Silver Wheaton Corporate Presentation

DENVER GOLD FORUM

SEPTEMBER 2012

DENVER GOLD FORUM

CAUTIONARY STATEMENTS

CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTSThe information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-lookinginformation” within the meaning of applicable Canadian securities legislation. Forward-looking statements, which are all statements other than statements of historical fact, include, but arenot limited to, statements with respect to the future price of silver and gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing andnot limited to, statements with respect to the future price of silver and gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing andamount of estimated future production, costs of production, reserve determination, reserve conversion rates and statements as to any future dividends. Generally, these forward-lookingstatements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,“intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or“will be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level ofactivity, performance or achievements of Silver Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:fluctuations in the price of silver and gold; the absence of control over mining operations from which Silver Wheaton purchases silver or gold and risks related to these mining operationsincluding risks related to fluctuations in the price of the primary commodities mined at such operations, actual results of mining and exploration activities, economic and political risks of thejurisdictions in which the mining operations are located and changes in project parameters as plans continue to be refined; and differences in the interpretation or application of tax lawsjurisdictions in which the mining operations are located and changes in project parameters as plans continue to be refined; and differences in the interpretation or application of tax lawsand regulations; as well as those factors discussed in the section entitled “Description of the Business - Risk Factors” in Silver Wheaton's Annual Information Form available on SEDAR atwww.sedar.com and in Silver Wheaton's Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. Forward-looking statements are based on assumptionsmanagement believes to be reasonable, including but not limited to: the continued operation of the mining operations from which Silver Wheaton purchases silver or gold, no materialadverse change in the market price of commodities, that the mining operations will operate and the mining projects will be completed in accordance with their public statements andachieve their stated production outcomes, and such other assumptions and factors as set out herein. Although Silver Wheaton has attempted to identify important factors that could causeactual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Therecan be no assurance that forward-looking statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. Silver Wheaton doesnot undertake to update any forward-looking statements that are included or incorporated by reference herein, except in accordance with applicable securities laws.not undertake to update any forward looking statements that are included or incorporated by reference herein, except in accordance with applicable securities laws.

CAUTIONARY LANGUAGE REGARDING RESERVES AND RESOURCESFor further information on Mineral Reserves and Mineral Resources and on Silver Wheaton more generally, readers should refer to Silver Wheaton’s Annual Information Form for the year ended December 31, 2011, and other continuous disclosure documents filed by Silver Wheaton since January 1, 2012, available on SEDAR at www.sedar.com. Silver Wheaton’s Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources: The information contained herein uses the terms y g ,“Measured”, “Indicated” and “Inferred” Mineral Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them and expressly prohibits U.S. registered companies from including such terms in their filings with the SEC. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves or that any exploration potential will ever be converted to any category of Mineral Reserves or Mineral Resources. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable. United States investors are urged to consider closely the disclosure in Silver Wheaton’s Form 40-F, a copy of which may be obtained from Silver Wheaton or from http://www.sec.gov/edgar.shtml.

1

p g g

Our visionOur vision

To be the world’s premier silver focused t istreaming company.

To provide shareholders with high quality, long-term exposure to precious metals.

To offer mine owners an attractiveTo offer mine owners an attractive alternative to debt or equity.

2

WHAT IS SILVER STREAMING?

Silver Wheaton makes an upfront payment in return for the right to purchase a fixed percentage of the future silver production from a minepurchase a fixed percentage of the future silver production from a mine

As the mine owner delivers silver to Silver Wheaton, an additional delivery payment* is made to them

Upfront payment (Cash and/or SLW shares)

Partner Mining Company

D liDelivery payment ($ per ounce of silver)

3

SLW receives a % of life-of-mine silver production* Delivery payments are approximately US$4/oz with an inflationary adjustment of approximately 1% per annum after the third year of production

A WIN-WIN MODEL WHY IT WORKS

Silver stream agreements create shareholder value for both the purchaser (Silver Wheaton) and the seller (mine owner)purchaser (Silver Wheaton) and the seller (mine owner)

Silver produced at base metal and gold mines is given a lower valuation by the market than if it had been produced by a silver company• Results in ‘value arbitrage’ opportunity• Results in value arbitrage opportunity

am Arbitrage opportunity exists

to create value for both

of S

ilver

Stre

allu

stra

tive)

to create value for both Silver Wheaton’s and the Partner’s Shareholders

Value of Future Silver Stream

NPV

o (I

Value of Future Silver

Production

4

Base Metal or Gold Producer

Silver Wheaton

WHO IS SILVER WHEATON?

5

INDUSTRY LEADERBY MARKET CAPITALIZATION

Metals Streaming and Royalty Companies

Worldwide Senior Silver Producers

6%5%

4%

21%

oya ty Co pa es S e oduce s

45%

7%

49%($12 0B)

($5.0B)

33%30%

($12.0B)

($7.1B)

($12.0B)

($16.5B)

Fresnillo Silver Wheaton P A i H h hild

Silver Wheaton Franco-Nevada Royal GoldPan American HochschildCoeur d'Alene Hecla

6

* As of Aug. 27, 2012

MORE SILVER RESERVES AND RESOURCESTHAN ANY OTHER SILVER COMPANY IN THE WORLD

1,600

1,800Inferred

Measured & Indicated zs)

1 000

1,200

1,400 Reserves

sour

ces

(Moz

600

800

1,000

rves

and

Res

0

200

400

Silv

er R

eser

0Silver

Wheaton Fresnillo Pan

American Silver

Silver Standard

Resources

Bear Creek Mining

Polymetal Coeur d'Alene Mining

Levon Resources

Hecla Mining

Tahoe

Silver Wheaton has more than twice the silver reserves

7

*Source: Company Reports, Metals Economics Group data for Polymetal, Silver Standard Resources and Fresnillo

Silver Wheaton has more than twice the silver reserves of any other silver company in the world

WORLD’S SECOND LARGEST SILVER PRODUCER

41 0045

2012 Silver Production Guidance*

** Silver Wheaton’s 2012 silver equivalent production41.00

30

35

40

)

Silver Wheaton s 2012 silver equivalent production guidance is 28Mozs, including 42koz of gold

25.90 24.88

19.25

14 4020

25

30

Silv

er (M

ozs **

14.40

7.00

5

10

15

0Fresnillo Silver Wheaton Pan American

SilverCoeur

D'AleneHochschild Hecla

8

* Based on Company Reports, Pan American Silver and Coeur D’Alene is midpoint of 2012 production guidance

Silver Wheaton is the world’s 2nd largest silver producer

HIGH QUALITY ASSET BASEDIVERSIFIED PORTFOLIO

Operating Mines (17) Development Projects (4)

9

Well diversified with low political risk

HIGH QUALITY ASSET BASELOW-COST MINES

2012 Forecast Production By Cost Quartile*

2016 Forecast ProductionBy Cost Quartile*

6%

9% 12%

3%

9% 5%

%

76%76%

First Second Third Fourth

80%

10

* Based on Wood Mackenzie estimates of 2011 byproduct cost curves for gold, zinc, copper and silver mines; Constancia byproduct costs From Hudbay Minerals press release dated August 8, 2012; 777 Mine production is annualized for 2012

85% of long-term attributable production comes from low-cost mines

HIGH QUALITY ASSET BASELONG-LIFE MINES

2012 Forecast Production By Mine Life*

2016 Forecast Production By Mine Life*

20%

y y e e

44%8%

24%32%

28%

8%

30%14%28%

20+yrs 15-20yrs 10-15yrs <10yrs

Mine life:Mine life:

11

* Source: Company Reports, based on mine life from 2012, 777 Mine production annualized for 2012

~ 80% of long-term attributable production comes from long-life mines

WORLD-CLASS CORNERSTONE ASSETSPOSITIVE PROGRESS CONTINUES

Mine Peñasquito Pascua-LamaMine Peñasquito Pascua Lama

Operator

Location Mexico Chile/Argentina

Status Operating Prod start forecast mid 2014Status Operating Prod start forecast mid-2014

Av. Annual Silver Production* 28Moz 35Moz (first 5 years)

P&P Silver Reserves ** 960Moz 676Moz

M&I Silver Resources** 266Moz 185MozM&I Silver Resources** 266Moz 185Moz

By-product Cash Costs*** <$0/oz Au <$0/oz Au (first 5 years)

Mine Life* 22+ 25+

12

*Source: Company Reports, Pascua-Lama life-of-mine (LOM ) average annual production of 20-25Moz Ag; **Peñasquito reserves and resources on a 100% basis and as at Dec. 31, 2011, Pascua-Lama reserves and resources on a 100% basis and as at Dec. 31, 2011; *** Source: Company Reports

