A il 2009April 2009

Cautionary Statements

CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS

This presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation.Forward-looking statements include but are not limited to statements with respect to the future price of silver the estimation of mineral reserves and resources the realization of mineralForward looking statements include, but are not limited to, statements with respect to the future price of silver, the estimation of mineral reserves and resources, the realization of mineralreserve estimates, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates. Generally, these forward-looking statementscan 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 state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “beachieved”. Assumptions upon which such forward looking statements are based include that Silver Wheaton and Silverstone will be able to satisfy the conditions in the definitive agreement,that the due diligence investigations of each party will not identify any materially adverse facts or circumstances, that the required approvals will be obtained from the shareholders of each ofSilver Wheaton and Silverstone, that all third party regulatory and governmental approvals to the transactions will be obtained and all other conditions to completion of the transaction will besatisfied or waived. Many of these assumptions are based on factors and events that are not within the control of Silver Wheaton and Silverstone and there is no assurance they will prove tobe correct. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance orachievements of Silver Wheaton and Silverstone to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to theintegration of acquisitions, the absence of control over mining operations from which Silver Wheaton and Silverstone purchase silver and gold and risks related to these mining operations,including risks related to international operations, actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes inproject parameters as plans continue to be refined, as well as those factors discussed in the section entitled “Description of the Business – Risk Factors” in Silver Wheaton’s annual informationform for the year ended December 31 2008 incorporated by reference into Silver Wheaton’s Form 40 F on file with the U S Securities and Exchange Commission in Washington D C andform for the year ended December 31, 2008 incorporated by reference into Silver Wheaton s Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. andalthough Silver Wheaton and Silverstone have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements,there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results andfuture events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Silver Wheaton andSilverstone do not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES

This presentation uses the terms “Measured”, “Indicated” and “Inferred” Resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, theUnited States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence and as to their economicand 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 MineralResources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resourceswill ever be converted into Mineral Reserves. U.S. investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically orlegally mineable.

1

Full details on Silver Wheaton reserves and resources for Luismin, Zinkgruvan, Yauliyacu, Peñasquito, Stratoni, Mineral Park, Campo Morado, La Negra, and Keno Hill can be found on theCompany website at www.silverwheaton.com.

A Unique Silver Company

Largest silver streaming company in the world• Recently announced acquisition of Silverstone Resources Corp. solidifies this position*

Significant leverage to silver price• 10% increase in silver price results in a 16% increase in 2009 cash flow**

Very strong growth potentialVery strong growth potential• +100% organic sales volume growth by 2010 (not including Silverstone acquisition)• Significant stake in 6 of the top 35 silver deposits in the world• Well positioned to make further accretive acquisitionsWell positioned to make further accretive acquisitions

Strong financial position• Recently completed a C$287m equity financing• US$400m undrawn debt facility availableUS$400m undrawn debt facility available

Significant downside protection• Model eliminates many key risks faced by traditional mining companies

Experienced management team with demonstrated track record of

2

Experienced management team with demonstrated track record of creating shareholder value * Scheduled to close in the second quarter of 2009 ** Assumes a silver price of $13/oz

Largest Silver Streaming Company

Unrivaled growth profile

• Forecast annual silver sales of 15 to 17 million ounces in 2009, increasing to approximately 30 million ounces by 2013 (not including Silverstone acquisition)

Very high Operating Margins Very high Operating Margins

• >60% for the year ended December 31, 2008

Nine long term agreements with established producers: Nine long term agreements with established producers:

• Goldcorp, Glencore, Lundin Mining, European Goldfields

Reserves and resources of more than 1 Billion silver ounces*Reserves and resources of more than 1 Billion silver ounces

No hedging

3

* P&P reserves totaling 430 million ounces of silver, M&I resources totaling 214 million ounces of silver, Inferred resources totaling 393 million ounces of silver

Mine Locations

S i

Zinkgruvan

Mineral Park

Keno Hill

Stratoni

PeñasquitoLuisminCampo MoradoLa Negra

Yauliyacu

Development Projects

Operating Mines

4

p j

* Not including Silverstone acquisition

100% of Revenue from Silver Production

100%100%

78% 78%

61%70%

80%

90%

of T

otal

61%57%

51%

42%40%

50%

60%

venu

e as

a %

o

20%

30%

40%

Silv

er R

ev

0%

10%

Silver Wheaton*

Coeur D'Alene*

Pan American Silver*

Hochschild* Fresnillo* Silvercorp** Hecla*

5

* For Year ended 12/31/08** For 9 Months ended 12/31/08 Source: Company Reports, Not including Silverstone acquisition

Silver Sales Growth - No Further CAPEX To Be Paid*

30

20

25

+100%

oz)

15

er S

ales

(M o

5

10

Silv

e

02004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E

Luismin Penasquito Yauliyacu Zinkgruvan Stratoni Mineral Park, Campo Morado,q y g , p ,La Negra, Keno Hill

6

* A US$35M payment is due to Alexco once project permits are received ** Not including Silverstone acquisition

Current Attributable Reserves & Resources

1800

1200

1400

1600

(M o

z)

800

1000

1200Inferred

M&I Resource

ned

Silv

er

200

400

600 P&P Reserves

Con

tain

0

200

Hecla* Pan American*

Coeur* Fresnillo** Silver Wheaton*

Silver Standard***

7

* As of Dec 31, 2008** As of Dec 31, 2007*** As of Feb 3, 2009 Source: Company Reports, Not including Silverstone acquisition

