1. Corporate Presentation March 29, 2016

2. Cautionary Note 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS CERTAIN OF THE STATEMENTS AND INFORMATION IN THIS PRESENTATION CONSTITUTE “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 PROVINCIAL SECURITIES LAWS. ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS OR INFORMATION. FORWARD-LOOKING STATEMENTS OR INFORMATION IN THIS PRESENTATION RELATE TO, AMONG OTHER THINGS: OUR ESTIMATED PRODUCTION OF SILVER, GOLD AND OTHER METALS IN 2016; OUR ESTIMATED CASH COSTS PER PAYABLE OUNCE OF SILVER IN 2016; OUR ESTIMATED CAPITAL INVESTMENTS, AISCSOS, AND SUSTAINING CAPITAL FOR 2016; THE ABILITY OF THE COMPANY TO SUCCESSFULLY COMPLETE ANY CAPITAL INVESTMENT PROGRAMS AND PROJECTS AND THE IMPACTS OF ANY SUCH PROGRAMS AND PROJECTS ON THE COMPANY; AND ANY ANTICIPATED LEVEL OF FINANCIAL AND OPERATIONAL SUCCESS IN 2016. THESE STATEMENTS REFLECT THE COMPANY’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS THAT, WHILE CONSIDERED REASONABLE BY THE COMPANY, ARE INHERENTLY SUBJECT TO SIGNIFICANT OPERATIONAL, BUSINESS, ECONOMIC AND REGULATORY UNCERTAINTIES AND CONTINGENCIES. THESE ASSUMPTIONS INCLUDE: TONNAGE OF ORE TO BE MINED AND PROCESSED; ORE GRADES AND RECOVERIES; PRICES FOR SILVER, GOLD AND BASE METALS REMAINING AS ESTIMATED; CURRENCY EXCHANGE RATES REMAINING AS ESTIMATED; CAPITAL, DECOMMISSIONING AND RECLAMATION ESTIMATES; OUR MINERAL RESERVE AND RESOURCE ESTIMATES AND THE ASSUMPTIONS UPON WHICH THEY ARE BASED; PRICES FOR ENERGY INPUTS, LABOUR, MATERIALS, SUPPLIES AND SERVICES (INCLUDING TRANSPORTATION); NO LABOUR-RELATED DISRUPTIONS AT ANY OF OUR OPERATIONS: NO UNPLANNED DELAYS IN OR INTERRUPTIONS IN SCHEDULED PRODUCTION; ALL NECESSARY PERMITS, LICENCES AND REGULATORY APPROVALS FOR OUR OPERATIONS ARE RECEIVED IN A TIMELY MANNER; AND OUR ABILITY TO COMPLY WITH ENVIRONMENTAL, HEALTH AND SAFETY LAWS. THE FOREGOING LIST OF ASSUMPTIONS IS NOT EXHAUSTIVE. THE COMPANY CAUTIONS THE READER THAT FORWARD-LOOKING STATEMENTS AND INFORMATION INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND DEVELOPMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS OR INFORMATION CONTAINED IN THIS PRESENTATION AND THE COMPANY HAS MADE ASSUMPTIONS AND ESTIMATES BASED ON OR RELATED TO MANY OF THESE FACTORS. SUCH FACTORS INCLUDE, WITHOUT LIMITATION: FLUCTUATIONS IN SILVER, GOLD AND BASE METALS PRICES; FLUCTUATIONS IN PRICES FOR ENERGY INPUTS, LABOUR, MATERIALS, SUPPLIES AND SERVICES (INCLUDING TRANSPORTATION); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE CANADIAN DOLLAR, PERUVIAN SOL, MEXICAN PESO AND BOLIVIAN BOLIVIANO VERSUS THE U.S. DOLLAR); OPERATIONAL RISKS AND HAZARDS INHERENT WITH THE BUSINESS OF MINING (INCLUDING ENVIRONMENTAL ACCIDENTS AND HAZARDS, INDUSTRIAL ACCIDENTS, EQUIPMENT BREAKDOWN, UNUSUAL OR UNEXPECTED GEOLOGICAL OR STRUCTURAL FORMATIONS, CAVE-INS, FLOODING AND SEVERE WEATHER); RISKS RELATING TO THE CREDIT WORTHINESS OR FINANCIAL CONDITION OF SUPPLIERS, REFINERS AND OTHER PARTIES WITH WHOM THE COMPANY DOES BUSINESS; INADEQUATE INSURANCE, OR INABILITY TO OBTAIN INSURANCE, TO COVER THESE RISKS AND HAZARDS; EMPLOYEE RELATIONS; RELATIONSHIPS WITH, AND CLAIMS BY, LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS; OUR ABILITY TO OBTAIN ALL NECESSARY PERMITS, LICENSES AND REGULATORY APPROVALS IN A TIMELY MANNER; CHANGES IN LAWS, REGULATIONS AND GOVERNMENT PRACTICES IN THE JURISDICTIONS WHERE WE OPERATE, INCLUDING ENVIRONMENTAL, EXPORT AND IMPORT LAWS AND REGULATIONS; DIMINISHING QUANTITIES OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE MINED; INCREASED COMPETITION IN THE MINING INDUSTRY FOR EQUIPMENT AND QUALIFIED PERSONNEL; AND THOSE FACTORS IDENTIFIED UNDER THE CAPTION “RISKS RELATED TO PAN AMERICAN’S BUSINESS” IN THE COMPANY’S MOST RECENT FORM 40-F AND ANNUAL INFORMATION FORM FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION AND CANADIAN SECURITIES REGULATORY AUTHORITIES. ALTHOUGH THE COMPANY HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY, THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS NOT TO BE AS ANTICIPATED, ESTIMATED, DESCRIBED OR INTENDED. INVESTORS ARE CAUTIONED AGAINST UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS AND INFORMATION. FORWARD-LOOKING STATEMENTS AND INFORMATION ARE DESIGNED TO HELP READERS UNDERSTAND MANAGEMENT’S CURRENT VIEWS OF OUR NEAR AND LONGER TERM PROSPECTS AND MAY NOT BE APPROPRIATE FOR OTHER PURPOSES. THE COMPANY DOES NOT INTEND, NOR DOES IT ASSUME ANY OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS AND INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, CHANGES IN ASSUMPTIONS, FUTURE EVENTS OR OTHERWISE, EXCEPT TO THE EXTENT REQUIRED BY APPLICABLE LAW. TECHNICAL INFORMATION CONTAINED IN THIS PRESENTATION WITH RESPECT TO PAN AMERICAN HAS BEEN REVIEWED OR APPROVED BY MARTIN WAFFORN P.ENG., VP TECHNICAL SERVICES, WHO IS THE COMPANY’S QUALIFIED PERSON FOR THE PURPOSES OF NATIONAL INSTRUMENT 43-101. FOR ADDITIONAL INFORMATION ABOU THE COMPANY’S MATERIAL MINERAL PROPERTIES, PLEASE REFER TO THE COMPANY’S ANNUAL INFORMATION FORM DATED MARCH 3, 2015, FILED AT WWW.SEDARD.COM.