Cornerstone assets run by two of the world’s largest gold companies

THE HUDBAY DEAL CONTINUING THE GROWTH

Announced on August 8, 2012 777 Mine & Constancia Project777 Mine & Constancia Project Provides Immediate Cash Flow Enhances Long Term Growth Hudbay’s 777 Mine (Canada)

Increases Portfolio Diversification Provides Downside Protection

13

Hudbay’s Constancia Project (Peru)

THE HUDBAY DEALTWO NEW HIGH-QUALITY PRECIOUS METAL STREAMS

• 100% life-of-mine silver production 777 Stream • 100% gold production, until later of 2016 or completion of Constancia,

then gold stream drops to 50% for the remainder of the mine life

Constancia Stream • 100% life-of-mine silver productionConstancia Stream 100% life of mine silver production

Consideration• Cash payment of US$500M paid on closing• US$125M paid after US$500M CAPEX spent at ConstanciaConsideration $ p $ p• Remaining US$125M paid after US$1B CAPEX spent at Constancia

Production Payments• $5.90/oz for silver*

$ 00/ f *Production Payments

• $400/oz for gold*

Constancia Completion Test

• 90% of expected throughput and recovery by the end of 2020

14

* Subject to an inflationary adjustment of 1% beginning in the fourth year

THE HUDBAY DEAL ACCRETIVE ON ALL KEY METRICS

Accretion per Share to Silver Wheaton Shareholders*

14.0% 13.5%

10 7%

13.5%12.9%

15%

10.7%9.4%10%

5%

0%Production (Short Term)

Production (Long Term)

Proven and Probable AgEq

Reserves**

Total AgEq Resources (excl. Inf.)**

Cash Flow (Short Term)

Cash Flow (Long Term)

15

* ST (2013 – 2015); LT (2016 – 2020); Production is Ag Eq assuming 50:1 Ag:Au ratio; Cash flow based on silver and gold prices of $28 and $1,600, respectively; ** Based on P&P reserves and M&I resources, reserves and resources are on a silver equivalent basis assuming a 50:1 Au/Ag ratio, see appendix for full reserve and resource tables

THE HUDBAY DEAL POSITIVE PROGRESS CONTINUES

Mine 777 Constancia

Location Manitoba, Canada Peru

Status Operating Prod start forecast 2014

Av Annual Production*820koz Ag & 68koz Au (2012-2016)** 2.4Moz (2015-2019)

Av. Annual Production*870koz Ag & 50koz Au (life-of-mine) 2.2Moz (life-of-mine)

P&P Silver Reserves*** 10.9Moz Ag & 0.7Moz Au 48.8Moz Ag

M&I Silver Resources*** 33.9Moz

Inferred Resource*** 1.5Moz Ag & 0.1Mz Au 13.4Moz

By-product Cash Costs ($/lbCu) -$0.72 $0.92

Mine Life (yrs) 9* 16***

****

16

Immediate production plus longer term growth from Hudbay’s cornerstone assets* Based on company forecasts; ** 2012 assumes annualized production; *** 777 reserves from Hudbay press release dated April 2, 2012 & Constancia from Hudbay Minerals press release dated August 8, 2012; ****Based on Wood Mackenzie estimates for 777 and Hudbay Minerals press release dated August 8, 2012, for Constancia

THE HUDBAY DEALLOW COST MINING OPERATIONS

$4 00

$4.502011 - Copper Mines - Total Cash Costs per lb Cu

$2.50

$3.00

$3.50

$4.00

u Constancia**

$0 50

$1.00

$1.50

$2.00

US

$ / l

b C

u Constancia

777*

-$1.00

-$0.50

$0.00

$0.50 777*

-$1.500 10 20 30 40 50 60 70 80 90 100

Cumulative Percentile Production (%)

777 is in the lowest cost quartile,777 is in the lowest cost quartile, while Constancia is on the lower end of the second cost quartile

17

* Byproduct cash costs are based on Wood Mackenzie estimates; ** From Hudbay Minerals press release dated August 8, 2012

THE HUDBAY DEAL INCREASED DIVERSIFICATON BY METAL

2012-2016 Forecast Average Annual Revenue*

2012-2016 Proforma Forecast Average Annual Revenue* g g

5%

15%15%

95%85%

Silver Gold

85%

18

Significant increase in gold production* 777 Mine production annualized for 2012, revenues based silver and gold prices of $28 and $1,600, respectively

THE HUDBAY DEAL INCREASED DIVERSIFICATION BY MINE

2012 Proforma ForecastProduction by Mine*

2016 Proforma Forecast Production by MineProduction by Mine Production by Mine

20%16% 12%

P L20%

8%

5%

3%PeñasquitoSan Dimas****777YauliyacuBarrick Other***

25%

5%

4%3%

3% Pascua-LamaPeñasquitoSan Dimas****Rosemont777Constancia

19%

8%

8%

8%ZinkgruvanCozaminMinto (gold)*****Other

12%

13%8%8%

6%

ConstanciaYauliyacuZinkgruvanCozaminMinto (gold)*****Other

Diversified asset base with no single asset accounting for more that 25% of production

14%8%8%

19

* 777 Mine annualized for 2012

Diversified asset base with no single asset accounting for more that 25% of production

STRONG PRODUCTION GROWTHINDUSTRY LEADING GROWTH PROFILE

50 C t ioz) ~48Moz**

40

50 Constancia777Pascua-LamaBarrick Other***R tod

uctio

n (M

o

~28Moz**

20

30 RosemontPeñasquitoSan Dimas****YauliyacuZi kqu

ival

ent P

ro ~28Moz25.4Moz*

0

10

2008A 2009A 2010A 2011A 2012E 2016E

ZinkgruvanMinto (gold)*****CozaminOther

Silv

er E

2008A 2009A 2010A 2011A 2012E 2016E

Silver Wheaton is forecast to receive silver from 17 operating mines in 2012

5 Year Production Growth ~90%

g

20

* Includes gold production of 18,400oz in 2011; **Forecast Ag Eq. production includes gold production of approx. 42,000oz and 100,000oz in 2012 and 2016, respectively, and assumes a Au/Ag ratio of 50:1;***Comprised of the Veladero, Lagunas Norte and Pierina mines; ****Production inlcudes Goldcorp’s four year commitment commencing in August of 2010 to deliver to Silver Wheaton 1.5Moz of Ag per annum resulting from their sale of San Dimas to Primero; *****Silver Eq. production assuming Au:Ag ratio of 50:1

WHY INVEST IN SILVER WHEATON?

21

SIGNIFICANT MARKET SHAREINVESTMENT IN THE SILVER INDUSTRYINVESTMENT IN THE SILVER INDUSTRY

Percentage Allocation of Investment Dollars*

12%100%

12%

70%

80%

90%

62%

30%

40%

50%

60%

26%

0%

10%

20%

30%

= Silver Wheaton = Silver ETFs** = Senior Silver Producers***

0%2004 2005 2006 2007 2008 2009 2010 2011 LTM Aug.

28, 2012

22

* Measured by average daily trading volume in US dollars, source is Bloomberg market data as of May 30, 2012, Data from US and Cdn exchanges except for Fresnillo and Hochschild which trade on LSE, ** Includes iShares Silver Trust, ETF Securities’ Silver ETFs, ZKB Silver ETF and Sprott Silver Trust; *** Includes Coeur d’Alene, Hecla, Pan American Silver, Fresnillo and Hochschild

SILVER WHEATON VERSUS SILVER PRODUCERS

Greater upside to increases in the silver price

Fixed operating* and capital costs

N i l ti t No ongoing exploration costs

Unique and sustainable dividend policy

Greater diversity of assets Greater diversity of assets

Tax efficient business model

Strong upside potential with downside protection

23

* Ongoing delivery payments are fixed at approximately US$4/oz with an inflationary adjustment of approximately 1% per annum after the third year of production

FOCUSED ON SILVER

Silver revenue as a percentage of total revenue*Width of bars based on actual 2011 production**

97%

80%

90%

100%Post Hudbay Acquisition: Forecast Revenue 85% Ag &15% Au***

70% 71% 65%60%

40%50%

60%

70%

80%

20%

30%

40%

50%

0%

10%

20%

Silver Wheaton Hochschild Pan American Sil

Coeur D'Alene Fresnillo Hecla

25.4Moz

15Moz

21.9Moz

19.1Moz

41.9Moz

9.5Moz

Silver

24

* Source: Company Reports, first half ending Jun. 30, 2012, ** Source: Company Reports, ***As of Aug.1, 2012 Silver Wheaton forecast to receive 68,000 oz of gold per year from Hudbay’s 777 mine, through the end of 2016

