsequent Acquisition Transaction;
	 
	 	(h)	 	there shall not be pending or threatened any suit, action or proceeding by any
court, administrative agency or commission or other governmental authority or
instrumentality: (i) seeking to restrain or prohibit the completion of the Offer or
seeking to obtain from Goldcorp or Wheaton or their respective Subsidiaries any damages
that are material in relation to Wheaton and Goldcorp and their Subsidiaries,
considered as a whole; (ii) seeking to prohibit or limit the ownership, control or
operation by Goldcorp or any of the Goldcorp Subsidiaries of any portion of the
business or assets of Wheaton or Goldcorp or any of their respective Subsidiaries that
is material in relation to Wheaton and Goldcorp and their Subsidiaries, considered as a
whole, or to compel Wheaton or Goldcorp or any of their respective Subsidiaries to
dispose of or hold separate any portion of the business or assets of Wheaton or
Goldcorp or any of their respective Subsidiaries that is material in relation to
Wheaton and Goldcorp and their Subsidiaries, considered as a whole; or (iii) which
otherwise is reasonably likely to have a Material Adverse Effect on Goldcorp and
Wheaton and their Subsidiaries, considered as a whole;

 

 

	 	(i)	 	there shall not have occurred after the date of the Offer any Material Adverse
Change of Wheaton; and
	 
	 	(j)	 	Goldcorp shall have obtained or received all approvals, consents or
confirmations sought by Goldcorp or required to be obtained or received by Goldcorp,
from any administrative agency or commission or other governmental authority or
instrumentality in connection with the Offer under the Foreign Acquisition and
Takeovers Act 1975 (Cth) (Australia) and in Brazil, Argentina and Mexico; and the
Commissioner of Competition shall have issued an advance ruling certificate pursuant to
Section 102 of the Competition Act (Canada) or, alternatively, any applicable waiting
period related to merger pre-notification under Part IX of the Competition Act (Canada)
shall have expired and the Commissioner shall have advised (which advice will not have
been rescinded or amended), to the satisfaction of Goldcorp, in its reasonable
judgment, that the Commissioner does not intend to oppose the acquisition contemplated
by the Offer if such advice is considered by Goldcorp, in its reasonable judgment, to
be desirable;

The conditions listed above are for the exclusive benefit of Goldcorp, and Goldcorp may assert them
regardless of the circumstances giving rise to any of the conditions. Unless precluded from doing
so by applicable law, Goldcorp may, in its sole discretion, waive any of these conditions in whole
or in part, other than the Minimum Tender Condition. The Minimum Tender Condition may only be
waived by Goldcorp with the written consent of Wheaton. The determination as to whether any
condition has been satisfied shall be in Goldcorp’s reasonable judgment and will be final and
binding on all parties. The failure by Goldcorp at any time to exercise any of the foregoing
rights shall not be deemed a waiver of any right and each right shall be deemed a continuing right
that may be asserted at any time and from time to time until immediately following the Expiry Time
and, as to conditions involving receipt of necessary government approvals, thereafter. The
conditions listed above shall be conclusively deemed to have been satisfied or waived upon the
taking up by the Offeror of any Wheaton Common Shares pursuant to the Offer.

 

 

Goldcorp reserves the right to terminate the Offer on or prior to the Expiry Time if any condition
to the Offer remains unsatisfied or has not been waived.

 

 

SCHEDULE B

GOLDCORP SUBSIDIARIES AND

GOLDCORP SIGNIFICANT INTEREST COMPANIES

Goldcorp Subsidiaries

	 	 	 	 	 	 	 
	 	 	Jurisdiction of	 	Percentage of
	Subsidiary
	 	Incorporation
	 	Securities Held

	Wharf Resources Ltd.

	 	Ontario
	 	 	100%	 
	Wharf Resources (U.S.A.), Inc.

	 	Colorado
	 	 	100%	 
	Wharf Resources Management Inc.

	 	Delaware
	 	 	100%	 
	Wharf Reward Mines Inc.

	 	Delaware
	 	 	100%	 
	1016203 Alberta Inc.

	 	Alberta
	 	 	100%	 
	3984923 Canada Inc.

	 	Ontario
	 	 	100%	 
	Kenwest Mines Ltd.

	 	Ontario
	 	 	60%	 
	1227905 Ontario Inc.

	 	Ontario
	 	 	100%	 
	1227904 Ontario Inc.

	 	Ontario
	 	 	100%	 
	1211539 Ontario Inc.

