F b 2009February 2009

Cautionary Statements

CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation: Except for the statementsof historical fact contained herein the information presented constitutes “forward looking statements” within the meaning of the United States Private Securities Litigationof historical fact contained herein, the information presented constitutes forward-looking statements within the meaning of the United States Private Securities LitigationReform Act of 1995 and applicable Canadian securities legislation. Such forward-looking statements, including but not limited to those with respect to the future price ofsilver, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs ofproduction, reserve determination and reserve conversion rates, involve known and unknown risks, uncertainties and other factors which may cause the actual results, levelof acivity, performance or achievements of Silver Wheaton to be materially different from any future results, level of activity, performance or achievements expressed orimplied by such forward-looking statements. Such factors include, among others, risks related to the completion and integration of acquisitions, the absence of control overmining operations from hich Sil er Wheaton p rchases or e pects to p rchase sil er or sil er in concentrates and risks related to these mining operations incl ding risksmining operations from which Silver Wheaton purchases or expects to purchase silver or silver in concentrates and risks related to these mining operations, including risksrelated to international operations, actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations,changes in project parameters as plans continue to be refined, as well as those factors discussed in the section entitled “Description of the Business-Risk Factors” in SilverWheaton’s Annual Information Form for the year ended December 31, 2007 available on SEDAR at www.sedar.com and incorporated by reference into Silver Wheaton’sForm 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. Although Silver Wheaton has attempted to identify important factors that couldcause 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

i t d d Th b th t h t t t ill t b t t l lt d f t t ld diff t i ll f th ti i t d ior intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated insuch statements. Accordingly, readers should not place undue reliance on forward-looking statements. Silver Wheaton does not undertake to update any forward-lookingstatements that are contained 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 byCanadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertaintyas to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to ahigher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. U.S. investors arecautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. U.S. investors are alsocautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.

Full details on Silver Wheaton reserves and resources for Luismin Zinkgruvan Yauliyacu Peñasquito Stratoni Mineral Park Campo Morado La Negra and Keno Hill

1

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

A Unique Silver Company

Largest Pure Silver Company Best leverage to silver priceBest leverage to silver price

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

Very strong growth potential• Significant stake in 6 of the top 35 silver deposits in the world• +100% organic sales volume growth by 2010

Sound financial positionp• Recently completed a C$287m equity financing• US$400m undrawn debt facility available

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

Experienced management team with demonstrated track record of

2

creating shareholder value* Assumes a silver price of $13/oz

Largest Pure Silver Company

100% of revenue from silver production

V hi h O ti M i Very high Operating Margins

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

+100% i l l th b 2010 +100% organic sales volume growth by 2010

Nine long term agreements with established producers:• Goldcorp, Glencore, Lundin Mining, European GoldfieldsGoldcorp, Glencore, Lundin Mining, European Goldfields

Reserves and resources of more than 1 Billion silver ounces• P&P reserves totaling 382 million ounces of silver• M&I resources totaling 230 million ounces of silver• Inferred resources totaling 448 million ounces of silver

No hedging No hedging

3

Mine Locations

S i

Zinkgruvan

Mineral Park

Keno Hill

Stratoni

PeñasquitoLuisminCampo MoradoLa Negra

Yauliyacu

Development Projects

Operating Mines

4

Development Projects

100% of Revenue from Silver Production

100%100%

76%

64%70%

80%

90%

of T

otal

60%55%

42%38%40%

50%

60%

venu

e as

a %

o

20%

30%

40%

Silv

er R

ev

0%

10%

Silver Wheaton**

Coeur D'Alene**

Hochschild* Fresnillo* Pan American Silver**

Hecla** Silvercorp***

5Source: Company Reports

* For 6 Months ended 06/30/2008** For 9 Months ended 09/30/08*** For 6 Months ended 09/30/08

Silver Sales Growth No Further CAPEX To Be Paid1

30

20

25

+100%

oz)

