SILVER WHEATON (SLW $30.75 rated neutral with $24 up from $23 price target) POSITIVE IMPACT OF HUDBAY TRANSACTION, PARTIALLY OFFSET BY REDUCED ANNUAL PRODUCTION FROM PASCUA LAMA, REMOVAL OF NAVIDAD PROJECT AND SILVER PRICE EROSION 8/15/2012

SILVER WHEATON (SLW $30.75 rated neutral with $24 up from $23 price target)
POSITIVE IMPACT OF HUDBAY TRANSACTION, PARTIALLY OFFSET BY
REDUCED ANNUAL PRODUCTION FROM PASCUA LAMA, REMOVAL OF
NAVIDAD PROJECT AND SILVER PRICE EROSION 8/15/2012