Annual General MeetingMay 20th 2010

Toronto, Canada

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, butare not 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 timingand amount of estimated future production, costs of production, reserve determination and reserve conversion rates. Generally, these forward-looking statements can be identified bythe use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does notanticipate”, 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 “beachieved”. 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 to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: fluctuations in the price ofsilver and gold; the absence of control over mining operations from which Silver Wheaton purchases silver or gold and risks related to these mining operations including risks related tofluctuations in the price of the primary commodities mined at such operations, actual results of mining and exploration activities, economic and political risks of the jurisdictions in whichth i i ti l t d d h i j t t l ti t b fi d d diff i th i t t ti li ti f t l d l tithe mining operations are located and changes in project parameters as plans continue to be refined; and differences in the interpretation or application of tax laws and regulations; aswell as those factors discussed in the section entitled “Description of the Business - Risk Factors” in Silver Wheaton's Annual Information Form available on SEDAR at www.sedar.comand 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 assumptions managementbelieves to be reasonable, including but not limited to: the continued operation of the mining operations from which Silver Wheaton purchases silver or gold, no material adverse changein the market price of commodities, that the mining operations will operate and the mining projects will be completed in accordance with their public statements and achieve their statedproduction outcomes, and such other assumptions and factors as set out herein. Although Silver Wheaton has attempted to identify important factors that could cause actual results todiffer 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 noassurance that forward-looking statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. Silver Wheaton does not

d t k t d t f d l ki t t t th t i l d d i t d b f h i t i d ith li bl iti lundertake 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 theyear ended December 31, 2008, and other continuous disclosure documents filed by Silver Wheaton since January 1, 2009, available on SEDAR at www.sedar.com. Silver Wheaton’sMineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources which are not Mineral Reserves do not have demonstratedeconomic viability.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources: The information contained herein uses the terms“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 InferredMineral 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 economicstudies. 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. United Statesi t l ti d t t th t ll t f I f d Mi l R i t i i ll l ll i bl U it d St t i t d t

1

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 toconsider 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.

Why Silver?

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

Sil i t f l Silver is a store of value• Physical silver demand has risen significantly in the past several years

reflecting strong investor interest

• ETF demand continues at record levels

Silver is a versatile industrial metal• New uses are being developed at a staggering pace

• Relied upon in advancement of developed and emerging economies

• Global economy beginning to show signs of improvement• Global economy beginning to show signs of improvement

2

Purest Silver Company

Silver revenue as a percentage of total revenue*

94%100% 94%

76%71%

70%

80%

90%

100%

63%56%

51% 49%50%

60%

70%

20%

30%

40%

0%

10%

Silver Wheaton

Coeur D'Alene Pan American Silver

Hochschild Fresnillo Silvercorp Hecla

3

* Year ended 2009 Source: Company Reports

Wheaton Silver

Investment in the Silver IndustrySilver Wheaton Capturing Market Share

100%

p g

Percentage Allocation of Investment Dollars*

70%

80%

90%

%

38%

40%

50%

60%

36%

10%

20%

30%

26%

0%2005 2006 2007 2008 2009 2010 YTD

= Silver Wheaton = iShares Silver Trust = Silver Producers**

4

* Measured by average daily trading volume in US dollars, source is Bloomberg market data, Data from US and Cdn exchanges except for Fresnillo and Hochschild which trade on LSE, ** Includes Coeur d’Alene, Hecla, Pan American Silver, Silver Standard, Silvercorp, Fresnillo and Hochschild

Silver Wheaton versus Silver ETF

Silver Wheaton Silver ETF

Primarily Silver Exposure

Better Leverage to Silver Price

Exploration Upside

Expansion Upside p p

Acquisition Growth Potential

5

2009 A T f ti l Y2009 - A Transformational Year

6

2009 Key Accomplishments

Record operating and financial results

• 46% increase in attributable production to 17 4M silver equivalent ounces• 46% increase in attributable production to 17.4M silver equivalent ounces

Top-quartile share price performance in the precious metals industry

C l d i i i i i h h ld’ l Completed two very accretive acquisitions, one with the world’s largest gold mining company

More than doubled attributable silver reserves resulting in the secondMore than doubled attributable silver reserves, resulting in the second highest silver reserve and resource base in the mining industry

Positioned Silver Wheaton with one of the strongest growth profiles in the precious metals industry

Became the largest of all metals streaming or royalty companies in the worldworld

7

Record 2009 Financial Results

$300

2008 2009

$250 +44% +30X

$150

$200

ns o

f US

$

+49%

$100

Mill

io +45%

$0

$50

R N t E i * O ti C h Fl C h H dRevenues Net Earnings* Operating Cash Flows Cash on Hand

8

* 2008 adjusted net earnings before US$64M write-down of marketable securities

Expanding Cash Margins

$16.00

$12.00

$14.00

unce

$11 16

$6 00

$8.00

$10.00

s pe

r silv

er o

u

$

$7.82$9.51

$11.03$11.16

$2 00

$4.00

$6.00

US

$'s

$3.40 $3.41

$0.00

$2.00

2004 2005 2006 2007 2008 2009

R li d Sil P i /T t l C h C t/C h M i P O *

9

Realized Silver Price/ozTotal Cash Cost/ozCash Margin Per Ounce*

* Cash margin defined as average realized selling price less cash cost per ounce

2009 Share Price Performance

140%

100%

120%

2009

40%

60%

80%

% C

hang

e in

2

0%

20%

40%

Top quartile share price performance in the precious metals industry

0%Silver Wheaton Mid-cap Golds* N.A. Silver

Producers**Silver PHLX Gold &

Silver IndexLarge-cap Golds***

10

* Includes IAMGOLD, Eldorado Gold, Redback Mining, Agnico-Eagle, ** Includes Pan American Silver, Hecla Mining, Coeur d’Alene Mines, Silver Standard Resources, *** Includes Goldcorp, Barrick, Kinross and Newmont

