The High Margin Precious Metals Company

THE HIGH MARGIN PRECIOUS METALS COMPANY

February 2019 CAUTIONARY STATEMENTS CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

The information contained in this Presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of Canadian securities legislation. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are strongly cautioned to carefully review the cautionary notes to this Presentation starting on page 57 and in particular: Note 1 at the end of this Presentation contains our cautionary note regarding forward-looking statements and sets out the material assumptions and risk factors that could cause actual results to differ, including, but not limited to, fluctuations in the price of commodities, the outcome of the challenge by the CRA of Wheaton Precious Metal’s tax filings, the absence of control over mining operations from which Wheaton Precious Metal purchases silver or gold, and risks related to such mining operations and continued operation of Wheaton Precious Metal’s Counterparties. Readers should also consider the section entitled “Description of the Business – Risk Factors” in Wheaton Precious Metal’s Annual Information Form and the risks identified under “Risks and Uncertainties” in Management's Discussion and Analysis for the period ended December 31, 2016, both available on SEDAR and in Wheaton Precious Metals' Form 40-F and Wheaton Precious Metals' Form 6-K filed March 31, 2017, both on file with the U.S. Securities and Exchange Commission. Where applicable, readers should also consider any updates to such “Risks and Uncertainties” that may be provided by Wheaton Precious Metals in its quarterly Management’s Discussion and Analysis.

Note 2 at the end of this Presentation contains our cautionary note regarding the presentation of mineral reserve and mineral resource estimates.

2 WHO IS WHEATON PRECIOUS METALS WHEATON PRECIOUS METALS A MODEL DESIGNED TO BENEFIT ALL STAKEHOLDERS Wheaton Precious ▪ Pure precious metals streaming focus ▪ Portfolio of high quality, long-life assets Metals ▪ Strong balance sheet

Wheaton Shareholder Mining Company Community Exposure to Gold & Silver: Significant Upfront Capital: Wheaton’s CSR Program: ▪ Strong margins ▪ Non-dilutive ▪ Partner CSR program Significant Upfront Capital: Exposure▪ Cost predictability to Gold & Silver: ▪ Enhances IRRs supports communities ▪ High quality, diversified ▪ Crystalizes value of future around mines improving ▪ High margins • Non-dilutive portfolio production partner’s social license ▪ Broad support in Canada ▪ Optionality in ounces ▪ Balance sheet friendly • Balance sheet friendly and Cayman Islands ▪ Very competitive dividend ▪ Retains operational control ▪ Carbon Neutral Company

Who is Wheaton Precious Metals? 4 HIGH QUALITY ASSET BASE DIVERSIFIED PORTFOLIO OF HIGH QUALITY ASSETS Operating Mines (19) Development Projects (9) Partners: Vale Keno Hill Glencore Kutcho Zinkgruvan Voisey’s Bay 777 Goldcorp Coleman Victor Copper Cliff Aljustrel Barrick Stillwater Creighton Stratoni East Boulder Lundin Garson Neves-Corvo Rosemont Totten Hudbay San Dimas Peñasquito Sibanye-Stillwater Los Filos Pan American Toroparu First Majestic Antamina Eldorado Salobo Yauliyacu Constancia Capstone Cotabambas Alexco

Pascua-Lama Sandspring Corporate Offices (2) Panoro Navidad Leagold Well-diversified with low political risk Kutcho Copper

Who is Wheaton Precious Metals? 5 HIGH QUALITY ASSET BASE LOW COST, LONG LIFE PRODUCTION 2018 – 2022 Avg. Forecast Production Mine Life of Operating Portfolio1,2,3 1,3 by Cost Quartile 80 1% 3% 70 60 22 50 25% 40 14 30 20 33 10 71% First Second 0 Third Proven & Measured & Inferred Fourth Probable Indicated Mineral Mineral Mineral Resources Reserves Resources 96% of Wheaton’s production comes from assets in the lowest half of the cost curve And the portfolio has over 30 years of mine life based on reserves

Who is Wheaton Precious Metals? 6 HIGH QUALITY ASSET BASE FIVE YEAR PRODUCTION FORECAST Production Profile1,4 90 1,200 Forecast Avg. Annual Production Other 80 2018E 2019E 2020E 2021E 2022E Projects 355 Koz 1,000 70 Gold 385 Koz / year Salobo 22.5 Moz Expansion 60 Silver 800 Voisey’s Bay (Co) 25 Moz / year Stillwater (Au+Pd) Antamina (Ag) 50 Palladium 10.4 Koz 27 Koz / year Cobalt 2.1 Mlbs / year 600 40 Salobo (Au) 400 Sudbury (Au) 30 Salobo Expansion Constancia (Au+Ag) More than just Optionality 20 Peñasquito (Ag) ▪ On October 24, 2018, Vale announced the 200 San Dimas (Au) 10 approval of the Salobo III mine expansion ▪ As proposed, would increase processing Other (Au+Ag)

Gold Equivalent Production (GEO) (Koz) (GEO) ProductionEquivalent Gold throughput capacity from 24 million tonnes per

0 0 (Moz) (SEO) ProductionEquivalent Silver 2018E 2019E 2020E 2021E 2022E Optionality annum ("Mtpa") to 36 Mtpa once fully ramped up ▪ Ramp up expected in 2023 Other San Dimas Peñasquito Constancia Sudbury Salobo Antamina Stillwater Wheaton’s estimated five-year production growth profile

Who is Wheaton Precious Metals? 7 OUR RECENT ACQUISITION STILLWATER - ASSET OVERVIEW Location Mine Type Underground Deposit Type Ultramafic Intrusion Location Montana, USA Stream Effective Date July 1, 2018 Estimated Avg. Annual Stream5 10 year avg. 14.5Koz Au & 29Koz Pd Payable Rates 99% Au / 99.6% Pd Platinum Group Metals Cost Curve7 Delivery to 375Koz / 550Koz / LOM 4.5% / 2.25% / 1% Pd Attributable P&P Reserves6 410Koz Au / 610Koz Pd Inferred Resources6 920Koz Au / 430Koz Pd Exploration Potential Substantial Mine Life – Reserves Only 24 years

Who is Wheaton Precious Metals? 8 CASH OPERATING COSTS PREDICTABLE COSTS AND HIGH MARGINS Total Cash Cost and Cash Operating Margins per Ounce1,8,9,10 $2,000

$1,500

$1,000 81% 79% 72% 69% 69% 69%

71% 75% 66% (US$/0z)

Gold Price Gold $500 $300 $300 $362 $386 $386 $393 $391 $395 $411 $0 $300 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-2022E $40

$30

$20 81% 88% 87% (US$/0z) 74% 83% 73% 74% Silver Price Silver $10 47% 67% 71% 74% 78% $4.85 $0 $3.90 $3.91 $3.94 $3.97 $3.97 $3.99 $4.06 $4.06 $4.14 $4.17 $4.42 $4.49 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-2022E Total Cash Cost/oz Cash Operating Margins

Who is Wheaton Precious Metals? 9 CORPORATE COSTS LOW G&A COSTS REFLECT SCALABILITY OF BUSINESS General and Administrative (“G&A”) Costs per Gold Equivalent Ounce Produced1,11 $2,000

$1,500

$1,000

$500 $55.27 $50.19 $40.13 $47.85 $53.56 $60.12 $46.44 $40.89 $44.13 US$ per Gold Gold per US$ $0 Equivalent Ounce Equivalent 2009 2010 2011 2012 2013 2014 2015 2016 2017 Administrative Costs12 0.60% 0.50% 0.45% 0.40% 0.45% 0.40% 0.35% 0.35% 0.20% 69% 0.00% Wheaton iShares Silver Sprott Physical SPDR Gold Trust Silver Bullion Gold Bullion Precious Trust (SLV) Silver Trust (PSLV) (GLD) Storage Fee Storage Fee Metals G&A per gold equivalent ounce amongst the lowest in the sector

Who is Wheaton Precious Metals? 10 STRONG TRACK RECORD OF ORGANIC GROWTH EXPLORATION AND INFERRED CONVERSION

Reserves and Resources Growth2,13 8.8Moz GEOs 9.0M GEOs or 674M SEOs 9.1M GEOs 14.2M GEOs or 693M SEOs (M&I) or 703M SEOs or 1,089M SEOs (M&I)

25.7M GEOs or 1,975M SEOs 20.4M GEOs (P&P) or 1,570M SEOs (P&P)

Total Acquired Total Mined Total Exploration & R&R Inferred Conversion Exploration and inferred conversion generated more than 9M GEOs, And significant exploration upside still exists across the stream portfolio!

Who is Wheaton Precious Metals? 11 STRONG TRACK RECORD OF ACCRETIVE GROWTH EXPANSION & GROWTH THROUGH ACQUISITIONS Total attributable gold equivalent R&R per 100 shares since inception2,13 9.0 8.0 M&I 7.0 6.0 P&P 5.0 Mined 4.0 3.0 2.0 1.0 0.0 -1.0 Gold Eq oz / 100 share 100 /oz Eq Gold -2.0 -3.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Significant growth in reserves and resources per share since inception

Who is Wheaton Precious Metals? 12 STRONG BALANCE SHEET AMPLE CAPACITY TO CONTINUE GROWING $3,000 Balance Sheet1,14

$2,000

(million US$) (million $1,000

$0 Revolving Credit Cash Remaining Capacity Est. Op. Cash Flow Facility (2018-2022) Strong cash flow readily services debt and provides capacity for growth

Who is Wheaton Precious Metals? 13 RESOLVED CANADIAN TAX DISPUTE REASSESSMENT FOR 2005-2010 SETTLED ON DECEMBER 13, 2018 Background15 ▪ CRA reassessed Wheaton in September 2015 for tax years 2005-2010: • CRA’s position was that income earned by Wheaton’s foreign subsidiaries (Wheaton International) outside of Canada from mines located outside of Canada should be taxable in Canada on the basis of transfer pricing • Total reassessment including interests & penalties was C$399 million • Total potential liability though 2017 based on the reassessment was >US$1bn Settlement ▪ Foreign income on earnings generated by Wheaton International will not be Reached in subject to tax in Canada15 December 201815 ▪ The service fee charged by Wheaton for the services provided to Wheaton International will be adjusted to include capital-raising costs and the mark-up will be increased from 20% to 30%. • This additional service fee will result in increased income generated by Wheaton in Canada that is subject to Canadian tax. ▪ These principles will also apply to all taxation years after 2010. ▪ Net cash outlay for all past taxation years estimated at <$10mil Wheaton does not anticipate any additional cash taxes will arise in respect of the 2005 to 2010 taxation years as a result of the settlement and less than $10 million in cash taxes & interest through to 2017.15