EXPANDING CASH OPERATING MARGINSFIXED OPERATING COSTS

$40$34.60

$30.73

$25

$30

$35

ce (U

S$/

oz)

$9 51 $11 03 $11.10

$16.63

$31.25

$11.72$13.42

$14.97 $15.02

$20.75

$10

$15

$20

$

Silv

er P

ric

$3.40 $3.41$7.82 $9.51 $11.03

$7.30 $7.31

$3.90 $3.90 $3.90 $3.91 $3.94 $3.97 $3.97 $3.99 $4.03$0

$5

$10

2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

Cash Operating Margins*Total Cash Cost/oz*

Fixed cash costs** provide shareholders with full benefit of increasing silver prices

2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

25

* Refer to non-IRFS measures at the end of this presentation; **Operating costs are fixed at approximately US$4/oz with an inflationary adjustment of approximately 1% per annum after the third year of production

with full benefit of increasing silver prices

SUPERIOR ASSET DIVERSIFICATION

25 P d i A t D l t A t

420

25

ets

Producing Assets Development Assets21

14

177 510

15

mbe

r of A

sse 14

13

7 7

7 8 6 4 2

1 33

0

5

Sil F ill P A i C D'Al H h hild H l

Num 5

Silver Wheaton

Fresnillo Pan American Silver

Coeur D'Alene Hochschild Hecla

Silver Wheaton offers superior asset diversification compared to other silver producers

26

p p p

* Source: Company disclosure, development assets include projects with defined resources

SILVER WHEATON VERSUS SILVER ETF

Silver Wheaton Silver ETF

Primarily Silver Exposure

Leverage to Silver Price Exploration and Expansion Upside

Acquisition Growth Potential

Dividend Yield

27






Dividend Yield

28

LEVERAGE TO SILVER PRICES

441%450%

500%

(06/30/2009 – 06/30/2012)Three year growth

300%

350%

400%

$33 20/ h

$1.89/share

226%

200%

250%

300% $33.20/share

$26.84/share

94%

50%

100%

150%

$27.08/oz

0%Silver Price* Silver Wheaton Share Price Cash Flow/Share**

$13.11/oz $8.23/share $0.41/share

29

* Source: LBMA Silver Fixings;** Refer to non-IRFS measures at the end of this presentation



Primarily Silver Exposure Leverage to Silver Price Leverage to Silver Price

Exploration and Expansion Upside Acquisition Growth Potential

Dividend Yield Dividend Yield

30

GROWING RESERVES AND RESOURCESTHROUGH ACQUISITIONS AND EXPLORATION

Silver Reserves and Resources (in Moz)*

219 275 370(Inf)

275219

1,411 482

(M&I)1,411

857(P&P)

4(M&I)173 (Inf)

2004 R+R Total Acquired Total Mined Total Exploration R+R incl. Hudbay *

Silver Wheaton’s production has been more than replaced through f l l ti b t

69 (P&P)4(M&I)

31

successful exploration by our partners * Reserves and resources are as of Dec. 31 for each year and do not include gold reserves and resources (see appendix for reserve and resource tables); ** Current reserves include reserves and resources updated up until Jul. 31 plus reserves and resources of acquisitions since Dec. 31, 2011 including 777 and Constancia; *** From Dec. 31, 2004 to Dec. 31, 2011



Primarily Silver Exposure Leverage to Silver Price Leverage to Silver Price

Exploration and Expansion Upside Acquisition Growth Potential

Dividend Yield Dividend Yield

32

CREATING SHAREHOLDER VALUETRACK RECORD OF ACCRETIVE ACQUISITIONS

Total attributable reserves and resources per share since inception*6.0

4.0

5.0

shar

e

2.0

3.0

Silv

er o

z/s

**0.0

1.0

Reserves Measured & Indicated Inferred

27% annualized growth in proven and probable reserves per share since inception*** 17% annualized growth in reserves and resources per share since inception***

**2004 2005 2006 2007 2008 2009 2010 2011 Current

33

17% annualized growth in reserves and resources per share since inception**** Reserves and resources are as of Dec. 31 for each year and do not include gold reserves and resources (see appendix for reserve and resource tables); ** Current reserves include reserves and resources updated up until Jul. 31 plus reserves and resources of acquisitions since Dec. 31, 2011 including 777 and Constancia; *** From Dec. 31, 2004 to Dec. 31, 2011

LARGE TARGET MARKET

Silver Wheaton vs. Global Silver Production

oz)

al)* 1000

rodu

ctio

n (M

oS

ourc

e M

eta Traditional

Silver Companies

Primary Silver Mines700

800

900

obal

Silv

er P

rut

by

Min

e’s

Silver Wheaton’s Potential Target

Silver Wheaton’s Forecast Production

Gold MinesBase Metal Mines

400

500

600

Fore

cast

Glo

(Silv

er O

utp g

Market

4% 6%

o ecas oduc o(% of potential target market)

0

100

200

300

>70% of mined silver is produced as a by-product from base metal or gold mines i ifi t th t ti l i th il t

02011A 2012E 2013E 2014E 2015E 2016E SLW

2012SLW 2016

34

* Source: CPM Group silver production forecasts by source metal

= significant growth potential in the silver stream space

CORPORATE DEVELOPMENTFAVORABLE DEAL MAKING ENVIRONMENT

$50

Spot Silver Prices vs. Long-term Analyst Consensus

$

$40

$45

$50

z.)

Spot Silver Price Analyst Consensus LT Silver Price

Mineral Park

$25

$30

$35

ice

(US

$ / o

z

Peñasquito

Barrick

Keno Hill

Mineral ParkCampo Morado

Rosemont

Silverstone

Hudbay

$10

$15

$20

Silv

er P

r

LuisminZinkgruvan

Yauliyacu StratoniHill

$0

$5

Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12

Transactions have typically occurred when long term

35

Transactions have typically occurred when long-term analyst consensus silver prices are approximately 75% of spot silver prices

STRONG BALANCE SHEETTO FUND FUTURE GROWTH

$500M payable to

$1.1Bn

$610M

Hudbay upon closing of Hudbay precious metal and silver streams transaction

$400M $388M**

Cash and cash equivalents Undrawn credit facility Silver interest commitments Total debt

$138M*$64M

(installments of $7M net of initial payment

Strong balance sheet and future operating cash flows leave us exceptionally well-positioned to pursue additional accretive silver stream opportunities

( $per quarter)

p y(as of 03/31/12)

36

* Includes remaining upfront cash payment of US$137.5M for Barrick transaction, ** Includes two further payments to Hudbay of US$125M each to be made upon satisfaction of minimum capital expenditures at Constancia; (additional payments of US$230M for the Rosemont transaction and US$32.4M for the Navidad transaction are contingent upon receipt of key operating permits)

p p pp






Dividend Yield

37

DIVIDEND YIELDA UNIQUE AND SUSTAINABLE DIVIDEND POLICY

Unique Dividend Policy: Dividends linked to operating cash flows whereby 20% of previous quarter’s operating cash flows is distributedwhereby 20% of previous quarter s operating cash flows is distributed to shareholders

Benefits:• Direct Silver Price Exposure – Fixed cash cost* business model allows

shareholders to benefit from silver price increases

• Participation in Sector-Leading Production Growth – Greater than 65% p gorganic attributable production growth forecast over the next 5 years

• Sustainable – Dividend can be provided in all silver price environments

• Flexible – Ensures Silver Wheaton has the cash flows required to deliver additional long-term production growth

Unique and sustainable dividend policy further differentiates

38

* Operating cash costs are approx. US$4/oz (with an inflationary adjustment of approx. 1% per annum after the third year of production); **The declaration and payment of dividends remains at the discretion of the Board and will depend on the Company’s cash requirements, future prospects and other factors deemed relevant by the Board

Silver Wheaton from silver exchange traded funds






Dividend Yield

39

THE PROOF…IS IN THE PRICE PERFORMANCE

1200%

1400%

SLW800%

1000%

1200%

Silver200%

400%

600%

PAAS

HLSSRI

CDE-200%

0%

-04

-05

-05

-05

-05

-06

-06

-06

-06

-07

-07

-07

-07

-08

-08

-08

-08

-09

-09

-09

-09

-10

-10

-10

-10

-11

-11

-11

-11

-12

-12

SLW share price has significantly outperformed the price of silver and the share price