15

er S

ales

(M o

5

10Silv

e

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

Luismin Penasquito Yauliyacu Zinkgruvan Stratoni Mineral Park Campo MoradoLuismin Penasquito Yauliyacu Zinkgruvan Stratoni Mineral Park, Campo Morado,La Negra, Keno Hill

6

1. A US$35M payment is due to Alexco once project permits are received

Current Attributable Reserves & Resources

1,800

1,400

1,600

oz)

800

1,000

1,200P & P Reserves

M & I Resource

Silv

er (M

o

400

600 Inferred

Con

tain

ed

0

200

Hecla Pan American Coeur Fresnillo Silver Wheaton*

Silver Standard

C

7

Source: Company Reports, all R&R Estimates are as of Dec 31, 2007 except Silver Wheaton is as of Oct 2008 and Silver Standard is as of Feb 2009

Best Leverage to Silver Price Performance Since Inception (Oct. ’04)

500%

600%

200%

300%

400%

SLWSilverSSRI0%

100%

200%

PAASHL

SSRI

CDE-200%

-100%

04 05 05 -05 05 06 06 -06 06 07 07 -07 07 08 08 -08 08 09

Oct

-

Jan-

Apr

-

Jul -

Oct

-

Jan-

Apr

-

Jul -

Oct

-

Jan-

Apr

-

Jul-

Oct

-

Jan-

Apr

-

Jul-

Oct

-

Jan-

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

8

Source: Thomson One, as of Feb 13, 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 ProjectsProducing Mines and Development Projects

1 800

2,000 Silver Wheaton Relationship (6)Sil St d d (2)

1,200

1,400

1,600

1,800

rves

(Moz

)

Silver Standard (2)

25% of Peñasquito

600

800

1,000

1,200

urce

s &

Res

er

0

200

400

P P R M P G L P N C T A C 2 M S F U O D B C C Z S S P M J H M R V G ER

esou

Penasquito

Pascua-Lam

a

Rudna

Mt Isa

Polkow

ice

Grasberg

Lubin

Pitarrilla

Navidad

Cannington

Toromocho

Antam

ina

Codelco

5% of P

enasquit o

Mehdiabad

San C

ristobal

Fresnillo

Udokan

Olym

pic Dam

Dukat

Baw

dwin

Cerro del G

allo

Corani

Zhezkazgan

Sunshine M

ine

San D

imas

Pirquitas

McA

rthur River

uanicipio

Hackett R

iver

Montanore

Rock C

reek

Veladero

Garpenberg

East R

egion

o

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

$18 00Silver Wheaton's Realized Silver Price vs. Cash Costs

$12 00

$14.00

$16.00

$18.00

$8.00

$10.00

$12.00

US

$

Cash Margin Per Ounce

$2.00

$4.00

$6.00

$0.00

Q4'

04

Q1'

05

Q2'

05

Q3'

05

Q4'

05

Q1'

06

Q2'

06

Q3'

06

Q4'

06

Q1'

07

Q2'

07

Q3'

07

Q4'

07

Q1'

08

Q2'

08

Q3'

08

Q4'

08

Realized Silver Price Total Cash CostRealized Silver Price(US$'s per ounce)

Total Cash Cost (US$'s per ounce)

12

Revenue Derived from Low Cost and Quality AssetsAssets

2009 Forecast Silver Sales 2013 Forecast Silver Sales

Luismin37%

Zinkgruvan

Stratoni10%

Other11% Luismin

33%Zinkgruvan7%

Stratoni6%

Other11%

Penasquito9%

Yauliyacu21%

12%

Penasquito29%

Yauliyacu14%

7%

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

• 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*

GoldZinc

Zinc31%46%Zinc

49% Gold62%

Silver

31%

Copper5%

Copper4%

3%

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

14

* Figures are based on Silver Wheaton’s Forecast Silver Sales

Very Low Political Risk

Geographic Distribution of Reserves and Resources

6%2% 6%

13% MexicoPeruS d

73%

SwedenGreeceUSACanada

15

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 EPS before a non-cash write-down of long-term investments