3. Our Operations 3

4. Acquired Minefinders Corporation and its mine Dolores in Mexico. Acquired Aquiline Resources and its Navidad project in Argentina. Completed San Vicente mine expansion. Started production at Manantial Espejo. Completed Alamo Dorado’s construction and started production. Acquired the Morococha mine in Peru. Completed La Colorada mine expansion. The rehabilitated Huaron mine started production. Acquired the Huaron mine in Peru. Acquired the San Vicente project in Bolivia. Acquired the La Colorada mine in Mexico. Acquired the Quiruvilca mine in Peru. 1994 Pan American Silver Corp was founded. Initiated La Colorada mine expansion. Million Silver Ounces Produced Quiruvilca La Colorada San Vicente Huaron Manantial Espejo Alamo Dorado Morococha Navidad Dolores La Colorada Expansion Dolores Expansion Exceptional Production Growth 4 (1) Please refer to the Company’s news release dated January 19, 2016. (1)

5. Why Invest in PAAS 5 Strong leverage to silver prices Silver ~51% of revenue in 2015 Gold ~29% of revenue in 2015 Experienced management team Demonstrated ability to operate in multiple jurisdictions and challenging price environment (been there, done that) Strong balance sheet (as of Dec 31 st ) $226.6 million in cash + short term investments Over $392 million in working capital Transformational cost reduction La Colorada and Dolores projects Expanding our capacity for strong production at lower costs PAAS is best positioned to benefit from increase in silver prices 1.2. 3.4.