Best Leverage to Silver Price - Performance Since Inception

500%

600%

300%

400%

500%

SLWSilver

PAASSSRI0%

100%

200%

PAASHLCDE

-200%

-100%

0%

4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9

Share price has significantly outperformed peers since inception in Oct. of 2004

Oct

-04

Jan-

0

Apr

-0

Jul-0

Oct

-0

Jan-

0

Apr

-0

Jul-0

Oct

-0

Jan-

0

Apr

-0

Jul-0

Oct

-0

Jan-

0

Apr

-0

Jul-0

Oct

-0

Jan-

0

Apr

-0

8

Source: Thomson One, as of April 10, 2009

2004

Silver Wheaton vs Silver ETF

SILVER WHEATON Silver ETF

Pure Silver

Best Leverage toSilver Price

Organic Growth

Further GrowthPotential

9

Top 35 Silver Deposits in the WorldProducing Mines and Development Projects

2,000

Producing Mines and Development Projects

Silver Wheaton Relationship (6)Sil St d d (2)

1 200

1,400

1,600

1,800

ves

(Moz

)

Silver Standard (2)

25% of Peñasquito

600

800

1,000

1,200

rces

& R

eser

v

0

200

400

600

G T C 2

Res

our

Penasquito

Pascua-Lam

a

Pitarrilla

Glogow

Rudna

Polkow

ice

Grasberg

Lubin

Cannington

Navidad

Dukat

Mt Isa

George Fisher

Antam

ina

Toromocho

Codelco

25% of P

enasqui

Mehdiabad

Fresnillo

Udokan

San C

ristobal

Olym

pic Dam

Baw

dwin

Corani

Malku K

hota

Maverick S

prings

Zhezkazgan

Veladero

Hackett R

iver

Sunshine

Pirquitas

McA

rthur River

Montanore

Rock C

reek

San D

imas

to

s

10

Source: Intierra

Significant Downside Protection

Operating costs are essentially fixed:• US$3.90/oz silver with small inflationary adjustmentUS$3.90/oz silver with small inflationary adjustment

Revenue derived from low cost and long life mining operations

No ongoing capital expenditures or exploration costsNo ongoing capital expenditures or exploration costs• Yet SLW benefits from production/exploration growth

Structured to minimize income taxes

No environmental/closure responsibilities

Structured not to lose cash flow• Silver purchase price is the lesser of the spot price or US$3.90/oz

No currency risk

11

Very low political risk

Fixed Operating Costs – Significant Upside Potential

$16.00

Silver Wheaton's Realized Silver Price vs. Cash Costs

$12.00

$14.00

$8.00

$10.00

$'s

per o

unce

$4.00

$6.00

US

$

Cash Margin Per Ounce

$0.00

$2.00

2004 2005 2006 2007 20082004 2005 2006 2007 2008

Realized Silver Price Total Cash Cost

12

Revenue Derived from Low Cost and Quality AssetsAssets

2009 Forecast Silver Sales 2013 Forecast Silver Sales

Luismin33%Zinkgruvan

7%

Stratoni6%

Other11%

Luismin37%

Stratoni10%

Other11%

Penasquito

Yauliyacu14%

7%

Penasquito9%

Yauliyacu

Zinkgruvan12%

79% of 2009 revenue derived from four mines – Luismin, Peñasquito,

Penasquito29%

Yauliyacu21%

Yauliyacu and Zinkgruvan (not including Silverstone acquisition)• Luismin, Yauliyacu and Zinkgruvan have been in continuous production for over 100

years and are low cost producers

13

Peñasquito to become next ‘flagship’ asset – adds significant growth

Commodity Exposure – Well Diversified

2009 Commodity Exposure* 2013 Commodity Exposure*

Zinc31%

GoldGold62%

Silver

Gold46%Zinc

49%

Copper4%

Silver3%

Copper5%

With its current agreements, Silver Wheaton is well diversified and its exposure to gold increases over time

14

* Figures are based on Silver Wheaton’s forecast silver sales and do not include the Silverstone acquisition

Very Low Political Risk

Geographic Distribution of Reserves and Resources

8%

6% 2%

13% MexicoPeruUSA

71%

USASwedenGreeceCanada

15

* Not including Silverstone acquisition

Financial Performance

$0.60

$0.40

$0.50

$0.20

$0.30

$0.00

$0.10

2004 2005 2006 2007 2008

EPS CFPS

52% annualized growth in cash flow per share for period 2005 through 2008

16

- 2008 adjusted EPS before non-cash write-down of long-term investments

2008

Growth in Reserves and Resources - since inception

1,200

600

800

1,000

ons

of o

z)

200

400

600

Silv

er (m

illio

0

200

2004 2005 2006 2007 2008

58% annualized growth in P&P reserves and 43% annualized growth in total reser es and reso rces since inception

Reserves Measured & Indicated Inferred

17

* Not Including Silverstone acquisition

total reserves and resources since inception

Growth in Reserves and Resources Per Share* - since inception

4.50

3.00

3.50

4.00

hare

1.50

2.00

2.50

Silv

er o

z/sh

0.00

0.50

1.00

29% annualized growth in reserves and resources per share since inception

2004 2005 2006 2007 2008

Reserves Measured & Indicated Inferred

18

* Not Including Silverstone acquisition

29% annualized growth in reserves and resources per share since inception

Projected EBITDA Existing Agreements*

$20/oz

$400

$500

ns)