	 	Ontario
	 	 	100%	 
	Goldcorp Acquisitions Inc.

	 	Ontario
	 	 	100%	 
	CSA Management Enterprises Ltd.

	 	Ontario
	 	 	100%	 
	912413 Ontario Inc.

	 	Ontario
	 	 	100%	 
	MacPass Resources

	 	Ontario
	 	 	62.213%	 
	Lexam Exploration Corp. of America Inc.

	 	Ontario
	 	 	100%	 

 

 

	 	 	 	 	 	 	 
	 	 	Jurisdiction of	 	Percentage of
	Subsidiary
	 	Incorporation
	 	Securities Held

	Wharf Gold Mines

	 	Delaware
	 	 	99%	 
	Wharf Resources Mine Division

	 	Delaware
	 	 	100%	 
	Golden Reward Mining Company Limited

	 	Ontario
	 	 	100%	 

 

Goldcorp Significant Interest Companies

	 	 	 	 	 	 	 
	 	 	Jurisdiction of	 	Percentage of
	Company
	 	Incorporation
	 	Securities Held

	Lexam Explorations Ltd.

	 	Ontario
	 	 	49.8%	 

 

 

SCHEDULE C

WHEATON SUBSIDIARIES AND

WHEATON SIGNIFICANT INTEREST COMPANIES

Wheaton Subsidiaries

	 	 	 	 	 	 	 
	 	 	Jurisdiction of	 	Percentage of
	Subsidiary
	 	Incorporation
	 	Securities Held

	Silver Wheaton (Caymans) Ltd.

	 	Cayman Islands
	 	 	64%	 
	Wheaton Trading (Caymans) Ltd.

	 	Cayman Islands
	 	 	100%	 
	Silver Wheaton Corp.

	 	Canada
	 	 	64%	 
	Wheaton Minerals Asia Pacific Pty Ltd.

	 	State of Victoria, Australia
	 	 	100%	 
	Peak Gold Mines Pty Ltd.

	 	State of Victoria, Australia
	 	 	100%	 
	Musto Explorations (Bermuda) Ltd.

	 	Bermuda
	 	 	75%	 
	Luismin, S.A. de C.V.

	 	Mexico
	 	 	99.99%	 
	Servicios Administrativos Luismin,
S.A. de C.V.

	 	Mexico
	 	 	99.99%	 
	Compania Minera Pena de Bernal, S.A.
de C.V.

	 	Mexico
	 	 	99.99%	 
	Minas de San Luis, S.A. de C.V.

	 	Mexico
	 	 	99.99%	 
	Compania Minera Dos Estrellas 77,
S.A. de C.V.

	 	Mexico
	 	 	99.99%	 
	Minera Nordica S.A. de C.V.

	 	Mexico
	 	 	60%	 
	Compania Minera Astumex, S.A. de C.V.

	 	Mexico
	 	 	99.99%	 
	Minera Urique, S.A. de C.V.

	 	Mexico
	 	 	99.99%	 
	Compania Minera Thesalia, S.A. de C.V.

	 	Mexico
	 	 	99.99%	 

 

 

	 	 	 	 	 	 	 
	 	 	Jurisdiction of	 	Percentage of
	Subsidiary
	 	Incorporation
	 	Securities Held

	Aerolinas Holdings S.A. de C.V.

	 	Mexico
	 	 	99.99%	 
	Transportes Aeros Terrestres, S.A. de
C.V.

	 	Mexico
	 	 	99.99%	 
	Servicios Administrativos Los Filos,
S.A. de C.V.

	 	Mexico
	 	 	99.99%	 
	Compania Minera Nukay

	 	Mexico
	 	 	99.9%	 
	Minera Norte de Durango S.A. de C.V.

	 	Mexico
	 	 	99.9%	 
	Administradera de Negocias Mineras,
S.A. de C.V.

	 	Mexico
	 	 	99.9%	 
	ESB 119 Administração e
Participacoes Ltda.

	 	Brazil
	 	 	99.99%	 
	Wheaton Gold do Brasil Ltda.

	 	Brazil
	 	 	99.99%	 
	Mineração Pedra Branca do Amapari
Ltda.

	 	Brazil
	 	 	99.9%	 
	Mineração Serra da Canga Ltda.

	 	Brazil
	 	 	70%	 
	Marina Norte Empreedimentos de Mineracão S.A.

	 	Brazil
	 	 	70%	 
	Wheaton River Nunavut Ltd.

	 	Alberta
	 	 	100%	 
	175595 Canada Inc.

