Annual General MeetingMay 14, 2008

Vancouver BCVancouver, BC

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.

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Silver Wheaton A Company to be Proud of

Largest Pure Silver Company

Very strong growth potential• Significant stake in 6 of the top 30 silver deposits in the world• +100% organic sales growth by 2010% g g y• Well positioned for further growth• No hedging

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

The best downside protection…p

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

2007 Key Achievements A Transforming Year

Share price increase of 70%, considerably outperforming the markets and th i f il ( 13%)the price of silver (+13%)

Driven by growth

• Executed Peñasquito contract (US$485 M)

• Executed Stratoni contract (US$57.5 M)

• Rosemont agreement (US$165 M)• Rosemont agreement (US$165 M)

Fuelled with cash flow:

• NO EQUITY DILUTION• NO EQUITY DILUTION

• Raised US$485 M in debt

• Debt to be paid off within 2 years at current silver prices

5

2007 Share Price Performance

100%

60%

80%

SLW

40%

SSRIHL

PAAS

0%

20% SSRI

CDEHOCSilver

%

-20%

-40%1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec

6

Peñasquito First Gold Pour May 13, 2008

SLW will receive 25% of ALL silver produced

8

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

9

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

10

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 +%??

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Underground Potential Not contemplated Yes +%??

Peñasquito Production

12

2007 Value Accretion

Assuming ssu g$17/oz Ag

13

2008 Key Achievements To Date A Year of Growth

Placement of Goldcorp’s shares (US$1.6 billion)

Further growth:

• Executed Mineral Park contract (US$42 M)

• Executed Campo Morado contract (US$80 M)

• Finalized Rosemont terms (US$165 M)( $ )

• Peñasquito to commence production in 2008

• Many further growth opportunities ahead• Many further growth opportunities ahead

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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

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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

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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

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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

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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

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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

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WHERE ARE WE NOW?

21

Mine Locations

S i

Zinkgruvan

Rosemont Mineral ParkStratoni

PeñasquitoLuisminCampo Morado

Yauliyacu

Development Projects

22

Operating Mines

Silver Sales Growth No Further CAPEX To Be Paid1

129%103%

129%

23 1. SLW has not yet made upfront cash payments for Mineral Park and Campo Morado totaling US$107 M. A further US$165 M is due for Rosemont once they receive permits.

Very Low Political Risk

GeographicGeographic Distribution of R&R

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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

25 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

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EPS CFPS

Net Profit Margin – 12 months/2007 Precious Metal Companies

27 Source: Thomson One

Attributable Reserves & Resources

287%323%

61%PeñasquitoStratoni

LuisminMi l P kStratoni

ZinkgruvanYauliyacu

Mineral ParkRosemontCampo Morado

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Current Attributable Reserves & Resources

1800

1400

1600

1800

(M o

z)

1000

1200

ned

Silv

er

P & P Reserves

400

600

800

Con

tain

M & I Resource

0

200

400Inferred

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Pan American

Apex Coeur Silver Wheaton

Silver Standard

Source: Company Reports

Projected EBITDA Existing Contracts

30 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

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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

5212%

4 

5 

Ozs 

212%

3 

& Resou

rce 

1 

2 

Reserve &

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

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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

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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

Silver Wheaton Relationship (6)Apex SilverSilver StandardCoeur d’Alene25% of

Peñasquitoe asqu o

34 Source: Metals Economics Group

Silver Contracts Producing Mines

Luismin Zinkgruvan Yauliyacu Stratoni Mineral Park

Company

Contract Length

25 yrs LOM 20 yrs LOM LOMLength

Ag Prod. 100% 100%up to 4.75 M

oz/yr100% 100%

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

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

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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 ozProduction

Date of expected production

Q4 2008 Q1 2011 Q3 2008

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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

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Source: Company Reports

WHY SILVER?

38

Silver Supply & Demand

1000

700Moz

400

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

E

2009

E

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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

(Mo

500

Inv

0

950

960

970

980

990

000

40

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

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• 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

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Source: GFMS & iShares and Bloomberg

Silver Wheaton vs Silver ETF

SILVER WHEATON Silver ETF

Pure Silver

Best Leverage toSilver Price

Organic Growth

Further GrowthPotential

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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

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