DENVER GOLD FORUMSEPTEMBER 2012
CAUTIONARY STATEMENTSCAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTSThe information contained herein contains “forwar...
Our vision    To be the world’s premier silver focused    streaming company.     t     i    To provide shareholders with h...
WHAT IS SILVER STREAMING?    Silver Wheaton makes an upfront payment in return for the right to     purchase a fixed perc...
A WIN-WIN MODELWHY IT WORKS Silver stream agreements create shareholder value for both the  purchaser (Silver Wheaton) an...
WHO IS SILVER WHEATON?5
INDUSTRY LEADER   BY MARKET CAPITALIZATION                        Metals Streaming and                          Worldwide ...
MORE SILVER RESERVES AND RESOURCES                         THAN ANY OTHER SILVER COMPANY IN THE WORLD                     ...
WORLD’S SECOND LARGEST SILVER PRODUCER                                                 2012 Silver Production Guidance*   ...
HIGH QUALITY ASSET BASEDIVERSIFIED PORTFOLIO             Operating Mines (17)   Development Projects (4)                  ...
HIGH QUALITY ASSET BASE    LOW-COST MINES                2012 Forecast Production                                         ...
HIGH QUALITY ASSET BASE    LONG-LIFE MINES            2012 Forecast Production                                            ...
WORLD-CLASS CORNERSTONE ASSETS    POSITIVE PROGRESS CONTINUES         Mine                                                ...
THE HUDBAY DEALCONTINUING THE GROWTH Announced on August 8, 2012 777 Mine & Constancia Project Provides Immediate Cash ...
THE HUDBAY DEAL      TWO NEW HIGH-QUALITY PRECIOUS METAL STREAMS                                                          ...
THE HUDBAY DEAL   ACCRETIVE ON ALL KEY METRICS                                        Accretion per Share to Silver Wheato...
THE HUDBAY DEAL   POSITIVE PROGRESS CONTINUES        Mine                                                                 ...
THE HUDBAY DEAL    LOW COST MINING OPERATIONS                                          2011 - Copper Mines - Total Cash Co...
THE HUDBAY DEAL       INCREASED DIVERSIFICATON BY METAL               2012-2016 Forecast                                  ...
THE HUDBAY DEAL      INCREASED DIVERSIFICATION BY MINE         2012 Proforma Forecast                                     ...
STRONG PRODUCTION GROWTH                         INDUSTRY LEADING GROWTH PROFILE                                          ...
WHY INVEST IN SILVER WHEATON?21
SIGNIFICANT MARKET SHARE    INVESTMENT IN THE SILVER INDUSTRY                                              Percentage Allo...
SILVER WHEATON VERSUS SILVER PRODUCERS     Greater upside to increases in the silver price     Fixed operating* and capi...
FOCUSED ON SILVER                                           Silver revenue as a percentage of total revenue*              ...
EXPANDING CASH OPERATING MARGINS   FIXED OPERATING COSTS                              $40                                 ...
SUPERIOR ASSET DIVERSIFICATION                              25                                                            ...
SILVER WHEATON VERSUS SILVER ETF                                        Silver Wheaton   Silver ETF        Primarily Silve...
SILVER WHEATON VERSUS SILVER ETF                                        Silver Wheaton   Silver ETF         Primarily Silv...
LEVERAGE TO SILVER PRICES    500%                                                                   Three year growth     ...
SILVER WHEATON VERSUS SILVER ETF                                    Silver Wheaton   Silver ETF      Primarily Silver Expo...
GROWING RESERVES AND RESOURCES    THROUGH ACQUISITIONS AND EXPLORATION                                          Silver Res...
SILVER WHEATON VERSUS SILVER ETF                                        Silver Wheaton   Silver ETF         Primarily Silv...
CREATING SHAREHOLDER VALUE    TRACK RECORD OF ACCRETIVE ACQUISITIONS                               Total attributable rese...
LARGE TARGET MARKET                                                                  Silver Wheaton vs. Global Silver Prod...
CORPORATE DEVELOPMENT                  FAVORABLE DEAL MAKING ENVIRONMENT                                             Spot ...