Best Year of Acquisition Growth to Date

Completed in May 2009 Acquisition cost of US$152M By-product silver and gold production* from three low-cost

copper mines Forecast to increase average annual attributable silver

equivalent production by ~4Moz**

Completed in Sept 2009 Acquisition cost of US$625M in staged payments over 3 years

equivalent production by ~4MozSilverstone Resources

Acquisition cost of US$625M in staged payments over 3 years Silver production from three of Barrick’s producing mines

• Forecast to increase average annual attributable silver production by ~2 4Moz (2010-2013)2.4Moz (2010 2013)

25% life-of-mine silver production from Pascua-Lama• Forecast to be one of the world’s largest and lowest cost gold mines• Anticipated to increase average annual attributable silver production

Barrick Silver Stream

11

p g pby ~9Moz (2013-2017)***

* 100% of gold production from the Minto Mine in Canada, up to certain thresholds, ** Using a 60:1 Au/Ag ratio, ***LOM ave. annual attributable production of approx. 5.5 Moz Ag

A Year of Significant Value Creation

Accretion to Silver Wheaton shareholders resulting from the Silverstone and Barrick acquisitions*

100%100% Absolute accretion

71%70%

80%

90%

100% Absolute accretion

Accretion per share

51%

29%25%

49%

27%30%

40%

50%

60%

7%

0%

10%

20%

es Sh es Sh ST T LT LT

P&P

Res

erve

&P

Res

erve

s/S

M&

I Res

ourc

e

I Res

ourc

es/S

Prod

uctio

n -S

duct

ion/

Sh -

S

Prod

uctio

n -L

duct

ion/

Sh -

L

12

* ST (2010 – 2012); LT (2013 – 2017); Production is Ag Eq assuming 60:1 Au:Ag ratio

P& M&

I P

Prod P

Prod

Doubled Attributable ReservesSignificant Increase in Overall Resource Base

1,800

Increase in total attributable reserves and resources since inception*

+1.7Boz57%

1,200

1,400

1,600

R (M

oz)

600

800

1,000

Silv

er R

&R

0

200

400

2004 2005 2006 2007 2008 2009 2010**2004 2005 2006 2007 2008 2009 2010**Inferred Measured & Indicated Reserves

63% annualized growth in proven and probable reserves since inception

13

* See appendix for reserve and resource tables, does not include gold reserves and resources, As of Dec 31 for each year; ** As of Feb 25, 2010

44% annualized growth in reserves and resources since inception

Unparalleled Growth Profile

Pascua-Lama

Peñasquito+40 M oz*

Silverstone + Barrick (Lagunas Norte, Veladero, Pierina)

SLW Other

Pascua-Lama

Peñasquito

17.4 M ozSilverstone

Fueled by organic growth – no ongoing capital

SilverstoneLagunas Norte

VeladeroPierina

+130% production growth forecast by 2013

Fueled by organic growth – no ongoing capital expenditures required**

2013E2009A

14

p g y

* Forecast Ag eq. production assumes a Au/Ag ratio of 60:1, ** Remaining upfront cash payments of US$412.5M for Barrick transaction, US$230M for Rosemont transaction (assuming key permits received), US$32.4M for Navidad transaction (assuming key permits received) and US$35M for Keno Hill transaction

The Largest……of all Metals Streaming or Royalty Companies in the World

Market Capitalization*$8,000

ns)

$5 000

$6,000

$7,000

US

$ (m

illio

$3,000

$4,000

$5,000

U

$0

$1,000

$2,000

= metals streaming companies = royalty companies

(5 years) (25 years) (24 years) (2 years)Silver Wheaton Franco-Nevada Royal Gold Gold Wheaton

15

* As of May 14, 2010, exchange rate of C$1=US$0.98 in calculating Franco-Nevada and Gold Wheaton

2010 Year-to-Date Highlights

Announced 2010 production guidance of 23.5 million silver equiv. ounces*• Represents a 35% increase compared to 2009 production levels

Share price continues to perform in top quartile of precious metals industry Acquired two new metals streams

• Forecast to increase long-term silver eq production by ~5M ounces per annum**Forecast to increase long term silver eq.production by 5M ounces per annum

Acquired right of first refusal on any silver streams relating to Ventana Gold Corp.’s Colombian projects, including La BodegaRecorded first sil er sales attrib table to Peñasq ito’s milling circ it Recorded first silver sales attributable to Peñasquito’s milling circuit• Peñasquito continues to ramp up silver production on schedule

Positive first quarter results• Earnings almost tripled compared to the first quarter of 2009

Strong balance sheet• Cash on hand of US$280 million at the end of Q1Cash on hand of US$280 million at the end of Q1 • no net bank debt

16

* 22.2Moz of Ag and 20Koz of Au , **Based on Augusta Resource’s Jan 2009 Feas Study and Aquiline Resources Inc. Oct 2008 Preliminary Economic Assessment