Oct

-Ja

n-A

pr-

Jul-

Oct

-Ja

n-A

pr-

Jul-

Oct

-Ja

n-A

pr-

Jul-

Oct

-Ja

n-A

pr-

Jul-

Oct

-Ja

n-A

pr-

Jul-

Oct

-Ja

n-A

pr-

Jul-

Oct

-Ja

n-A

pr-

Jul-

Oct

-Ja

n-A

pr-

40

Source: Thomson One, as of Aug. 27, 2012

of its silver producing peers since the Company’s inception in October 2004

FASTEST GROWING COMPANY BREAKING NEWS – SEPTEMBER 6, 2012,

Rank Company Earnings Growth* Revenue Growth* Total Return*1 Silver Wheaton 340% 76% 49%2 Cirrrus Logic 450% 39% 88%3 Baidu 99% 72% 56%3 Baidu 99% 72% 56%4 HollyFrontier 93% 51% 64%5 HFF 341% 41% 53%6 lululemon athletica 81% 45% 109%6 lululemon athletica 81% 45% 109%7 Northern Oil and Gas 122% 237% 36%8 Apple 70% 52% 60%9 IPG Photonics 100% 37% 58%

* 3 year average. ** Fortune Magazine’s methodology: To qualify, a company - domestic or foreign - must be trading on a major U.S. stock exchange; report data in U.S. dollars;

10 RPC 121% 38% 50%

Silver Wheaton Ranked as the Fastest Growing Company Internationally by Fortune

file quarterly reports with the SEC; have a minimum market capitalization of $250 million and a stock price of at least $5 on June 29, 2012; and have been trading continuously since June 30, 2009.The overall rank is based on the sum of the three ranks. Once the 100 companies are identified, they are then re-ranked within the 100, using the three equally weighted variables. If there is a tie, the company with the larger four-quarter revenue receives the higher rank. To view the complete methodology and full Top 100 list, please visit http://money.cnn.com/magazines/fortune.

IF YOU LIKE SILVER….

SILVER WHEATON PROVIDES:

Cost certainty

Leverage to increasing silver prices

High quality asset base

Exceptional growth profile

Dividend yield Dividend yield

42

AND REMAINS STRATEGICALLY POSITIONED FOR FURTHER GROWTH.

INVESTOR RELATIONSTel: 604-684-9648Toll Free: 1-800-380-8687Toll Free: 1 800 380 8687Email: [email protected]

TRANSFER AGENTCIBC Mellon Trust Company Toll Free: 1-800-387-0825 Email: [email protected]

NYSE: SLW TSX: SLWwww.silverwheaton.com

43

APPENDIX

44

LIQUID STOCK CAPITAL STRUCTURE AS OF JUNE 30, 2012,

Shares Outstanding 353.9 milliong

Warrants Outstanding (in-the-money) 2.7 million

Options Outstanding (in-the-money) 1.7 million

Shares Fully Diluted 358.3 million

3 Month Average Daily Trading Volume:TSX 1 3 million sharesTSX: 1.3 million sharesNYSE: 4.8 million shares

45

SILVER STREAM AGREEMENTSPRODUCERS

Peñasquito San Dimas 777 Yauliyacu Zinkgruvan Cozamin

CCompany

Status Producing Producing Producing Producing Producing Producing

Contract Length

LOM LOM LOM 20 yrs LOM 10 yrs

Ag Prod. 25% 100%* 100%**up to 4.75 M

/100% 100%g

oz/yr

Mine Life 22+ yrs 15+ yrs 9+ yrs 10+ yrs 10+ yrs 7+ yrs

Cash Costs $3.99/oz $4.09/oz $5.90/oz Ag$400/ A $4.02/oz $4.14/oz $4.08/oz$ $ $400/oz Au $ $ $

Annual Ag Production

7 Moz 5+ Moz 820 koz Ag68 koz Au***

Up to 4.75 M oz 2 Moz 1.5 Moz

46

* Silver Wheaton will receive 100% of first 3.5Moz Ag produced plus 50% of excess plus 1.5Moz of Ag from Goldcorp until Aug 2014 after which Silver Wheaton will receive 100% of first 6Moz Ag produced plus 50% of excess; ** Also includes 100% of gold production until later of 2016 or completion of Constancia, then drops to 50% of gold for the remainder of the mine life; *** Production rates for 2012-2016, LOM production is forecasted to be 870 koz Ag and 50koz Au

SILVER STREAM AGREEMENTSPRODUCERS (CONTINUED)PRODUCERS (CONTINUED)

Minto Stratoni Campo MoradoLagunas

NortePierina Veladero

Company

Status Producing Producing Producing Producing Producing Producing

Contract Length

LOM LOM LOM to 2014** to 2014** to 2014**

Ag Prod. 100%* 100% 75% 100% 100% 100%***g

Mine Life 10+ yrs 6+ yrs 10+ yrs 9+ yrs 4+ yrs 21+ yrs

Cash Costs $3.94/oz Ag$303/oz Au $3.98/oz $3.90/oz $3.90/oz $3.90/oz $3.90/oz$303/oz Au


0.2 Moz Ag20,000 oz Au 1+ Moz 1+ Moz 0.5 Moz 1+ Moz 1+ Moz

* I l d ld d ti If d ti d 30 000 f ld Sil Wh t i titl d t 100% f th ld d d t th th h ld d 50% f th

47

* Includes gold production, If production exceeds 30,000 ounces of gold per year, Silver Wheaton is entitled to 100% of the gold produced up to these thresholds and 50% of the amount in excess of these thresholds; **100% Ag Prod. effective September 2009 until end of 2013; During 2014 and 2015, Silver Wheaton will be entitled to the silver production from the Lagunas Norte, Pierina and Veladero mines to the extent of any production shortfall at Pascua-Lama until Barrick satisfies a Completion Guarantee;***SLW’s attributable silver production is subject to a maximum of 8% of the silver contained in the ore mined at Veladero during the period

SILVER STREAM AGREEMENTSPRODUCERS (CONTINUED)

Neves-Corvo Mineral Park Los Filos Keno Hill Aljustrel

( )

Company

Status Producing Producing Producing Producing Producing

Contract Length

LOM LOM 25 yrs LOM LOM

Ag Prod. 100% 100% 100% 25% 100%

Mine Life 10+ yrs 23+ yrs 18+ yrs 4+ yrs 10+ yrs

Cash Costs $3.98/oz $3.90/oz $4.13/oz $3.90/oz $3.94/oz


0.5 Moz 0.5+ Moz 0.2-0.3 Moz 0.5+ Moz 0.1Moz

48

SILVER STREAM AGREEMENTSDEVELOPMENT ASSETS

Pascua-Lama Constancia Rosemont Navidad

Company

Status Development Development Development Development

ContractContract Length

LOM LOM LOM LOM

Ag Prod. 25% 100% 100%*** 12.5%*****

Mine Life 25+ yrs 16+ yrs 21+ yrs 15+ yrs

Cash Costs $3.90/oz $5.90/oz $3.90/oz Ag$450/oz Au US$4.00/oz


9 M oz* 2.2 Moz** 2.4 Moz Ag15,000 oz Au**** 1.0-2.0 Moz

49

* 9Moz for first 5 years and approx. 5.5 M oz over LOM ** Based on compnay estimates and Hudbay Minerals press release dated August 8, 2012 ***Also includes 100% of the future gold production; ****Based on a Jan 2009 Feasibility Report, Augusta forecasts that up to 15,000 ozs of gold may be produced annually; ***** Silver Wheaton has converted a debenture to acquire an amount equal to 12.5% of the Loma de La Plata zone of the Navidad deposit

SILVER WHEATON’S EQUITY INVESTMENTS

Property of Interest

Corani Rock Creek Montanore Hackett RiverInterest

Ownership 15% 17% 11% 7%

AdvancedStage Permitting Pre-Feasibility

Advanced Exploration

Pre-Feasibility

Resource (Ag M o )

P&P 270M&I 89 Inf. 229

M&I 166I f 65

Ind. 200I f 64(Ag M oz)