STRONG BALANCE SHEET    TO FUND FUTURE GROWTH                         $1.1Bn                                              ...
SILVER WHEATON VERSUS SILVER ETF                                        Silver Wheaton   Silver ETF         Primarily Silv...
DIVIDEND YIELD      A UNIQUE AND SUSTAINABLE DIVIDEND POLICY    Unique Dividend Policy: Dividends linked to operating cas...
SILVER WHEATON VERSUS SILVER ETF                                        Silver Wheaton   Silver ETF         Primarily Silv...
THE PROOF…    IS IN THE PRICE PERFORMANCE       1400%       1200%       1000%                                             ...
FASTEST GROWING COMPANY      BREAKING NEWS – SEPTEMBER 6, 2012                                 ,     Rank                 ...
IF YOU LIKE SILVER….SILVER WHEATON PROVIDES: Cost certainty Leverage to increasing silver prices High quality asset bas...
INVESTOR RELATIONSTel: 604-684-9648Toll Free: 1 800 380 8687           1-800-380-8687Email: info@silverwheaton.comTRANSFER...
APPENDIX44
LIQUID STOCKCAPITAL STRUCTURE AS OF JUNE 30, 2012                               ,Shares Outstanding                 g     ...
SILVER STREAM AGREEMENTS   PRODUCERS                         Peñasquito               San Dimas                       777 ...
SILVER STREAM AGREEMENTS   PRODUCERS (CONTINUED)                                                                          ...
SILVER STREAM AGREEMENTSPRODUCERS (CONTINUED)          (         )                  Neves-Corvo   Mineral Park    Los Filo...
SILVER STREAM AGREEMENTS   DEVELOPMENT ASSETS                                    Pascua-Lama                   Constancia ...
SILVER WHEATON’S EQUITY INVESTMENTS         Property of                                          Corani           Rock Cre...
SIGNIFICANT GROWTH POTENTIAL  SILVER WHEATON’S RIGHT OF FIRST REFUSAL PORTFOLIO         Company                           ...
PASCUA-LAMA    DRIVER OF LONG-TERM PRODUCTION GROWTH   SLW to receive 25% of the life-of-mine silver production from the ...
PEÑASQUITO PROJECT GROWTH    SINCE APRIL 2007 ACQUISITION                                                                 ...
PEÑASQUITOPRIMARY GROWTH ENGINE UNTIL 2013 Key driver of growth until Pascua-Lama commences production in 2013 Sil  Silv...
DEVELOPMENT STAGE ASSETS                                                  Entitled to 100% of life of mine silver and gold...
FAVORABLE POLITICAL RISK PROFILE   THE RIGHT JURISDICTIONS                                                                ...
SILVER IS OFTEN A NON-CORE ASSET                                                                     World’s 10 Largest Co...
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
Silver Wheaton Corporate Presentation
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Silver Wheaton Corporate Presentation

  1. 1. DENVER GOLD FORUMSEPTEMBER 2012
  2. 2. CAUTIONARY STATEMENTSCAUTIONARY 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 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 lawsand regulations; as well as those factors discussed in the section entitled “Description of the Business - Risk Factors” in Silver Wheatons Annual Information Form available on SEDAR atwww.sedar.com and in Silver Wheatons 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. forward lookingCAUTIONARY 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 yearended 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 MineralReserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources which are not Mineral Reserves do not have demonstrated economicviability.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 UnitedStates 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. “InferredMineral 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 MineralResource 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 explorationpotential 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 InferredMineral 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 maybe obtained from Silver Wheaton or from http://www.sec.gov/edgar.shtml. p g g 1