2008

Growth in Reserves and Resources- since inception (Oct 2004)

1000

1200

600

800

1000

200

400

600

0

200

2004 2005 2006 2007 2008*

P&P Reserves Measured & Indicated Inferred 

53% annualized growth in P&P reserves and 43% annualized growth in total reserves and resources since inception

17

* As of Aug 20, 2008

total reserves and resources since inception

Growth in Reserves and Resources Per Share* - since inception (Oct 2004)

4.50

3 00

3.50

4.00

are

1 50

2.00

2.50

3.00

lver oz/sha

0.50

1.00

1.50Sil

0.00

2004 2005 2006 2007 2008*P&P Reserves Measured & Indicated Inferred 

18

* As of Aug 20, 2008

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

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

Unparalleled Growth

21

Peñasquito

Goldcorp’s world-class gold-zinc- Positive deep drilling shows silver-lead deposit in Mexico

Largest silver deposit in the world

underground potential

Heap leach operation commenced

Reserves and Resources (Dec 2008)• P&P Reserves: 1,046 M oz

production in Q2 2008

Initial mill production expected in id 2009• M&I Resources: 370 M oz

Updated feasibility study anticipated i l 2009

mid-2009

30% boost in mill throughput over 2006 f ibilitin early 2009

Continued excellent potential for l ti th

2006 feasibility

23

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 15 il d it i th ldUS$3.90/oz or spot silver price silver deposits in the world

24

Peñasquito First Gold/Silver Pour May 13, 2008

Silver Wheaton will receive 25% of ALL silver produced

25

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 370 M 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%Attributable to SLW (25%)

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 +%??

26

g Not contemplated Yes +%??* Reserves and Resources as of Dec 31, 2008, remaining data based on Dec 31, 2007 Technical Report

WHERE ARE WE GOING?

27

Where Are We Going?

Silver price is expected to strengthen over the long term

• Strong cash flows

• Best leverage

Further accretive acquisition opportunities

• Immediate cash flows

• Low risk – asset quality and location

Minimum of 2-4 new deals per year should be achievableMinimum of 2 4 new deals per year should be achievable

Will maintain low debt leverage

28

Acquisition Opportunities

Several acquisitions completed in 2008

• Mineral Park, Campo Morado, La Negra, Keno Hill

Significant silver stream opportunities going forward:

• Operators and developers facing growing capital requirements

• M&A activity resulting in financing needsy g g

• Challenges in securing traditional sources of financing

O t iti i t t l id d ll it li ti Opportunities exist amongst large, mid, and small capitalization companies

29

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

30

*GFMS & The Silver Institute

potential in the silver stream space

SLW Equity Investments

Property of Interest

Corani Rock Creek Hackett River Montanore

Ownership 16% 17% 12% 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. 205Inf. 52

M&I 164Inf. 65

Est. Annual Ag Production

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

31

Source: Company Reports

Near-term Catalysts

Greater than 100% organic sales volume growth by 2010: Goldcorp’s Peñasquito project• Goldcorp s Peñasquito project

• Mercator’s Mineral Park mine• Farallon’s Campo Morado project

Turnaround at San Dimas in H1/2009

Reserve and resource expansions from existing projects

Mill expansions and project optimizations leading to increased silver sales

Strengthening silver prices Strengthening silver prices

Growth opportunities

32

Relative Valuations – Undervalued?