6. 2015: Another Record Year 6 Record silver and gold production: 15% decrease in cash costs (1) from 2014 17% decrease in AISCSOS (2) from 2014 (All-in Sustaining Costs Per Silver Ounce Sold) $9.70/ounce of silver (net of by-product credits) 26.12 million ounces of silver $14.92 (net of by-product credits) 183,700 ounces of gold (1) Cash cost per payable ounce of silver, net of by-product credits (“cash costs”) is a non-GAAP measure. Cash costs does not have a standardized meaning prescribed by IFRS as an indicator of performance. The Company’s method of calculating cash costs may differ from the methods used by other entities and, accordingly, the Company’s cash costs may not be comparable to similarly titled measures used by other entities. Readers should refer to the “Non-GAAP Measures – Cash Costs Per Payable Ounce of Silver Produced, Net of By-Product Credits” section at the end of this presentation for further information about this measure. (2) All-In Sustaining Costs per Silver Ounce Sold (“AISCSOS”) is a non-GAAP measure and does not have a standardized meaning or a consistent basis of calculation prescribed by Canadian accounting standards. Readers should refer to the “Non-GAAP Measures – AISCSOS” section at the end of this presentation for further information about this measure.

7. 7 2015 FY Consolidated Results Financial HighlightsFY 2015 Revenue ($ million)674.7 Net operating cash flows ($ million)88.7 Net operating cash flows per share ($)0.58 Net loss ($ million)(231.6) Adjusted loss (1) ($ million)(58.0) Adjusted loss (1) per share attributable to common shareholders ($) (0.38) (1) Adjusted (loss), and adjusted (loss) per share attributable to common shareholders, are non-GAAP measures that the Company considers to better reflect normalized earnings as it eliminates items that may be volatile from period to period relating to positions which will settle in future periods, and items that are non- recurring. Readers should refer to the “Alternative Performance (non-GAAP) Measures” section at the end of the Company’s news release dated February 18, 2016 and to the Company’s most recently filed MD&A for a more detailed discussion of this measure and its calculation.

8. Financial Strength $ Million Cash and short-term investments226.6 Working capital (1) 392.2 Total debt (2) 59.8 Total available liquidity (3) 490.4 8 (1) Working capital is a non-GAAP measure calculated as current assets less current liabilities. The Company and certain investors use this information to evaluate whether the Company is able to meet its current obligations using its current assets. (2) Inclusive of $4.0 million in capital leases. (3) Includes cash and short-term investments and the undrawn portion of the Company’s secured line of credit. At December 31, 2015

9. 9 2015 Consolidated Cash Flows

10. 2015 Reserve Replacement 10 (1) Prices used to estimate mineral reserves for 2014 were $18.50 per ounce of silver, $1,250 per ounce of gold, $2,000 per tonne of lead, $2,000 per tonne of zinc, and $6,800 per tonne of copper except at Alamo Dorado due to its limited remaining mine life, where metal prices of $17.00 per ounce of silver and $1,200 per ounce of gold were used. (2) Slide 10 note 2. Prices used to estimate mineral reserves for 2015 were $17.00 per ounce of silver, $1,180 per ounce of gold, $1,800 per tonne of lead, $1,800 per tonne of zinc, and $5,000 per tonne of copper, except at Manantial Espejo where $14.50 per ounce of silver and $1,100 per ounce of gold was used for planned 2016 production, reverting to the previously stated metal prices thereafter, and Alamo Dorado stockpiles where metal prices of $15.00 per ounce of silver and $1,100 per ounce of gold were used due to their planned processing in the short term. Over last 12 years PAAS added 293 million ounces of contained silver to mineral reserves through mine-site exploration, fully replacing 291 million ounces mined in the same period. Contained Silver

11. Organic Growth – La Colorada Expansion New 600-metre deep mine shaft between the Candelaria and Estrella Structures Construction of a new sulphide flotation plant New 115kV power line to support expanded operation Increase production rate from 1,250 tpd to 1,800 tpd Highlights (1) 69% expected increase in average annual silver production from 4.6 Moz in 2013 to 7.7 Moz in 2018 11 Project Scope (1) For additional information, please refer to the Company’s technical report entitled “Technical Report – Preliminary Economic Analysis for the Expansion of the La Colorada Mine, Zacatecas, Mexico”, with an effective date of December 31, 2013.