  3. 3. Our vision To be the world’s premier silver focused streaming company. t i To provide shareholders with high quality, long-term exposure to precious metals. To offer mine owners an attractive alternative to debt or equity.2
  4. 4. 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 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 li Delivery payment ($ per ounce of silver) 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 3
  5. 5. A WIN-WIN MODELWHY IT WORKS Silver stream agreements create shareholder value for both the 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 value arbitrage Arbitrage opportunity exists am to create value for both NPV o Silver Strea Silver Wheaton’s and the (Illustrative) Partner’s Shareholders Value of Future Silver Stream of Value of Future Silver Production Base Metal or Gold Silver Wheaton Producer 4
  6. 6. WHO IS SILVER WHEATON?5
  7. 7. INDUSTRY LEADER BY MARKET CAPITALIZATION Metals Streaming and Worldwide Senior Royalty Co pa es oya ty Companies S e Silver Producers oduce s 4% 5% 6% 21% ($5.0B) 7% 45% 49% ($12.0B) ($12 0B) ($16.5B) 30% ($7.1B) 33% ($12.0B) Silver Wheaton Franco-Nevada Royal Gold Fresnillo Silver Wheaton Pan American P A i Hochschild H h hild Coeur dAlene Hecla* As of Aug. 27, 2012 6
  8. 8. MORE SILVER RESERVES AND RESOURCES THAN ANY OTHER SILVER COMPANY IN THE WORLD 1,800 Inferred 1,600 zs) Measured & Indicated sources (Moz 1,400 Reserves 1,200 1,000 1 000 rves and Res 800 600 Silver Reser 400 200 0 Silver Fresnillo Pan Silver Bear Creek Polymetal Coeur Levon Hecla Tahoe Wheaton American Standard Mining dAlene Resources Mining Silver Resources Mining Silver Wheaton has more than twice the silver reserves of any other silver company in the world*Source: Company Reports, Metals Economics Group data for Polymetal, Silver Standard Resources and Fresnillo 7
  9. 9. WORLD’S SECOND LARGEST SILVER PRODUCER 2012 Silver Production Guidance* 45 ** Silver Wheaton’s 2012 silver equivalent production Wheaton s 41.00 41 00 guidance is 28Mozs, including 42koz of gold 40 35 30 Silver (Mozs) 25.90 ** 24.88 25 19.25 20 14.40 14 40 15 10 7.00 5 0 Fresnillo Silver Wheaton Pan American Coeur Hochschild Hecla Silver DAlene Silver Wheaton is the world’s 2nd largest silver producer* Based on Company Reports, Pan American Silver and Coeur D’Alene is midpoint of 2012 production guidance 8
  10. 10. HIGH QUALITY ASSET BASEDIVERSIFIED PORTFOLIO Operating Mines (17) Development Projects (4) Well diversified with low political risk 9
  11. 11. HIGH QUALITY ASSET BASE LOW-COST MINES 2012 Forecast Production 2016 Forecast Production By Cost Quartile* By Cost Quartile* 9% 12% 6% % 3% 9% 5% 76% 80% First Second Third Fourth 85% of long-term attributable production comes from low-cost mines* 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 10
  12. 12. HIGH QUALITY ASSET BASE LONG-LIFE MINES 2012 Forecast Production 2016 Forecast Production By Mine Life* y By Mine Life* y e e 20% 32% 24% 44% 8% 14% 30% 28% Mine life: Mine life: 20+yrs 15-20yrs 10-15yrs <10yrs ~ 80% of long-term attributable production comes from long-life mines* Source: Company Reports, based on mine life from 2012, 777 Mine production annualized for 2012 11
  13. 13. WORLD-CLASS CORNERSTONE ASSETS POSITIVE PROGRESS CONTINUES Mine Peñasquito Pascua Lama Pascua-Lama Operator Location Mexico Chile/Argentina Status Operating Prod start forecast mid 2014 mid-2014 Av. Annual Silver Production* 28Moz 35Moz (first 5 years) P&P Silver Reserves ** 960Moz 676Moz M&I Silver Resources** 266Moz 185Moz By-product Cash Costs*** <$0/oz Au <$0/oz Au (first 5 years) Mine Life* 22+ 25+ Cornerstone assets run by two of the world’s largest gold companies*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 12
