SILVER WHEATON (SLW $36.79; rated Underweight, price target $21) ACQUISTION OF GOLD STREAMS FROM VALE HAS AN IRR OF 5.35% USING OUR BASE CASE ASSUMPTIONS; SHORT OF OUR DISCOUNT RATE ESTIMATE OF 7.5%. 2/6/2013

SILVER WHEATON (SLW $36.79; rated Underweight, price target $21) ACQUISTION
OF GOLD STREAMS FROM VALE HAS AN IRR OF 5.35% USING OUR BASE
CASE ASSUMPTIONS; SHORT OF OUR DISCOUNT RATE ESTIMATE OF 7.5%. 2/6/2013