$10/oz

$15/oz

$200

$300

S$ (m

illion

$10/oz

$0

$100

US

2009 2010 2011 2012 2013 2014

19

* Not including Silverstone acquisition

Debt Sensitivity*

Debt Repayment By

$15/oz

)

Debt Repayment By

$10/oz

Pric

e (U

S$)

$8/oz

Silv

er P

Dec-08 Dec-09 Dec-10 Dec-11

20

* Not including Silverstone acquisition

Capital Structure - As of March 12, 2009

Shares Outstanding 287.5 milliong

SLW.WT Warrants 2.9 million* exercise @ C$ 4.00

SLW.WT.A Warrants 0.6 million* exercise @ C$ 5.50

SLW.WT.B Warrants 7.8 million exercise @ C$10.00

SLW.WT.U Warrants 2.7 million exercise @ U$20.00

Options 3.6 million avg.exercise @ C$10.48

Shares Fully Diluted 305.1 million3 M h A D il V l3 Month Avg. Daily Volume

TSX: 2.8 million sharesNYSE: 8.8 million shares

21

* Consolidated based on 0.2 SLW.WT and SLW.WT.A for every common share of SLW** Not including Silverstone acquisition

Relative Valuations – Undervalued?

NAV

Mul

tiple

Royalty-type Structure

Senior Gold

Mid-Tier Gold

Silver/PGM

Averages

22

Source: Bank of America Securities - Merrill Lynch, April 6, 2009

g

Unparalleled Growth

23

Peñasquito

Goldcorp’s world-class gold-zinc-silver lead deposit in Mexico

Positive deep drilling shows underground potentialsilver-lead deposit in Mexico

Largest silver deposit in the world

underground potential

Heap leach operation commenced production in Q2 2008

Reserves and Resources (Dec 2008)

• P&P Reserves: 1,046 M oz

• M&I Resources: 370 M oz

p Q

Initial mill production expected in mid-2009

• M&I Resources: 370 M oz

• Inferred Resources: 395 M oz

Updated feasibility study anticipated

30% boost in mill throughput over 2006 feasibility

Updated feasibility study anticipated in early 2009

Continued excellent potential for

25

exploration growth

Peñasquito - Transaction Terms

25% of silver production for the lif f i

Goldcorp completion guaranteelife of mine

Upfront cash payment of US$485 illi

No significant tax is to be paid by Silver Wheaton

million

Purchase price is the lower of US$3 90/ t il i

25% interest in Peñasquito would rank as one of the top 20 il d it i th ldUS$3.90/oz or spot silver price silver deposits in the world

26

Peñasquito Project Growth - Since Our Acquisition, April 2007

April 2007 Current* Growth

Silver Reserves/Resources

P&P Reserves 575 M oz 1,046M oz +82%M&I Resources 247 M oz 370 M oz +50%M&I Resources 247 M oz 370 M oz +50%

LOM Silver Production Attributable to SLW (25%) 92 M oz 140 M oz +52%( %)

Average Annual Silver Sales Attributable to SLW (25%) 5.4 M oz 7.8 M oz +44%

Anticipated Mine Life 17 yrs 19 yrs +12%

Underground Potential Not contemplated Yes +%??

27

p %??

* Reserves and Resources as of Dec 31, 2008, remaining data based on Dec 31, 2007 Technical Report

WHERE ARE WE GOING?

28

Additional Acquisition Opportunities

Significant silver stream opportunities going forward:

• Operators and developers facing growing capital requirements

• M&A activity resulting in financing needs

• Challenges in securing traditional sources of financing

• 70% of mined silver is produced as a by-product

T i i i i i i i h ff Targeting accretive acquisition opportunities that offer:

• Immediate cash flows

• Low risk asset quality and location• Low risk – asset quality and location

We are delivering - recently announced Silverstone acquisition is accretive on all major metrics and anticipated to close in the second quarter

29

Silverstone Resources – Announced Acquisition

Friendly acquisition of Silverstone through Plan of Arrangement announced in March 2009announced in March 2009

0.185 Silver Wheaton shares per Silverstone share

• Approximately 24 million Silver Wheaton shares to be issued to• Approximately 24 million Silver Wheaton shares to be issued to Silverstone shareholders representing a 7% pro forma interest (fully diluted)

Lock-ups from Capstone Mining and Silverstone insiders totaling 24%

Unanimous support and recommendation of Silverstone Board of DirectorsDirectors

Expected to close in May 2009

30

Transaction Rationale for Silver Wheaton

Transaction is accretive on all key metrics

Consolidates the silver streaming industry, solidifying Silver Wheaton’s status as the largest silver streaming company in the world

Aligned with business strategy immediate production and cash flowAligned with business strategy immediate production and cash flow

• Positions SLW for additional significant accretive acquisitions

Three new silver stream agreements from low cost copper minesThree new silver stream agreements from low cost copper mines

• Minto + Cozamin + Neves Corvo = 4.5 million oz of silver equivalent in 2009*

• Low political risk and significant exploration upsideLow political risk and significant exploration upside

Diversifies Silver Wheaton production to 11 operating mines / 8 operating partners

31

* Assumes a Au/Ag ratio of 70:1

Value for Silverstone Shareholders

Substantial premium to recent SST trading price• 18% spot premium and 40% premium based on 20-day volume weighted average prices*