  14. 14. THE HUDBAY DEALCONTINUING THE GROWTH Announced on August 8, 2012 777 Mine & Constancia Project Provides Immediate Cash Flow Hudbay’s 777 Mine (Canada) Enhances Long Term Growth Increases Portfolio Diversification Provides Downside Protection Hudbay’s Constancia Project (Peru) 13
  15. 15. THE HUDBAY DEAL TWO 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 production life of mine • Cash payment of US$500M paid on closing Consideration • US$125M p $ paid after US$500M CAPEX spent at Constancia $ p • Remaining US$125M paid after US$1B CAPEX spent at Constancia • $5.90/oz for silver* Production Payments • $ 00/ f gold* $400/oz for * Constancia Completion • 90% of expected throughput and recovery by the end of 2020 Test* Subject to an inflationary adjustment of 1% beginning in the fourth year 14
  16. 16. THE HUDBAY DEAL ACCRETIVE ON ALL KEY METRICS Accretion per Share to Silver Wheaton Shareholders* 15% 14.0% 13.5% 13.5% 12.9% 10.7% 10 7% 10% 9.4% 5% 0% Production Production Proven and Total AgEq Cash Flow Cash Flow (Short Term) (Long Term) Probable AgEq Resources (Short Term) (Long Term) Reserves** (excl. Inf.)*** 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 $1,600, respectively; ** Based onP&P reserves and M&I resources, reserves and resources are on a silver equivalent basis assuming a 50:1 Au/Ag ratio, see appendix for full reserve and resource tables 15
  17. 17. THE HUDBAY DEAL POSITIVE PROGRESS CONTINUES Mine 777 Constancia Location Manitoba, Canada Peru Status Operating Prod start forecast 2014 820koz Ag & 68koz Au (2012-2016)** 2.4Moz (2015-2019) Av. Av Annual Production* 870koz Ag & 50koz Au (life-of-mine) 2.2Moz (life-of-mine) P&P Silver Reserves*** 10.9Moz Ag & 0.7Moz Au 48.8Moz Ag M&I Silver Resources*** 33.9Moz Inferred Resource*** 1.5Moz Ag & 0.1Mz Au 13.4Moz By-product Cash Costs ($/lbCu) **** -$0.72 $0.92 Mine Life (yrs) 9* 16*** 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 Mineralspress release dated August 8, 2012; ****Based on Wood Mackenzie estimates for 777 and Hudbay Minerals press release dated August 8, 2012, for Constancia 16
  18. 18. THE HUDBAY DEAL LOW COST MINING OPERATIONS 2011 - Copper Mines - Total Cash Costs per lb Cu $4.50 $4.00 $4 00 $3.50 $3.00 $2.50 Constancia Constancia** US$ / lb Cu u $2.00 $1.50 $1.00 $0.50 $0 50 777* $0.00 -$0.50 -$1.00 -$1.50 0 10 20 30 40 50 60 70 80 90 100 Cumulative Percentile Production (%) 777 is in the lowest cost quartile, while Constancia is on the lower end of the second cost quartile* Byproduct cash costs are based on Wood Mackenzie estimates; ** From Hudbay Minerals press release dated August 8, 2012 17
  19. 19. THE HUDBAY DEAL INCREASED DIVERSIFICATON BY METAL 2012-2016 Forecast 2012-2016 Proforma Forecast Average Annual Revenue* g Average Annual Revenue* g 5% 15% 95% 85% Silver Gold Significant increase in gold production* 777 Mine production annualized for 2012, revenues based silver and gold prices of $28 and $1,600, respectively 18
  20. 20. THE HUDBAY DEAL INCREASED DIVERSIFICATION BY MINE 2012 Proforma Forecast 2016 Proforma Forecast Production by Mine Mine* Production by Mine 16% 12% 20% Pascua-Lama P L Peñasquito 3% 25% Peñasquito 3% San Dimas**** 3% San Dimas**** 5% 777 4% Rosemont Yauliyacu 777 Barrick Other*** 5% 8% Constancia 19% Zinkgruvan Yauliyacu Cozamin 12% Zinkgruvan 8% Minto (gold)***** 6% Cozamin Other Minto (gold)***** 8% 13% Other 8% 8% 14% Diversified asset base with no single asset accounting for more that 25% of production* 777 Mine annualized for 2012 19