12. Organic Growth – La Colorada Expansion 12 Project Scope (2014-2017) Incremental expansion capital ~$80M Total investment ~$163.8M (includes sustaining capital) Project Financials 2014-2023 (1) Ag $16/ozAg $19/oz Net revenue$1.3 B$1.4 B After tax net cash flow (2) $251 M$372 M After tax net cash flow (3) $117 M$196 M Incremental project net cash flow (3) $22.0 M$38.6 M Expansion project - IRR18%22% Payback period2.9 years2.5 years (1) By-product price assumptions: At Ag $16/oz and $19/oz: Pb $2,100/tonne, Zn $1,850/tonne (2) Undiscounted (3) 10% discount

13. Exploration – La Colorada Reserve Increase 13 Reserve increase of 300% 30.4 M oz Ag 38.3 M oz Ag 44.1 M oz Ag 64.8 M oz Ag 81.4 M oz Ag 86 M oz Ag 91.2 M oz Ag

14. Organic Growth – La Colorada Expansion 14 * For La Colorada’s complete mineral reserve details, please see Appendix IV

15. 2016 Milestones: 15 Organic Growth – La Colorada Expansion Finish construction and commission the new sulphide processing plant during Q3 Finish construction and commission the new shaft by year-end Complete 2.0 km of underground development

16. Organic Growth – Dolores Expansion New 5,600 tpd pulp agglomeration plant New 1,500 tpd underground mine 40% expected increase in average annual Ag production from 4.5 Moz to 6.3 Moz 52% expected increase in average annual Au production from 135.1 koz to 205.7 koz Project Scope Estimated LOM total silver production increase from 41 Moz to 50 Moz Estimated LOM total gold production increase from 1.3 Moz to 1.5 Moz Reduce cash cost through operational efficiencies and higher gold production 16 Highlights (1)For additional information, please refer to the Company’s technical report entitled “Technical Report for the Dolores Property, Chihuahua, Mexico - Preliminary Economic Assessment of a Pulp Agglomeration Treatment and Underground Option”, with an effective date of May 31, 2014. The results of this preliminary economic assessment are preliminary in nature, in that it includes inferred mineral resources that are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the assessment will be realized. Mineral resources that are not mineral reserves have no demonstrated economic viability.

17. Organic Growth – Dolores Expansion Project Scope (2015-2018) Incremental expansion capital ~$112.4M LOM sustaining capital ~$173.9M 17 Financials 2015 – 2024Ag $16, Au $1,100/ozAg $19, Au $1,200/oz Net revenue$2.7B$3.0B After tax net cash flow (1) $453.0M$651.0M After tax net cash flow (2) $217.3M$350.0M Expansion project net cash flow (2) $38.8M$65.6M Expansion project - IRR19.9%27.4% Payback period3.1 years1.7 years (1) Undiscounted (2) 10% discount

18. Organic Growth – Dolores Expansion 18 3,200 m N South Extension Underground Resources at December 31, 2014: TonnesAg g/tAu g/t Measured146,0001010.74 Indicated2,907,000561.59 TOTAL3,054,000581.55

19. 2016 Milestones: 19 Organic Growth – Dolores Expansion Pulp agglomeration plant Finalize detailed engineering Set the rod mill by year-end Complete and energize the power line during Q3 Complete the third phase of the leach pad 3 expansion by Q3 Complete 2.5 km of underground development