Significant ownership stake in the silver stream leader

Highly liquid shares with average daily trading of approximately $81 million**

Strong growth profile and increased diversification• Geography• Geography• Counterparty• Primary Metal

SLW share price upside

Proven ability to fund strong pipeline of significant opportunities

32

* As of March 12, 2009**2009 YTD trading on TSX and NYSE

Mine Locations - Pro Forma

Zinkgruvan

Mineral Park

Keno Hill

Minto

Stratoni

PeñasquitoLuisminCampo MoradoLa Negra

Neves-Corvo

Aljustrel

YauliyacuCozamin

Development Projects

Operating Mines

Silverstone – Core Operating Mines

Navidad

33

Silverstone – Other Assets (Growth Upside)

Strong Production Profile

Increase from 100% to 140% growth in silver equivalent sales by 2010* Significant additional upside from the Neves-Corvo Zinc Aljustrel and Navidad

30

35

Significant additional upside from the Neves Corvo Zinc, Aljustrel and Navidad projects

20

25

30

Ag

eq.)*

+100%

+140%

10

15

ales

(M o

z

0

5

2008 2009E 2010E 2011E 2012E 2013E

Sa

Silver Wheaton Silverstone (Core Assets)

34

* Assumes a Au:Ag ratio of 70:1

Increase in Reserves and Resources

Pro forma reserves greater than 500 million oz silver equivalent and total resources of ~ 1.3 billion oz silver equivalent

1400

1600

g E

q.)*

P&P Reserves

ProForma

800

1000

1200

lver

(M o

z A

g

+ 27%

P&P ReservesM&I ResourcesInferred Resources

Pro

SLW

400

600

800

Con

tain

ed S

il

+ 38%

SLW

ProForma

0

200C

Total Reserves d R

+ 38%

P&P Reserves

35

* Assumes a Au:Ag ratio of 70:1, Silverstone resources include Minto, Cozamin, Neves-Corvo and Aljustrel

and ResourcesP&P Reserves

Minto Mine – Yukon, Canada

High grade and low cost copper-gold-silver minesilver mine

• Forecast cash costs net of by-product credits of $1.00/lb copper

D bl d d ti l l i Doubled production levels since commencing production in 2007

• Pre-feasibility study in 2009 targeting %additional 50% mill expansion

Significant exploration upside• Growth in resources of greater than 140%Growth in resources of greater than 140%

from 2005 – 2007 (not inclusive of 2008 drilling)

Forecast to produce 290,000 ounces of

36

p ,silver and 31,000 ounces of gold in 2009

Cozamin Mine - Zacatecas State, Mexico

High grade and low cost copper-silver-lead-zinc mine

• Forecast cash costs net of by-product credits of $1.00/lb copper

Two successful expansions tripling production levels in less than three yearsyears

Significant exploration upside with demonstrated resource additions

Forecast to produce approximately 1 5 million ounces of silver in 2009 Forecast to produce approximately 1.5 million ounces of silver in 2009

37

Neves-Corvo Mine - Lisbon, Portugal

Low cost and high grade copper-zinc- silver minecopper zinc silver mine

Proven operator

• Significant producer of copper sinceSignificant producer of copper since 1989

Mill capacity of 2.2 million tonnes per yeartonnes per year

Zinc circuit recently converted to handle copper ore

Record production was achieved in ore mined and processed in 2008

Demonstrated exploration upside

38

Forecast to produce approximately 500,000 ounces of silver in 2009

Silverstone – Other Upside Opportunities

Neves-Corvo Zinc

Owned by Lundin Mining and covered by existing silver stream agreement

World-class Lombador zinc-lead-silver deposit adjacent to copper deposits

Zinc expansion project will re-commence once zinc prices improve

Aljustrel

Silver stream agreement with zinc-lead-silver Aljustrel mine in Portugal

Under care and maintenance until base metal prices improve

Navidad Project

Convertible debenture with right to convert into 12.5% LOM payable silver f f

39

from a portion of the Navidad silver project in Argentina

Diversified Commodity Exposure

Increases exposure to low-cost copper

SLW 2009 Commodity Exposure* Pro Forma Annualized 2009 Commodity Exposure*

GoldZiGold 36%

Copper

Zinc38%

Gold46%Zinc

49%

Copper26%

Copper5%

40

* Figures are based on forecast silver sales

Strong Pro Forma Share Price Upside

Improved Cash Flow and Production Leverage for all Silver Wheaton holders

14 016x

Price / Cash Flow* Production Ag Eq.** / Share+9%

0 0740.081

0 08

0.09

14.0x

9.3x

11.8x

8.6x10x

12x

14x

Mul

tiple

+19%

0.052

0.074

0.062

0.05

0.06

0.07

0.08

. Oun

ces

4x

6x

8x

Pric

e/C

F M

0.02

0.03

0.04

Silv

er E

q.

0x

2x

2009E 2010E

Silver Wheaton Pro Forma

-

0.01

2009E 2010E

Silver Wheaton Pro Forma(annualized)Silver Wheaton Pro Forma

41

* Based on consensus analyst forecasts. No synergies assumed.** Assumes a Au:Ag ratio of 70:1.