Inf. 48Inf. 65 Inf. 64

Est. Annual Ag Production

+13 M oz/yr* 6 M oz/yr N/A 12 M oz/yr

50

Source: Company Reports, * For first 5yrs, 8M oz/yr LOM

SIGNIFICANT GROWTH POTENTIALSILVER WHEATON’S RIGHT OF FIRST REFUSAL PORTFOLIO

Company Type Projects Covered by ROFR

Producer Pascua-Lama

Producer Yauliyacu*

Producer 777 / Constancia**

Producer All Projects

Producer All Projects***

Producer All ProjectsProducer All Projects

Producer Kutcho Project

AUX Canada Development La Bodega and Cal Vetas Projects (including 5km area of interest)

Development Hackett River, Del Norte and Red Lake

Development All Projects in Montana

D l t H Sil P j tDevelopment Hermosa Silver Project

51

*Also includes a right of first offer on any project owned by Glencore and its affiliates as of Mar 23, 2006 other than the Yauliyacu Mine; ** Includes any future streaming agreement or royalty agreement related to the production of silver or gold from Constancia or 777; *** Right of first refusal applies to European Goldfields and its affiliates

PASCUA-LAMADRIVER OF LONG-TERM PRODUCTION GROWTH

SLW to receive 25% of the life-of-mine silver production from the world-class Pascua-Lama mine commencing in mid-2014

Pascua-Lama is forecast to be one of the largest and lowest-cost gold mines in the world

SLW i 100% f th il d ti f th f B i k’ SLW receives 100% of the silver production from three of Barrick’s currently producing mines* through 2013 (~ 2.5Moz per annum)

Barrick Completion Guarantee, requiring them to complete Pascua-Lama to at least 75% of design capacity by Dec. 31, 2015• If required, top-up to 75% of Pascua-Lama design in 2014 and 2015

from three of Barrick’s currently producing mines*

Pre-stripping activities commenced in Q2 2012 and as of July 26, 2012, approximately US$3 billion** has been spent advancing the project

52

*Lagunas Norte, Pierina and Veladero, Silver Wheaton's attributable silver production from Veladero is subject to a maximum of 8% of the silver contained in the ore mined during the period; ** As per Barrick’s Jul. 26, 2012 disclosure, capital costs are forecast to be 50-60% higher than the previously announced estimate of US$4.7-US$5 billion

Average annual production to SLW of approx. 9Moz Ag in the mine’s first full five years***

PEÑASQUITO PROJECT GROWTH SINCE APRIL 2007 ACQUISITION

April 2007 Current* Growth

Silver Reserves/Resources

P&P Reserves (25%) 144 M oz 240 M oz +67%

M&I Resources (25%) 62 M oz 66 M oz +7%M&I Resources (25%) 62 M oz 66 M oz +7%

LOM Silver Production Attributable to SLW (25%) 92 M oz 159 M oz +73%

Average Annual Silver Production Attributable to SLW (25%) 5.4 M oz 7.0 M oz +30%

Anticipated Mine Life 17 yrs 22 yrs +29%

Underground Potential Not contemplated Yes +%??

53

* Reserves and Resources as of Dec 31, 2011, remaining data based on March 2009 Technical Report

PEÑASQUITO PRIMARY GROWTH ENGINE UNTIL 2013

Key driver of growth until Pascua-Lama commences production in 2013

Sil Wh i 2 % f lif f i il d i Silver Wheaton to receive 25% of life-of-mine silver production

Commercial production achieved in 2010

High pressure grinding roll system commissioned in Q1 2012 positioning High pressure grinding roll system commissioned in Q1 2012 positioning the mine to reach full design capacity of 130,000 tonnes per day

Upside remains

• Significant underground exploration success

• Evaluating potential for a future high grade underground operation – could add additional mine life

54

Average annual production of approximately 7Moz Ag to Silver Wheaton over life-of-mine

DEVELOPMENT STAGE ASSETS

Entitled to 100% of life of mine silver and gold production from Augusta Resource’s Rosemont Project

• Anticipated to be a very long-life, low-cost Cu-Mo-Ag-Au mine• Forecast to increase long-term annual production by approx.

2.9Moz of silver and up to 15,000 ozs of gold*• Once permits finalized SLW to make upfront cash payments• Once permits finalized, SLW to make upfront cash payments

of US$230 million plus ongoing production payment

Entitled to 12.5% of life of mine silver production from the Loma de La Plata zone of Pan American Silver’s

Rosemont Project in Arizona

the Loma de La Plata zone of Pan American Silver s Navidad project

• One of the largest undeveloped silver deposits in the world• Forecast to increase long-term silver production by up to g p y p

2Moz per annum**• Once permits finalized and construction commences, SLW to

make upfront cash payments of US$32.4 million plus ongoing production paymentNavidad Project in Argentina production payment

55

* Based on Augusta Resource Corporation’s Jul. 24, 2012 disclosure; ** Based on Pan American Silver’s Jan. 2011Preliminary Economic Assessment Two projects provide ~5Moz of long-term silver production

FAVORABLE POLITICAL RISK PROFILETHE RIGHT JURISDICTIONS

4.00

4.00

4.00

NAV Weighted Political Risk Rankings*Following the completion of the4 4 4

3.00

3.00

3.00

3.00

3.00

3.00

2.97

2.71

2.62

39

3.0

4.0 completion of the Hudbay Deal, the addition of 777 Mine in Canada will lower risk profile

2.3

2.25

2.23

2.22

2.15

2.09

2.08

2.03

2.00

2.00

1.97

1.86

1.77

1.67

1.59

1.50

1.30

00 00 00 00 00 00

2.0

1.0

1.0

1.0

1.0

1.0

1.0

0.0

1.0

NS

U

CG

THO XG

CN

L

GU

Y

CA

N

BS

X

LYD

ELD IM

Z K

IMG

AU

M

PA

A

AG

I

NG

D

BTO

SM

F G

JAG P

YR

I

AB

X

NM

C

SLW

**

FNV

AU

Q

AE

M

OS

K

SG

R

LSG

DG

C

RM

X

XR

C

Silver Wheaton ranks very favorably on the political risk spectrum

56

Silver Wheaton ranks very favorably on the political risk spectrum

*Source – July 9th edition of TD Gold and Precious Metals Weekly, Fraser Institute risk ratings to rank countries by quartile; ** Silver Wheaton ranking does not include 777 and Constancia

SILVER IS OFTEN A NON-CORE ASSET)

World’s 10 Largest Companies by Silver Reserves & Resources

3 000

urce

s (M

ozs)

2,500

3,000Inferred

Measured and Indicated

Reserves

es a

nd R

eso

1,500

2,000

Silv

er R

eser

ve

500

1,000

S

0Xstrata KGHM

PolskaGoldcorp Silver

WheatonFresnillo Silver

Standard Barrick Pan

American Silver

BHP Billiton Allied Nevada

Significant silver reserves and resources within non-silver dominant companies

57

Copyright Metals Economics Group - MineSearch - 2012

LARGEST 40 SILVER DEPOSITS IN THE WORLDPRODUCING MINES AND DEVELOPMENT PROJECTS

1,600 Silver Wheaton Relationships (8)

1,000

1,200

1,400

ourc

es (M

oz)

400

600

800

eser

ves

& R

eso

0

200

400

ska

uito

ma

crof

tt I

sa dad

rrilla

gow

sher

berg

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ates cito

gton ch

om

ina

dero

obal

Dam M

Oob

alra

niho

taK

SM

orvo do

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kuk

atbe

rgga

niv

eros

aiv

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gam

ano

reV

iejo

ama

ocal

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Re

KG

HM

Pol

Pen

asq

Pas

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Lam

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tN

avid

La P

itar

Glo

gG

eorg

e Fi

sG

rasb

Fres

nM

eta

Sau

Can

nin g

Toro

moc

Ant

amC

ord

San

Cris

toO

lym

pic

DC

UE

sco

Co

Mal

ku K

h KN

eves

-Co

Xia

sai Y

ind

Roc

k C

re Du

Gar

penb

Zhez

kazg

Hac

kett

Ri

Her

mo

McA

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RC

erro

de

Pa

Qul

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Pan

aM

onta

nP

uebl

o V Jia

El B

roJu

anic

Copyright Metals Economics Group - MineSearch - 2012

58

Source: Data from Metals Economics Group and includes producing mines and development stage projects with reserve and resource updates subsequent to Jan 1, 2007

Stake in 2 of the top 3 (and 8 of the top 40) silver deposits in the world.