Silver Wheaton –After the First Five Years

17

Share Price Performance

SLW500%

600%

300%

400%

500%

Silver

PAAS

HLSSRI0%

100%

200%

HLCDE

-200%

-100%

0%

4 05 5 05 5 06 6 06 6 07 7 07 7 08 8 08 8 09 9 09 9 0 0

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

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

Jul-0

Oct

-0

Jan-

0

Apr

-0

Jul-0

Oct

-0

Jan-

1

Apr

-1

18

Source: Thomson One, As of May 14, 2010

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

Significant AchievementsSince Inception

25

2007

2009Barrick Deal – Pascua-Lama Silver Stream (9Moz/yr)*

$25

20 $20

2004

PeñasquitoSilver Stream(7Moz/yr)

Silverstone Acquisition(4Moz/yr)

$)

10

15 $15

$10

LuisminSilver Stream(5-8Moz/yr)

Zinkgruvan Silver Stream(2Moz/yr)

2008

Shar

e Pr

ice

(C$

5 $5

2006Yauliyacu Silver Stream(3-4.75moz/yr)

Silver Wheatonbegins to build a

2008Goldcorp sells 48% interest in Silver Wheaton

2010Silver Wheaton

records first silver sales from

Peñasquito’s0

2004 2005 2006 2007 2008 2009 2010

MC = C$1.2B= 0

MC = C$2.7B= 9 = = 0

MC = C$3.7B= 18

MC = C$2.0B= 22 = 23

MC = C$5.4BMC = C$0.6B= 24

MC = C7.5$B**

begins to build afull-time team $0

Peñasquito’s milling operation

= Number of full-time employees MC = Market Cap * 9Moz for first 5 yrs and approx. 5.5Moz over LOM, ** As of May 14, 2010

Increased Diversification.......By Mine

40

45

*

+130%

30

35BarrickPeñasquitoLuisminct

ion

(M o

z)*

15

20

25Luismin YauliyacuMinto*ZinkgruvanCozaminva

lent

Pro

du

5

10

CozaminOther

Silv

er E

quiv

02004 2005 2006 2007 2008 2009A 2010E 2013E

Silver Wheaton is forecast to receive silver from 15 operating mines

20

* Silver Eq. production assuming Au:Ag ratio of 60:1

in 2010 compared to two in 2004

Increased Diversification……By Geography

Geographic distribution of reserves and resources

Current

8%4%2%1%

Mexico

Current

2005

39%

9%

9% PortugalUSAPeruArgentinaChile

21%

MexicoSweden

19%

9%

ChileSwedenCanadaGreece

*

(300Moz)

79%

19%(300Moz)

(+1.7Boz)

21

Well diversified asset base in 9 low political risk jurisdictions* Assumes a Au/Ag ratio of 60:1

Creating Shareholder Value……Growing Reserves & Resources per Share

5.0

Increase in total attributable reserves and resources per share since inception*

15%

3 0

4.0

hare

2.0

3.0

Silv

er o

z/sh

0.0

1.0

2004 2005 2006 2007 2008 2009 2010**2004 2005 2006 2007 2008 2009 2010Inferred Measured & Indicated Reserves

42% annualized growth in proven and probable reserves per share since inception 26% annualized growth in reserves and resources per share since inception

22

* See appendix for reserve and resource tables, does not include gold reserves and resources, As of Dec 31 for each year, ** As of Feb 25, 2010

26% annualized growth in reserves and resources per share since inception

Creating Shareholder Value……Financing History

$8,000 Market Capitalization=C$7.5B

Cumulative Equity Financings

Equity Raised in Year

$6,000

$7,000 Cumulative Equity Financings

Value Creation

C$5.8B

$4,000

$5,000C$3.7B

C$

(mill

ions

) Shareholder Value Created

$2,000

$3,000

C

C$0.9B

C$2.7B

C$1.7B

$0

$1,000C$1.7 Billion in Equity Financings

C$0.6B

2005 2006 2007 2008 2009 2010 YTD

23

* As of Dec 31 in each year, 2010 is as of May 14th

Creating Shareholder Value……

2049

Forecast Payback Periods

??

2034

2039

2044 ????

2019

2024

2029

Year ??

??

2011 2010

2014

2018

2011 2011

2019

2009

2014

2019

2004 Luismin Zinkgruvan Yauliyacu Penasquito Minto Cozamin Barrick

= Forecast Payback Period4 = Published Mine Life5 = Resource Conversion/Exploration Potential6

1 2 3

24

1. Luismin agreement expires in 2029, 2. Yauliyacu agreement expires in 2026, 3. Cozamin agreement expires in 2017, 4. Based on actual cash flows to Mar 31, 2010, with future operating cash flows based on SLW’s long term production forecasts applying analyst consensus silver pricing, 5. As per Company Reports, 6. Based on Silver Wheaton’s forecasts

Creating Shareholder Value……Strong Operating Margins

60%

Operating margins*

g p g g

40%

50%

60%

Gold Companies

Silver Companies

Metals Streaming or Royalty Companies

30%

40%

10%

20%

0%

25

* As of the year ended 2009, defined as total sales less cost of sales, depreciation and amortization Source: Company reports

Top 40 Silver Deposits in the WorldProducing Mines and Development Projects

1,600

1,800

g p j

Silver Wheaton Relationships (9)

)