Silver Wheaton Pro Forma( )

Debt Sensitivity Benefits*

Further strengthening of Silver Wheaton balance sheet and cash generation

Debt Repayment By:

$15/oz

$10/oz$10/oz

$8/oz

Dec-08 Dec-09 Dec-10 Dec-11

42

* Assumes a Au:Ag ratio of 70:1= SLW = Pro Forma

Silverstone Acquisition Summary

Accretive Transaction - Immediate Production and Cash Flow

Consolidates the Silver Streaming Industry

Diversifies by Counterparty, Geography and Primary Commodity

Quality Operators and Low Cost Copper Mines

Low Risk Jurisdictions

Strong Exploration and Growth Potential

Pro Forma Share Price Upside

Further Strengthens Balance Sheet

Positions Silver Wheaton for Additional Accretive Transactions

43

Summary

Largest silver streaming company in the worldSil t i iti lidifi thi iti• Silverstone acquisition solidifies this position

Robust organic growth profile• Greater than 100% organic sales volume growth by 2010 (not including Silverstone acquisition)Greater than 100% organic sales volume growth by 2010 (not including Silverstone acquisition)

Established, long life, low-cost mines with considerable upside potential• Reserve/resource additions, production expansions

Strong cash flow & earnings

Significant leverage to increases in silver price

Downside protection

Very low political risk profile

44

Well positioned for further growth

Appendix

45

SLW Equity Investments

Property of Interest

Corani Rock Creek Hackett River Montanore

Ownership 16% 12% 11% 11%

Stage Pre-Feasibility Pre-Feasibility Pre-FeasibilityAdvanced E l ti

g y y yExploration

Resource (Ag M oz)

M&I 327Inf. 35

Inf. 229Ind. 200Inf. 64

M&I 166Inf. 65

Est. Annual Ag Production

+10 M oz/yr 6 M oz/yr 12 M oz/yr N/A

46

Source: Company Reports

By-Product Silver Production

Silver Output By Source Metal*

29.7%

9.9% 2.0%

26.7% Primary SilverLead/ZincCopperGold

31.7% Other

70% of mined silver is produced as a by-product = significant growth potential in the silver stream space

47

* GFMS & The Silver Institute

potential in the silver stream space

Silver Stream Agreements

Luismin Peñasquito Zinkgruvan Yauliyacu Stratoni Mineral Park

CCompany

Status ProducingProducing

(heap leach)Producing Producing Producing Producing

Contract Length

25 yrs LOM LOM 20 yrs LOM LOM

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

/100% 100%g

oz/yr

Mine Life 25+ yrs 19+ yrs 25+ yrs 25+ yrs 7+ yrs 21+ yrs

C h C t $3 95/ * $3 90/ * $3 96/ * $3 90/ $3 90/ * $3 90/ *Cash Costs $3.95/oz* $3.90/oz* $3.96/oz* $3.90/oz $3.90/oz* $3.90/oz

Annual Ag Production

7-12 M oz 2-10 M oz 2 M ozUp to 4.75 M

oz1-2 M oz 0.4-0.6 M oz

48

Production oz

* SLW pays the lesser of $3.90/oz or spot price on these contracts

Silver Stream Agreements

La NegraCampoMorado

Keno Hill

Company

Status Producing Producing Development

Contract Length LOM LOM LOM

Silver Production 50% 75% 25%

Mine Life 10 + yrs 6+ yrs 5+ yrs

Cash Costs $3.90/oz* $3.90/oz* $3.90/oz*

Annual AgAnnual Ag Production

0.5-0.7 M oz 0.8-1.0 M oz 0.8 M oz

Date of expected prod ction

2010

49

production

* SLW pays the lesser of $3.90 and spot price on these contracts

Reserves and Resources (as of December 31, 2008)

Proven & Probable Reserves Attributable to Silver Wheaton (1,4,5,6,10,12)

PROVEN PROBABLE PROVEN & PROBABLE

Tonnage Grade Contained

Tonnage Grade Contained Tonnage Grade Contained

Silver Mt g Ag/t M oz Mt g Ag/t M oz Mt g Ag/t M oz

San Dimas 1.69 381.3 20.7 3.40 362.2 39.6 5.09 368.5 60.3

Los Filos(11) 28.10 4.4 4.0 42.16 3.3 4.5 70.26 3.7 8.4

San Martin 0.32 32.7 0.3 0.71 47.8 1.1 1.03 43.2 1.4

Peñasquito (25%)

Mill 140.30 33.9 152.9 111.93 25.2 90.5 252.23 30.0 243.4

Heap Leach 14.45 18.4 8.6 31.16 9.4 9.4 45.61 12.3 18.0

Yauliyacu(8) 0.77 138.7 3.5 1.28 174.4 7.2 2.06 161.0 10.7

Zinkgruvan

Zinc Ore 8.76 112.0 31.6 2.00 56.0 3.6 10.76 101.6 35.2

Copper Ore 2.90 28.0 2.6 2.90 28.0 2.6

Stratoni 1.90 193.3 11.8 0.31 190.0 1.9 2.22 192.8 13.7

Mineral Park(9) 315.88 2.9 29.0 81.33 2.4 6.4 397.21 2.8 35.4

La Negra (50%) 0.14 76.9 0.3 0.10 69.5 0.2 0.24 73.9 0.6

Total 262.6 167.1 429.7

50

Reserves and Resources (as of December 31, 2008)

Measured & Indicated Resources Attributable to Silver Wheaton (1,2,3,4,5,7,10,12)