LOW ADMINISTRATIVE COSTSCOMPARED TO SILVER ETFs

0 60%

0.70%Administrative Costs1

0.50% 0.49%

0.60%

0.50%

0.60%

0.26%0.30%

0 20%

0.30%

0.40%

0 00%

0.10%

0.20%

0.00%Silver Wheaton iShares Silver Trust

(SLV)ETFS Physical Silver -

New York (SIVR)ETFS Physical Silver -

London (PHAG)Sprott Physical Silver

Trust (PSLV)

SLW administrative costs are lower than Silver ETFs

2

3 3 4 5

59

1. Presented as a % of Enterprise Value for SLW ; as a % of NAV for SLV, SIVR and PSLV; as a % of Bullion held in custody for PHAG; 2. 2011 G&A of $25.2M / Enterprise Value of $9.8B per Bloomberg as of Aug-13-12; 3. As reported in Mar-31-12 10Q; 4. As reported in Dec-3-10 Prospectus; 5. As reported in Dec-31-11 Report to Unit Holders. Management fee of 0.45% + operating expense of 0.15% of NAV. 2011 operating expense of $1.67 million / NAV of $1.1B as of Aug-13-12.

HISTORY OF RESERVE AND RESOURCE GROWTH

Total attributable reserves and resources since inception*

1 800

1,200

1,400

1,600

1,800

(Moz

)

600

800

1,000

,

Silv

er R

&R

(

**0

200

400

2004 2005 2006 2007 2008 2009 2010 2011 CurrentReserves Measured & Indicated Inferred

42% annualized growth in proven and probable reserves since inception*** 30% annualized growth in reserves and resources since inception***

2004 2005 2006 2007 2008 2009 2010 2011 Current

60

* Reserves and resources are as of Dec. 31 for each year and do not include gold reserves and resources (see appendix for reserve and resource tables); ** Current reserves and resources include reserves and resources updated up until Jul. 31 plus reserves and resources of acquisitions since the Dec. 31, 2011 including 777 and Constancia; *** From Dec. 31, 2004 to Dec. 31, 2011

30% annualized growth in reserves and resources since inception

ATTRIBUTABLE RESERVES AND RESOURCESTOTAL PROVEN & PROBABLE

Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Process Recovery(7)

Mt g/t Moz Mt g/t Moz Mt g/t Moz %

SILVER

Proven & Probable Reserves Attributable to Silver Wheaton (1,2,3,8,16,17)

As of December 31, 2011 unless otherwise noted(6)

Proven Probable Proven & Probable

SILVER

Peñasquito (25%)

Mill 156.6 28.9 145.5 129.3 20.2 83.8 285.9 24.9 229.3 53-65%

Heap Leach 8.3 14.4 3.9 23.0 9.4 6.9 31.4 10.7 10.8 24%

San Dimas(10) - - - 3.5 281.5 31.8 3.5 281.5 31.8 94%

Pascua-Lama (25%) 9.9 59.5 18.9 86.3 54.1 150.2 96.2 54.7 169.1 82%

Lagunas Norte(11) 3.3 3.2 0.3 37.6 3.2 3.9 40.9 3.2 4.2 22%

Pierina(11) 2.1 19.9 1.3 18.9 10.8 6.6 21.0 11.8 8.0 37%

Veladero(11) 3.7 13.4 1.6 61.3 13.4 26.5 65.0 13.4 28.1 6%

Yauliyacu(12) 1.0 99.6 3.3 2.7 105.9 9.1 3.7 104.2 12.4 85%

777 (13) 4.9 26.8 4.2 7.5 27.9 6.7 12.4 27.4 10.9 63%

Neves-Corvo

Copper 23.2 44.0 32.9 4.5 45.0 6.5 27.7 44.2 39.4 35%

Zinc 19.4 67.0 41.7 3.8 64.0 7.8 23.1 66.5 49.5 23%

Rosemont(14) 128.8 4.5 18.5 366.8 3.8 44.5 495.6 3.9 62.9 80%Rosemont 128.8 4.5 18.5 366.8 3.8 44.5 495.6 3.9 62.9 80%

Constancia 359.0 3.3 38.3 91.0 3.6 10.6 450.0 3.4 48.8 72%

Mineral Park(14) 293.9 2.7 25.7 74.5 2.9 7.0 368.4 2.8 32.6 49%

Zinkgruvan

Zinc 8.2 103.0 27.2 2.4 60.0 4.7 10.7 93.1 31.9 70%

Copper 2.8 32.0 2.8 0.1 29.0 0.1 2.8 31.9 2.9 78%

Aljustrel

Copper 2.2 19.2 1.3 8.4 15.3 4.1 10.6 16.1 5.5 30%

Campo Morado (75%) 0.7 166.7 3.8 0.1 123.4 0.3 0.8 162.6 4.1 55%

Stratoni 1.7 174.0 9.3 0.1 225.0 0.7 1.8 177.0 10.0 84%

Minto 5.5 5.4 1.0 5.9 4.6 0.9 11.4 5.0 1.8 80%

Cozamin(15)

Copper 0.9 63.0 1.7 4.9 50.7 8.0 5.8 52.5 9.8 74%

Los Filos 81.0 5.2 13.5 231.2 5.4 40.2 312.2 5.3 53.610 5%

TOTAL SILVER 396.5 460.8 857.4

61

TOTAL SILVER 396.5 460.8 857.4

GOLD777 (13) 4.9 1.97 0.31 7.5 1.82 0.44 12.4 1.88 0.75 72%

Minto 5.5 0.69 0.12 5.9 0.51 0.10 11.4 0.60 0.22 74%

TOTAL GOLD 0.43 0.53 0.97

ATTRIBUTABLE RESERVES AND RESOURCESTOTAL MEASURED & INDICATED

Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained

Mt g/t Moz Mt g/t Moz Mt g/t Moz

Measured & Indicated

Measured & Indicated Resources Attributable to Silver Wheaton (1,2,3,4,5,9,16,17)


Measured Indicated

SILVER

Peñasquito (25%)

Mill 34.1 13.1 14.4 128.2 12.4 51.1 162.3 12.6 65.5

Heap Leach 1.0 4.6 0.2 6.2 3.9 0.8 7.2 4.0 0.9

Pascua-Lama (25%) 5.3 24.5 4.2 55.9 23.4 42.1 61.2 23.5 46.3

Yauliyacu(12) 0.7 108.5 2.5 6.1 192.4 37.8 6.8 183.5 40.3

Neves CorvoNeves-Corvo

Copper 15.4 53.0 26.2 3.4 51.2 5.6 18.8 52.7 31.8

Zinc 42.7 54.3 74.6 14.5 49.5 23.0 57.2 53.1 97.6

Rosemont(14) 7.2 3.9 0.9 103.0 2.7 8.8 110.2 2.7 9.7

Constancia 119.0 2.3 8.6 344.0 2.0 21.9 463.0 2.1 30.5

Mineral Park(14) 101.0 2.6 8.4 175.6 2.7 15.2 276.6 2.7 23.6

Zinkgruvan

Zinc 0.9 123.4 3.8 3.3 109.5 11.5 4.2 112.6 15.2Zinc 0.9 123.4 3.8 3.3 109.5 11.5 4.2 112.6 15.2

Copper 2.7 24.4 2.1 0.1 38.5 0.1 2.8 24.9 2.2

Aljustrel

Zinc 1.3 65.6 2.7 20.5 60.3 39.7 21.8 60.7 42.4

Copper - - - 0.1 11.7 0.04 0.1 11.7 0.04

Campo Morado (75%) 2.1 162.1 10.8 4.4 158.0 22.5 6.5 159.3 33.2

Loma de La Plata (12.5%) - - - 3.6 169.0 19.8 3.6 169.0 19.8

Minto 9.4 3.9 1.2 27.2 3.2 2.8 36.5 3.3 3.9

Keno Hill (25%)

Underground - - - 0.3 545.4 4.5 0.3 545.4 4.5

Elsa Tailings - - - 0.6 119.0 2.4 0.6 119.0 2.4

Los Filos 7.9 9.5 2.4 42.7 7.2 9.9 50.6 7.6 12.4

TOTAL SILVER 162.9 319.4 482.3

GOLD

62

Minto 9.4 0.44 0.13 27.2 0.28 0.24 36.5 0.32 0.38

TOTAL GOLD 0.13 0.24 0.38

ATTRIBUTABLE RESERVES AND RESOURCESTOTAL INFERRED

Tonnage Grade Contained

Mt g/t Moz

SILVER

Inferred Resources Attributable to Silver Wheaton (1,2,3,4,5,9,16,17)


Inferred

Peñasquito (25%)