  21. 21. STRONG PRODUCTION GROWTH INDUSTRY LEADING GROWTH PROFILE ~48Moz** oz) 50 Constancia C t i oduction (Mo 777 40 Pascua-Lama Barrick Other*** ~28Moz ~28Moz** Silver Equivalent Pro Rosemont R t 30 25.4Moz* Peñasquito San Dimas**** 20 Yauliyacu Zinkgruvan Zi k 10 Minto (gold)***** Cozamin 0 Other 2008A 2009A 2010A 2011A 2012E 2016E 5 Year Production Growth ~90% Silver Wheaton is forecast to receive silver from 17 operating mines in 2012 g* 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 20
  22. 22. WHY INVEST IN SILVER WHEATON?21
  23. 23. SIGNIFICANT MARKET SHARE INVESTMENT IN THE SILVER INDUSTRY Percentage Allocation of Investment Dollars* 100% 12% 90% 80% 70% 60% 50% 62% 40% 30% 20% 26% 10% 0% 2004 2005 2006 2007 2008 2009 2010 2011 LTM Aug. 28, 2012 = Silver Wheaton = Silver ETFs** = Senior Silver Producers**** 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 andHochschild 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 22
  24. 24. SILVER WHEATON VERSUS SILVER PRODUCERS  Greater upside to increases in the silver price  Fixed operating* and capital costs  N ongoing exploration costs No i l ti t  Unique and sustainable dividend policy  Greater diversity of assets  Tax efficient business model Strong upside potential with downside protection* 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 23
  25. 25. FOCUSED ON SILVER Silver revenue as a percentage of total revenue* Width of bars based on actual 2011 production** 100% 97% Post Hudbay Acquisition: 90% Forecast Revenue 85% Ag &15% Au*** 80% 70% 71% 65% 70% 60% 60% 40% 50% 40% 30% 20% 10% 25.4 15 21.9 19.1 41.9 9.5 Moz Moz Moz Moz Moz Moz 0% Silver Wheaton Hochschild Pan American Coeur DAlene Fresnillo Hecla Silver Sil* 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 yearfrom Hudbay’s 777 mine, through the end of 2016 24
  26. 26. EXPANDING CASH OPERATING MARGINS FIXED OPERATING COSTS $40 $34.60 Silver Pric (US$/oz) $35 $30.73 $30 $ $25 ce $20.75 $31.25 $20 $14.97 $15.02 $15 $13.42 $16.63 $11.72 $11.10 $10 $9.51 $9 51 $11.03 $11 03 $7.30 $7.31 $7.82 $3.40 $3.41 $5 $3.90 $3.90 $3.90 $3.91 $3.94 $3.97 $3.97 $3.99 $4.03 $0 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012 Total Cash Cost/oz* Cash Operating Margins* Fixed cash costs** provide shareholders with full benefit of increasing silver prices* 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 25
  27. 27. SUPERIOR ASSET DIVERSIFICATION 25 Producing Assets P d i A t Development A D l t Assets t 21 20 4 ets mber of Asse 15 14 13 10 7 5 17 7 7 Num 1 5 5 3 7 8 3 6 4 2 0 Silver Sil Fresnillo F ill Pan A P American i Coeur DAl C DAlene Hochschild H h hild Hecla H l Wheaton Silver Silver Wheaton offers superior asset diversification compared to other silver producers p p p* Source: Company disclosure, development assets include projects with defined resources 26
  28. 28. 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
  29. 29. 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 28
  30. 30. LEVERAGE TO SILVER PRICES 500% Three year growth 441% 450% (06/30/2009 – 06/30/2012) $1.89/share 400% 350% 300% $33.20/share $33 20/ h 250% 226% 200% $26.84/share 150% 94% 100% $27.08/oz 50% 0% Silver Price* Silver Wheaton Share Price Cash Flow/Share** $13.11/oz $8.23/share $0.41/share* Source: LBMA Silver Fixings;** Refer to non-IRFS measures at the end of this presentation 29
  31. 31. 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 30
  32. 32. GROWING RESERVES AND RESOURCES THROUGH ACQUISITIONS AND EXPLORATION Silver Reserves and Resources (in Moz)* 219 219 275 275 370 (Inf) 482 1,411 (M&I) 1,411 857 (P&P) 173 (Inf) 4(M&I) 69 (P&P) 2004 R+R Total Acquired Total Mined Total Exploration R+R incl. Hudbay * Silver Wheaton’s production has been more than replaced through successful exploration b our partners f l l ti by t* 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 31
  33. 33. 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 32