33

Source: Bank of America Securities - Merrill Lynch, February 8, 2009

Capital Structure As of Feb 12, 2009

Shares Outstanding 287.5 millionShares Outstanding 287.5 million

SLW.WT Warrants 2.9 million(1) exercise @ C$ 4.00

SLW.WT.A Warrants 0.6 million(1) 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 Month Avg. Daily Volume

TSX: 2.3 million sharesNYSE: 7.9 million shares

34

1. Consolidated based on 0.2 SLW.WT and SLW.WT.A for every common share of SLW

Summary

100% Pure Silver

Established, long life, low-cost mines with considerable upside potential

Strong cash flow & earnings

Strongly leveraged to increases in silver priceStrongly leveraged to increases in silver price

Downside protection

Very low political risk profile

W ll iti d f f th th

35

Well positioned for further growth

Appendix

36

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/ 1 $3 90/ 1 $3 96/ 1 $3 90/ $3 90/ 1 $3 90/ 1Cash Costs $3.95/oz1 $3.90/oz1 $3.96/oz1 $3.90/oz $3.90/oz1 $3.90/oz1

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

37

Production oz

1 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/oz1 $3.90/oz1 $3.90/oz1

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

38

production

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

Reserves and Resources (as of August 2008)

Silver Wheaton’s Portion of Proven & Probable Reserves (1,4,5,6,11,12)

PROVEN PROBABLE PROVEN & PROBABLE

Tonne Grade Contained Tonne Grade Contained Tonne Grade Contained

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

San Dimas 1.60 387.1 19.9 3.08 378.2 37.5 4.68 381.2 57.3San Dimas 1.60 387.1 19.9 3.08 378.2 37.5 4.68 381.2 57.3

Los Filos(13) 33.71 3.4 3.7 55.31 2.9 5.2 89.02 3.1 8.8

San Martin 0.32 32.7 0.3 0.71 47.8 1.1 1.03 43.2 1.4

Peñasquito (25%)

Mill(9) 106.72 34.0 116.7 95.06 27.2 83.1 201.78 30.8 199.9

Heap Leach(9) 10.53 20.9 7.1 17.08 16.4 9.0 27.61 18.1 16.1

Yauliyacu(8) 1.41 89.0 4.0 2.30 135.7 10.0 3.72 117.9 14.1

Zinkgruvan (Zn) 8 31 114 0 30 4 2 25 62 0 4 5 10 56 102 9 34 9Zinkgruvan (Zn) 8.31 114.0 30.4 2.25 62.0 4.5 10.56 102.9 34.9

Stratoni 1.90 193.3 11.8 0.31 190.0 1.9 2.22 192.8 13.7

Mineral Park(10) 315.88 2.9 29.0 81.33 2.4 6.4 397.21 2.8 35.4

La Negra(9) (50%) 0.14 76.9 0.3 0.10 69.5 0.2 0.24 73.9 0.6

39

Total 223.3 158.9 382.3

Reserves and Resources (as of August 2008)

Silver Wheaton’s Portion of Measured & Indicated Resources (1,2,3,4,5,7,11,12)

MEASURED INDICATED MEASURED & INDICATED

Tonne Grade Contained Tonne Grade Contained Tonne Grade Contained

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

Los Filos(13) 6.25 3.4 0.7 12.66 3.0 1.2 18.92 3.1 1.9Los Filos 6.25 3.4 0.7 12.66 3.0 1.2 18.92 3.1 1.9

Peñasquito (25%)

Mill(9) 24.78 22.4 17.8 134.19 19.3 83.1 158.97 19.7 100.9

Heap Leach(9) 1.97 6.8 0.4 8.67 7.1 2.0 10.64 7.0 2.4

Yauliyacu(8) 0.46 90.9 1.3 4.67 247.6 37.2 5.13 233.7 38.5

Zinkgruvan (Zn) 0.55 24.0 0.4 3.68 109.0 12.9 4.23 97.9 13.3

Zinkgruvan (Cu) - - - 3.10 32.0 3.2 3.10 32.0 3.2

Mineral Park(10) 54.33 0.9 1.5 126.71 2.9 11.6 181.04 2.3 13.1

Campo Morado(9) (75%) 0.37 257.9 3.1 9.67 169.8 52.8 10.04 173.0 55.9

La Negra(9) (50%) 0.20 127.0 0.8 0.09 128.0 0.4 0.29 127.3 1.2

40

Total 26.1 204.4 230.4

Reserves and Resources (as of August 2008)