Mill 36.7 8.8 10.4

Heap Leach 14.1 1.7 0.8

San Dimas(10) 5.8 324.0 60.8

Pascua-Lama (25%) 8.1 15.5 4.0

Yauliyacu(12) 13.8 163.5 72.7

777 (13) 1.2 39.2 1.5

Neves-Corvo

Copper 28.5 40.0 36.6

Zinc 33.0 55.0 58.3

Rosemont(14) 163.0 2.1 11.2

Constancia 223.0 1.9 13.4

Mineral Park(14) 320.1 2.3 23.9

Zinkgruvan

5 6 69 0 12 4Zinc 5.6 69.0 12.4

Copper 0.8 36.0 0.9

Aljustrel

Zinc 8.7 50.4 14.0

Copper 4.7 16.0 2.4

Campo Morado (75%) 2.4 117.3 9.1

Stratoni 0.7 217.0 4.7

Loma de La Plata (12.5%) 0.2 76.0 0.4

Minto 8.5 2.9 0.8

Keno Hill (25%)

Underground 0.1 340.1 1.4

Los Filos 158.4 5.9 29.9

TOTAL SILVER 369.5

GOLD777 (13) 1 2 1 96 0 07

63

777 (13) 1.2 1.96 0.07

Minto 8.5 0.24 0.07

TOTAL GOLD 0.14

ATTRIBUTABLE RESERVES AND RESOURCESFOOTNOTES

1. All Mineral Reserves and Mineral Resources have been calculated in accordance with the CIM Standards and NI 43-101, or the AusIMM JORC equivalent.2. Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes (“Mt”), grams per metric tonne (“g/t”) and millions of ounces (“Moz”).3. Individual qualified persons (“QPs”), as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) for the

following operations are as follows:a. Peñasquito – Maryse Belanger, P.Geo. (Vice President, Technical Services, Goldcorp Inc.)a. Peñasquito Maryse Belanger, P.Geo. (Vice President, Technical Services, Goldcorp Inc.)b. San Dimas – Rodney Webster, MAusIMM, MAIG (Geology Manager, Principal Geologist), Herbert A. Smith, P.Eng (Mining Manager, Principal Mining Engineer) and J. Morton

Shannon, P.Geo (Geology Manager, Principal Geologist) all of whom are employees of AMC Mining Consultants (Canada) Ltd.c. Pascua-Lama – Dino Pilotto, P.Eng. (Principal Mining Consultant, SRK Consulting (Canada) Inc.); Bart A. Stryhas, Ph.D., CPG (Principal Resource Geologist, SRK Consulting (U.S.)

Inc.)d. 777 – Robert Carter, P.Eng. (Director, Technical Services, Hudbay Minerals Inc.)e. Yauliyacu – Neil Burns, M.Sc., P.Geo. (Vice President, Technical Services); Samuel Mah, M.A.Sc., P.Eng. (Director of Engineering), both employees of the Company (the “Company’s

QPs”)f. All other operations and development projects: the Company’s QPsp p p j p y Q

4. The Mineral Resources reported in the above tables are exclusive of Mineral Reserves. The Minto, Campo Morado, Neves-Corvo, Zinkgruvan and Aljustrel mines report Mineral Resourcesinclusive of Mineral Reserves. The Company’s QPs have made the exclusive Mineral Resource estimates for these mines based on average mine recoveries and dilution.

5. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.6. Other than as detailed below, Mineral Reserves and Mineral Resources are reported as of December 31, 2011 based on information available to the Company as of the date of this document,

and therefore will not reflect updates, if any, after such date. The most current Mineral Reserves and Mineral Resources are available on the Company’s website.a. Resources and Reserves for Yauliyacu, Neves-Corvo and Zinkgruvan are reported as of June 30, 2011.b. Resources for Rosemont are reported as of October 22, 2008 and Reserves as of March 17, 2009.c. Resources for the Constancia and Pampacancha deposits are reported as of November 2, 2011 and April 2, 2012 respectively. Reserves for both Constancia and Pampacanchap p p , p , p y p

deposits are reported as of August 7, 2012.d. Resources for Mineral Park are reported as of December 29, 2006.e. Resources and Reserves for Aljustrel’s Feitais and Moinho deposits are reported as of November 30, 2010, Resources for the Estaçao deposit are reported as of December 31, 2007.f. Resources for Campo Morado’s El Rey, Naranjo and Reforma deposits are reported as of October 13, 2005.g. Resources and Reserves for Stratoni are reported as of August 10, 2010.h. Resources for Keno Hill’s Lucky Queen and Onek deposits are reported as of June 30, 2011 and Elsa Tailings as of April 22, 2010.i. Resources for Loma de La Plata are reported as of May 20, 2009.

7. Process recoveries are the average percentage of silver in a saleable product (doré or concentrate) recovered from mined ore at the applicable site process plants as reported by the operators.g p g p ( ) pp p p p y p8. Mineral Reserves are estimated using appropriate process recovery rates and commodity prices of $20.00 per ounce of silver, unless otherwise noted below:

a. Pascua-Lama, Lagunas Norte, Veladero, Pierina, and 777 – $22.00 per ounce.b. Constancia - $23.00 per ounce.c. Yauliyacu - $30.00 per ounce.d. Neves-Corvo – 1.4% Cu cut-off for the copper Reserve and 5.0% Zn cut-off for the all zinc Reserves except for Lombador which was reported above a cut-off of 6.0% Zn.e. Rosemont –$10.00 per ounce.f. Mineral Park – $7.50 per ounce.g. Zinkgruvan – 3.7% Zn equivalent cut-off for the zinc Reserve and 1.8% Cu cut-off for the copper Reserve.

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g g q pph. Aljustrel – 1.5% Cu cut-off for all copper Reserves, 4.5% Zn cut-off for all zinc Reserves.i. Campo Morado - $30.00 per ounce.j. Minto – $3.90 per ounce silver and $300 per ounce gold.

ATTRIBUTABLE RESERVES AND RESOURCESFOOTNOTES (CONTINUED)( )

9. Mineral Resources are estimated using appropriate recovery rates and commodity prices of $24.00 per ounce of silver, unless otherwise noted below:a. San Dimas - $25.00 per ounce.b. Pascua-Lama, Lagunas Norte, Veladero and Pierina – $28.00 per ounce.c. 777 and Constancia - $22.00 per ounced. Yauliyacu – $30.00 per ounce.e Neves Corvo 1 0% Cu cut off for the copper Resource and 3 0% Zn cut off for the zinc Resourcee. Neves-Corvo – 1.0% Cu cut-off for the copper Resource and 3.0% Zn cut-off for the zinc Resource.f. Rosemont – 0.2% Cu cut-off.g. Zinkgruvan – 3.1% Zn equivalent cut-off for the zinc Resource and 1.5% Cu cut-off for the copper Resource.h. Mineral Park – $7.50 per ounce.i. Aljustrel – 1.5% Cu cut-off for all copper Resources, 4.5% Zn cut-off for Feitais and Moinho zinc Resources and 4.0% for Estação zinc Resources.j. Campo Morado – $30.00 per ounce for the G-9 zones and 5% Zn cut-off for the El Rey, Naranjo and Reforma deposits.k. Loma de La Plata – $12.50 per ounce.l. Minto – 0.5% Cu cut-off.m Keno Hill – $15 25 per ounce for the Southwest and 99 Zones $14 50 per ounce for the East Zone $17 00 per ounce for the Elsa Tailings and $18 50 per ounce for the Lucky Queenm. Keno Hill – $15.25 per ounce for the Southwest and 99 Zones, $14.50 per ounce for the East Zone, $17.00 per ounce for the Elsa Tailings and $18.50 per ounce for the Lucky Queen

and Onek deposits.10. The San Dimas silver purchase agreement provides that from August 6, 2010 until August 5, 2014, Primero Mining Corp. (“Primero”) will deliver to the Company a per annum amount equal to

the first 3.5 million ounces of payable silver produced at San Dimas and 50% of any excess, plus the Company will receive an additional 1.5 million ounces of silver per annum to be delivered by Goldcorp. Beginning August 6, 2014, Primero will deliver to the Company a per annum amount equal to the first 6.0 million ounces of payable silver produced at San Dimas and 50% of any excess, for the life of the mine.