Who is Wheaton Precious Metals? 14 UNIQUE AND SUSTAINABLE DIVIDEND HIGHEST DIVIDEND YIELD AMONGST STREAMERS ▪ Unique Dividend Policy: • Dividends linked to operating cash flows whereby 30% of the average of the previous four quarters’ operating cash flows are distributed to shareholders16 ▪ Benefits • Direct precious metals price exposure • Participation in robust organic production growth • Sustainable and flexible • Over $800 million paid in dividends to date, equivalent to almost 40% of cumulative net earnings 4.0%

3.0%

2.0%

1.0% WPM Yield FNV Yield RGLD Yield 0.0% 2011 2012 2013 2014 2015 2016 2017 2018 Who is Wheaton Precious Metals? 15 BENEFITS TO PARTNER MINING COMPANIES PRECIOUS METALS STREAMING THE BENEFITS TO THE PARTNER MINING COMPANY

Stream Equity Debt Non-dilutive form of funding ✓ ✓ Initial value creation for both parties ✓ Improves project IRR ✓ Crystalize future production of mining partner ✓ Contractual relationship means support & flexibility ✓ Endorses technical merits of mine / project ✓ Share production and operating risk ✓ ✓ Mining partner retains full operational control ✓ ✓ ✓ Expedited due diligence & closing process ✓ ✓ No fixed payments ✓ ✓

Benefits to Mining Companies 17 PRECIOUS METALS STREAMING THE BENEFITS TO THE PARTNER MINING COMPANY

Opportunity exists ▪ Initial Value Creation to create value for The market values both parties Value of Future precious metal in a Precious Metal Value of Future streaming company’s Stream portfolio greater than Precious Metal precious metal produced Production by a traditional miner Traditional Streaming Miner Company Peñasquito – New Mine17 Salobo 1 – Expansion17

60%60% 55% 102%102% 100% ▪ Improves IRRs 50% 100% 50% 80% 40% 80% The upfront payment 30% 60% 30% 60% contributes a larger 40% 20%20% 40% portion of capex than the 10%10% 4.4% 20%20% stream represents as a 4.4% 4.1%4.1% 0%0% 0%0% percentage of revenue Upfront payment Stream as a % Upfront payment Stream as a % as a % of capex of mine revenue as a % of capex of mine revenue

Benefits to Mining Companies 18 BENEFITS TO THE COMMUNITY STRENGTHENING PARTNERSHIPS CSR PROGRAM FOCUSES ON COMMUNITIES NEAR PARTNER MINES Partner CSR Program: ▪ First streaming / royalty company to focus support on mining communities • Program provides long-term, sustainable benefits to the communities near our partners’ mines ▪ Current initiatives • Vale: Working with the Vale Foundation to support several programs focused on health, community engagement and income generation opportunities near the Salobo mine in Brazil • Glencore: Improving the educational system in rural communities near the Antamina mine in Ancash, Peru • Hudbay: Enhancing economic opportunities through improved dairy production in four communities near the Constancia mine in Chumbivilcas, Peru ▪ Completed initiatives • Past projects include programs with Goldcorp, Barrick and Primero Mining

Investing in the communities around the mines from which we get our precious metals − It’s the right thing to do Benefits to the Community 20 COMMUNITY IMPACT SUPPORTING LOCAL AND GLOBAL INITIATIVES Canadian initiatives support a broad range of services and causes ▪ Primary sponsor of key fundraising events for: • The BC Ride to Conquer Cancer – BC Cancer Agency • Daffodil Ball – Canadian Cancer Agency • Sports Celebrities Festival – Special Olympics BC and Canucks for Kids Fund • Courage to Come Back Awards – Coast Mental Health • Nature Trust Fall Gala – Nature Trust of British Columbia ▪ Sponsor over 50 initiatives benefitting local hospitals, cancer research, youth outreach programs, addiction treatment, and many, many more ▪ Carbon Neutral Company • Wheaton contributes to the Lara Ceramic Fuel Switching Project in Brazil to offset its climate impact

Success is built on more than just financial results

Benefits to the Community 21 WHY INVEST IN WHEATON PRECIOUS METALS? WHY INVEST IN WHEATON PRECIOUS METALS?

Precious Other Wheaton Metal Miners Streamers Bullion / ETFs

100% Precious metals ✓ ✓

Predictable costs18 ✓ ✓

Exploration upside ✓ ✓ ✓

Highly diverse asset base ✓ ✓

Sustainable dividend ✓ ✓

Leverage to commodity prices ✓ ✓ ✓

Compelling Valuation ✓ ?

Wheaton has the highest quality stream portfolio and is the only streamer that is 100% precious metals

Why invest in Wheaton Precious Metals? 23 WHEATON VERSUS OTHER STREAMERS INDUSTRY LEADERS 60% Percentage of Market by Streamer as of January 19, 20189,19

50% 48% 45% 40% 39% 40% 37% 32% 30% 23% 20% 20% 16%

10%

0% Operating Cash Flow Adj. Net Earnings Market Capitalization Wheaton Royal Gold Franco Nevada Wheaton’s market capitalization does not reflect its industry leading cash flow and income

Why invest in Wheaton Precious Metals? 24 WHEATON VERSUS OTHER STREAMERS TRADING AT A DISCOUNT TO PEERS Key Valuation Metrics as of January 18, 20199,20 60 56.9 57.1 2.5

50 2.0 1.9 2.0

40 1.5 32.5 1.5 30 25.7 1.0 20 17.9 15.8

0.5 10

1.5 2.0 1.9 0 0.0 PricePrice / Op. / Op. Cash Cash Flow Flow PricePrice / Adj./ Adj. Net Net Earnings Earnings Price / Net Asset Value Wheaton Royal Gold Franco Nevada Wheaton tradesWheatonWheaton at a compellingRoyalRoyal Gold valuation Gold FrancorelativeFranco Nevada Nevada to peers Why invest in Wheaton Precious Metals? 25 WHEATON VERSUS OTHER STREAMERS

$20,000 Implied Market Capitalization Based on Peer Multiples as of January 18, 20199,21

Average upside $15,000 $14,799 $14,844 $13,700 ~$4.0 billion

$11,477 $11,220 $10,000 $9,546 $8,440 $8,440 $8,440

$5,000

Current Current

$0 Price / Op. Cash Flow Price / Adj. Net Earnings Price / Net Asset Value Wheaton Current Market Cap. Wheaton with Royal Gold Multiple Wheaton with Franco Nevada Multiple Using peer multiples, Wheaton’s market capitalization would be ~$4 billion dollars higher, on average

Why invest in Wheaton Precious Metals? 26 WHEATON PRECIOUS METALS WHEATON HAS CONSISTENTLY OUTPERFORMED GOLD AND SILVER Total Average Rolling Multi-Year Return Comparison22 250%

200%

150%

100% Average Total Return Total Average 50%

0% 1-Year 2-Year 3-Year 4-Year 5-Year 10-Year Gold Silver WPM Wheaton has substantially outperformed gold and silver on average over multiple investment horizons since 2005

Who is Wheaton Precious Metals? 27 WHEATON PRECIOUS METALS WHEATON IS BOTH THE PAST AND THE FUTURE OF STREAMING WHEATON PRECIOUS METALS PROVIDE ✓ Cost predictability ✓ Leverage to increasing precious metals prices ✓ High quality asset base ✓ Attractive valuation relative to peers ✓ Optionality measured in ounces, not acres ✓ Very competitive dividend

If you like precious metals, Wheaton checks all the boxes

Who is Wheaton Precious Metals? 28 INVESTOR RELATIONS CONNECT WITH US Tel: 604-684-9648 @Wheaton_PM Toll Free: 1-844-288-9878 Email: [email protected] @WheatonPM

TRANSFER AGENT @Wheaton Precious Metals Corp. AST Trust Company (Canada) Toll Free: 1-800-387-0825 International: 1-416-682-3860 Email: [email protected]

www.wheatonpm.com

NYSE: WPM TSX: WPM 29 APPENDIX AND ENDNOTES SHARES CAPITAL STRUCTURE AS OF SEPT 30, 2018

Shares Outstanding 443.6 million Diluted Shares Outstanding23 444.1 million

3 Month Average Daily Trading Volume: TSX: 1.2 million shares NYSE: 3.1 million shares

Appendix 31 FINANCIALS SNAPSHOT OPERATING AND FINANCIAL RESULTS AND BALANCE SHEET1,9

Q3 2018 Q3 2017 Q2 2018 YTD 2018 Gold production (oz) 101,600 95,216 85,300 265,100 Silver production (million oz) 5.7 7.6 6.1 19.2 Gold sales (oz) 89,200 82,548 87,100 246,400 Silver sales (million oz) 5.0 5.8 6.0 17.3 Average realized gold price $1,210 $1,283 $1,305 $1,278 Average realized silver price $14.80 $16.87 $16.52 $16.10 Average cash cost per gold ounce $418 $396 $407 $409 Average cash cost per silver ounce $5.04 $4.43 $4.54 $4.67 Cash operating margin per gold ounce $792 $887 $898 $869 Cash operating margin per silver ounce $9.76 $12.44 $11.98 $11.43 Revenues (million) $185.77 $203.03 $212.40 $411.65 Net earnings (million) $34.02 $66.58 $318.14 $420.29 Adjusted net earnings (million) $35.13 $66.58 $72.72 $177.04 Earnings per share $0.08 $0.15 $0.72 $0.95 Adjusted earnings per share $0.08 $0.15 $0.16 $0.40 Operating cash flow (million) $108.41 $129.12 $135.20 $368.95 Dividend per share related to period being reported $0.09 $0.10 $0.09 $0.09 Cash and cash equivalent (million) $119.37 $76.58 $92.66 $119.37 Net Debt (million) ($1,261.13) ($876.43) ($863.84) ($1261.13)