	 	Canada
	 	 	100%	 
	North American Metals Corp.

	 	British Columbia
	 	 	100%	 
	Wheaton River (Cayman Islands) Ltd.

	 	Cayman Islands
	 	 	100%	 
	Wheaton River Canada Pampas Ltd.

	 	Ontario
	 	 	100%	 
	Wheaton River Cayman Pampas Ltd.

	 	Cayman Islands
	 	 	100%	 
	Wheaton River (Alumbrera) Ltd.

	 	Ontario
	 	 	100%	 
	Wheaton River Minerals (Sweden) AB

	 	Sweden
	 	 	100%	 

 

 

Wheaton Significant Interest Companies

	 	 	 	 	 	 	 
	 	 	Jurisdiction of	 	Percentage of
	Company
	 	Incorporation
	 	Securities Held

	Minera Alumbrera Limited

	 	Antigua
	 	 	37.5%	 
	Cayman Pampas Ltd.

	 	Cayman Islands
	 	 	50%	 
	Canada Pampas Ltd.

	 	Ontario
	 	 	50%	 
	Minera Media Luna S.A. de C.V.

	 	Mexico
	 	14% (7.2%
participating)

 

 

SCHEDULE D

DESCRIPTION OF GOLDCORP OPTIONS

	 	 	 	 	 	 	 	 	 
	Number
	 	Exercise Price
	 	Date Granted *
	 	Expiry Date

	29,800

	 	 	$6.625	 	 	October 2, 1996
	 	October 2, 2006
	21,200

	 	 	$4.40	 	 	September 5, 1997
	 	September 5, 2007
	80,000

	 	 	$3.675	 	 	May 28, 1998
	 	May 28, 2008
	90,000

	 	 	$3.90	 	 	December 15, 1998
	 	December 15, 2008
	122,550

	 	 	$2.05	 	 	December 22, 1998
	 	December 22, 2008
	191,808

	 	 	$3.25	 	 	March 6, 2000
	 	March 6, 2010
	39,000

	 	 	$4.975	 	 	August 9, 2000
	 	August 9, 2010
	10,334

	 	 	$4.625	 	 	November 7, 2000
	 	November 7, 2010
	1,800

	 	 	$5.00	 	 	March 6, 2001
	 	March 6, 2011
	6,500

	 	 	$6.175	 	 	April 24, 2001
	 	April 24, 2011
	5,000

	 	 	$.6275	 	 	May 8, 2001
	 	May 8, 2011
	5,500

	 	 	$8.475	 	 	December 11, 2001
	 	December 11, 2011
	1,702,400

	 	 	$12.55	 	 	February 12, 2002
	 	February 12, 2012
	32,500

	 	 	$12.715	 	 	March 5, 2002
	 	March 5, 2012
	10,000

	 	 	$13.30	 	 	April 8, 2002
	 	April 8, 2012
	666,667

	 	 	$11.40	 	 	July 29, 2002
	 	July 29, 2012

 

 

	 	 	 	 	 	 	 	 	 
	Number
	 	Exercise Price
	 	Date Granted *
	 	Expiry Date

	5,000

	 	$	16.75	 	 	September 4, 2002
	 	September 4, 2012
	5,000

	 	$	15.98	 	 	June 3, 2003
	 	June 3, 2013
	1,678,870

	 	$	17.50	 	 	August 19, 2003
	 	August 19, 2013
	25,000

	 	$	19.12	 	 	October 2, 2003
	 	October 2, 2013
	5,000

	 	$	10.06	 	 	October 8, 2003
	 	October 8, 2013
	75,000

	 	$	19.46	 	 	October 16, 2003
	 	October 16, 2013
	12,500

	 	$	23.80	 	 	December 2, 2003
	 	December 2, 2013
	5,000

	 	$	18.50	 	 	April 6, 2004
	 	April 6, 2014
	5,000

	 	$	17.78	 	 	April 20, 2004
	 	April 20, 2014
	5,000

	 	$	16.42	 	 	September 2004
	 	September 20, 2014
	1,303,050

	 	$	16.87	 	 	September 23, 2004
	 	September 23, 2014
	5,000

	 	$	17.15	 	 	December 6, 2004
	 	December 6, 2014

• Options vest 1/3 after 1st anniversary of grant date; 1/3 after 2nd
anniversary of grant date and 1/3 after 3rd anniversary of grant date.

