June 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 statementsof historical fact contained herein the information presented constitutes “forward looking statements” within the meaning of the Private Securities Litigation Reform Act ofof historical fact contained herein, the information presented constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of1995 and applicable Canadian securities legislation. Such forward-looking statements, including but not limited to those with respect to the price of silver, the estimation ofmineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, reservedetermination and reserve conversion rates involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance orachievements of Silver Wheaton to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.Such factors include, among others, risks related to the integration of acquisitions, the absence of control over mining operations from which Silver Wheaton purchasessil er and risks related to these mining operations incl ding risks related to international operations act al res lts of c rrent e ploration acti ities act al res lts of c rrentsilver and risks related to these mining operations, including risks related to international operations, actual results of current exploration activities, actual results of currentreclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, as well as those factors discussed in the sectionentitled “Description of the Business-Risk Factors” in Silver Wheaton’s Annual Information Form for the year ended December 31, 2007 incorporated by reference intoSilver 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 importantfactors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that causeresults 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 coulddiff t i ll f th ti i t d i h t t t A di l d h ld t l d li f d l ki t t tdiffer materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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 Securities and Exchange Commission does not recognize them. “Inferred Resources” have a great amount of uncertainty as to their existenceand as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category. Under Canadianrules, estimates of Inferred 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 ofMeasured or Indicated Resources will ever be converted into reserves. U.S. investors are also cautioned not to assume that all or any part of an Inferred MineralResource exists, or is economically or legally mineable.

Full details on Silver Wheaton reserves and resources for Luismin, Zinkgruvan, Yauliyacu, Peñasquito and Stratoni can be found on the Company website atwww.silverwheaton,com. Full details on the reserves and resources for Rosemont, Mineral Park, Campo Morado and La Negra can be found in Silver Wheaton newsreleases dated December 22 2007 March 17 2008 May 13 2008 and June 3 2008 respectively

2

releases dated December 22,2007, March 17, 2008, May 13, 2008, and June 3, 2008, respectively.

A Unique Mining Company

Largest Pure Silver Company

Simple investment model

Very strong growth potentialy g g p• Significant stake in 6 of the top 30 silver deposits in the world• +100% organic sales growth by 2010• Well positioned for further growth

N h d i• No hedging

Best leverage to silver price• 10% increase in silver price results in a 15% increase in 2008 cash flow10% increase in silver price results in a 15% increase in 2008 cash flow

The best downside protection…

3

The Best Downside Protection…

Costs are essentially fixed

Structured to minimize income taxes

No ongoing CAPEX or exploration costsg g p

• Yet SLW benefits from production/exploration growth

No environmental/closure responsibilitiesNo environmental/closure responsibilities

Structured not to lose cash flow

No currency risk

Very low political risk

4

Mine Locations

S i

Zinkgruvan

Rosemont Mineral ParkStratoni

PeñasquitoLuisminCampo MoradoLa Negra

Yauliyacu

Development Projects

5

Operating Mines

Peñasquito First Gold Pour May 13, 2008

SLW will receive 25% of ALL silver produced

7

Peñasquito

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

Largest silver deposit in the world

underground potential

Construction on schedule; initial

Reserves and Resources (June 2007)• P&P Reserves: 864 M oz

production expected in 2008

30% boost in daily tonnage over 2006 f ibilit• M&I Resources: 413 M oz

Continued excellent potential for l ti th

2006 feasibility

exploration growth

8

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

485 million

100% debt financed; no h h ld dil ti

25% interest in Peñasquito would rank as one of the top 10 il d it i th ldshareholder dilution

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

silver deposits in the world

US$3.90/oz or spot silver price

9

Peñasquito Project Growth Since Our Acquisition, April 2007

April 2007 Current Growth

Silver Reserves/Resources

P&P Reserves 575 M oz 864 M oz +50%M&I Resources 247 M oz 413 M oz +67%

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

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

Anticipated Mine Life 17 yrs 19 yrs +12%

Underground Potential Not contemplated Yes +%??

10

Underground Potential Not contemplated Yes +%??