Appendix 32 COMPANY ACQUISITION HISTORY

24 Silver Wheaton (SLW) Timeline Since Inception Begins Trading

2004 2005 2006 2007 2008 2009 2010 2011

1) San Dimas 4) Yauliyacu 5) Stratoni 7) Keno Hill 8-11) Silverstone 13) Rosemont 2) Los Filos 6) Peñasquito 12) Barrick 3) Zinkgruvan Silver Stream Gold & Silver Stream Gold Stream Production Payment Date of Location of Upfront Attributable Production Term of Precious Metal Interest Mine Owner as of March 31, 20171 Original Mine Consideration Silver Gold Agreement Silver Gold Contract 1 San Dimas First Majestic Mexico $ 25% paid in gold 25% $600 Life of Mine 15-Oct-04 2 Los Filos Leagold Mexico $ 4,463 100% 0% $4.29 n/a 25 years 15-Oct-04 3 Zinkgruvan Lundin Sweden $ 77,866 100% 0% $4.29 n/a Life of Mine 8-Dec-04 4 Yauliyacu Glencore Peru $ 285,000 100% up to 1.5Moz, 0% variable2 n/a Life of Mine 23-Mar-06 then 50% 5 Stratoni Eldorado Gold Greece $ 57,500 100% 0% variable3 n/a Life of Mine 23-Apr-07 6 Peñasquito Goldcorp Mexico $ 485,000 25% 0% $4.13 n/a Life of Mine 24-Jul-07 7 Keno Hill Alexco Canada $ 50,000 25% 0% variable4 n/a Life of Mine 2-Oct-08 8-12 Silverstone Resources 21-May-09 100% up to 30Koz, 8 100% $4.14 $318 Minto Capstone Canada $ 54,805 then 50% Life of Mine 20-Nov-08 9 Neves-Corvo Lundin Portugal $ 35,350 100% 0% $4.18 n/a 50 years 5-Jun-07 10 Aljustrel I'M SGPS Portugal $ 2,451 100%5 0% $4.06 n/a 50 years 5-Jun-07 11 Navidad (Loma de La Plata) Pan American Argentina $ 43,289 6 12.5% 0% $4.00 n/a Life of Mine n/a7 Barrick $ 625,000 12 Pascua-Lama Barrick Chile/Argentina 25% 0% $3.90 n/a Life of Mine 8-Sep-09 The Barrick transaction also included streams on Lagunas Norte, Pierina, Veladero which expired on March 31, 2018 13 Rosemont Hudbay United States $ 230,0009 100% 100% $3.90 $450 Life of Mine 10-Feb-10

Appendix 33 COMPANY ACQUISITION HISTORY

Timeline Since Inception24 Silver Wheaton Becomes Wheaton Precious Metals™ (WPM)

2012 2013 2014 2015 2016 2017 2018 2019

14) Constancia 16) Salobo I 16) Salobo II 20) Cotabambas 21) Kutcho 22) Voisey’s Bay Silver 17) Sudbury 19) Antamina 16) Salobo III 23) Stillwater 15) 777 14) Constancia Gold 18) Toroparu Silver Stream Gold & Silver Stream Gold Stream Other Stream Gold & PGM Stream Production Payment Date of Precious Metal Location of Upfront Attributable Production As of March 31, 20171 Term of Original Interest Mine Owner Mine Consideration Silver Gold Other Silver Gold Other Agreement Contract 14 Constancia10,11 Hudbay Peru $ 429,900 100% 50% $5.90 $400 Life of Mine 8-Aug-12 Constancia Silver $ 294,900 100% $5.90 8-Aug-12 Constancia Gold $ 135,000 50% $400 4-Nov-13 15 77711 Hudbay Canada $ 455,100 100% 50% $6.02 $408 Life of Mine 8-Aug-12 16 Salobo12 Vale Brazil $ 3,059,360 0% 75% n/a $400 Life of Mine 28-Feb-13 Salobo I $ 1,330,000 0% 25% 28-Feb-13 Salobo III $ 900,000 0% 25% 2-Mar-15 Salobo III13 $ 829,360 0% 25% 2-Aug-16 17 Sudbury14 Vale Canada $ 623,572 0% 70% n/a $400 20 years 28-Feb-13 Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests 18 Toroparu15 Sandspring Guyana $ 153,500 50% 10% $3.90 $400 Life of Mine 11-Nov-13 19 Antamina16,17 Glencore Peru $ 900,000 33.75% 0% 20% of Spot n/a Life of Mine 3-Nov-15 20 Cotabambas18,19 Panoro Peru $ 140,000 100% 25% $5.90 $450 Life of Mine 21-Mar-16 21 Kutcho20,21 Kutcho Copper Canada $ 65,000 100% 100% 20% of Spot 20% of Spot Life of Mine 15-Dec-17 22 Voisey’s Bay Cobalt22 Vale Canada $ 390,000 42.4% / 21.2% 18% of Spot Life of Mine Jun-18 23 Stillwater23 Sibanye-Stillwater USA $ 500,000 100% 4.5% / 2.25% / 1% 18% of Spot 18% of Spot Life of Mine July-18

Appendix 34 COMPANY ACQUISITION HISTORY NOTES TO TIMELINE

1. Subject to an annual inflationary adjustment with the exception of Loma de La Plata and Sudbury. 2. Should the prevailing market price for silver or gold be lower than this amount, the per ounce cash payment will be reduced to the prevailing market price, with the exception of Yauliyacu where the per ounce cash payment will not be reduced below $4.24 per ounce, subject to an annual inflationary factor. 3. In October 2015, in order to incentivize additional exploration and potentially extend the limited remaining mine life of Stratoni, Wheaton Precious Metals and Eldorado Gold agreed to modify the Stratoni silver purchase agreement. The primary modification is to increase the production price per ounce of silver delivered to Wheaton Precious Metals over the current fixed price by one of the following amounts: (i) $2.50 per ounce of silver delivered if 10,000 meters of drilling is completed outside of the existing ore body and within Wheaton Precious Metals' defined area of interest (“Expansion Drilling”); (ii) $5.00 per ounce of silver delivered if 20,000 meters of Expansion Drilling is completed; and (iii) $7.00 per ounce of silver delivered if 30,000 meters of Expansion Drilling is completed. Drilling in all three cases must be completed by December 31, 2020, in order for the agreed upon increase in production price to be initiated. 4. In March 2017, the Company amended its silver purchase agreement with Alexco Resource Corp. (“Alexco”) to make the production payment a function of the silver head grade and silver spot price in the month in which the silver is produced. In addition, the area of interest was expanded to include properties currently owned by Alexco and properties acquired by Alexco in the future which fall within a one kilometer radius of existing Alexco holdings in the Keno Hill Silver District. As consideration of the amendments, Alexco issued 3,000,000 shares to Wheaton Precious Metals. 5. Wheaton Precious Metals only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. 6. Comprised of $11 million allocated to the silver interest upon the Company’s acquisition of Silverstone Resources Corp. in addition to a contingent liability of $32 million, payable upon the satisfaction of certain conditions, including Pan American receiving all necessary permits to proceed with the mine construction. 7. Definitive terms of the agreement to be finalized. 8. Wheaton Precious Metals' attributable silver production is subject to a maximum of 8% of the silver contained in the ore processed at Veladero during the period. 9. The upfront consideration is currently reflected as a contingent obligation, payable on an installment basis to partially fund construction of the Rosemont mine once certain milestones are achieved, including the receipt of key permits and securing the necessary financing to complete construction of the mine. 10.Gold recoveries will be set at 55% for the Constancia deposit and 70% for the Pampacancha deposit until 265,000 ounces of gold have been delivered to the Company. Should there be a delay in achieving completion or mining the Pampacancha deposit beyond the end of 2018, Wheaton Precious Metals would be entitled to additional compensation in respect of the gold stream. 11.Subject to an increase to $9.90 per ounce of silver and $550 per ounce of gold after the initial 40 year term. 12.Vale has completed the expansion of the mill throughput capacity at the Salobo mine to 24 million tonnes per annum (“Mtpa”) from its previous 12 Mtpa. If actual throughput is expanded above 28 Mtpa within a predetermined period, and depending on the grade of material processed, Wheaton Precious Metals will be required to make an additional payment to Vale based on a set fee schedule ranging from $113 million if throughput is expanded beyond 28 Mtpa by January 1, 2036, up to $953 million if throughput is expanded beyond 40 Mtpa by January 1, 2021. 13.Upfront payment consisted of $800 million cash & the amendment of the 10mil Wheaton Precious Metals common share purchase warrants previously issued to Vale in connection with the Sudbury precious metal purchase agreement which expire on Feb. 28, 2023 to reduce the strike price from $65 to $43.75 per common share. The amendment to these warrants was valued at $29 million using a Black-Scholes option pricing model. 14.Includes Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten & Victor gold interests. Upfront payment consisted of $570 million cash plus 10 million Wheaton Precious Metals common share purchase warrants with a $65 strike and 10 year term. 15.Comprised of $16 million paid to date and $138 million to be payable on an installment basis to partially fund construction of the mine. Following the delivery of certain feasibility documentation or after December 31, 2017 if the feasibility documentation has not been delivered to Wheaton Precious Metals by such date, Wheaton Precious Metals may elect not to proceed with the agreement or not pay the balance of the upfront consideration and reduce the gold stream percentage from 10% to 0.909% and the silver stream percentage from 50% to nil. If Wheaton Precious Metals elects to terminate, Wheaton Precious Metals will be entitled to a return of the amounts advanced less $2 million which is non-refundable on the occurrence of certain events. If Wheaton Precious Metals elects to reduce the streams, Sandspring Resources Ltd. may return the amount of the deposit already advanced less $2 million to Wheaton Precious Metals and terminate the agreement. 16.Glencore owns 33.75% of the Antamina mine through a joint venture. Wheaton Precious Metals is entitled to Gelncore’s portion of the silver production. 17.Once the Company has received 140 million ounces of silver under the Antamina agreement, the Company’s attributable silver production to be purchased will be reduced to 22.5%. 18.Comprised of $4.75 million paid to date, $9.25 million which is payable on an installment basis spread out over a period of up to eight years and $126 million payable on an installment basis to partially fund construction of the mine once certain conditions have been satisfied. 19.Once 90 million silver equivalent ounces attributable to Wheaton Precious Metals have been produced, the attributable production to be purchased will decrease to 66.67% of silver & 16.67% of gold production for the life of mine. 20.Comprised of $7 million as an early deposit, payable in 2018. The balance of the $65 million would be payable in instalments during construction of the Kutcho Project. 21.Once 5.6 million ounces of silver and 51,000 ounces of gold have been delivered, the stream will decrease to 66.67% of the silver and gold production for the life of the mine. 22.Stream is effective January 1, 2021. Once 31 million pounds of cobalt are delivered, the stream drops to 21.2% of cobalt for the life of mine. Production payment is set at 18% of the cobalt spot price until the value of the upfront cash consideration is reduced to zero, then the production payment is 22% of the cobalt spot price. 23.Stream is effective July 1, 2018. Wheaton will be entitled to an amount of palladium equal to: 4.5% of Stillwater palladium production up to 375 Koz: 2.25% of Stillwater palladium production between 375 Koz to 550 Koz delivered: and 1% of Stillwater palladium production thereafter for the life of mine. Production payment is set at 18% of the gold and palladium spot price until the value of the upfront cash consideration is reduced to zero, then the production payment is 22% of the gold and palladium spot price.