Silver Wheaton’s Portion of Inferred Resources (1,2,3,4,5,7,11,12)

INFERRED

Tonne Grade Contained

Silver Mt g Ag/t M oz

San Dimas 17.55 324.4 183.0

Los Filos(13) 2.39 2.9 0.2

San Martin 3.01 120.3 11.6

Peñasquito (25%)

Mill(9) 294.75 13.0 122.8

Heap Leach(9) 10.25 13.1 4.3

Yauliyacu(8) 11.62 216.7 80.9

Zinkgruvan (Zn) 4.32 67.0 9.3

Zinkgruvan (Cu) 0.77 20.0 0.5

Stratoni 0.64 203.4 4.2

Bellekeno (25%) 0.13 1015.8 4.4

Mineral Park(10) 198.4 2.3 14.9

Campo Morado(9)(75%) 2.33 149.4 11.2

La Negra(9) (50%) 0 11 75 3 0 3

41

La Negra( ) (50%) 0.11 75.3 0.3

Total 447.5

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 Reserves2. 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, 2007, with the following conditions or exceptions:

a. Reserves and Resources for San Martin are reported as of December 31, 2006 with the exception of the San Pedrito project, which is reported as of December 31, 2005.

b. Reserves and Resources for Penasquito are reported as of August 9, 2007.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 for the G-9 deposit and October 13, 2005 for all other deposits on the property.e Resources for La Negra are reported as of February 15 2008 for the Alacran deposit and March 14 2008 for the Monica deposite. 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 Bellekeno are reported as of November 10, 2007.

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 – Reynaldo Rivera, MAusIMM (Chief Geologist), Luismin S.A. de C.V., the Mexican operating subsidiary of Goldcorp Inc.b. Los Filos – Reynaldo Rivera, MAusIMM (Chief Geologist), Luismin S.A. de C.V., the Mexican operating subsidiary of Goldcorp Inc.c. San Martin – Reynaldo Rivera, MAusIMM (Chief Geologist), Luismin S.A. de C.V., the Mexican operating subsidiary of Goldcorp Inc.d. Zinkgruvan – Per Hedstrom (Senior Geologist) and Lars Malmstrom (Chief Geologist), both employees of Lundin Mining Corp.e. Yauliyacu – Velasquez Spring, P.Eng. (Senior Geologist) Watts, Griffis and McOuat Limited.f Peñasquito - Bob Bryson P Eng (Vice President Engineering) Goldcorp Incf. Peñasquito Bob Bryson, P.Eng. (Vice President, Engineering), Goldcorp Inc.g. Stratoni - Patrick Forward (General Manager, Exploration), European Goldfields Ltd.h. Campo Morado (G9) – 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 (Manager of Resources) 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.

i. Campo Morado (Other Deposits) – Daniel B. Kilby, P.Eng, Hunter Dickenson Gold; David Dreisinger, Phd, P.Eng (President) Dreisinger Consulting Inc.; P. Taggart, P.Eng(Principal) P.Taggart & Associates Ltd.; 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.

j Bellekeno - G David Keller P Geo (Principal Resource Geologist); Jean-François Couture Ph D P Geo (Principal Geologist); and Lars Weiershäuser Ph D P Gj. Bellekeno G. David Keller, P.Geo, (Principal Resource Geologist); Jean François Couture, Ph.D, P.Geo, (Principal Geologist); and Lars Weiershäuser, Ph.D, P.G,(Consultant Geologist) are all from SRK Consulting.

k. La Negra – Thomas C.Stubens, MASc, P.Eng (Senior Geologist) Wardrop Engineering Inc. and Ronald G. Simpson, P.Geo (President), GeoSIM.l. Mineral Park – Jim Tompkins (Independent Mining Engineer), Mercator Minerals Inc.m. Overall Corporate Review - Randy V.J. Smallwood, P.Eng. (Executive Vice President of Corporate Development), Silver Wheaton Corp.