 

 

SCHEDULE E

DESCRIPTION OF WHEATON OPTIONS

	 	 	 	 	 	 	 	 	 
	Number
	 	Exercise Price
	 	Vesting Date
	 	Expiry Date

	970,000

	 	$	0.57	 	 	May 23, 2001
	 	May 23, 2006
	1,338,997

	 	$	1.16	 	 	1/3 July 5, 2002
	 	June 19, 2007
	 
	 	 	 	 	 	1/3 July 5, 2003
	 	 
	 
	 	 	 	 	 	1/3 July 5, 2004
	 	 
	57,000

	 	$	1.15	 	 	October 1, 2002
	 	October 1, 2007
	2,360,000

	 	$	1.40	 	 	February 27, 2003
	 	February 27, 2006
	5,945,500

	 	$	1.60	 	 	June 13, 2003
	 	June 13, 2008
	140,000

	 	$	1.92	 	 	August 18, 2003
	 	August 18, 2008
	8,690,000

	 	$	3.25	 	 	November 17, 2003
	 	November 17, 2008
	675,000

	 	$	3.70	 	 	February 10, 2004
	 	February 10, 2009
	150,000

	 	$	3.92	 	 	March 16, 2004
	 	March 16, 2008
	80,000

	 	$	3.88	 	 	June 23, 2004
	 	June 23, 2009
	250,000

	 	$	3.83	 	 	September 29, 2004
	 	September 29, 2009
	275,000

	 	$	3.75	 	 	December 3, 2004
	 	December 3, 2009

The total number of Wheaton Common Shares available under the Wheaton Share Option Plan for the
grant of options in future is 627,566.

 

 

SCHEDULE F

LIST OF GOLDCORP PRINCIPAL PROPERTIES

As of the date of the Acquisition Agreement to which this Schedule F is attached, Goldcorp has
interests in the following principal mining properties:

	(i)	 	Red Lake Mine in Ontario, Canada;
	 
	(ii)	 	Wharf Mine in South Dakota, United States under title to, or leases held by Wharf Resources
(U.S.A.), Inc., which is 100% owned by Wharf Resources Ltd.; and
	 
	(iii)	 	Saskatchewan Minerals in Saskatchewan, Canada.

 

 

SCHEDULE G

LIST OF WHEATON PRINCIPAL PROPERTIES

As of the date of the Acquisition Agreement to which this Schedule G is attached, Wheaton has
interests in the following principal mining properties:

	(i)	 	Bajo de la Alumbrera in Catamarca, Argentina under lease to Minera Alumbrera Limited;
	 
	(ii)	 	The Tayolita Mine, Santa Rita Mine and San Antonio Mine located in the San Dimas District,
Durango and Sinaloa States, Mexico each owned by Minas de San Luis, S.A. de C.V. and the San
Martin Mine in the State of Querétaro, Mexico owned by Compania Minera Pena de Bernal, S.A. de
C.V.;
	 
	(iii)	 	Peak Mine in New South Wales, Australia owned by Peak Gold Mines Pty Ltd.;
	 
	(iv)	 	Los Filos Project in Nukay District, Mexico owned by Minas de San Luis, S.A. de C.V.; and
	 
	(v)	 	Amapari Project in Amapari and certain border regions of Brazil owned by Mineracao Pedra
Bronco do Amapari Ltda. and Mineracao Serra de Canga Ltda.

 

 

SCHEDULE H

LIST OF GOLDCORP OFFICERS

	 	 	 
	Name
	 	Position

	Robert R. McEwen

	 	Chief Executive Officer
	John A. Begeman

	 	Vice-President, Western Operations
	Brad Boland

	 	Vice-President, Finance
	Gilles Filion

	 	Vice-President, Exploration
	Michael Hoffman

	 	Vice-President, Projects
	R. Gregory Laing

	 	Vice-President, Legal
	Perry Y. Ing

	 	Corporate Controller

 

 

SCHEDULE I

LIST OF WHEATON OFFICERS

	 	 	 
	Name
	 	Position

	Ian W. Telfer

	 	Chief Executive Officer
	Eduardo Luna

	 	Executive Vice-President
	Peter Barnes

	 	Executive Vice-President and Chief Financial Officer
	Russel Barwick

	 	Executive Vice-President and Chief Operating Officer
	Paul M. Stein

	 	Secretary

 

 

LIST OF WHEATON SIGNIFICANT INTEREST COMPANY OFFICERS

	 	 	 
	Name
	 	Position

	Bill Koutsouras

	 	Director and Secretary — Cayman Pampas Ltd.
	Wayne McManus

	 	Director and Assistant Secretary — Cayman
Pampas Ltd.
	Randy Smallwood

	 	Member — Minera Media Luna S.A. de C.V.
	Frederico Villasenor Buchanan

	 	Member — Minera Media Luna S.A. de C.V.exv4w16

 

December 5, 2004

 

Wheaton River Minerals Ltd.

