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) Production Equivalent 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 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