  34. 34. CREATING SHAREHOLDER VALUE TRACK RECORD OF ACCRETIVE ACQUISITIONS Total attributable reserves and resources per share since inception* 6.0 5.0 share 4.0 Silver oz/s 3.0 2.0 1.0 0.0 2004 2005 2006 2007 2008 2009 2010 2011 Current ** 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**** 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 33
  35. 35. LARGE TARGET MARKET Silver Wheaton vs. Global Silver Production oz) al)* 1000 roduction (Mo (Silver Output by Mine’s Source Meta Traditional 900 Silver 800 Companies 700 Primary Silver Mines obal Silver Pr 600 Gold Mines 500 Base Metal Mines 400 Silver Wheaton’s Silver Wheaton’s Potential Target g Forecast Production o ecas oduc o Forecast Glo 300 Market (% of potential target 200 market) 100 6% 4% 0 2011A 2012E 2013E 2014E 2015E 2016E SLW SLW 2012 2016 >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 = significant growth potential in the silver stream space* Source: CPM Group silver production forecasts by source metal 34
  36. 36. CORPORATE DEVELOPMENT FAVORABLE DEAL MAKING ENVIRONMENT Spot Silver Prices vs. Long-term Analyst Consensus $50 $45 Spot Silver Price Analyst Consensus LT Silver Price $40 z.) Mineral ParkSilver Price (US$ / oz $35 $ Hudbay Campo Morado $30 Silverstone Barrick $25 Keno Rosemont Peñasquito Hill $20 Yauliyacu Stratoni Luismin Zinkgruvan $15 $10 $5 $0 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 long term analyst consensus silver prices are approximately 75% of spot silver prices 35
  37. 37. STRONG BALANCE SHEET TO FUND FUTURE GROWTH $1.1Bn $500M payable to Hudbay upon closing of Hudbay precious metal and silver streams transaction $610M $400M $388M** $138M* $64M Cash and cash equivalents Undrawn credit facility Silver interest commitments Total debt net of initial payment p y (installments of $7M ( $ (as of 03/31/12) per quarter) Strong balance sheet and future operating cash flows leave us exceptionally well-positioned to pursue additional accretive silver stream opportunities p p pp* 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 ofminimum capital expenditures at Constancia; (additional payments of US$230M for the Rosemont transaction and US$32.4M for the Navidad transaction are contingent uponreceipt of key operating permits) 36
  38. 38. 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 37
  39. 39. DIVIDEND YIELD A UNIQUE AND SUSTAINABLE DIVIDEND POLICY  Unique Dividend Policy: Dividends linked to operating cash flows whereby 20% of previous quarter’s operating cash flows is distributed quarter s 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 g organic 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 Silver Wheaton from silver exchange traded funds* 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 ofdividends 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 38
  40. 40. 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 39
  41. 41. THE PROOF… IS IN THE PRICE PERFORMANCE 1400% 1200% 1000% SLW 800% 600% 400% Silver 200% PAAS 0% SSRI -200% HL CDE -05 -06 -07 -08 -09 -10 -12 -11 -11 -04 -05 -05 -06 -06 -07 -07 -08 -08 -09 -09 -10 -10 -12 -11 -11 -05 -06 -07 -08 -09 -10 Jul- Jan- Apr- Oct- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Oct- Apr- Oct- Apr- Oct- Apr- Oct- Apr- Oct- Apr- Oct- Apr- Oct- Apr- Jul- Jul- Jul- Jul- Jul- Jul- SLW share price has significantly outperformed the price of silver and the share price of its silver producing peers since the Company’s inception in October 2004Source: Thomson One, as of Aug. 27, 2012 40
  42. 42. 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% 4 HollyFrontier 93% 51% 64% 5 HFF 341% 41% 53% 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% 10 RPC 121% 38% 50% Silver Wheaton Ranked as the Fastest Growing Company Internationally by Fortune* 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;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 continuouslysince 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 threeequally 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.