20. 2016 – Production Forecast 20 MineAg ProductionAu ProductionCash Costs (1) La Colorada5.6 – 5.72.7 – 2.97.75 – 8.25 Dolores3.4 – 3.697.0 – 102.05.00 – 6.50 Alamo Dorado1.0 – 1.27.0 – 8.013.50 – 14.50 Huaron3.7 – 3.80.7 – 0.812.25 – 13.25 Morococha (92.3%) (2) 2.5 – 2.63.0 – 3.212.00 – 13.75 San Vicente (95%) (2) 4.3 – 4.4n/a11.25 – 11.75 Manantial Espejo3.6 – 3.864.6 – 68.19.25 – 10.75 Total24.0 – 25.0175.0 – 185.09.45 – 10.45 (1) Cash costs per payable silver ounce, net of by-product credits. By-product metal prices assumptions used for 2016 cash costs calculation: Au $1,100/oz, Zn $1,700/tonne, Pb $1,600/tonne, Cu $4,600/tonne. Cash costs is a non-GAAP measure and readers should refer to the information under the heading “Non-GAAP Measure – Cash Costs Per Payable Ounce of Silver Produced, Net of By Product Credits” at the end of this presentation for further information about this measure. Exchange rates assumed: Mexican Peso 17:1, Peruvian Sol 3.3:1, Argentinean Peso 11:1, Bolivian Boliviano 7:1. (2) Reflects Pan American’s ownership in the operation. (3) All-In Sustaining Costs per Silver Ounce Sold (“AISCSOS”) is a non-GAAP measure and does not have a standardized meaning or a consistent basis of calculation prescribed by Canadian accounting standards. Readers should refer to the “Non-GAAP Measures – AISCSOS” section at the end of this presentation for further information about this measure. AISCSOS (3) expected to be between $13.60 and $14.90, net of by-product credits

21. 2016 Capital Expenditures Forecast Mine Capital Expenditures (1) $ million La Colorada8.0 - 10.5 Dolores39.0 - 42.0 Huaron6.0 - 7.5 Morococha (92.3%)7.0 - 8.5 San Vicente (95%)3.0 - 4.0 Manantial Espejo2.0 - 2.5 Total Sustaining Capital$65.0 - $75.0 La Colorada Projects64.0 - 66.50 Dolores Projects71.0 - 73.5 Total Capital Expenditures$200.0 - $215.0 21 (1) Capital expenditures on a cash and commitment basis

22. Transformational Costs Reduction 22 (1) Cash costs per payable ounce of silver, net of by-product credits. By-product metal prices assumptions used for forecast cash costs calculation: Au $1,100/oz, Zn $1,700/tonne, Pb $1,600/tonne, Cu $4,600/tonne. Cash costs is a non-GAAP measure and readers should refer to the information under the heading “Non-GAAP Measure – Cash Costs Per Payable Ounce of Silver Produced, Net of By Product Credits” at the end of this presentation for more information. Exchange rates relative to US$ assumed: Mexican Peso 17:1, Peruvian Sol 3.3:1, Argentinean Peso 11:1, Bolivian Boliviano 7:1. (1)

23. Capital Structure (at March 28, 2016) 23 Trading Symbols NASDAQ:PAAS TSX:PAA Share Capital Market capitalizationUS$1.60 billion Issued and outstanding shares151.5 million Statistics NASDAQ: 3-month average volume:2.80 million 52-week high:$11.30/share 52 week low:$5.38/share TSX:3-month average volume:454.7 thousand 52-week high:$14.77/share 52 week low:$7.77/share