Peñasquito Production

11

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

Currently going through an expansion y g g g pto produce a silver bearing copper concentrate

Current Silver Reserves & Resources:• P&P Reserves: 35 M oz• M&I Resources: 2 M oz• Inferred Resources: 15 M oz

Expected to produce 600,000 ounces of silver per year for at least 21 yearso s e pe yea o a eas yea s

12

Mineral Park Transaction Terms

100% of LOM silver production

Upfront cash payment of US$42 M

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

Completion guarantee

13

Rosemont Augusta Resources

Cu-Mo-Ag porphyry deposit in Arizona owned by AugustaArizona owned by Augusta Resources

August 2007 Feasibility Study:g y y• 75,000 tpd mill• Avg. 2.7 M oz/year silver production• Minimum mine life of 18 years

Silver Reserves and Resources:• Reserves 62 M oz• M&I Resources 5 M oz• Inferred Resources 9 M oz

Permitting in process and commercial production expected to commence in 2011

14

Rosemont Transaction Terms

Augusta to sell 45% of LOM silver production to SLW for upfront cash of US$165 million

SLW does not pay any ongoingSLW does not pay any ongoing payment for the silver delivered

• Cash costs for silver are $0 for LOM

Completion guarantees

No payments untilPermits are in place• Permits are in place

• Adequate financing in place• Construction has begun

15

Campo Morado Farallon Resources

Farallon’s volcanogenic massive sulfide district in Mexico

Production beginning at high grade G 9 deposit in Q3 2008Production beginning at high grade G-9 deposit in Q3, 2008• 1500 tpd mine• Ultra low cash cost zinc mine

Four other high grade deposits within 116 km2 concession areaFour other high grade deposits within 116 km concession area

Excellent potential for exploration growth Silver resources:

M&I Resources: 41 M oz

Inferred Resource: 10.4 M oz

Expected to produce 1 p pmillion ozs of silver per year

16

Campo Morado Transaction Terms

75% of LOM silver production in th ti 116k 2 tthe entire 116km2 property

Upfront cash payment of US$80 illimillion

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

Completion guarantee

17

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

• 1000 tpd mine increasing to 2000 tpdp g p

Series of 23 massive sulfide orebodies

Excellent potential for exploration growth

Expected to produce up to 1.5 M ozs per year

Historical silver reserve and resource by Peñoles(not 43-101 compliant):(not 43 101 compliant):

• Historical Reserve: 6.3 M oz

• Inferred Historical Resource: 10.5 M oz

18

La Negra Transaction Terms

50% of LOM silver production from La Negra mine

Upfront cash payment of US$25 million

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

Completion guarantee

Agreed to complete a LOMAgreed to complete a LOM silver stream agreement on soon to be acquired Shafter Silver Mine in Texas

19

WHERE ARE WE NOW?

20

Silver Sales Growth No Further CAPEX To Be Paid1

135%108%

135%

21 1. SLW has not yet made upfront cash payments for Mineral Park, Campo Morado and La Negra totaling US$117 M. A further US$165 M is due for Rosemont once they receive permits.

Very Low Political Risk

GeographicGeographic Distribution of R&R

22

Attributable Reserves & Resources

290%323%

61%PeñasquitoStratoni

LuisminMi l P kStratoni

ZinkgruvanYauliyacu

Mineral ParkRosemontCampo MoradoLa Negra

23 Does not include non NI 43-101 compliant reserves and resources at La Negra

Current Attributable Reserves & Resources

1800

1400

1600

1800

(M o

z)

1000

1200

ned

Silv

er

P & P Reserves

400

600

800

Con

tai

M & I Resource

0

200

400Inferred

24

Pan American

Apex Coeur Silver Wheaton

Silver Standard

Source: Company Reports

2007 Value Accretion

Assuming ssu g$17/oz Ag

25

Projected EBITDA Existing Contracts

26 Does not include Rosemont

Debt Sensitivity1

Debt Repayment By

$20/oz

S$)

$15/oz

r Pric

e (U

S

$10/ozSilv

e

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

Assuming in-the-money warrants are exercised in 2009 and proceeds are

27

Assuming in the money warrants are exercised in 2009 and proceeds are applied to debt