1,000

1,200

1,400

esou

rces

(Moz

)

400

600

800

Res

erve

s &

Re

0

200

East R

Peñas

Pascu

Pitarri

Navid

Glog o

Rudna

Polko

Lubin FresnG

rasbC

anniM

t IsaG

eorgA

ntamToromM

inistM

ehdiO

lymp

Metat

Udoka

San C

Galor

Coran

Dukat

Hycro

Malku

ZhezkV

eladS

unshC

umo

Garpe

Pirqui

Hack e

McA

rtC

erro M

ontaR

ock S

an DC

erro Region

squito ua-Lam

a illa ad

ow

a wice

illo berg ngton

a ge Fisherm

ina m

ocho tro H

ales iabad pic D

am

es an

Cristobal

re Creek

ni t ft u K

hota kazgan ero

hine o enberg tas

ett River

thur River

de Pasco

anore C

reek D

imas

del Gallo

Stake in 3 of the top 5, and 9 of the top 40,

26

Source: Intierra and Company Reports

p , p ,silver deposits in the world

A tAssets

27

AssetsMine Locations

28

Well diversified with low political risk

29

Peñasquito A Cornerstone Asset

Peñasquito

Location Mexico

StartupHeap LeachMilling OperationFull Production Capacity

2008Q3 2009Q1 2011Full Production Capacity Q1 2011

Av. Annual Production (Moz Ag)*Life-of-mine 7

P&P Reserves (Moz Ag)* 1 070P&P Reserves (Moz Ag) 1,070

M&I Resources (Moz Ag)* 391

Cash Cost net of byproduct credits ($/oz Au)**Life-of-mine $0

PeñasquitoSecond largest silver deposit in the world and will be theLife of mine $0

Mine Life (yrs) 22+

Exploration Potential Underground

in the world and will be the largest mine in Mexico once in

full production

30

Average annual production of approx. 7Moz Ag to SLW over life-of-mine* 100% basis and as at Dec. 31, 2009 for reserves and resources, remaining data based on technical reports, ** Once ramped up to full production capacity

Peñasquito Driver of Growth until 2013

Key driver of growth until Pascua-Lama commences production in 2013• Silver Wheaton to receive 25% of silver production for the life-of-mine

First sale from milling operation in Q1 2010 Very smooth production ramp-up:

• Throughput recoveries and concentrate• Throughput, recoveries and concentrate grades at or above expectations

• Phase 2 on schedule for completion in Q3 2010

• Full production capacity anticipated by Q1 2011

Significant upside remains

SAG line 2Commissioning of the second

50,000tpd line expected in g p• Underground exploration resulting in

very high silver grades• Underground mining studies underway

Q3 2010 with full production capacity of 130,000tpd in

Q1 2011• Underground mining studies underway• Could add significant additional mine life

31

Peñasquito Project Growth Since our April 2007 Acquisition

April 2007 Current* Growth

Silver Reserves/Resources**

P&P Reserves (100%) 575 M oz 1,070M oz +86%

M&I Resources (100%) 247 M oz 391 M oz +58%M&I Resources (100%) 247 M oz 391 M oz +58%

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

Average Annual Silver Sales 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 +%??

32

* Reserves and Resources as of Dec 31, 2009, remaining data based on March 2009 Technical Report, ** Silver Wheaton’s portion is 25%

33

The Barrick Silver StreamSound Deal Structure

Total cash payments of US$625 million over 3 years• Cash payment of US$212.5M on signing and three subsequent payments of

US$137 5M on the first second and third anniversariesUS$137.5M, on the first, second and third anniversaries

25% of life-of-mine silver production from Pascua-Lama• Average annual production (25%) of approx. 9 Moz (2013-17)*

100% of silver production from three currently producing mines through 2013 (Lagunas Norte, Pierina and Veladero**) • Annual production to SLW of approx. 2.4 Moz Ag (2009-2013)Annual production to SLW of approx. 2.4 Moz Ag (2009 2013)

No on-going capital or exploration expenditures required by SLW Production payment is the lower of US$3.90/oz or the spot silver price 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 g

with Lagunas Norte, Pierina and Veladero production

34

*LOM average annual attributable production of approx. 5.5 Moz Ag, **Silver Wheaton's attributable silver production is subject to a maximum of 8% of the silver contained in the ore mined at Veladero during the period

The Barrick Silver StreamLong-Term Growth

Pascua-Lama

L ti Chil /A tiLocation Chile/Argentina

Startup (Est.) 2013

Av. Annual Production (Moz Ag)**Fi t 5 Y 35First 5 Years 35Life-of-mine 20-25

P&P Reserves (Moz Ag)* 671

M&I Resources (Moz Ag)* 136M&I Resources (Moz Ag)* 136

Cash Cost net of byproduct credits ($/oz Au)**First 5 Years $20-50Life-of-mine $200-250

Pascua-LamaThird largest silver deposit and

forecast to be one of theMine Life (yrs)** 25+

Exploration Potential Breccia West

A l d ti f 9 M A t SLW (2013 2017)

forecast to be one of the largest and lowest cost gold

mines in the world

35

Average annual production of approx. 9 Moz Ag to SLW (2013-2017)* 100% basis and as at Dec. 31, 2009 for reserves and resources, ** Based on Barrick Feb 18, 2010 press release

The Barrick Silver StreamImmediate Production

Lagunas Norte Pierina Veladero Totals

Location/Startup Peru/2005 Peru/1998 Argentina/2005

2009 Ag Production (Koz) 868 614 1,293 2,775

P&P Reserves (Moz Ag)* 25 15 225 265

M&I Resources (Moz Ag)* 3 2 25 30

2009 Cash Cost ($/oz Au) $138 $400 $438 $336 (w. avg.)

Mine Life Remaining (yrs) 9+ 4+ 21+ 11+ (avg.)