Waterfront Centre

Suite 1560 – 200 Burrard Street

Vancouver, BC

V6C 3L6

Attention:     Mr. Ian Telfer

Re:     Mutual Review

In connection with our mutual interest to consider a possible business combination (the
“Transaction”) involving Goldcorp Inc. (“Goldcorp”) and Wheaton River Minerals Ltd. (“Wheaton
River”), each party has requested certain information from the other. To assist in our respective
consideration of the Transaction, each party has agreed to provide certain information relating to
them which is one or more of non-public, confidential or proprietary in nature.

Each party represents and warrants that it is acting as principal in connection with the
Transaction and has requested, among other things, certain information concerning the other. As a
condition to each party (in such capacity, the “Provider”) furnishing such information to the other
(in such capacity together with its affiliates (as defined in the Securities Act (Ontario)), the
“Recipient”), each party agrees with the other as follows:

	1.	 	Confidential Information: Each Recipient agrees that all information with respect to
the Provider and its business furnished to the Recipient and all documents prepared by the
Recipient or any of its representatives or agents containing or based upon, in whole or in
part, any such information (collectively referred to as the “Evaluation Material”) is
confidential and proprietary to the Provider and will be used by the Recipient and its
directors, officers, employees, representatives and agents (collectively referred to as
“Agents” and individually as an “Agent”) only for the purpose of considering the Transaction,
and that such Evaluation Material will remain the exclusive property of the Provider and will
be kept confidential by the Recipient and its Agents.
	 
	 	 	Each Recipient shall immediately return all Evaluation Material to the Provider and shall
delete all Evaluation Material from any computer, word processor, disk or similar device
upon receipt of a written request to do so from the Provider. If a Recipient determines that
it does not wish to enter into a Transaction, the Recipient will promptly advise the
Provider.
	 
	2.	 	Securities Laws: Each Recipient shall be responsible for any unauthorized use or
disclosure of any Evaluation Material by its Agents and the Provider will not be required to
first assert a claim against any of such persons as a condition of seeking or obtaining a
remedy against the Recipient. In the event that the Recipient or anyone to whom the Recipient
transmits Evaluation Material becomes legally compelled to disclose any of the

 

 

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	 	 	Evaluation Material, the Recipient will provide the Provider with prompt written notice so
that the Provider may seek a protective order or other appropriate remedy and/or waive
compliance with the provisions of this agreement. In the event that such protective order or
other remedy is not obtained, or the Provider waives compliance with the provisions of this
agreement, the Recipient or its Agent, as the case may be, will furnish only that portion of
the Evaluation Material that is legally required and the Recipient will exercise its
commercially reasonable efforts to obtain reliable assurance that confidential treatment
will be accorded such Evaluation Material.
	 
	3.	 	Termination: This agreement shall terminate eighteen months from the date of this
agreement and shall otherwise terminate or be inoperative as to information comprising part of
the Evaluation Material only if such information:

	 	(a)	 	becomes generally available to the public other than as a result of disclosure
by the Recipient or its Agent;
	 
	 	(b)	 	is generally known at the time of the disclosure of such information by the
Provider to the Recipient or later becomes generally known, in either case other than
as a result of disclosure in violation of the terms of this agreement by the Recipient
or its Agent after the date hereof;
	 
	 	(c)	 	was developed by the Recipient independent of any disclosure by the Provider or
was available to the Recipient on a non-confidential basis prior to its disclosure to
the Recipient by the Provider;
	 
	 	(d)	 	becomes available to the Recipient on a non-confidential basis from a person
other than the Provider provided that the Recipient and that person are not in
violation of a confidentiality obligation owed to the Provider of which the Recipient
is aware; or
	 
	 	(e)	 	is required to be disclosed by applicable law, provided the Recipient gives the
Provider notice as soon as practical of such requirement so that the Provider can seek
a protective order or other protection against disclosure, with respect to which the
Recipient will use its commercially reasonable efforts to assist the Provider, provided
always that nothing in this agreement shall prevent the Recipient from good faith
compliance with its disclosure obligations under applicable securities law.