1 Does not include US$165M for Rosemont

Reserves & Resources per Share

5213%

4 

5 

Ozs 

213%

3 

Resource O

1

2 

Reserve & R

‐

1  R

Today12/31/200712/31/200612/31/200512/31/2004

28

Capital Structure As of May 2008

Shares Outstanding 223.7 millionShares Outstanding 223.7 million

SLW.WT Warrants 23.3 million(1) exercise @ C$ 4.00

SLW.WT.A Warrants 7.7 million(1) exercise @ C$ 5.50

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

Options 3.6 million avg.exercise @ C$6.15

Shares Fully Diluted 266.2 million

3 Month Avg. Daily VolumeTSX: 3,397,000 sharesNYSE: 4,095,000 shares

29

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

Top 30 Silver Deposits in the WorldProducing Mines and Development ProjectsProducing Mines and Development Projects

2,000Silver Wheaton Relationship (6)

1,200

1,600

ourc

es (M

oz) Apex Silver

Silver StandardCoeur d’Alene25% of

Peñasquito

800

serv

es &

Res

o e asqu o

0

400

to ur dz

ma sa ad rg ho bal

as to kat

po lla ala er ani

on oe am do es er ver

er ea un as re ek ns

Res

Pena

squi

t

Bols

hoi K

alim

ansu

GH

M P

olsk

a M

ied

Pasc

ua L

am

Mt I

s

Nav

ida

Gra

sber

Toro

moc

h

San

Cris

tob

Las

Min

ita

25%

of P

enas

quit

Duk

Oca

mp

Pitta

ril

Toqu

epa

Que

Riv

e

Cor

a

Can

ning

to

Khol

odni

nsko

Oly

mpi

c D

a

Cer

ro C

olor

ad

Met

ate

Roc

hest

e

Hac

kett

Riv

Mac

Arth

ur R

ive

Can

ane

Xiac

u

San

Dim

a

Mon

tano

r

Roc

k C

ree

Reg

ion

Ope

ratio

n

30

B KG 2

East

Source: Metals Economics Group

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

500%

600%

SLW400%

500%

SLW

200%

300%

SilverPAAS

HLSSRI100%

CDE

-100%

0%

04 05 05 05 05 06 06 06 06 07 07 07 07 08 08

31 Source: Thomson

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

Financial Performance

$0.60

$0 40

$0.50

SD)

$0.30

$0.40

S/EP

S (U

S

$0.10

$0.20CFP

S

$0.002004 2005 2006 2007 Q1 2008

32

EPS CFPS

Net Profit Margin – 12 months/2007 Precious Metal Companies

33 Source: Thomson One

Change in Total Cash Costs – Precious Metals Companies

9 Months ’07 vs. 9 Months ‘06A

gnic

o

Eldo

rado

Cen

terr

a

Kin

ross

Bar

rick

Aver

age

eck

Gol

d

Mer

idia

n

Nor

thga

te

New

mon

t

den

Sta

r

AMG

OLD

Hec

la

34

E C Te N N

Gol IA

Source: Michael Jalonen, Merrill Lynch Research

Silver companies 2007 Full Year

35 Source: Company Reports* For 9 Months ended 12/31/07

Silver Contracts Producing Mines

Luismin Zinkgruvan Yauliyacu Stratoni Mineral Park La Negra

Company

Contract Length

25 yrs LOM 20 yrs LOM LOM LOMLength

Ag Prod. 100% 100%up to 4.75 M

oz/yr100% 100% 50%

Mine Life 25+ yrs 25+ yrs 25+ yrs 7+ yrs 21+ yrs 10 + yrsMine Life 25+ yrs 25+ yrs 25+ yrs 7+ yrs 21+ yrs 10 + yrs