36

* 100% basis and as at Dec. 31, 2009

Average aggregate annual production of approx. 2.4 Moz Ag to SLW (2010-13)

The Barrick Silver StreamHigh Quality Mines

$1,200

Gold Mines – Total 2009 Cash Cost per oz Au*

$900

$1,000

$1,100

,

$500

$600

$700

$800

Veladero

US

$/oz

Au

$200

$300

$400

$500

Pierina

Pascua-Lama LOM

$0

$100

0% 25% 50% 75% 100%

Lagunas Norte

Pascua-Lama (first five years)

37

Low-cost and high-quality mines* Data from Barrick’s website and CPM Group

Cornerstone Assets Peñasquito and Pascua-Lama

Peñasquito Pascua-Lama Combined

Operator Goldcorp Barrick World ClassOperator Goldcorp Barrick World-Class

Silver Reserve/Resources

P&P Reserves (25%) 268 M oz 168 M oz 436 M oz

M&I Resources (25%) 98 M oz 34 M oz 132 M oz

LOM Silver Production Attributable to SLW (25%)

159 M oz 132 M oz 291 M oz

Average Annual Silver Production Attributable to SLW (25%)

7.0 M oz 9.0 M oz*** 16.0 M oz

Forecast By-Product Cash Costs US$0** US$20-50*** Very Low-Cost($/oz Gold)

y

Anticipated Mine Life 22+ yrs 25+ yrs Very Long Life

Exploration Potential Underground Breccia West Significant

38

p Underground Breccia West Significant* Reserves and Resources as of Dec 31, 2009, remaining data based on Technical Reports, ** Once ramped up to full production capacity, *** Based on first full five years of

production, LOM average annual attributable production of approx.5.5 Moz Ag

Th F tThe Future

39

Where Are We Going?

One of the best organic growth profiles in the precious metals industry

A l il i l t d ti ti i t d t th d bl b• Annual silver equivalent production anticipated to more than double by 2013 to +40Moz

Silver price is expected to continue to be strong over the long term

• Significant leverage

• Strong cash flows

Further accretive acquisition opportunities

• Immediate cash flows

• Low risk mines low cost high quality and politically stable location• Low risk mines – low-cost, high-quality and politically stable location

Will maintain low debt leverage

40

Strong Balance Sheet

Remaining upfront cash payments for Barrick, Augusta, Pan American and Alexco transactions forecast to be funded by operating cash flows

Fully undrawn US$400M revolving debt facility available for future acquisitions

No net bank debt ith cash on hand of US$280m at the end Q1 2010 No net bank debt with cash on hand of US$280m at the end Q1 2010

No equity required to finance growth at a silver price of greater than US$8/oz

SLW remains well positioned to pursue additional accretive transactions

41

Summary

2009 was a transformational year for Silver Wheaton• Best year of acquisition growth to date

• Doubled silver attributable reserves

• Increased long-term attributable silver equivalent production to over 40 million ounces per annum

2010 has already started out very well• Continue to deliver industry leading share price performance

O f th t t th fil i th i t l One of the strongest growth profiles in the precious metals space• Production is forecast to more than double by 2013 (+135%)

Very strong balance sheet allowing us to pursue additional accretive e y st o g ba a ce s eet a o g us to pu sue add t o a acc et eacquisitions• Cash on hand (US$280M) + undrawn revolving credit facility (US$400M) +

continued strong operating cash flows = potential to do large deals

42

g p g p g

SLW is the LARGEST metals streaming or royalty company in the world

Appendix

43

Silver Stream Agreements

Luismin Peñasquito Pascua-Lama Lagunas Norte Pierina Veladero

Company

Status Producing Producing Development Producing Producing Producing

ContractContract Length

25 yrs LOM LOM to 2014* to 2014* to 2014*

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

Mine Life 25+ yrs 22+ yrs 25+ yrs 9+ yrs 4+ yrs 21+ yrs

Cash Costs $4.02/oz $3.90/oz $3.90/oz $3.90/oz $3.90/oz $3.90/oz

Annual Ag Production

5+ M oz 7 M oz 9 M oz*** 1 M oz 0.5 M oz 1+ M oz

44

* 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, *** 9 M oz for first 5 years and approx. 5.5 M oz over LOM.

Silver Stream Agreements (cont.)

Zinkgruvan Neves-Corvo Yauliyacu Stratoni Minto Cozamin

Company

Status Producing Producing Producing Producing Producing Producing

Contract LOM LOM 20 yrs LOM LOM 10 yrs

LengthLOM LOM 20 yrs LOM LOM 10 yrs

Ag Prod. 100% 100%up to 4.75 M

oz/yr100% 100%** 100%

Mine Life 25+ yrs 7+ yrs 25+ yrs 7+ yrs 8+ yrs 8+ yrs

Cash Costs $4.02/oz $3.90/oz $3.93/oz $3.90/oz $3.90/oz Ag$300/oz Au* $4.00/oz

Annual Ag Production

2 Moz 0.5 MozUp to 4.75 M

oz1-2 Moz 0.2 Moz Ag

20,000 oz Au 1.5 Moz

45

* Includes gold production, If production exceeds 50,000 ounces of gold per year in 2010 or 30,000 ounces of gold per year thereafter, Silver Wheaton is entitled to 100% of the gold produced up to these thresholds and 50% of the amount in excess of these thresholds

Silver Stream Agreements (cont.)