Appendix 35 OUR RECENT ACQUISITION VOISEY’S BAY - ASSET OVERVIEW Location Mine Type Open Pit / Underground Deposit Type Magmatic Sulphide Location Canada Stream Effective Date January 1, 2021 Estimated Avg. Annual Cobalt Stream25 10 year avg / Life of Mine 2.6 Mlb / 2.4Mlb Co Cobalt Payable Rates Fixed at 93.3% Global By-product Nickel Cost Curve26 First 31Mlb of Co delivered / LOM 42.4% / 21.2% Stream Attributable P&P Reserves6 32.6 Mlb Co M&I / Inferred Resources6 2.0 Mlb Co / 8.6 Mlb Co Significant Exploration Potential At Depth & Regionally Mine Life – Reserves Only 14 years Q1 Q2 Q3 Q4

Who is Wheaton Precious Metals? 36 COBALT A PRECIOUS BASE METAL – STRONG FUNDAMENTALS

Cobalt Demand from Lithium-Ion Batteries1,27 Cobalt Production by Country28 160 140 120 29% 100 80

60 55%

Cobalt Demand Demand Cobalt 40 5% (thousand metric tons) metric (thousand 20 5% 0 6% 2017 2019 2021 2023 2025 Other Electrical Device Smart Phone Mobile Phone 66% E-Scooter E-Motorbike Personal Computing DRCongo China Russia Canada Others EVs (small) E-Bike EVs (large) Strong forecasted demand growth coupled with mine supply dependent on high political risk jurisdictions

Who is Wheaton Precious Metals? 37 REVENUE EXPOSURE

2018–2022E Avg. Production1,4 2018–2022E Avg. Production1,4

Cobalt, 3% Palladium, 2% USA, 4%

Europe, 8% Brazil, 29% Silver, 46% Canada, 15% Gold, 49%

Peru, Mexico, 21% 24%

Appendix 38 PRECIOUS METALS STREAMING HOW IT WORKS

The Precious Metal Streaming Model - A New Alternative in Portfolio Optimization Wheaton makes an upfront payment and in return we purchase a fixed percentage of the future gold and/or silver production from a mine at a predetermined price $$$ Upfront payment (Cash and/or WPM shares) Partner Mining Company Delivery payment ($ per ounce) $ $

Appendix 39 PRECIOUS METALS STREAMING HOW IT WORKS

Traditional Streaming Structures

Development Project Streaming Permitting Upfront CompletionCompletion Ounces delivered & Test*** Yes Agreement and financing payment (s) Satisfied?Test production Signed in place** made Satisfied? payments made

No Stream modified or cancelled per streaming contract Operating Mine Streaming Upfront Ounces delivered & Agreement payment (s) production Signed made payments made

Wheaton shares value differential with its partners resulting in a win-win model

Appendix 40 PRECIOUS METALS STREAMING WHEATON’S EARLY DEPOSIT TAILORED FOR THE EARLY DEVELOPERS Early Deposit Structure:

▪ Provides a developer with the upfront capital to advance its early stage project at no dilution ▪ Initial early deposit payment typically set at only 5-10% of predefined upfront payment ▪ Decision to proceed is made once feasibility, permitting and financing are in place

PermittingPositive Permitting Pay Yes Yes Construction Advance remaining & feasibilityfinancing* & financing Early Deposit commences upfront payment instudy place?? in place?

No No Cancel stream and early deposit returned

With the Early Deposit Streaming Agreement, upfront and “at risk” capital is limited

Appendix 41 HIGH-QUALITY ASSET BASE KEY ASSET UPDATES1,2

Salobo: 75% of gold production for life of mine (mine life currently >40 years) ▪ 240koz of gold forecast in 2018 ▪ Plant operating above nameplate capacity ▪ Salobo III12Mtpa expansion announced ▪ Exploration potential at depth Peñasquito: 25% of silver production for life of mine Salobo Mine - Brazil ▪ 6.5Moz of silver forecast in 2018 ▪ Silver grade expected to be elevated 2018-2022 ▪ Pyrite Leach Plant (PLP) – Operational in Q4 2018 • Additional 1 - 1.5Moz Ag per year to Wheaton Precious Metals Antamina: 33.75% of silver (Glencore’s ownership percentage) ▪ 6.5Moz of silver produced in 2017 versus guidance of 6.0Moz ▪ Forecast 5.3Moz for 2018 Peñasquito Mine - Mexico ▪ Exploration potential at depth and regionally San Dimas: 25% of gold production and 25% of silver production - paid in gold ▪ New Stream announced with First Majestic Jan 12, 2018 ▪ New Stream closed on May 10, 2018 Constancia: 100% of silver and 50% of gold for life of mine ▪ Forecast 2.8Moz of silver and 17Koz of gold in 2018 ▪ Pampacancha production targeted for 2019 Antamina Mine - Peru

Appendix 42 STREAMING THROUGHOUT THE CYCLE SOME DAYS YOU REAP, SOME DAYS YOU SOW… Spot Gold Prices vs. Long-Term Analyst Consensus29 $2,000 Constancia (silver) New San $1,800 777 Salobo 1 Dimas Voisey’s Bay Sudbury Cotabambas (cobalt) $1,600 Constancia (gold) Salobo 3 Stillwater Rosemont Toroparu Antamina Kutcho $1,400 Salobo 2 Silverstone Barrick $1,200 Keno Peñasquito Hill $1,000 Yauliyacu Stratoni $800 Old San Dimas, Los Filos, $600 Zinkgruvan Spot Gold $400 LT Gold Price $200

$0 Growth Harvest Recapitalize Growth? 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Streaming Cycle looks to be re-entering growth phase Appendix 43 FINANCIAL COVENANTS

▪ The Company’s revolving credit facility has two financial covenants: • Maximum Net Debt to Tangible Net Worth Ratio of less than or equal to 0.75:1.00; and • Minimum Interest Coverage Ratio of greater than or equal to 3.00:1.00 ▪ The Company can comfortably comply with these two covenants with the additional debt for the Voisey’s Bay and Stillwater Streams

Maximum Net Debt to Minimum Interest Tangible Net Worth1,30 Coverage1,30 1.00 15.0 0.80 Covenant of ≤ 0.75 10.0 0.60 14.6 0.40 5.0 0.20 Covenant 0.27 of ≥ 3.00 0.00 0.0 Ratio Ratio Wheaton can comfortably comply with financial covenants

Stillwater Stream 44 GOLD & SILVER MARKET SIGNIFICANT ACQUISITION POTENTIAL REMAINS Global Gold and Silver Production1,31

101 101 100 101 100 98 97 80 60 40 83% 80% 81% 81% 80% 80% 20 Target Primary Silver Mines 17% 20% 19% 19% 20% 20% Market 0 <1%

Production (Moz) Production Gold Mines

2016A 2017E 2018E 2019E 2020E 2021E WPM Forecast Global Gold Global Forecast 2017- Base Metal Mines 1000 870 880 880 2021E 870 850 840 Wheaton 800 30% 31% 32% 30% 28% 28% Forecast Annual 600 Production (% of 15% 14% 13% 15% 17% 18% 400 potential target

(Moz) Target 55% 55% 55% 55% 55% 54% 200 Market market)

<5% Forecast Global Global Forecast

Silver Production Silver 0 2016A 2017E 2018E 2019E 2020E 2021E WPM 2017- 2021E Annual gold and silver supply are expected to decline somewhat Substantial acquisition opportunities remain in byproduct gold and silver

Appendix 45 PRODUCTION OPTIONALITY SIGNIFICANT UPSIDE FROM EXISTING AGREEMENTS 1,2,32 Assets Status Description Approx. Production Ag Au Pascua Awaiting ▪ Awaiting reinstatement of permits 9 Moz Lama permits ▪ Underground option under evaluation (1st 5-yr avg) Awaiting ▪ Record of Decision issued Rosemont 3 Moz 15 koz permits ▪ Only 404 Water Permit outstanding Other ▪ Salobo Expansion – base case +12Mtpa ▪ Prefeasibility • Toroparu 115 - 150 3 - 5 Moz • Cotabambas koz • Kutcho ▪ Navidad – Awaiting permits 15 - 17 130 - 165 Total Moz koz

Who is Wheaton Precious Metals? 46 ATTRIBUTABLE RESERVES AND RESOURCES TOTAL PROVEN & PROBABLE