MEASURED INDICATED MEASURED & INDICATED

Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained

Silver Mt g Ag/t M oz Mt g Ag/t M oz Mt g Ag/t M oz

Los Filos(11) 0.20 5.1 0.03 7.38 4.8 1.1 7.58 4.8 1.2

Peñasquito (25%) q ( )

Mill 27.81 18.5 16.5 125.93 18.4 74.5 153.74 18.4 91.0

Heap Leach 1.44 4.1 0.2 7.60 5.0 1.2 9.04 4.9 1.4

Yauliyacu(8) 1.20 149.7 5.8 5.36 260.1 44.9 6.56 239.9 50.6

Zinkgruvan

Zinc Ore 0.55 24.0 0.4 3.79 105.0 12.8 4.34 94.7 13.2

Copper Ore - - - 0.46 30.0 0.4 0.46 30.0 0.4

Mineral Park(9) 100.97 2.6 8.4 175.63 2.7 15.2 276.60 2.7 23.6

Campo Morado (75%) 0.37 257.9 3.1 4.97 173.4 27.7 5.33 179.2 30.7

La Negra (50%) 0.20 127.0 0.8 0.09 128.0 0.4 0.29 127.3 1.2

Total 35.2 178.3 213.5

51

Reserves and Resources (as of December 31, 2008)

Inferred Resources Attributable to Silver Wheaton (1,2,3,4,5,7,10,12)

INFERRED

Tonnage Grade Contained

Silver Mt g Ag/t M oz

San Dimas 15.14 316.4 154.0

Los Filos(11) 6.02 8.1 1.6

San Martin 3.01 119.0 11.5

Peñasquito (25%)

Mill 176.40 17.0 96.2

Heap Leach 9.91 7.9 2.5

Yauliyacu(8) 11.41 207.9 76.3y

Zinkgruvan

Zinc Ore 4.20 68.0 9.2

Copper Ore 0.55 42.0 0.7

Stratoni 0.64 203.4 4.2

Keno Hill (25%) 0.13 1015.8 4.4( )

Mineral Park(9) 320.15 2.3 23.8

Campo Morado (75%) 1.38 174.5 7.7

La Negra (50%) 0.11 75.3 0.3

Total 392.5

52

Resources and Reserves - Disclosures

Notes:1. All Mineral Reserves and Mineral Resources have been calculated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum National Instrument 43-101,

or the AusIMM JORC equivalent.2. All Mineral Resources are exclusive of Mineral Reserves.3. Mineral Resources which are not Mineral Reserves, do not have demonstrated economic viability.4. Reserves and Resources are reported as of December 31, 2008, with the following conditions or exceptions:

a. Reserves and Resources for Stratoni are reported as of December 31, 2007.b. Reserves and Resources for San Martin are reported as of December 31, 2006. Reserves and Resources are expected to be updated in Q2 2009.c. Reserves and Resources for Mineral Park are reported as of December 29, 2006.d. Resources for Campo Morado are reported as of February 29, 2008.e. Resources for La Negra are reported as of February 15, 2008 for the Alacran deposit and March 14, 2008 for the Monica deposit.f. Resources for Keno Hill are reported as of June 30, 2008.

5. Qualified Persons for the Mineral Reserve and Mineral Resource estimates as defined by the National Instrument 43-101 are as follows:a. San Dimas, Los Filos – Reynaldo Rivera, MAusIMM (Chief Geologist), Goldcorp Mexico, the Mexican operating subsidiary of Goldcorp Inc.b. San Martin – Velasquez Spring, P.Eng. (Senior Geologist) Watts, Griffis and McOuat Limited.c. Zinkgruvan – Per Hedstrom, AusIMM (Senior Geologist) and Lars Malmstrom, AusIMM, (Chief Geologist), both employees of Zinkgruvan Mining ABd. Yauliyacu – Neil Burns, M.Sc., P.Geo., (Director, Geology), Samuel Mah, M.A.Sc., P.Eng., (Director, Engineering), both employees of Silver Wheaton Corp.e. Peñasquito - Bob Bryson, MMSA, (Vice President, Engineering), Goldcorp Inc.f. Stratoni - Patrick Forward, AusIMM (General Manager, Exploration), European Goldfields Ltd.g. Campo Morado – Stephen J. Godden, F.I.M.M.M., C.Eng. (Director) S. Godden & Associates Limited; P. Taggart, P.Eng. (Principal) P.Taggart & Associates Ltd.; David Gaunt, P.Geo.

and Qingping Deng, Ph.D., C.P.Geol. (Vice President of US Operations and Global Director of Ore Reserves and Mining Planning) Behre Dolbear & Company (USA), Inc.h. Keno Hill - G. David Keller, P.Geo. (Principal Resource Geologist) SRK Consulting (Canada) Inc.; Gordon Doerksen, P.Eng. (Principal Consultant - Mining) SRK Consulting (Canada)

Inc.; Josef Sedlacek, P.Eng. (Principal Consultant) SRK Consulting (Canada) Inc., Hassan Ghaffari, P.Eng. (Manager of Metallurgy) Wardrop Engineering Inc. and Diane Lister,P.Eng., (Consulting Environmental Engineer and Principal) Altura Envinronmental Consulting.

i. La Negra – Thomas C.Stubens, M.A.Sc., P.Eng. (Senior Geologist) Wardrop Engineering Inc., Barnard Foo, M.Eng., P.Eng. (Senior Mine Engineer) Wardrop Engineering Inc. andRonald G. Simpson, P.Geo. (President), GeoSIM.

j. Mineral Park – Gary Simmerman, FAusIMM (Vice President, Engineering and Mine Manager), Mercator Minerals Inc.k. Overall Corporate Review – Neil Burns, M.Sc., P.Geo., for Resources (Director of Geology), Samuel Mah, M.A.Sc., P.Eng. for Reserves (Director of Engineering), both employees of

Silver Wheaton Corp.