Cash Costs $3.95/oz1 $3.96/oz1 $3.90/oz $3.90/oz1 $3.90/oz1 $3.90/oz1

Annual Ag Production

7-12 M oz 2 M ozUp to 4.75 M

oz1-2 M oz 0.6 M oz 0.7 M oz

36

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

Silver Contracts Development Projects

Peñasquito25%

RosemontCampoMorado25% Morado

Company

Contract Length LOM LOM LOM

Ag Prod. 25% 45% 75%

Mine Life 19+ yrs 19+ yrs 6+ yrs

Cash Costs $3.90/oz1 $0.00/oz $3.90/oz1

Annual Ag Production

Up to 10 M oz Up to 1.3 M oz Up to 0.8 M ozProduction

Date of expected production

Q4 2008 Q1 2011 Q3 2008

37

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

SLW Equity Investments

Property of Interest

Corani Rock Creek Hackett River Montanore

Ownership 18% 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

15 M oz/yr 6 M oz/yr 12 M oz/yr N/A

38

Source: Company Reports

Silver Wheaton vs Silver ETF

SILVER WHEATON Silver ETF

Pure Silver

Best Leverage toSilver Price

Organic Growth

Further GrowthPotential

39

WHY SILVER?

40

Silver Supply & Demand

1000

700Moz

400

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

E

2009

E

41

2 2

Demand Supply (mining & scrap)Source: GFMS & RBC Capital Markets

Silver Inventories are at a Historical Low

2500

2000

oz)

1000

1500

vent

ory

(M

500

Inv

0

950

960

970

980

990

000

42

19 19 19 19 19 20

Source: CPM Group, 2006

Demand For Industrial Applications

Increase in demand every year for the last 8 years despite rising price (7% in 2007)in 2007)

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

Primary Uses• Electrical & Electronics• Chemicals

Positive Trends

• Growth in Middle Class in China & India

• Brazing Alloys

New Areas of Growth

India• Growing use of Mobile Phones• Computerization in Third World• More Stringent Environmental Laws

• Solar• LCD/Plasma Screens• Medical Instruments

More Stringent Environmental Laws

43

• BiocidesSource: CPM Group, RBC Capital Markets

Investment A Major Catalyst of Silver Price

• Demand for silver 180$20

Silver Price and iShares Silver Trust Holdings

ETF’s expected to increase

• iShares growing; 100

120

140

160

$12

$14

$16

$18

M Fix in

 USD

)

ver T

rust

(M o

z)

applied for +360 M oz

• New ETF’s emerging

• Increased mine 40

60

80

100

$4

$6

$8

$10

Silver Price (LME PM

ces

in iS

hare

s S

ilv

Increased mine production expected to be offset by increased industrial demand

0

20

$0

$2

1/3/2006

2/14/200 6

3/28/2006

11/5/2006

6/23/2006

7/8/2006

9/19/200 6

10/31/20…

12/13/20…

1/30/2007

3/14/2007

4/26/2007

8/6/2007

7/23/200 7

7/9/2007

10/19/20 …

3/12/2007

1/16/2008

S

Oun

c

• Silver demand for ETF’s expected to result in a tightening of the silver market

6 6 6 6 6 … … 7 7 7 7 … 7 8

44

Source: GFMS & iShares and Bloomberg

Where Are We Going?

Further growth opportunities• Production• Development• Strategic investmentsStrategic investments

Silver price is strong and is expected to remain soCash flo for acq isitions and debt repa ment• Cash flow for acquisitions and debt repayment

• Minimize equity dilution• Best leverage

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

45

Top Ten Silver Producing Companies

4550

30354045

15202530

M o

z

05

1015

0

Pen

oles

KG

HM

BH

P

azak

hym

s

Pol

ymet

al

nave

ntur

a

o M

exic

o

Rio

Tin

to

Coe

ur

Gol

dcor

p

46

Ka P

Bue

n

Gru

p G

Source: The 2007 World Silver Survey

Near-term Catalysts

Sale of Goldcorp’s entire 48% interest in Silver WheatonSale of Goldcorp s entire 48% interest in Silver Wheaton

H2/2008: Peñasquito heap leach operation commences

Strengthening silver prices

Growth opportunities

47

Summary

100% Pure Silver

Established, long life, low cost mines

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

48

Well positioned for further growth