Proven & Probable Reserves Attributable to Wheaton Precious Metals (1,2,3,8,26) Proven Probable Proven & Probable As of December 31, 2017 unless Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Process otherwise noted (6) Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Recovery (7) SILVER Peñasquito (25%) (10) Mill 88.2 35.4 100.2 40.6 26.4 34.5 128.8 32.5 134.7 75-80% Heap Leach 2.1 22.6 1.5 0.3 13.9 0.1 2.4 21.5 1.7 22-28% Antamina (33.75%) (10,11,12) Copper 39.2 7.0 8.8 66.2 8.0 17.0 105.3 7.6 25.8 71% Copper-Zinc 21.9 18.0 12.7 54.3 13.0 22.7 76.3 14.4 35.4 71% Constancia 488.4 3.0 47.7 80.3 3.3 8.6 568.7 3.1 56.3 70% Neves-Corvo Copper 6.2 37.7 7.5 22.9 34.0 25.0 29.1 34.8 32.5 24% Zinc 5.2 79.1 13.3 25.2 62.0 50.2 30.4 65.0 63.5 30% Yauliyacu (13) 1.8 121.8 7.1 4.9 146.0 23.0 6.7 139.5 30.0 83% Zinkgruvan Zinc 8.1 68.0 17.7 3.8 51.0 6.2 11.9 62.6 23.9 83% Copper 4.4 25.0 3.5 0.9 29.0 0.8 5.3 25.7 4.3 70% San Dimas (25%) (14) 0.3 363.5 3.5 0.7 279.3 6.4 1.0 304.4 9.9 94% 777 2.6 26.0 2.2 1.3 25.4 1.0 3.9 25.8 3.2 48% Stratoni - - - 0.5 178.0 2.8 0.5 178.0 2.8 80% Minto 0.5 3.1 0.0 3.0 5.3 0.5 3.4 5.0 0.6 78% Los Filos 14.4 3.4 1.6 47.0 13.2 19.9 61.4 10.9 21.5 5% Veladero (11) - - - 4.0 23.6 3.0 4.0 23.6 3.0 8% Lagunas Norte (11) - - - 3.0 4.0 0.4 3.0 4.0 0.4 34% Rosemont (15) 408.6 5.0 66.2 108.0 3.0 10.4 516.6 4.6 76.7 76% Kutcho (20,21) - - - 10.4 34.6 11.6 10.4 34.6 11.6 46% Metates Royalty (22) 4.3 17.2 2.4 12.3 13.1 5.2 16.5 14.2 7.5 66% TOTAL SILVER 296.0 249.4 545.4

Appendix 47 ATTRIBUTABLE RESERVES AND RESOURCES TOTAL PROVEN & PROBABLE

Proven & Probable Reserves Attributable to Wheaton Precious Metals (1,2,3,8,26) Proven Probable Proven & Probable As of December 31, 2017 unless Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Process otherwise noted (6) Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Recovery (7) GOLD Salobo (75%) (10) 483.1 0.35 5.36 412.0 0.29 3.84 895.1 0.32 9.20 68% Sudbury (70%) (11) - - - 37.7 0.47 0.57 37.7 0.47 0.57 77% Constancia (50%) 244.2 0.06 0.45 40.2 0.06 0.08 284.4 0.06 0.53 61% Stillwater (24,25) 5.0 0.31 0.05 36.8 0.31 0.36 41.8 0.31 0.41 92% 777 (50%) 1.3 1.70 0.07 0.6 1.82 0.04 1.9 1.74 0.11 59% San Dimas (25%) (14) 0.3 4.31 0.04 0.7 3.58 0.08 1.0 3.80 0.12 95% Minto 0.5 0.25 0.00 3.0 0.63 0.06 3.4 0.58 0.06 77% Toroparu (10%) (19,21) 3.0 1.10 0.10 9.7 0.98 0.31 12.7 1.00 0.41 89% Kutcho (20,21) - - - 10.4 0.37 0.12 10.4 0.37 0.12 41% Metates Royalty (22) 4.3 0.70 0.10 12.3 0.45 0.18 16.5 0.52 0.27 91% TOTAL GOLD 6.18 5.64 11.82 COBALT Voisey's Bay (42.4%) (23) 4.6 0.14 13.9 6.5 0.13 18.7 11.1 0.13 32.6 84% TOTAL COBALT 13.9 18.7 32.6 PALLADIUM Stillwater (4.5%) (24,25) 0.2 13.2 0.08 1.3 12.6 0.53 1.5 12.7 0.61 92% TOTAL PALLADIUM 0.08 0.53 0.61

Appendix 48 ATTRIBUTABLE RESERVES AND RESOURCES MEASURED & INDICATED PLUS INFERRED

Measured, Indicated & Inferred Resources Attributable to Wheaton Precious Metals (1,2,3,4,5,9,26) Measured Indicated Measured & Indicated Inferred As of December 31, 2017 unless Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained otherwise noted (6) Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs Mt g/t / % Moz / Mlbs SILVER Peñasquito (25%) (10) Mill 29.4 29.1 27.5 33.2 25.0 26.7 62.6 26.9 54.2 5.9 18.8 3.6 Heap Leach 2.1 29.1 2.0 4.1 24.1 3.2 6.2 25.9 5.2 0.0 8.9 0.0 Antamina (33.75) (10,11,12) Copper 18.2 7.0 4.1 111.7 9.0 32.3 129.9 8.7 36.4 288.9 9.0 83.6 Copper-Zinc 6.5 17.0 3.6 43.0 19.0 26.3 49.5 18.7 29.8 70.1 15.0 33.8 Constancia 186.5 2.4 14.2 186.8 2.2 13.1 373.3 2.3 27.3 64.2 0.7 1.5 Neves-Corvo Copper 6.4 51.9 10.7 27.4 50.6 44.6 33.8 50.9 55.4 10.1 35.0 11.4 Zinc 9.9 57.4 18.3 67.5 52.8 114.5 77.4 53.3 132.8 14.2 50.0 22.8 Yauliyacu (13) 6.8 185.8 40.5 8.2 183.0 48.3 15.0 184.3 88.8 4.1 285.0 37.6 Zinkgruvan Zinc - - - 5.1 99.1 16.1 5.1 99.1 16.1 9.4 81.0 24.6 Copper ------0.2 25.0 0.2 San Dimas (25%) (14) 0.2 426.9 2.4 0.3 224.2 2.2 0.5 297.2 4.6 1.7 319.4 17.7 777 - - - 0.7 26.2 0.6 0.7 26.2 0.6 0.7 30.9 0.7 Stratoni - - - 0.2 186.0 1.2 0.2 186.0 1.2 0.2 145.0 1.1 Minto 3.4 3.4 0.4 9.3 5.0 1.5 12.6 4.5 1.8 6.1 4.9 1.0 Los Filos 44.7 4.4 6.3 274.5 9.7 85.5 319.2 9.0 91.9 240.5 10.2 79.1 Rosemont (15) 112.2 3.9 14.1 358.0 2.7 31.5 470.2 3.0 45.6 68.7 1.7 3.7 Pascua-Lama (25%) (16) 10.7 57.2 19.7 97.9 52.2 164.4 108.6 52.7 184.1 3.8 17.8 2.2 Aljustrel (17) 1.3 65.6 2.7 20.5 60.3 39.7 21.8 60.7 42.4 8.7 50.4 14.0 Keno Hill (25%) Underground - - - 0.9 500.0 14.6 0.9 500.0 14.6 0.3 408.0 4.5 Elsa Tailings - - - 0.6 119.0 2.4 0.6 119.0 2.4 - - - Loma de La Plata (12.5%) - - - 3.6 169.0 19.8 3.6 169.0 19.8 0.2 76.0 0.4 Cotabambas (18,21) - - - 117.1 2.7 10.3 117.1 2.7 10.3 605.3 2.3 45.4 Toroparu (50%) (19,21) 22.2 1.2 0.8 97.9 0.7 2.3 120.1 0.8 3.1 64.8 0.1 0.2 Kutcho (20,21) - - - 6.3 24.0 4.9 6.3 24.0 4.9 5.8 23.2 4.3 Metates Royalty (22) ------0.8 9.5 0.2 TOTAL SILVER 167.3 706.0 873.3 393.4

Appendix 49 ATTRIBUTABLE RESERVES AND RESOURCES MEASURED & INDICATED PLUS INFERRED

Appendix 50 ATTRIBUTABLE RESERVES AND RESOURCES FOOTNOTES

1. All Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Mineral Reserves and National Instrument 43-101 – Standards for Disclosure for Mineral Projects (“NI 43-101”), or the 2012 Australasian Joint Ore Reserves Committee (JORC) Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. 2. Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes (“Mt”), grams per metric tonne (“g/t”) for silver, gold and palladium, percent (“%) for cobalt, millions of ounces (“Moz”) for silver, gold and palladium and millions of pounds (“Mlbs”) for cobalt. 3. Qualified persons (“QPs”), as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) are: a. Neil Burns, M.Sc., P.Geo. (Vice President, Technical Services); and b. Ryan Ulansky, M.A.Sc., P.Eng. (Senior Director, Engineering), both employees of the Company (the “Company’s QPs”). 4. The Mineral Resources reported in the above tables are exclusive of Mineral Reserves. The Antamina mine, San Dimas mine, Minto mine, Neves-Corvo mine, Zinkgruvan mine, Stratoni mine, Stillwater mines and Toroparu project (gold only) report Mineral Resources inclusive of Mineral Reserves. The Company’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. Other than as detailed below, Mineral Reserves and Mineral Resources are reported as of December 31, 2017 based on information available to the Company as of the date of this document, and therefore will not reflect updates, if any, after such date. a. Mineral Resources for Aljustrel’s Feitais and Moinho mines are reported as of November 30, 2010. Mineral Resources for the Estaçao project are reported as of December 31, 2007. b. Mineral Resources for the Cotabambas project are reported as of June 20, 2013. c. Mineral Resources for Keno Hill’s Elsa Tailings project are reported as of April 22, 2010, Bellekeno mine Indicated Mineral Resources as of September 30, 2013 and Mineral Resources for the Lucky Queen, Flame & Moth, Onek and Bermingham projects as of January 3, 2017. d. Mineral Resources and Mineral Reserves for the Kutcho project are reported as of June 15, 2017. e. Mineral Resources for the Loma de La Plata project are reported as of May 20, 2009. f. Mineral Resources and Mineral Reserves for the Peñasquito, Neves-Corvo and Zinkgruvan mines are reported as of June 30, 2017. g. Mineral Resources and Mineral Reserves for the Metates royalty are reported as of April 29, 2016. h. Mineral Resources and Mineral Reserves for the Toroparu project gold are reported as of March 31, 2013, Mineral Resources for the Toroparu project silver are reported as of September 1, 2014 and Mineral Resources for the Sona Hill project gold are reported as of February 22, 2017. 7. Process recoveries are the average percentage of silver, gold, cobalt or palladium in a saleable product (doré or concentrate) recovered from mined ore at the applicable site process plants as reported by the operators. 8. Mineral Reserves are estimated using appropriate process and mine recovery rates, dilution, operating costs and the following commodity prices: a. Antamina mine - $2.84 per pound copper, $1.00 per pound zinc, $8.00 per pound molybdenum and $19.47 per ounce silver. b. Constancia mine - $1,260 per ounce gold, $18.00 per ounce silver, $3.00 per pound copper and $11.00 per pound molybdenum.