53

Resources and Reserves - Disclosures

6. Mineral Reserves are estimated using appropriate recovery rates and US$ commodity prices of $12 per ounce of silver unless otherwise noted below:a. San Martin Reserves – US$7.00 per ounceb. Yauliyacu Reserves – US$10.00 per ouncec. Mineral Park Reserves - 0.237% Cu equivalent cut-off grade (hypogene), 0.283% Cu equivalent cut-off grade (supergene). Copper equivalent considers only copper and molybdenumc. Mineral Park Reserves 0.237% Cu equivalent cut off grade (hypogene), 0.283% Cu equivalent cut off grade (supergene). Copper equivalent considers only copper and molybdenum

values (silver was not included).7. Mineral Resources are estimated using appropriate recovery rates and US$ commodity prices of $14 per ounce of silver, unless otherwise noted below:

a. San Martin Resources – US$8.00 per ounceb. The San Pedrito project Resources at San Martin– US$5.50 per ouncec. Zinkgruvan Resources – US$10.00 per ounced. Stratoni Resources – US$12.00 per ouncee. Campo Morado (G9) Resources - 5.0% zinc only cut-off grade, silver was not includedf. Keno Hill Resources – US$8.00 per ouncee o esou ces US$8 00 pe ou ceg. La Negra (Alacran) Resources - US$12.00 per ounceh. La Negra (Monica) Resources - US$13.50 per ouncei. Mineral Park Resources - 0.225% Cu Equivalent cut-off grade. Copper equivalent considers only copper and molybdenum values (silver was not included).

8. Silver Wheaton’s purchase agreement with Glencore provides for the delivery of up to 4.75 million ounces of silver per year for 20 years so long as production allows. In the event that silverproduced at Yauliyacu in any year totals less than 4.75 million ounces, the amount sold to Silver Wheaton in subsequent years will be increased to make up the shortfall.

9. The Mineral Park reserves and resources do not include the SX/EW leach material since this process does not recover silver.10. The Company considers the San Dimas, Yauliyacu and Peñasquito operations to be Material Assets, and has technical reports filed and available on www.sedar.com on each of these assets.11. Los Filos reserves and resources are reported without the Bermejal deposit, as Bermejal is not subject to the silver sales agreement.p j p , j j g12. Silver is produced as a by-product metal at all operations; therefore, the economic cut-off applied to the reporting of silver reserves and resources will be influenced by changes in the commodity

prices of other metals at the time.

54

Keno Hill Alexco Resource Corp.

Keno Hill is one of the highest-grade historic silver producing districts in the worldsilver producing districts in the world

• 217 million ounces of silver produced over 75 years

• Average grade in excess of 40 ounces per ton silver

• Silver grade in top 3% of global silver producers

Resumption of high grade silver-lead-zinc production scheduled for 2010 from Bellekenoproduction scheduled for 2010 from Bellekeno project

Anticipated low cost producer Anticipated low cost producer

Immense exploration potential and future production upside planned

55

production upside planned• Several near term production targets being advanced

Keno Hill – Transaction Terms

25% life of mine silver production over entire 240km2 Keno Hill property

Upfront cash payment of US$50 million in two tranches:

• US$15 million already paid to fund ongoing underground development

• US$35 million payment once permits received and construction underway

Purchase price is the lower of US$3.90/oz or spot silver price

Silver Wheaton has no ongoing capital expenditures or exploration costs

Completion guaranteeCompletion guarantee

Silver Wheaton forecast to receive +800,000 ounces of silver annually with very significant upside potentialwith very significant upside potential

56

Keno Hill – Historic Silver Production

57

Keno Hill – High Grade/Vast Potential

50 0

Global Silver Deposits - Grade Comparison

40.0

45.0

50.0

on)

Martha

25.0

30.0

35.0

(oun

ces

per t Keno Hill Historic Resource

Juanicipio Platosa‐Saltillera

Ying

Bellekeno

Goltsovoye

10.0

15.0

20.0

Silv

er G

rade

SilvertipGreens  CreekCannington

San JoseTopia

Lucky Friday

UchucchacuaPrognoz

Dukat

Fresnillo

PallancataLa ColoradaGuanacevi

Yauliyacu

-

5.0

- 5.0 10.0 15.0 20.0 25.0

AresCaylloma

Hacket River

Morococha

San Cristobal

Palmarejo

Rock Creek

PitarillaFuwan

Piriquitas

Corani

San Bartolome

Yauliyacu

Base Metal + Gold in Silver Equivalent Ounces per Ton*

* Calculated using $12/oz Ag, $650/oz Au, $0.75/lb Zn, $0.45/lb Pb, $2.50/lb Cu (100% metallurgical recoveries) Source – Company reports

Mineral Park - Mercator Minerals

Cu-Mo-Ag open pit mine in northwest Arizona in continuous operations forArizona in continuous operations for more than 30 yrs

Commissioning of 25,000 tpd mill g , punderway with first silver bearing copper concentrate produced in December 2008December 2008

