November 2008
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 statements of historical fact contained herein, the information presented constitutes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Such forward-looking statements, including but not limited to those with respect to the future price of silver, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates, involve known and unknown risks, uncertainties and other factors which may cause the actual results, level of acivity, performance or achievements of Silver Wheaton to be materially different from any future results, level of activity, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the completion and integration of acquisitions, the absence of control over mining operations from which Silver Wheaton purchases or expects to purchase silver or silver in concentrates and risks related to these mining operations, including risks related to international operations, actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes 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 Silver Wheaton’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’s Form 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 could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Silver Wheaton does not undertake to update any forward-looking statements 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 by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned 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 also cautioned 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 can be found on the Company website at www.silverwheaton.com. 2
A Unique Silver Company Largest Pure Silver Company Best leverage to silver price • 10% increase in silver price results in a 26% 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 2011 • Well positioned for further growth Significant downside protection • Model eliminates many key risks faced by traditional companies Experienced management team with demonstrated track record of success 3
Largest Pure Silver Company 100% of revenue from silver production Very high Net Profit Margins • +50% in 2007 +100% organic sales volume growth by 2011 Nine long term agreements with established producers: • Goldcorp, 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 4
Mine Locations Zinkgruvan Keno Hill Mineral Park Stratoni Luismin Peñasquito La Negra Campo Morado Yauliyacu Operating Mines Development Projects 5
100% of Revenue from Silver Production - 2007 Full Year 100% 90% 80% % of Total Revenue 70% 60% 50% 40% 30% 20% 10% 0% Coeur Hecla Fresnillo* Pan Hochschilds Silvercorp** Silver American Wheaton * For 6 Months ended 06/30/2007 Silver Gold Zinc Lead Copper ** For 9 Months ended 12/31/07 Source: Company Reports 6
Net Profit Margin – 12 months/2007 Precious Metal Companies 60% 50% 40% 30% 20% 10% 0% -10% -20% -30% Average Centerra Newmont IAMGOLD Northgate Goldcorp Barrick Eldorado Yamana Pan American Kinross Agnico Golden Star Coeur d'Alene Hecla Silver Wheaton Source: Thomson One 7
Silver Sales Growth No Further CAPEX To Be Paid 1 33 30 27 +100% 24 Silver Production (M oz) 21 18 15 12 9 6 3 0 2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E 2013E Luismin Penasquito Yauliyacu Stratoni Zinkgruvan Mineral Park, Campo Morado, La Negra, Keno Hill 1. An upfront payment of US$15M is due in Q4 2008 for Keno Hill with and additional US$35M payment due once project permits are received 8
Current Attributable Reserves & Resources 1800 1600 Contained Silver (M oz) 1400 1200 P & P Reserves 1000 800 M & I Resource 600 400 200 Inferred 0 Hecla Pan Apex Coeur Fresnillo Silver Silver American Wheaton* Standard 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 July 16, 2008 9
Best Leverage to Silver Price Performance Since Inception (Oct. ’04) 600% 500% 400% 300% SLW 200% 100% Silver PAAS 0% SSRI -100% HL CDE -200% Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Source: Thomson One 10
Silver Wheaton vs Silver ETF SILVER WHEATON Silver ETF Pure Silver Best Leverage to Silver Price Organic Growth Further Growth Potential 11
Top 35 Silver Deposits in the World Producing Mines and Development Projects 2,000 Silver Wheaton Relationship (6) 1,800 Apex Silver (1) Resources & Reserves (Moz) 1,600 Silver Standard (2) 1,400 25% of Peñasquito 1,200 1,000 800 600 400 200 0 Codelco Juanicipio Penasquito Rudna Polkowice-Sieroszowice Grasberg Lubin Navidad Toromocho 25% of Penasquito Mehdiabad Fresnillo Olympic Dam Dukat Bawdwin Cerro del Gallo Corani San Dimas Pirquitas Montanore Veladero Garpenberg East Region Pascua-Lama Mt Isa Pitarrilla Cannington Antamina San Cristobal Udokan Sunshine Mine McArthur River Hackett River Rock Creek Zhezkazgan Source: Intierra 12
Significant Downside Protection Operating costs are essentially fixed: • US$3.90/oz silver with small inflationary adjustment Partnered with low cost mining operations No 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 Very low political risk 13
Fixed Operating Costs – Significant upside potential Silver Wheaton's Realized Silver Price vs. Cash Costs $18.00 $16.00 $14.00 $12.00 US$ $10.00 Cash Margin Per Ounce $8.00 $6.00 $4.00 $2.00 $0.00 Q4'04 Q1'05 Q2'05 Q3'05 Q4'05 Q1'06 Q2'06 Q3'06 Q4'06 Q1'07 Q2'07 Q3'07 Q4'07 Q1'08 Q2'08 Q3'08 Realized Silver Price T otal Cash Cost (US$'s per ounce) (US$'s per ounce) 14
No Exposure To Capital Cost Escalation Cumulative Capital Cost Escalation at Projects Now at Bankable Feasibility No ongoing capital expenditures or exploration costs yet SLW benefits from production/exploration growth Source: Brook Hunt, Salman Partners 15
Very Low Political Risk Geographic 2% 6% Distribution 6% of R&R Mexico Peru 13% Sweden Greece USA Canada 73% 16
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