Appendix 51 ATTRIBUTABLE RESERVES AND RESOURCES FOOTNOTES (CONTINUED)

8. (con): c. Kutcho project – 1.5% copper cut-off for the Main deposit and 1.0% copper cut-off for the Esso deposit, both assuming $2.75 per pound copper, $1.10 per pound zinc, $1,250 per ounce gold and $17.00 per ounce silver. d. Lagunas Norte and Veladero mines - $1,200 per ounce gold and $16.50 per ounce silver. e. Los Filos mine - $1,200 per ounce gold. f. Metates royalty – 0.34 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $19.20 per ounce silver. g. Minto mine – 0.5% copper cut-off for Open Pit and $64.00 per tonne NSR cut-off for Underground assuming $300 per ounce gold, $3.90 per ounce silver and $2.50 per pound copper. h. Neves-Corvo mine – 1.3% copper cut-off for the copper Mineral Reserves and 5.5% zinc equivalent cut-off for the zinc Mineral Reserves, both assuming $2.75 per pound copper, $1.00 per pound lead and zinc. i. Peñasquito mine - $1,200 per ounce gold, $18.00 per ounce silver, $0.90 per pound lead and $1.05 per pound zinc. j. Rosemont project - $6.00 per ton NSR cut-off assuming $18.00 per ounce silver, $2.75 per pound copper and $11.00 per pound molybdenum. k. Salobo mine – 0.253% copper equivalent cut-off assuming $1,200 per ounce gold and $2.86 per pound copper. l. San Dimas mine – 3.22 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $17.00 per ounce silver. m. Stillwater mines: i. Stillwater mine – combined platinum and palladium grade cut-offs of 10.29 g/t for Off-shaft areas and 6.86g/t for Farwest ii. East Boulder mine – combined platinum and palladium cut-off of 6.86 g/t n. Stratoni mine – 14.3% zinc equivalent cut-off assuming $8.14 per ounce silver, $1.09 per pound lead and $1.23 per pound zinc. o. Sudbury mines - $1,275 per ounce gold, $8.16 per pound nickel, $2.99 per pound copper, $1,300 per ounce platinum, $900 per ounce palladium and $13.61 per pound cobalt. p. Toroparu project – 0.38 grams per tonne gold cut-off assuming $1,070 per ounce gold for fresh rock and 0.35 grams per tonne gold cut-off assuming $970 per ounce gold for saprolite. q. Voisey’s Bay mines: i. Ovoid, Mini Ovoid and SE Extension Mineral Reserves – Cdn $24.04 per tonne assuming $9.07 per pound nickel, $2.86 per pound copper and $12.25 per pound cobalt. ii. Reid Brook Mineral Reserves - $275.00 per tonne assuming $9.72 per pound nickel, $3.40 per pound copper and $11.50 per pound cobalt. iii. Eastern Deeps Mineral Reserves - $225.00 per tonne assuming $6.35 per pound nickel, $2.81 per pound copper and $18.13 per pound cobalt. r. Yauliyacu mine - $18.50 per ounce silver, $2.87 per pound copper, $0.91 per pound lead and $1.13 per pound zinc. s. Zinkgruvan mine – 3.7% zinc equivalent cut-off for the zinc Mineral Reserve and 1.5% copper cut-off for the copper Mineral Reserve, both assuming $2.75 per pound copper and $1.00 per pound lead and zinc. Appendix 52 ATTRIBUTABLE RESERVES AND RESOURCES FOOTNOTES (CONTINUED)

8. (con): t. 777 mine – $1,300 per ounce gold, $18.00 per ounce silver, $2.67 per pound copper and $1.24 per pound zinc. 9. Mineral Resources are estimated using appropriate recovery rates and the following commodity prices: a. Aljustrel mine – 4.5% zinc cut-off for Feitais and Moinho mines zinc Mineral Resources and 4.0% zinc cut-off for Estação zinc Mineral Resources. b. Antamina mine - $3.30 per pound copper $1.30 per pound zinc, $9.50 per pound molybdenum and $20.70 per ounce silver. c. Constancia mine – $6.04 per tonne NSR cut-off assuming $1,260 per ounce gold, $18.00 per ounce silver, $3.00 per pound copper and $11.00 per pound molybdenum. d. Cotabambas project – 0.2% copper equivalent cut-off assuming $1,350 per ounce gold, $23,00 per ounce silver, $3.20 per pound copper and $12,50 per pound molybdenum. e. Keno Hill mines: i. Bellekeno mine – Cdn $185 per tonne NSR cut-off assuming $22.50 per ounce silver, $0.85 per pound lead and $0.95 per pound zinc. ii. Lucky Queen, Onek, Flame and Moth and Bermingham – Cdn $185 per tonne NSR cut-off assuming $1,300 per ounce gold, $20.00 per ounce silver, $0.95 per pound lead and $1.00 per pound zinc. iii. Elsa Tailings project – 50 grams per tonne silver cut-off. f. Kutcho project – 1.0% copper cut-off assuming $2.75 per pound copper, $1.10 per pound zinc, $1,250 per ounce gold and $17.00 per ounce silver. g. Loma de La Plata project – 50 grams per tonne silver equivalent cut-off assuming $12.50 per ounce silver and $0.50 per pound lead. h. Los Filos mine - $1,400 per ounce gold. i. Metates royalty – 0.34 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $19.20 per ounce silver. j. Minto mine – 0.5% copper cut-off for Open Pit and 1.0% copper cut-off for Underground. k. Neves-Corvo mine – 1.0% copper cut-off for the copper Mineral Resource and 3.0% zinc cut-off for the zinc Mineral Resource, both assuming $2.75 per pound copper and $1.00 per pound lead and zinc. l. Pascua-Lama project – $1,500 per ounce gold, $18.75 per ounce silver and $3.50 per pound copper. m. Peñasquito mine - $1,400 per ounce gold, $20.00 per ounce silver, $1.00 per pound lead and $1.10 per pound zinc. n. Rosemont project – $5.70 per ton NSR cut-off assuming $18.00 per ounce silver, $2.75 per pound copper and $11.00 per pound molybdenum. o. Salobo mine – 0.253% copper equivalent cut-off assuming $1,200 per ounce gold and $2.86 per pound copper. p. San Dimas mine – 2.00 grams per tonne gold equivalent cut-off assuming $1,200 per ounce gold and $17.00 per ounce silver. q. Stillwater mines – geologic boundaries for Inferred Mineral Resources at both the Stillwater mine and East Boulder mine.

Appendix 53 ATTRIBUTABLE RESERVES AND RESOURCES FOOTNOTES (CONTINUED)

9. (con) r. Stratoni mine – $8.14 per ounce silver, $1.09 per pound lead and $1.23 per pound zinc. s. Sudbury mines - $1,275 per ounce gold, $8.16 per pound nickel, $2.99 per pound copper, $1,300 per ounce platinum, $900 per ounce palladium and $13.61 per pound cobalt. t. Toroparu project – 0.30 grams per tonne gold cut-off assuming $1,350 per ounce gold for the Toroparu project and 0.31 grams per tonne gold cut-off assuming $1,400 per ounce gold for the Sona Hill project. u. Voisey’s Bay mines: i. Reid Brook Mineral Resources - $275.00 per tonne assuming $9.72 per pound nickel. $.40 per pound copper and $11.50 per pound cobalt. ii. SE Extension Mineral Resources - $24.00 per tonne assuming $10.43 per pound nickel. $3.45 per pound copper and $13.00 per pound cobalt. iii. Discovery Hill Mineral Resources - $24.81 per tonne assuming $9.53 per pound nickel. $3.13 per pound copper and $12.50 per pound cobalt. v. Yauliyacu mine – $18.50 per ounce silver, $2.87 per pound copper and $0.91 per pound lead and $1.13 per pound zinc. w. Zinkgruvan mine – 3.7% zinc equivalent cut-off for the zinc Mineral Resource and 1.0% copper cut-off for the copper Mineral Resource, both assuming $2.75 per pound copper and $1.00 per pound lead and zinc. x. 777 mine – $1,300 per ounce gold, $18.00 per ounce silver, $2.67 per pound copper and $1.24 per pound zinc. 10. The scientific and technical information in these tables regarding the Peñasquito mine, the Antamina mine and the Constancia mine was sourced by the Company from the following SEDAR (www.sedar.com) filed documents: a. Peñasquito - Goldcorp annual information form filed on March 23, 2018; b. Antamina – Glencore’s December 31, 2017 Resources and Reserves report (http://www.glencore.com/investors/reports-results/reserves-and-resources); and c. Constancia – Hudbay’s annual information form for the year ended December 31, 2017 filed on March 29, 2018. The Company QP’s have approved this partner disclosed scientific and technical information in respect of the Peñasquito mine, Antamina mine and Constancia mine, as well as, the Company’s Mineral Resource and Mineral Reserve estimates for the Salobo mine. 11. The Company’s attributable Mineral Resources and Mineral Reserves for the Lagunas Norte, Veladero, and Antamina silver interests, Sudbury gold interests and Voisey’s Bay cobalt interestes, have been constrained to the production expected for the various contracts. 12. The Antamina silver purchase agreement in respect to the Antamina mine (November 3, 2015) provides that Glencore will deliver 33.75% of the silver production until 140 million ounces are delivered and 22.5% of silver production thereafter, for a 50 year term that can be extended in increments of 10 years at the Company’s discretion. Attributable reserves and resources have been calculated on the 33.75% / 22.5% basis. 13. The Yauliyacu mine silver purchase agreement provides that Glencore will deliver to the Company a per annum amount equal to the first 1.5 million ounces of payable silver produced at the Yauliyacu mine and 50% of any excess for the life of the mine.

