Silver Wheaton's Profile Boosted by Progress at Antamina Mine

BMO Capital Markets, Silver Wheaton, Feb. 28, 2017 and March 7, 2017

Analyst's Certification: I, Andrew Kaip, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients.

Company Specific Disclosures
Disclosure 1: BMO Capital Markets has undertaken an underwriting liability with respect to Silver Wheaton within the past 12 months.

Disclosure 2: BMO Capital Markets has provided investment banking services with respect to Silver Wheaton within the past 12 months.

Disclosure 3: BMO Capital Markets has managed or co-managed a public offering of securities with respect to Silver Wheaton within the past 12 months.

Disclosure 4: BMO Capital Markets or an affiliate has received compensation for investment banking services from Silver Wheaton within the past 12 months.

Disclosure 5: BMO Capital Markets or an affiliate received compensation for products or services other than investment banking services within the past 12 months from Silver Wheaton.

Disclosure 6A: Silver Wheaton is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets Limited or an affiliate within the past 12 months: A) Investment Banking Services

Disclosure 6C: Silver Wheaton is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets Limited or an affiliate within the past 12 months: C) Non-Securities Related Services.

Disclosure 8A: BMO Capital Markets or an affiliate has a financial interest in 1% or more of any class of the equity securities of Silver Wheaton.

Disclosure 8C: BMO Capital Markets or an affiliate has a financial interest in 0.5% or more in the issued share capital of Silver Wheaton.

Disclosure 9: BMO Capital Markets makes a market in Silver Wheaton.

Disclosure 16: A BMO Nesbitt Burns Inc. research analyst has extensively viewed the material operations of Silver Wheaton.

Disclosure 17: Silver Wheaton has paid or reimbursed some or all of the BMO Nesbitt Burns Inc. analysts travel expenses.

Macquarie Research, Precious Metal Royalties/Streams, March 6, 2017

SLW CN: MACQUARIE CAPITAL MARKETS CANADA LTD./MARCHÉS FINANCIERS MACQUARIE CANADA LTÉE. or one of its affiliates managed or co-managed a public offering of securities of Silver Wheaton Corp in the past 12 months, for which it received compensation. The primary analyst for Silver Wheaton has visited its material operations and development assets within the past year; the company has furnished local transportation and accommodations as part of these site visits.

Analyst certification: We hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. The Analysts responsible for preparing this report receive compensation from Macquarie that is based upon various factors including Macquarie Group Ltd total revenues, a portion of which are generated by Macquarie Group’s Investment Banking activities.