  43. 43. IF YOU LIKE SILVER….SILVER WHEATON PROVIDES: Cost certainty Leverage to increasing silver prices High quality asset base Exceptional growth profile Dividend yield AND REMAINS STRATEGICALLY POSITIONED FOR FURTHER GROWTH. 42
  44. 44. INVESTOR RELATIONSTel: 604-684-9648Toll Free: 1 800 380 8687 1-800-380-8687Email: info@silverwheaton.comTRANSFER AGENTCIBC Mellon Trust CompanyToll Free: 1-800-387-0825Email: inquiries@canstockta.com NYSE: SLW TSX: SLW www.silverwheaton.com43
  45. 45. APPENDIX44
  46. 46. LIQUID STOCKCAPITAL STRUCTURE AS OF JUNE 30, 2012 ,Shares Outstanding g 353.9 millionWarrants Outstanding (in-the-money) 2.7 millionOptions Outstanding (in-the-money) 1.7 millionShares Fully Diluted 358.3 million3 Month Average Daily Trading Volume: TSX: TSX 1.3 1 3 million shares NYSE: 4.8 million shares 45
  47. 47. SILVER STREAM AGREEMENTS PRODUCERS Peñasquito San Dimas 777 Yauliyacu Zinkgruvan CozaminCompanyStatus Producing Producing Producing Producing Producing ProducingContract LOM LOM LOM 20 yrs LOM 10 yrsLength up to 4.75 MAg Prod. g 25% 100%* 100%** 100% 100% oz/yr /Mine Life 22+ yrs 15+ yrs 9+ yrs 10+ yrs 10+ yrs 7+ yrs $5.90/oz AgCash Costs $ $3.99/oz $ $4.09/oz $ $4.02/oz $ $4.14/oz $ $4.08/oz $400/oz Au $400/ AAnnual Ag 820 koz Ag Up to 7 Moz 5+ Moz 2 Moz 1.5 MozProduction 68 koz Au*** 4.75 M oz* 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 receive100% 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 theremainder of the mine life; *** Production rates for 2012-2016, LOM production is forecasted to be 870 koz Ag and 50koz Au 46
  48. 48. SILVER STREAM AGREEMENTS PRODUCERS (CONTINUED) Lagunas Minto Stratoni Campo Morado Pierina Veladero Norte Company Status Producing Producing Producing Producing Producing Producing Contract LOM LOM LOM to 2014** to 2014** to 2014** Length Ag Prod. g 100%* 100% 75% 100% 100% 100%*** Mine Life 10+ yrs 6+ yrs 10+ yrs 9+ yrs 4+ yrs 21+ yrs $3.94/oz Ag Cash Costs $3.98/oz $3.90/oz $3.90/oz $3.90/oz $3.90/oz $303/oz Au Annual Ag 0.2 Moz Ag 1+ Moz 1+ Moz 0.5 Moz 1+ Moz 1+ Moz Production 20,000 oz Au* I l d 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 th Includes ld d ti d ti d 30,000 f ld Sil Wh t i titl d t f th ld d d t th th h ld d f theamount 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 silverproduction 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 47
  49. 49. SILVER STREAM AGREEMENTSPRODUCERS (CONTINUED) ( ) Neves-Corvo Mineral Park Los Filos Keno Hill Aljustrel Company Status Producing Producing Producing Producing Producing Contract LOM LOM 25 yrs LOM LOM Length 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 Annual Ag 0.5 Moz 0.5+ Moz 0.2-0.3 Moz 0.5+ Moz 0.1Moz Production48
  50. 50. SILVER STREAM AGREEMENTS DEVELOPMENT ASSETS Pascua-Lama Constancia Rosemont Navidad Company Status Development Development Development Development Contract LOM LOM LOM LOM Length Ag Prod. 25% 100% 100%*** 12.5%***** Mine Life 25+ yrs 16+ yrs 21+ yrs 15+ yrs $3.90/oz Ag Cash Costs $3.90/oz $5.90/oz US$4.00/oz $450/oz Au Annual Ag 2.4 Moz Ag 9 M oz* 2.2 Moz** 1.0-2.0 Moz Production 15,000 oz Au***** 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 thefuture 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 hasconverted a debenture to acquire an amount equal to 12.5% of the Loma de La Plata zone of the Navidad deposit 49