Appendix 54 ATTRIBUTABLE RESERVES AND RESOURCES FOOTNOTES (CONTINUED)

14. Effective May 10, 2018, First Majestic announced that they had closed the previously announced acquisition of Primero. In connection with this acquisition, the Company terminated the existing San Dimas silver purchase agreement (the "Primero SPA") and entered into a new San Dimas precious metal purchase agreement (the “San Dimas PMPA”) with First Majestic. Under the terms of the new San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the “70” shall be revised to “50” or “90”, as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the “70” shall be reinstated. 15. The Rosemont mine Mineral Resources and Mineral Reserves do not include the Oxide material. 16. On January 17, 2018, Chile’s Superintendencia del Medio Ambiente (SMA) ordered the closure of existing infrastructure on the Chilean side of the Pascua-Lama project. As a result, Barrick has reclassified Pascua-Lama’s proven and probable gold reserves as measured and indicated resources. As a result, Wheaton has also reclassified 151.7 million ounces of silver mineral reserves associated with Pascua-Lama as measured and indicated resources. 17. The Company only has the rights to silver contained in concentrates containing less than 15% copper at the Aljustrel mine. 18. The Company’s agreement with Panoro is an Early Deposit agreement, whereby the Company will be entitled to purchase 100% of the silver production and 25% of the gold production from the Cotabambas project until 90 million silver equivalent ounces have been delivered, at which point the stream will drop to 66.67% of silver production and 16.67% of gold production for the life of mine. 19. The Company’s agreement with Sandspring is an Early Deposit agreement, whereby the Company will be entitled to purchase 10% of the gold production and 50% of the silver production from the Toroparu project for the life of mine. 20. The Company’s agreement with Kutcho Copper is an Early Deposit agreement, whereby the Company will be entitled to purchase 100% of the silver and gold production from the Kutcho project until 5.6 million ounces of silver and 51,000 ounces of gold have been delivered, after which both streams will decrease to 66.67% for the remaining life of mine. 21. The Company has the option in the Early Deposit agreements, to terminate the agreement following the delivery of a feasibility study or if feasibility study has not been delivered within a required time frame. 22. Effective August 7, 2014, the Company entered into an agreement for a 1.5% net smelter returns royalty on Chesapeake Gold Corp.’s (Chesapeake) Metates property, located in Mexico. As part of the agreement, Chesapeake will have the right at any time for a period of five years to repurchase two-thirds of the royalty, with the Company retaining a 0.5% royalty interest. 23. The Voisey’s Bay cobalt purchase agreement provides that effective January 1, 2021, Vale will deliver 42.4% of the cobalt production until 31 million pounds are delivered to the Company and 21.2% of cobalt production thereafter, for the life of the mine. Attributable reserves and resources have been calculated on the 42.4% / 21.2% basis. 24. The Stillwater precious metals purchase agreement provides that effective July 1, 2018. Sibanye-Stillwater will deliver 100% of the gold production for the life of the mines and 4.5% of palladium production until 375,000 ounces are delivered, 2.25% of palladium production until a further 175,000 ounces are delivered and 1.0% of the palladium production thereafter for the life of the mines. Attributable palladium Mineral Reserves and Mineral Resources have been calculated based upon the 4.5% / 2.25% / 1.0% production entitlements.

Appendix 55 ATTRIBUTABLE RESERVES AND RESOURCES FOOTNOTES (CONTINUED)

25. The Stillwater mine has been in operation since 1986 and the East Boulder mine since 2002. Individual grades for platinum, palladium, gold and rhodium are estimated using ratios applied to the combined platinum plus palladium grades based upon average historic production results provided to the Company as of the date of this document. As such, the Attributable Mineral Resource and Mineral Reserve palladium and gold grades for the Stillwater mines have been estimated using the following ratios: a. Stillwater mine: Pd = (Pt + Pd) / (1/3.51 + 1) and Au = (Pd + Pt) x 0.0153 b. East Boulder mine: Pd = (Pt + Pd) / (1/3.6 + 1) and Au = (Pd + Pt) x 0.0227 26. Silver, gold and cobalt subject to the precious metal purchase agreements are produced as by-product metal at all operations with the exception of silver at the Keno Hill mines and Loma de La Plata project and gold at the Toroparu project; therefore, the economic cut-off applied to the reporting of silver, gold and cobalt Mineral Resources and Mineral Reserves will be influenced by changes in the commodity prices of other metals at the time of reporting.

Appendix 56 END NOTES

1. The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to: the effect of the SAT legal claim on the business, financial condition, results of operations and cash flows for 2010-2014 and 2015-2019 in respect of the San Dimas mine; the repayment of the Kutcho convertible note; future payments by the Company in accordance with precious metal purchase agreements, including any acceleration of payments, estimated throughput and exploration potential; projected increases to Wheaton’s production and cash flow profile; the expansion and exploration potential at the Salobo and Peñasquito mines; projected changes to Wheaton’s production mix; anticipated increases in total throughput; the estimated future production; the future price of commodities; the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production (including 2018 and average attributable annual production over the next five years); the costs of future production; reserve determination; estimated reserve conversion rates and produced but not yet delivered ounces; any statements as to future dividends, the ability to fund outstanding commitments and the ability to continue to acquire accretive precious metal stream interests; confidence in the Company’s business structure; the Company’s estimation of the cash taxes payable in respect of the 2005 to 2010 taxation years as a result of the settlement of the CRA dispute; the Company’s assessment of the impact of the settlement of the CRA dispute for years subsequent to 2010; possible audits for taxation years subsequent to 2015; and assessments of the impact and resolution of various tax matters, including outstanding audits; and assessments of the impact and resolution of various legal and tax matters, including but not limited to outstanding class actions.

Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not anticipate”, or “believes”, “potential”, 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 “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: First Majestic not being able to defend the validity of the 2012 APA, is unable to pay taxes in Mexico based on realized silver prices or the SAT proceedings or actions otherwise having an adverse impact on the business, financial condition or results of operation in respect of the San Dimas mine; Kutcho not being able to make payments under the Kutcho convertible note; risks related to the satisfaction of each party's obligations in accordance with the terms of Wheaton’s precious metal purchase agreements, including any acceleration of payments, estimated throughput and exploration potential; fluctuations in the price of commodities; risks related to the Mining Operations including risks related to fluctuations in the price of the primary commodities mined at such operations, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which the Mining Operations are located, and changes in project parameters as plans continue to be refined; absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business; differences in the interpretation or application of tax laws and regulations or accounting policies and rules; Wheaton’s interpretation of, or compliance with, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company’s business operations being materially different than currently contemplated; risks in estimating cash taxes payable in respect of the 2005 to 2010 taxation years and assessing the impact of the settlement with the CRA for years subsequent to 2010, including whether there will be any material change in the Company’s facts or change in law or jurisprudence; credit and liquidity risks; indebtedness and guarantees risks; mine operator concentration risks; hedging risk; competition in the mining industry; risks related to

End Notes 57 END NOTES

1. (con. ) Wheaton’s acquisition strategy; risks related to the market price of the common shares of Wheaton; equity price risks related to Wheaton’s holding of long term investments in other exploration and mining companies; risks related to interest rates; risks related to the declaration, timing and payment of dividends; the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel; litigation risk associated with outstanding legal matters; risks related to claims and legal proceedings against Wheaton or the Mining Operations; risks relating to unknown defects and impairments; risks relating to security over underlying assets; risks related to ensuring the security and safety of information systems, including cyber security risks; risks related to the adequacy of internal control over financial reporting; risks related to governmental regulations; risks related to international operations of Wheaton and the Mining Operations; risks relating to exploration, development and operations at the Mining Operations; risks related to the ability of the companies with which Wheaton has precious metal purchase agreements to perform their obligations under those precious metal purchase agreements in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies; risks related to environmental regulations and climate change; the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings; the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements; lack of suitable infrastructure and employees to support the Mining Operations; uncertainty in the accuracy of mineral reserve and mineral resource estimates; inability to replace and expand mineral reserves; risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations; uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations; fluctuations in the commodity prices other than silver or gold; the ability of Wheaton and the Mining Operations to obtain adequate financing; the ability of the Mining Operations to complete permitting, construction, development and expansion; challenges related to global financial conditions; risks relating to future sales or the issuance of equity securities; and other risks discussed in the section entitled “Description of the Business – Risk Factors” in Wheaton’s Annual Information Form available on SEDAR at www.sedar.com, and in Wheaton’s Form 40-F for the year ended December 31, 2017 and Form 6-K filed March 21, 2018 both on file with the U.S. Securities and Exchange Commission in Washington, D.C. (the “Disclosure”).

Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to: that Kutcho will make all required payments and not be in default under the Kutcho Convertible Note;; that Wheaton will be able to terminate the Pascua-Lama precious metal purchase agreement in accordance with its terms; that each party will satisfy their obligations in accordance with the precious metal purchase agreements; that there will be no material adverse change in the market price of commodities; that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates; that Wheaton will continue to be able to fund or obtain funding for outstanding commitments; that Wheaton will be able to source and obtain accretive precious metal stream interests; that Wheaton’s estimation of cash taxes payable in respect of the 2005 to 2010 taxation years as a result of the settlement of the CRA dispute and the Company’s assessment of the impact of the settlement of the CRA dispute for years subsequent to 2010 are accurate, including the Company’s assessment that there will be no material change in the Company’s facts or change in law or jurisprudence for years subsequent to 2010; expectations regarding the resolution of legal and tax matters, including the ongoing class action litigation and CRA audit involving the Company; that Wheaton has properly considered the application of Canadian tax law to its structure and operations; that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax law; the estimate of the recoverable amount for any precious metal purchase agreement with an indicator of impairment; and such other assumptions and factors as set out in the Disclosure.

End Notes 58 END NOTES

(cont.) Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing investors with information to assist them in understanding Wheaton’s expected financial and operational performance and may not be appropriate for other purposes. Any forward looking statement speaks only as of the date on which it is made. Wheaton does not undertake to update any forward-looking statements that are included or incorporated by reference herein, except in accordance with applicable securities laws.