42

Resources and Reserves - Disclosures

6. Mineral Reserves are estimated using appropriate recovery rates and US$ commodity prices of $10 per ounce of silver unless otherwise noted below:a. San Martin Reserves – US$7.00 per ounceb. Yauliyacu Reserves – US$13.00 per ouncec. La Negra (Alacran) Reserves - US$12.00 per ounced. Mineral Park Reserves - 0.237% Cu equivalent cut off grade (hypogene), 0.283% Cu equivalent cut off grade (supergene), silver was not included.

7. Mineral Resources are estimated using appropriate recovery rates and US$ commodity prices of $13 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. Campo Morado (Other Resources) - US$5.50 per ounceg. Bellekeno Resources – US$8.00 per ounceh. La Negra (Alacran) Resources - US$12.00 per ouncei. La Negra (Monica) Resources - US$13.50 per ouncej. Mineral Park Resources - 0.3% Cu Equivalent cut off grade, 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. Peñasquito, Campo Morado and La Negra reserves and resources reported represent the share attributable to Silver Wheaton.10. The Mineral Park Reserves do not include the Leach material.11. 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.12. 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.13. Los Filos reserves and resources are reported without the Bermejal deposit, as Bermejal is not subject to the silver sales agreement.

43

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

44

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

45

Keno Hill – Historic Silver Production

46

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: 13 M oz• Inferred Resources: 15 M oz

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

48

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

49

Campo Morado - Farallon Resources

Farallon’s volcanogenic massive sulfide district in Mexico

Production underway at high grade G 9 deposit Production underway at high grade G-9 deposit• 1500 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: 56 M oz

• Inferred Resources: 11 M oz

50

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

51

La Negra - Aurcana Corporation

Discovered, developed and operated for 30 years by Peñoles, starting in 1970Peñoles, starting in 1970

Aurcana purchased an 80% interest in 2006 and mine has been operating since July 2007

• 1,000 tpd mine increasing to 1,500 tpd

Series of 23 massive sulfide orebodies

Silver Reserves and Resources:• Reserves: 1.2 M oz• M&I Resources: 2.4 M oz• Inferred Resources: 0.6 M oz

Excellent potential for exploration growth

Significant additional historic Reserves and

52

Resources by Peñoles (not 43-101 compliant)

La Negra - Transaction Terms

50% of LOM silver production from La Negra mine

Silver Wheaton forecast to receive 600,000 ounces of silver annually for at least 10 years

Upfront cash payment of US$25 millionp p y $

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

Completion guaranteep g

Agreed to complete a LOM silver stream agreement on recently acquired Shafter Silver Mine in Texas

53

WHY SILVER?

54

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%

55

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

56

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

57

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 $)

Silver Price and iShares Silver Trust Holdingsexpected to increase

• iShares growing; applied for +360 M oz

150

200

250

300

$15

$20

$25

ns o

f oz

PM F

ix in

USD

)

• New ETF’s emerging

• Increased investment demand expected to offset 0

50

100

150

$0

$5

$10

1 1 9 1 8 1 2 7 1

Mill

ion

ver P

rice

(LM

E

decreased industrial demand in 2009

C i d d h i i ifi tl fl ti i1/3/2006

11/5/2006

9/19/2006

1/30/2007

8/6/2007

10/19/2007

2/29/2008

7/14/2008

11/18/2008

Silv

• Coin demand has risen significantly reflecting a growing investor interest

58

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

59

Source: GFMSthe 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

60

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

61

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

62

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 $

63

Source: GFMS