	4.	 	No Representation: The Provider makes no representation or warranty as to title to or
ownership of any of its properties or to the accuracy or completeness of any Evaluation
Material furnished to the Recipient and has no obligation to revise or update any Evaluation
Material previously provided to the Recipient. The Recipient agrees that neither the Provider
nor any of its Agents shall have any liability to the Recipient or any of its Agents resulting
from the use, in accordance with the provisions of this agreement, of the Evaluation Material
by the Recipient or any of its Agents.
	 
	5.	 	Standstill: Each party agrees that it will not, without the prior written consent of
the other party, for a period of eighteen months from the date of this agreement:

 

 

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	 	(a)	 	acquire or agree to acquire, or make any proposal or offer to acquire, directly
or indirectly or in any manner whatsoever, any securities of the other party or any of
its affiliates;
	 
	 	(b)	 	solicit proxies from, or otherwise attempt to influence the conduct of, holders
of securities of the other party or any of its affiliates, or initiate any shareholder
proposal in respect of the other party or any of its affiliates;
	 
	 	(c)	 	in any manner directly or indirectly seek to control or influence the board of
the directors, management or policies of the other party or any of its affiliates;
	 
	 	(d)	 	engage in any discussions or negotiations, conclude any understandings or enter
into any agreement, or otherwise act jointly or act in concert, with any third party to
propose or effect any take-over bid, amalgamation, merger, arrangement or other
business combination with respect to the other party or any of its affiliates or to
propose or effect any acquisition or purchase of any assets of the other party or any
of its affiliates;
	 
	 	(e)	 	make any public or private disclosure of any consideration, intention, plan or
arrangement in connection with any of the foregoing; or
	 
	 	(f)	 	advise, assist or encourage any other person in connection with any of the
foregoing, including without limitation by providing financing for such purpose.

	6.	 	Employee Non-Solicitation: Each party agrees that for a period of eighteen months
following the date of this agreement, it will not, without the written consent of the other
party, solicit, either directly or through an Agent, any of the Relevant Employees (as defined
below) of the other party to accept employment with it or any of its affiliates, unless the
employment of the Relevant Employee has been terminated prior to the commencement of
employment discussions with such Relevant Employee. “Relevant Employees” of a party means all
employees of the other party (i) who are involved with, or whose responsibilities relate in
whole or in part, to the Transaction, including the due diligence investigations being
completed in connection therewith, or (ii) with whom such first party or its affiliates may
come into contact, or receive information about, in the course of collecting or reviewing
Evaluation Material or in considering and negotiating or completing the Transaction or any
other transaction. The prohibition contained in this paragraph 6 shall not extend to general
solicitations of employment not specifically directed towards employees of the other party,
including through the use of a recruitment agency provided that the name of a specific
Relevant Employee is not given to such agency.
	 
	7.	 	Visits: If either party wishes to visit a property of the other, it will notify the
other in writing and the other will use commercially reasonable efforts to arrange site visits
with company representatives. Any information obtained on such visits shall be part of the
Evaluation Material. Each party will bear its own costs and expenses in connection with any
such visits and will indemnify and save harmless the other from any loss, liability,

 

 

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	 	 	cost, damage, injury or expense arising out of any injury to any person, agent or property
as a result of a site visit, except as a result of the gross negligence of the other.
	 
	8.	 	Miscellaneous:

	 	(a)	 	In no event shall the Recipient be deemed to have acquired any right or
interest of any kind in or to the Evaluation Material. In no event shall either party
be subject to any commitment to enter into any further agreement with the other with
respect to a Transaction or to complete a Transaction by virtue of this agreement.
	 
	 	(b)	 	This agreement shall be governed and construed in accordance with the laws of
the Province of Ontario.
	 
	 	(c)	 	This agreement shall be binding on each party, their respective successors and
assigns, and shall enure to the benefit of each party, their respective successors and
permitted assigns. Neither party may assign this agreement or any rights under this
agreement without the prior written consent of the other.
	 
	 	(d)	 	This agreement constitutes the entire agreement between the parties with
respect to the subject matter set out in this agreement and supersedes any prior
agreement, understanding or arrangement between them, whether oral or in writing. No
variation or amendment to this agreement shall be effective unless in writing and
signed by each party.

 

 

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If Wheaton River is in agreement, please sign, date and return one copy of this letter. The date
of the agreement shall be the date that Wheaton River enters below.

Yours very truly,

GOLDCORP INC.

By:

          Robert R. McEwen

Confirmed and agreed to as of the         day of December, 2004.

WHEATON RIVER MINERALS LTD.

By:

          Ian Telfer

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