Mineral ParkCampo Morado

La Negra Rosemont Aljustrel Keno Hill

Company

Status Producing Producing Producing Development Care & Maint. Development

Contract Length

LOM LOM LOM LOM LOM LOM

Ag Prod. 100% 75% 50% 100%* 100% 25%

Mine Life 21+ yrs 6+ yrs 10+ yrs 21+ yrs 10+ yrs 5+ yrs

Cash Costs

$3.90/oz $3.90/oz $3.90/oz $3.90/oz Ag$450/oz Au $3.90/oz $3.90/oz

Annual Ag Production

0.3-0.6 Moz 1.0 Moz 0.4 Moz 2.4 Moz Ag15,000 oz Au** N/A 0.6 Moz

46

* 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 Stream Agreements (cont.)

Navidad

CCompany

Status Development

Contract LOM

LengthLOM

Ag Prod. 12.5%*

Mine Life 7+ yrsMine Life 7+ yrs

Cash Costs

US$4.00/oz

Annual Ag Production

1.5-2.0Moz

47

* 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, a definitive silver purchase agreement is expected to be finalized by the end of Q2 2010

Silver Wheaton’s Equity Investments

Property of Interest

Corani Rock Creek Montanore Hackett River

Ownership 15% 17% 11% 7%

Stage Feasibility Pre-FeasibilityAdvanced E l ti

Pre-Feasibilityg y yExploration

y

Resource (Ag M oz)

P&P 258M&I 72 Inf. 229

M&I 166Inf. 65

Ind. 200Inf. 64( g )

Inf. 36Inf. 65 Inf. 64

Est. Annual Ag Production

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

48

Source: Company Reports, * For first 6yrs, 6.4 M oz/yr LOM

Silver Wheaton’s Right of First Refusal PortfolioAdditional Growth Potential

Company TypeProperties Covered by

ROFR

Producer Pascua-Lama

Producer All Projects

Producer All Projects

Producer All Projects

Producer All Projects

Producer Kutcho Project

Development All Colombian Projects

Development All Projects

Development All Projects in Montana

49

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 (1,2,3,8,15,16)

As of December 31, 2009 unless otherw ise noted(6)

Proven Probable Proven & Probable

Luismin

San Dimas 2.0 371.0 24.0 3.6 320.8 36.9 5.6 338.9 60.9 94%

Los Filos(10) 22.3 4.2 3.0 54.1 3.2 5.5 76.4 3.5 8.6 5%

San Martin 0.3 15.0 0.1 0.5 38.0 0.6 0.8 28.9 0.7 55%

Peñasquito (25%)

Mill 145.1 33.1 154.5 141.0 23.0 104.4 286.2 28.1 258.9 70%

Heap Leach 18.1 14.8 8.6 - - - 18.1 14.8 8.6 26%

P L (25%) 9 6 59 9 18 4 86 6 53 7 149 4 96 1 54 3 167 8 80%Pascua-Lama (25%) 9.6 59.9 18.4 86.6 53.7 149.4 96.1 54.3 167.8 80%

Lagunas Norte(11) 7.3 4.0 0.9 84.2 3.6 9.8 91.5 3.6 10.7 21%

Pierina 19.4 12.6 7.8 20.2 11.7 7.6 39.5 12.1 15.4 37%

Veladero(12) 6.6 13.6 2.9 106.0 15.4 52.5 112.7 15.3 55.4 6%

Yauliyacu(13) 1.0 106.1 3.5 1.8 130.8 7.6 2.8 121.9 11.0 86%

Neves-Corvo

Copper 18.5 43.0 25.6 2.0 54.0 3.5 20.5 44.1 29.1 35%

Zinc 39 3 61 0 77 1 14 8 55 0 26 3 54 2 59 4 103 4 23%Zinc 39.3 61.0 77.1 14.8 55.0 26.3 54.2 59.4 103.4 23%

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

Mineral Park(14) 309.1 2.7 27.1 79.0 2.9 7.4 388.0 2.8 34.5 42%

Zinkgruvan

Zinc 8.7 102.0 28.4 2.4 56.0 4.4 11.1 92.0 32.7 70%

Copper 2.8 30.0 2.7 0.1 30.0 0.1 2.9 30.0 2.8 78%

Aljustrel

Zinc - - - 13.1 62.9 26.6 13.1 62.9 26.6 37%

Copper - - - 1.7 14.6 0.8 1.7 14.6 0.8 30%

Stratoni 2.1 185.0 12.6 0.2 216.0 1.3 2.3 187.5 13.9 88%

Minto 9.8 6.1 1.9 1.1 4.3 0.2 10.9 5.9 2.1 81%

Cozamin

Copper 1.6 76.3 4.0 5.9 59.0 11.3 7.5 62.7 15.2 74%

Zinc - - - 1.9 37.2 2.2 1.9 37.2 2.2 74%

La Negra (50%) 0.1 76.9 0.3 0.1 69.5 0.2 0.2 73.9 0.6 74%

50

TOTAL SILVER 422.1 502.7 924.8

GOLDMinto 9.8 0.67 0.21 1.1 0.38 0.01 10.9 0.64 0.22 74%

TOTAL GOLD 0.21 0.01 0.22

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

SILVER

Measured & Indicated Resources Attributable to Silver Wheaton (1,2,3,4,5,9,15,16)