2. CAUTIONARY NOTE TO UNITED STATES INVESTORS REGARDING PRESENTATION OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES: The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). These definitions differ from the definitions in Industry Guide 7 (“SEC Industry Guide 7”) under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Also, under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. “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 pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures. Accordingly, information contained herein that describes the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in the Annual Information Form, a copy of which is available at www.sec.gov.

End Notes 59 END NOTES

3. Company reports & Wood Mackenzie est. of 2017 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines. Production and reserves and resources assume Gold $1270/oz, Silver $16.50/oz, Palladium $960/oz and Cobalt $40. Portfolio mine life based on recoverable reserves and resources as of Dec 31, 2017 and 2017 actual mill throughput (except Salobo which assumes 24Mtpa), and is weighted by individual reserve and resource category. 4. 2012-2017 Production based on Avg. realized gold & silver prices. 2018-2022E production forecast assumes Gold $1270/oz, Silver $16.50/oz, Palladium $960/oz and Cobalt $40. Production forecast includes the impact of the Barrick Other streams finishing March 31, 2018. In conjunction with First Majestic’s acquisition of Primero, the Primero SPA was terminated and a new precious metals purchase agreement entered into at a reduced level starting in the second quarter of 2018, representing a 25% stream on the silver produced at San Dimas, payable in gold, and a 25% stream on the gold produced at San Dimas. Optionality based on 12Mtpa expansion at Salobo, 10-year averages for Rosemont, Cotabambas, Toroparu, & Navidad and a 5-year average for Pascua Lama. 5. Production estimates based upon Competent Person’s Report of the Montana Platinum Group Metal Mineral Assets for Sibanye Gold Limited, United States of America, dated November 2017, and prepared by The Mineral Corporation. 6. Please refer to the Reserve and Resource tables in the appendix of this presentation for full disclosure of reserve and resource estimates 7. Nedbank research based on 2018 estimates, prices at Pt: $950/oz; Pd: 950/oz; Rh: $2,250/oz and R/$13.70 8. Ongoing delivery payments are generally defined at the initiation or amendment of a precious metal purchase agreement. 9. Refer to non-IRFS measures at the end of this presentation. 10. 2018-2022E average cash costs are calculations based on existing agreements contributing to 2018-2022 production forecasts. 11. General and administrative costs per gold equivalent ounce of production calculated using a Au:Ag ratio based on the realized annual price for the year reported. 12. ‘Administrative Costs’ equal Corporate G&A presented as a % of Enterprise Value for WPM; as a % of NAV for SLV, PLSV and SPDR. 2017 G&A of $34.7M and Enterprise value of $9.9B on Dec 31, 2018. Fund prospectus’ as of Aug 31, 2016. Bullion storage fee for new client relationships at ScotiaMocatta, price quoted for Toronto and NY vaults. 13. From Dec. 31, 2004 to Dec. 31, 2017, Mineral Reserves and Mineral Resources are as of Dec. 31 for each year (see wheatonpm.com); Current reserves and resources include reserves and resources updated to Dec 31 2017; assumes Gold $1270/oz, Silver $16.50/oz, Palladium $960/oz and Cobalt $40. Cumulative mined production based on management estimates & company reports. 14. Estimated operating cash flow calculations assume for each year between 2018 and 2022 (i) production forecasted to average on an annual basis 25 million silver ounces, 385,000 gold ounces, and for 2021 and 2022, 2.1 million cobalt pounds (ii) sales price of $1,270 per gold ounce, $16.50 per silver ounce, $960 per palladium ounce and $40 per cobalt pound (iii) production payments of between $4.17 and $4.87 per silver ounce, between $393 and $425 per gold ounce, and $8.00 per cobalt pound (inclusive of 18% production payment and assumed marketing cost) (iv) 90% payable rates, (v) indicated silver and gold prices being in place throughout the periods, (vi) deduction of general & administrative expenses of approximately $30 million on an annual basis, (vii) calculation before dividends, interest expense and taxes, and (viii) successful resolution of the CRA dispute. Cash flow estimates are made as of March 23, 2018, are presented to show impact of silver and gold prices on cash flow and are not guaranteed. Excludes C$213 million letter of guarantee posted in connection with the CRA dispute. Revolving Credit Facility of $2 billion with term to February 2023. Cash balance of $119 million and $1381 million drawn on the Revolving Credit Facility as of Sept 30, 2018. Please see also Note 1 for material risks, assumptions, and important disclosure associated with this information, including, but not limited to, risks and assumptions associated with fluctuations in the price of commodities, the absence of control over mining operations from which Wheaton Precious Metals purchases silver or gold, production estimates and the challenge by the CRA of Wheaton Precious Metals' tax filings.

End Notes 60 END NOTES

15. The application of the settlement to years after 2010 (including the 2011 to 2015 taxation years which are currently under audit) is limited to transfer pricing and will be subject to there being no material change in facts or change in law or jurisprudence. Cash taxes estimated after the application of non-capital losses. Estimates of interest given as of the date stated. Interest accrues until payment date. 16. The declaration and payment of dividends remains at the discretion of the Board and will depend on the Company’s cash requirements, future prospects and other factors deemed relevant by the Board. 17. Capex is defined as the capital expenditure estimate by the partner mining company for the mine construction or expansion at the time the stream agreement was closed. Stream as a percentage of mine revenue is based off of 2016 revenue from the mine and includes the production payments made by the Company. 18. Ongoing delivery payments are generally fixed at approximately US$4.50/oz for silver and US$400/oz for gold with an inflationary adjustment of approximately 1% per annum after the third year of production; Production payments at Antamina fixed at 20% of spot silver prices, production at Stillwater fixed at 18% of spot gold and palladium prices until reduction of upfront payment to nil and to 22% of spot thereafter. 19. Company reports and Factset as of January 18, 2019; 2017 Q4 – 2018 Q3 Financials for Wheaton Precious Metals and Franco Nevada and Fiscal 2018 Q2 – 2019 Q1 for Royal Gold; Adjusted Net earnings are used for this comparison. Q4 ’17 impairments of $4.5 million for FNV and $229.0 million (relative to Pasuca Lama) for WPM. Q3 ‘18 impairment of $239.4 million for Royal Gold. Q2 ’18 gain on disposal of asset of $246 million (relative to original San Dimas stream) for WPM. 20. P/E and P/OCF from company reports (rolling 4 quarters used for adjusted earnings and cash flow as above) and FactSet as of January 18, 2019; P/NAV is based on the January 18, 2019 closing share price and the average NAV from Bank of America Merrill Lynch, Canaccord Genuity, National Bank Financial, Royal Bank of Canada and BMO, and is subject to the assumptions set out in those analysts’ reports. 21. Wheaton implied market capitalization if using price / adjusted net earnings (trailing 4 quarters), price / operating cash flow (trailing 4 quarters) on January 18, 2019 for Royal Gold and Franco Nevada and applying those multiples to Wheaton, and average NAV multiples using pricing from January 18, 2019 and NAV estimates for Royal Gold and Franco Nevada from Bank of America Merrill Lynch, Canaccord Genuity, National Bank Financial, RBC and BMO, subject to the assumptions set out in those analysts’ reports, and applying those average NAV multiples to Wheaton. 22. Wheaton Precious Metals’ Total Return from 2005 to Dec. 3rd, 2018, averaged over various time horizons versus gold and silver over the same period. Data from Factset. Includes dividend payments. 23. Per the treasury method. 24. Upfront payment denoted in US$ millions; excludes closing costs and capitalized interest, where applicable. See notes specific to the Timeline on the page immediately following Timeline graphs. 25. Production estimates are for pounds contained in concentrate and based on the mine plan provided by Vale. 26. Based on Wood Mackenzie est. of 2nd quarter of 2018 by-product cost curve for nickel mines.

End Notes 61 END NOTES

27. Cobalt demand based on research by Canaccord Genuity, Company Reports, and WPMI. 28. Based on Bloomberg, CRU Group, Global Financial Data, London Bullion Market Association, Metal Bulletin, The Golden Constant, World Bank, United States Geological Survey, WPMI. 29. Spot gold prices from Factset and consensus gold prices as compiled by CIBC World Markets. 30. As of Sept 30, 2018. Interest expense based on net debt and interest rates applicable to the Company’s revolving credit facility. For covenant tests, net debt is as of Sept 30, 2018, and inclusive of the additional $500 million payable for the Stillwater transaction. Interest expense based on net debt and interest rates applicable to the Company’s revolving credit facility. 31. Gold forecast sourced from Metals Focus, Wood Mackenzie, CRU, GFMS, CPM Group, World Gold Council, WBMS and various banks. Silver forecast sourced from Metals Focus, CRU, Thomson Reuters GFMS, CPM Group, WBMS, Wood Mackenzie and various banks. 32. Pascua Lama Technical Report – Barrick - dated March 31, 2011; Rosemont Technical Report – Hudbay – dated August 28, 2012; Vale Day Presentation dated November 29, 2016; Toroparu Technical Report Prefeasibility Study – Sandspring Resources – Dated May 24, 2013; Navidad Preliminary Assessment – Pan American Silver – dated January 14, 2010, Kutcho Project Prefeasibility Study – Kutcho Copper – Dated July 31, 2017

End Notes 62 NON-IFRS MEASURES

Wheaton Precious Metals has included, throughout this document, certain non-IFRS performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of silver and gold on a per ounce basis and; (iv) cash operating margin. Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of the non-cash impairment charges. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company’s performance. i. Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain investors use this information to evaluate the Company’s performance in comparison to other companies in the precious metal mining industry who present results on a similar basis. ii. Average cash cost of silver and gold on a per ounce basis is calculated by dividing the total cost of sales, less depletion, by the ounces sold. In the precious metal mining industry, this is a common performance measure but does not have any standardized meaning. In addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. iii. Cash operating margin is calculated by subtracting the average cash cost of silver and gold on a per ounce basis from the average realized selling price of silver and gold on a per ounce basis. The Company presents cash operating margin as management and certain investors use this information to evaluate the Company’s performance in comparison to other companies in the precious metal mining industry who present results on a similar basis. These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For more detailed information, please refer to Wheaton Precious Metals' Management Discussion and Analysis available on the Company’s website at www.silverwheaton.com and posted on SEDAR at www.sedar.com. 63