  51. 51. SILVER WHEATON’S EQUITY INVESTMENTS Property of Corani Rock Creek Montanore Hackett River Interest Ownership 15% 17% 11% 7% Advanced Stage Permitting Pre-Feasibility Pre-Feasibility Exploration P&P 270 Resource M&I 166 Ind. 200 M&I 89 Inf. 229 (Ag M o ) oz) Inf. I f 65 Inf. I f 64 Inf. 48 Est. Annual Ag +13 M oz/yr* 6 M oz/yr N/A 12 M oz/yr ProductionSource: Company Reports, * For first 5yrs, 8M oz/yr LOM 50
  52. 52. SIGNIFICANT GROWTH POTENTIAL SILVER 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 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 Development D l t Hermosa Sil H Silver P j t Project*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 streamingagreement 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 51
  53. 53. PASCUA-LAMA DRIVER 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 receives 100% of the silver production from three of Barrick’s i f th il d ti f th f B i k’ 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 Average annual production to SLW of approx. 9Moz Ag in the mine’s first full five years****Lagunas Norte, Pierina and Veladero, Silver Wheatons 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 52
  54. 54. 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% 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 +%??* Reserves and Resources as of Dec 31, 2011, remaining data based on March 2009 Technical Report 53
  55. 55. PEÑASQUITOPRIMARY GROWTH ENGINE UNTIL 2013 Key driver of growth until Pascua-Lama commences production in 2013 Sil Silver Wh Wheaton to receive 2 % of lif f i silver production i 25% f life-of-mine il d i Commercial production achieved in 2010 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 lifeAverage annual production of approximately 7Moz Ag to Silver Wheaton over life-of-mine 54
  56. 56. 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 finalized, of US$230 million plus ongoing production payment Rosemont Project in Arizona Entitled to 12.5% of life of mine silver production from the Loma de La Plata zone of Pan American Silver’s 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 Navidad Project in Argentina production payment Two projects provide ~5Moz of long-term silver production* Based on Augusta Resource Corporation’s Jul. 24, 2012 disclosure; ** Based on Pan American Silver’s Jan. 2011Preliminary Economic Assessment 55
  57. 57. FAVORABLE POLITICAL RISK PROFILE THE RIGHT JURISDICTIONS NAV Weighted Political Risk Rankings* Following the 4.00 4.00 4.00 completion of the 4 4 4 4.0 Hudbay Deal, the addition of 777 3.00 3.00 3.00 3.00 3.00 3.00 Mine in Canada will 2.97 lower risk profile 2.71 3.0 2.62 39 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 2.0 1.59 1.50 1.30 00 00 00 00 00 00 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.0 DGC YRI XG AEM NSU CAN BSX PAA ABX XRC K P NMC CG JAG AGI AUM SGR CNL SMF G RMX LSG AUQ NGD OSK IMZ IMG LYD ELD BTO SLW** FNV GUY THO 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 56
  58. 58. SILVER IS OFTEN A NON-CORE ASSET World’s 10 Largest Companies by Silver Reserves & Resources 3,000 3 000Silver Reserve and Resources (Mozs) ) Inferred 2,500 Measured and Indicated Reserves 2,000 1,500 es 1,000 500S 0 Xstrata KGHM Goldcorp Silver Fresnillo Silver Barrick Pan BHP Billiton Allied Polska Wheaton Standard American Nevada Silver Copyright Metals Economics Group - MineSearch - 2012 Significant silver reserves and resources within non-silver dominant companies 57

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