As of December 31, 2009 unless otherw ise noted(6)

Measured Indicated Measured & Indicated

Luismin

Los Filos(10) 0.6 4.2 0.1 5.1 3.6 0.6 5.7 3.7 0.7

Peñasquito (25%)

Mill - - - 117.9 25.7 97.2 117.9 25.7 97.2

Heap Leach - - - 1.9 8.6 0.5 1.9 8.6 0.5

Pascua-Lama (25%) 3.0 31.3 3.0 31.8 30.4 31.0 34.8 30.4 34.0

Pierina 3.0 9.5 0.9 2.7 7.9 0.7 5.8 8.7 1.6

Yauliyacu(13) 0.5 128.9 2.2 5.9 215.9 41.1 6.5 208.6 43.3

Neves-Corvo

Copper 13.6 56.3 24.7 1.8 59.4 3.4 15.4 56.7 28.1

Zinc 23.1 56.0 41.6 1.7 50.8 2.8 24.8 55.7 44.4

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

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

Zi kZinkgruvan

Zinc 1.6 91.6 4.7 2.7 126.5 10.9 4.3 113.5 15.6

Copper 1.4 27.2 1.2 0.1 23.6 0.1 1.5 26.9 1.3

Aljustrel

Zinc 5.5 50.5 9.0 7.8 56.0 14.0 13.3 53.7 23.0

Copper 0.9 24.1 0.7 3.7 13.3 1.6 4.6 15.5 2.3

Campo Morado (75%) 1.1 240.7 8.4 4.9 170.7 27.0 6.0 183.3 35.3

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

Minto 5.7 4.4 0.8 13.3 3.4 1.4 19.0 3.7 2.2

Cozamin

Copper 0.6 81.5 1.5 1.0 54.9 1.8 1.6 64.3 3.3

Keno Hill (25%) - - - 0.1 920.5 3.0 0.1 920.5 3.0

La Negra (50%) 0.3 124.0 1.0 0.1 124.1 0.5 0.4 124.1 1.5

TOTAL SILVER 109 1 281 4 390 5

51

TOTAL SILVER 109.1 281.4 390.5

GOLDMinto 5.7 0.45 0.08 13.3 0.30 0.13 19.0 0.34 0.21

TOTAL GOLD 0.08 0.13 0.21

Attributable Reserves and ResourcesTotal Inferred

Tonnage Grade Contained

Mt g/t Moz

SILVERLuismin

As of December 31, 2009 unless otherwise noted(6)

INFERRED

Inferred Resources Attributable to Silver Wheaton (1,2,3,4,5,9,15,16)

San Dimas 15.2 317.1 154.6

Los Filos(10) 50.8 1.7 2.7

San Martin 2.7 115.6 10.0

Peñasquito (25%)

Mill 36.7 17.3 20.4

Pascua-Lama (25%) 5.5 18.9 3.3

Pierina 3.7 13.8 1.6

Yauliyacu(13) 15.4 158.3 78.2

Neves-Corvo

Copper 26.4 35.0 29.8

Zinc 20.4 56.0 36.8

Rosemont(14) 163.0 2.1 11.2

Mineral Park(14) 320.1 2.3 23.9

Zinkgruvan

Zinc 4.3 67.0 9.3

Copper 1.2 30.0 1.1

Aljustrel

Zinc 10.6 48.6 16.6

Copper 2.2 11.7 0.8

Campo Morado (75%) 0.9 181.6 5.0

Stratoni 0.6 207.0 4.1

Loma de La Plata (12.5%) 0.2 76.0 0.4

Minto 5.8 2.9 0.6

Cozamin

Copper 2.4 52.6 4.0

Zinc 1.7 30.1 1.6

Keno Hill (25%) 0.03 320.2 0.3

La Negra (50%) 0.1 78.6 0.3

52

TOTAL SILVER 416.7

GOLDMinto 5.8 0.25 0.05

TOTAL GOLD 0.05

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 Mineral Reserve and Mineral Resource estimates are as follows:

a. Peñasquito – Robert H. Bryson, MMSAb. San Dimas – Reynaldo Rivera, MAusIMM (Vice President, Exploration, Luismin, S.A. de C.V., the Mexican operating subsidiary of Goldcorp); Velasquez Spring, P.Eng.y ( p p g y p) q p g g

(Senior Geologist, Watts, Griffis and McOuat Limited)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. Yauliyacu – Neil Burns, M.Sc., P.Geo. (Director of Geology, Silver Wheaton); Samuel Mah, M.A.Sc., P.Eng. (Director of Engineering, Silver Wheaton), both employees of the

Corporation (the “Corporation’s QPs”)The Corporation QPs are responsible for overall corporate review and all other operations and development projects.