11. The Company’s attributable tonnage at Pierina was estimated by assuming 2011 production level for the remaining two years. The Company’s attributable tonnage at Lagunas Norte and Veladero was estimated by assuming 2012 and 2013 processed tonnes based on Barrick’s life of mine (“LOM”) plans. Tonnes for all three operations were pro-rated between Proven and Probable Mineral Reserves according to the ratio of Barrick’s December 31 2011 Proven and Probable Mineral Reserves Average reserve grades were applied to the Pierina estimates andProbable Mineral Reserves according to the ratio of Barrick s December 31, 2011 Proven and Probable Mineral Reserves. Average reserve grades were applied to the Pierina estimates and the average LOM plan grades were applied to Lagunas Norte and Veladero. LOM plans and December 31, 2011 Mineral Reserves estimates are as published by Barrick.

12. The Company’s Yauliyacu silver purchase agreement (March 2006) with Glencore International AG provides for the delivery of up to 4.75 million ounces of silver per year for 20 years. In the event that silver sold and delivered to Silver Wheaton in any year totals less than 4.75 million ounces, the amount sold and delivered to Silver Wheaton in subsequent years will be increased to make up for any cumulative shortfall, to the extent production permits. Depending upon production levels it is possible that the Company’s current attributable tonnage may not be mined before the agreement expires.The 777 purchase agreement provides that Hudbay Minerals Inc. will deliver 100% of the payable silver for the life of the mine and 100% of the payable gold until completion of the Constancia project, after which the gold stream will reduce to 50%. The gold figures in this table represent 100% of 777 Resources and Reserves.

13 In reliance upon Section 9 2 of NI 43-101 all technical information in this document regarding 777 was sourced by the Company from the Annual Information Form of Hubday Minerals Inc filed13. In reliance upon Section 9.2 of NI 43 101, all technical information in this document regarding 777 was sourced by the Company from the Annual Information Form of Hubday Minerals Inc. filed by Hudbay on March 13, 2012 on SEDAR at www.sedar.com. The Company QP’s have approved the disclosure in this document in reliance on such Annual Information Form.

14. The Mineral Park and Rosemont Resources and Reserves do not include the SX/EW leach material since this process does not recover silver.15. The Company’s attributable tonnage at Cozamin was estimated by assuming Capstone Mining Corp’s (“Capstone”) 2012 production guidance of 1.1 million tonnes until the end of the

Company’s Cozamin silver purchase agreement with Capstone. Tonnes were pro-rated between Proven and Probable Mineral Reserves according to the ratio of Capstone’s December 31, 2011 published Proven and Probable Mineral Reserves, applying average reserve grades.

16. The Company has filed a technical report for Yauliyacu, Peñasquito, San Dimas and Pascua-Lama, which are available on SEDAR at www.sedar.com. Please see footnote 13 for further information regarding 777.

17 Silver is produced as a by-product metal at all operations with the exception of the Keno Hill mine and Loma de La Plata project; therefore the economic cut-off applied to the reporting of silver

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17. Silver is produced as a by product metal at all operations with the exception of the Keno Hill mine and Loma de La Plata project; therefore, the economic cut off applied to the reporting of silver Resources and Reserves will be influenced by changes in the commodity prices of other metals at the time.

WHY SILVER?

Silver is a unique precious metal• Silver price has high correlation with gold priceSilver price has high correlation with gold price• Produced primarily as a by-product• Significant industrial applications

Silver is a store of value• Physical silver demand has risen significantly in the past several years

reflecting strong investor interest• ETF inventories remain at historically high levels

Silver is a versatile industrial metal• The best conductor of heat and electricity the most reflective malleable yetThe best conductor of heat and electricity, the most reflective, malleable yet

strong• Used in a very wide range of products• New uses are being developed at a staggering paceNew uses are being developed at a staggering pace• Relied upon in advancement of developed and emerging economies

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SILVER DEMANDWHAT IS SILVER USED FOR?

2011 Actual2010 Actual

26% 27%

47% 47%

7%

20%

6%

20%

Industry Photography Jewelry & Silverware Investment

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Source: Thomson Reuters GFMS

INVESTMENT DEMAND

Coins and medals demand

Coins and Medals Demand (in Mozs)150

USA Canada Other Coins and medals demand

increased by 19% in 2011 posting a new record of 118Moz* 50

100

Silver ETF demand was more Silver ETF Investment (in Mozs)***

02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

volatile in 2011 with a decline of approximately 26Moz**

• This decline was more than offsetThis decline was more than offset by continued strong silver bar demand

• Year-to-date ETF demand has

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been relatively flat* GFMS estimates; **CPM Group; *** Mitsui

INDUSTRIAL DEMAND

600 Other

Brazing Alloys

400

500

oun

ces)

g y

Electrical

200

300

Silv

er (m

illio

n

0

100

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Industrial demand estimated to have decreased 2.7% in 2011, due primarily to weaker year-over-year fourth quarter demand

Industrial demand is relatively inelastic to the price of silver (low proportion of

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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Industrial demand is relatively inelastic to the price of silver (low proportion of input cost)

Source: GFMS

DEMAND FROM INDUSTRIAL APPLICATIONS

The largest component of industrial demand is:

Source: VM Group July 2011Silver Book

The largest component of industrial demand is:• Electrical and Electronics• Brazing alloys and solders

Given silver’s unique characteristics of being the best conductor and the most reflective of all metals, and of possessing natural antimicrobial properties, several new industrial uses are forecast to increase future demand

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SILVER SUPPLY

2010 Actual 2011 Actual

25%

5%4%

25%

21%

73%70%

Mine Production Scrap Producer Hedging Government Sales

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Source: Thomson Reuters GFMS

SILVER SUPPLY – PRODUCTION GROWTH

700

800

500

600

700

n (M

ozs)

300

400

er P

rodu

ctio

n

0

100

200Silv

e

02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Latin America North America Asia Oceana CIS Europe Africa

72

Source: GFMS

World silver mine production was estimated to have increased 1% in 2011

SILVER SUPPLY – SCRAP

240

260

180

200

220

240

zs)

100

120

140

160

er S

crap

(M

o

20

40

60

80

Silv

e

Silver scrap supply was estimated to have risen by 28Moz or 12% in 2011

0

20

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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Source: GFMS

Silver scrap supply was estimated to have risen by 28Moz or 12% in 2011

SILVER BULLION INVENTORIES*

Other silver inventories**

Government silver inventories3,000

ns o

f oun

ces) Silver inventories held in ETFs

2,000

2,500

Silv

er (m

illion

1,000

1,500

0

500

70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10

Total silver bullion inventories declined from 1988-2005 The introduction of silver ETFs in 2006 reversed this trend Government inventories have been declining since 1980 and are estimated at

l h 60M f il

74

*Source: CPM Group; **Other inventories include all reported inventories at exchanges, some industry-reported inventories, CPM Group’s estimates of bullion in bar form. It excludes coins and silver held as a form of savings in silverware and jewelry as well.

less than 60Moz of silver

GOLD/SILVER PRICE RATIO1833 - PRESENT

120

80

100

o

60

80

old/

silv

er ra

tio

20

40Go Average Price Ratio = 37:1

01833 1843 1853 1863 1873 1883 1893 1903 1913 1923 1933 1943 1953 1963 1973 1983 1993 2003

The ratio of silver to gold in the earth’s crust is approximately 19:1

75

Source: Average yearly gold and silver price sourced from www.kitco.com

The ratio of silver to gold in the earth’s crust is approximately 19:1

NON-IFRS MEASURES

Silver Wheaton has included, throughout this presentation, certain non-IFRS performance measures, including (i) average cash costs of silver and gold on a per ounce basis; (ii) operating cash flows per share (basic and diluted) and; (iii) cash operating margin.

i Average cash cost of silver and gold on a per ounce basis is calculated by dividing the cost of sales by the ounces sold In thei. Average cash cost of silver and gold on a per ounce basis is calculated by dividing the cost of sales by the ounces sold. In the precious metals mining industry, this is a common performance measure but does not have any standardized meaning. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow.

ii. Cash operating margin is calculated by subtracting the average cash cost of silver and gold on a per ounce basis from the average li d lli i f il d ld b i Th C t h ti i it b li th trealized selling price of silver and gold on a per ounce basis. The Company presents cash operating margin as it believes that

certain investors use this information to evaluate the Company’s performance in comparison to other companies in the preciousmetals mining industry who present results on a similar basis.

iii. Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as it believes that certain investors use this information to evaluate the Company’s performance in comparison to other companies in the preciousmetals mining industry who present results on a similar basis.

These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For more detailed information, p p pplease refer to pages 19 to 21 of Silver Wheaton’s Q2 2012 Management Discussion and Analysis available on the Company’s websiteat www.silverwheaton.com and posted on SEDAR at www.sedar.com.

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