Current Silver Reserves & Resources:• P&P Reserves: 35 M oz• M&I Resources: 24 M oz• Inferred Resources: 24 M oz

Anticipated mine life of at least 21 c pa ed e e o a easyears

59

Mineral Park - Transaction Terms

100% of LOM silver production

Silver Wheaton forecast to receive up to 600,000 ounces of silver annually for at least 21 years

$ Upfront cash payment of US$42 M

Purchase price is the lower of US$3.90/oz or spot silver price

Completion guarantee

60

Campo Morado - Farallon Resources

Farallon’s volcanogenic massive sulfide district in Mexico

Commercial production underway at high grade G 9 deposit Commercial production underway at high grade G-9 deposit• 1,500 tpd mine• Ultra low cash cost zinc mine

F h hi h d d i i hi 116 k 2 i Four other high grade deposits within 116 km2 concession area

Excellent potential for exploration growth

Silver Resources:Silver Resources:• M&I Resources: 31 M oz

• Inferred Resources: 8 M oz

61

Campo Morado - Transaction Terms

75% of LOM silver production in the entire 116km2 propertyentire 116km2 property

Silver Wheaton forecast to receive 800,000 to 1,000,000 ounces of , , ,silver annually

Upfront cash payment of US$80 million

Purchase price is the lower of US$3 90/oz or spot silver priceUS$3.90/oz or spot silver price

Completion guarantee

62

WHY SILVER?

63

Silver Demand

What is silver used for?

24%

9%

53%

24% Industrial

De-hedging

Photography

Jewelry & Silverware13%

Jewelry & Silverware

Coins and Investment

2008 Demand Forecast

1%

64

Source: GFMS

Demand From Industrial Applications

Primary Uses:• Electrical & Electronics

Positive Trends:• Growth in Middle Class in• Electrical & Electronics

• Chemicals• Brazing Alloys

• Growth in Middle Class in China & India

• Growing use of Mobile Phones

New Areas of Growth:• Silver-zinc batteries – “If successful,

Zpower could significantly increase

Phones• Computerization in Third

World• More Stringent EnvironmentalZpower could significantly increase

demand for silver from around 2011 on.” (Brook Hunt - ‘Silver, The Outlook to 2020’)

• Solar

More Stringent Environmental Laws

• LCD/Plasma Screens• Medical Instruments• Biocides

65

Source: CPM Group, RBC Capital Markets

Industrial Demand

500

300

400

n ou

nces

)

100

200

Silv

er (m

illio

n

Electrical and Electronic

Other

I i d d f th l t 7 d it i i i (7% i 2007)

01997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008F

Increase in demand every year for the last 7 years despite rising price (7% in 2007)

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

New record levels expected in 2008 but decline forecast in 2009

66

New record levels expected in 2008 but decline forecast in 2009

Source: GFMS

Investment Demand A Major Catalyst of Silver Price

• Demand for silver ETF’s t d t i 300$25S

D) Silver Price and iShares Silver Trust Holdings

expected to increase

• iShares growing; applied for +360 M oz

150

200

250

300

$

$15

$20

$ 5

ons

of o

z

ondo

n Fi

x in

US

• New ETF’s emerging

• Increased investment demand expected to offset 0

50

100

$0

$5

$10

1/ 11 9/ 1/ 8/

10 2/ 7/

11 4/

Mill

io

Silv

er P

rice

(L

decreased industrial demand in 2009

C i d d h i i ifi tl fl ti i/3/2006

1/5/2006

/19/2006

/30/2007

/6/2007

0/19/2007

/29/2008

/14/2008

1/18/2008

/1/2009

• Coin demand has risen significantly reflecting a growing investor interest

67

Source: GFMS & iShares

Silver Supply

2008 Supply Forecast

20%2%

Mine Production

78%

Scrap

Government Sales

Mine production growth in 2009 still expected but much slower than p g ppreviously forecast (due to impact of lower metals prices, project delays, etc)

GFMS revised 2009 mine production forecast is 700m oz in 2009, down from

68

Source: GFMS

the 730m oz previously forecast

Changes in Government Stocks

40

-20

0

20

Oun

ces)

-60

-40

20

Silv

er (M

illio

n

-100

-80

S

Government inventories declining since 1999 to make up for supply deficits

69

Source: GFMS

Silver Inventories are at a Historical Low

2,400

1,600

2,000

z)

1,200

1,600

vent

ory

(M o

z

400

800Inv

050 55 60 65 70 75 80 85 90 95 00 05

70

Source: CPM Group, 2008

From “Deficit” to a Balanced Market

950

850

900

es)

700

750

800

(mill

ion

ounc

SupplyD d

600

650

700

Silv

er Demand

500

550

600

71

1992 1994 1996 1998 2000 2002 2004 2006 2008F

Source: GFMS

GFMS Silver Price Outlook - Conclusion

Silver’s supply/demand fundamentals (excluding investment) turning Silver s supply/demand fundamentals (excluding investment) turning negative in 2009 due mainly to lower fabrication demand, though supply side less threatening than formerly expected

Silver market will therefore move back into surplus but this metal will be absorbed by investors

Silver prices will be volatile but tend to increase from current levels Silver prices will be volatile but tend to increase from current levels

GFMS under its base case scenario currently forecast a calendar 2009 average silver price of around $13/ozg p $

72

Source: GFMS