4. The Mineral Resources reported in the above tables are exclusive of Mineral Reserves. The Minto, Cozamin, Neves-Corvo and Aljustrel mines report Mineral Resources inclusive ofMineral Reserves. The Corporation’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. Mineral Reserves and Mineral Resources are reported as of December 31, 2009, other than the following:

a. Resources and Reserves for San Martin are reported as of July 1, 2009, except for San Pedrito which is reported as of December 31, 2006.b. Resources for Rosemont are reported as of October 22, 2008 and Reserves as of March 17, 2009.c. Resources for Mineral Park are reported as of December 29, 2006.d. Resources and Reserves for Aljustrel are reported as of December 31, 2007.e. Resources for Campo Morado’s El Largo, El Rey, Naranjo and Reforma deposits are reported as of February 29, 2008.f. Resources and Reserves for Stratoni are reported as of June 24, 2009.g. Resources for Loma de La Plata are reported as of April 16, 2009.h. Resources for Keno Hill are reported as of November 9, 2009.i. Resources and Reserves for La Negra are reported as of February 15, 2008 for the Alacran deposit and March 14, 2008 for the Monica deposit Resources.

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 theoperators.

8. Mineral Reserves are estimated using appropriate process recovery rates and commodity prices of $13.00 per ounce of silver, unless otherwise noted below:a. San Martin – $10.00 per ounceb. Pascua-Lama, Lagunas Norte, Veladero and Pierina – $14.00 per ouncec. Neves-Corvo – 1.6% Cu cut-off for the copper Reserve and 4.3% Zn cut-off for the zinc Reserved. Rosemont – NSR cut-off of $3.56 based on $1.75 per pound copper, $15.00 per pound molybdenum and $10.00 per ounce silvere. Mineral Park – 0.237% Cu equivalent cut-off grade (hypogene), 0.283% Cu equivalent cut-off grade (supergene); copper equivalent considers only copper and molybdenum

valuesf. Zinkgruvan – 3.1% Zn equivalent cut-off for the zinc Reserve and 2.0% Cu cut-off for the copper Reserveg. Aljustrel – 1.5% Cu cut-off for all copper Reserves and zinc cut-offs of 4.5%, 4.0% and 4.0%, respectively, for the Feitais, Moinho and Estação zinc Reservesh. Minto – copper cut-off grades of 0.62%, 0.55%, 0.58% and 0.56% for Minto Main, Minto North, Ridgetop and Area 2/118 respectivelyi. Cozamin – $4.00 per ounce

53

Attributable Reserves and ResourcesFootnotes (cont.)

9. Mineral Resources are estimated using appropriate recovery rates and commodity prices of $15.00 per ounce of silver, unless otherwise noted below:a. San Martin (excluding San Pedrito) – $10.00 per ounce; San Martin (San Pedrito only) – $5.50 per ounceb. Yauliyacu – $13.00 per ouncec. Neves-Corvo – 1.0% Cu cut-off for the copper Resource and 3.0% Zn cut-off for the zinc Resourced R t 0 2% C t ffd. Rosemont – 0.2% Cu cut-offe. Zinkgruvan – 3.1% Zn equivalent cut-off for the zinc Resource and 1.5% Cu cut-off for the copper Resourcef. Mineral Park – 0.225% Cu equivalent cut-off grade; copper equivalent considers only copper and molybdenum valuesg. Aljustrel – 1.5% Cu cut-off for all copper Resources and zinc cut-offs of 4.5%, 4.0% and 4.0%, respectively, for the Feitais, Moinho and Estação zinc Resourcesh. Campo Morado – 3.0% Zn only cut-off gradei. Loma de La Plata – 50 g/t silver equivalent cut-off based on $12.50 per ounce silver and $0.50 per pound leadj. Minto – 0.5% Cu cut-offk. Cozamin – 1.15% Cu cut-off for San Roberto Area and 3.0% Zn cut-off for San Rafael Areal K Hill $15 25 f th S th t d 99 Z d $14 50 f th E t Zl. Keno Hill – $15.25 per ounce for the Southwest and 99 Zones and $14.50 per ounce for the East Zonem. La Negra (Alacran) – $12.00 per ounce; La Negra (Monica) – $13.50 per ounce

10. Los Filos Resources and Reserves are reported without the Bermejal deposit, as Bermejal is not subject to the silver purchase agreement.11. The Corporation’s attributable tonnage at Lagunas Norte was estimated by assuming 2008 production levels for four years. This tonnage was pro-rated between Proven and Probable

Mineral Reserves according to the ratio of the December 31, 2009 Proven and Probable Mineral Reserves for Lagunas Norte as published by Barrick, applying average reserve grades.12. The Corporation’s attributable tonnage at Veladero is estimated based on a production rate of 85,000 tonnes per day for four years. This tonnage was pro-rated between Proven and

Probable Mineral Reserves according to the ratio of the December 31, 2009 Proven and Probable Mineral Reserves for Veladero as published by Barrick, applying average reserve grades.13. The Corporation’s purchase agreement (March 2006) 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 silver produced at Yauliyacu in any year totals less than 4 75 million ounces the maximum amount to be sold to the Corporation in subsequent years will be increased to make upevent that silver produced at Yauliyacu in any year totals less than 4.75 million ounces, the maximum amount to be sold to the Corporation in subsequent years will be increased to make upthe shortfall.

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 Corporation has filed a technical report for each of its mineral projects on a property considered to be material to the Corporation, being San Dimas, Yauliyacu, Peñasquito and Pascua-

Lama, which reports are available on SEDAR at www.sedar.com.16. Silver is produced as a by-product metal at all operations with the exception of the Keno Hill and Loma de La Plata projects; 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.

54