24. Non-GAAP Measures and Cautionary Note About Mineral Reserves and Resources 24 NON-GAAP MEASURES CASH COSTS PER PAYABLE OUNCE OF SILVER PRODUCED, NET OF BY-PRODUCT CREDITS THIS NEWS RELEASE PRESENTS INFORMATION ABOUT OUR CASH COSTS OF PRODUCTION OF A PAYABLE OUNCE OF SILVER, NET OF BY-PRODUCT CREDITS FOR OUR OPERATING MINES. CASH COSTS PER PAYABLE OUNCE PRODUCED, NET OF BY-PRODUCT CREDITS, IS CALCULATED AS FOLLOWS: EXCEPT AS OTHERWISE NOTED, CASH COSTS PER PAYABLE OUNCE PRODUCED IS CALCULATED BY DIVIDING TOTAL CASH COSTS NET OF BY-PRODUCT CREDITS BY TOTAL PAYABLE SILVER OUNCES PRODUCED AT THE RELEVANT MINE OR MINES. TOTAL CASH COSTS INCLUDE MINE OPERATING COSTS SUCH AS MINING, PROCESSING, ADMINISTRATION, ROYALTIES AND OPERATING TAXES, BUT EXCLUDE AMORTIZATION, RECLAMATION COSTS, FINANCING COSTS AND CAPITAL DEVELOPMENT AND EXPLORATION. CERTAIN AMOUNTS OF STOCK-BASED COMPENSATION ARE EXCLUDED AS WELL. CASH COST PER PAYABLE OUNCE OF SILVER PRODUCED, NET OF BY-PRODUCT CREDITS, IS INCLUDED IN THIS PRESENTATION BECAUSE CERTAIN INVESTORS USE THIS INFORMATION TO ASSESS OUR PERFORMANCE AND ALSO TO DETERMINE OUR ABILITY TO GENERATE CASH FLOW FOR USE IN INVESTING AND OTHER ACTIVITIES. THE INCLUSION OF CASH COSTS PER PAYABLE OUNCE PRODUCED, NET OF BY-PRODUCT CREDITS, MAY ENABLE INVESTORS TO BETTER UNDERSTAND YEAR-OVER-YEAR CHANGES IN OUR PRODUCTION COSTS, WHICH IN TURN AFFECT PROFITABILITY AND CASH FLOW. COSTS PER OUNCE, NET OF BY-PRODUCT CREDITS, DOES NOT HAVE A STANDARDIZED MEANING OR A CONSISTENT BASIS OF CALCULATION PRESCRIBED BY CANADIAN ACCOUNTING STANDARDS. INVESTORS ARE CAUTIONED THAT CASH COSTS PER PAYABLE OUNCE PRODUCED, NET OF BY-PRODUCT CREDITS, SHOULD NOT BE CONSIDERED IN ISOLATION OR CONSTRUED AS A SUBSTITUTE TO COSTS DETERMINED IN ACCORDANCE WITH CANADIAN ACCOUNTING STANDARDS AS PRESCRIBED UNDER IFRS AS AN INDICATOR OF PERFORMANCE. OUR METHOD OF CALCULATING CASH COSTS PER PAYABLE OUNCE PRODUCED MAY DIFFER FROM THE METHODS USED BY OTHER ENTITIES AND, ACCORDINGLY, OUR CASH COSTS PER PAYABLE OUNCE PRODUCED MAY NOT BE COMPARABLE TO SIMILARLY TITLED MEASURES USED BY OTHER ENTITIES. READERS SHOULD REFER TO THE “ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES” SECTION OF THE COMPANY’S MOST RECENTLY FILED MD&A FOR THE PERIOD ENDING SEPTEMBER 30, 2015 FOR A MORE DETAILED DISCUSSION OF THIS MEASURE AND ITS CALCULATION. AISCSOS THIS PRESENTATION INCLUDES INFORMATION ABOUT OUR CALCULATION OF ALL-IN SUSTAINING COSTS PER SILVER OUNCE SOLD, REFERRED TO AS AISCSOS. THE COMPANY BELIEVES THAT AISCSOS REFLECTS A COMPREHENSIVE MEASURE OF THE FULL COST OF OPERATING ITS CONSOLIDATED BUSINESS GIVEN IT INCLUDES THE COST OF REPLACING OUNCES THROUGH EXPLORATION, THE COST OF ONGOING CAPITAL INVESTMENTS (SUSTAINING CAPITAL), GENERAL AND ADMINISTRATIVE EXPENSES, AS WELL AS OTHER ITEMS THAT AFFECT THE COMPANY’S CONSOLIDATED EARNINGS AND CASH FLOW. AISCSOS DOES NOT HAVE ANY STANDARDIZED MEANING OR A CONSISTENT BASIS OF CALCULATION PRESCRIBED BY CANADIAN ACCOUNTING STANDARDS. OUR METHOD OF CALCULATING AISCSOS MAY DIFFER FROM THE METHODS USED BY OTHER ENTITIES AND, ACCORDINGLY, OUR AISCSOS MAY NOT BE COMPARABLE TO SIMILARLY TITLED MEASURES USED BY OTHER ENTITIES. READERS SHOULD REFER TO THE “ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES” SECTION OF THE COMPANY’S MOST RECENTLY FILED MD&A FOR THE PERIOD ENDING SEPTEMBER 30, 2015 FOR A MORE DETAILED DISCUSSION OF THIS MEASURES AND ITS CALCULATION. THIS PRESENTATION REFERS TO VARIOUS NON-GAAP MEASURES, SUCH AS CASH COSTS PER PAYABLE OUNCE OF SILVER, ALL-IN SUSTAINING COST PER SILVER OUNCE SOLD AND ADJUSTED (LOSS) EARNINGS. READERS SHOULD REFER TO THE “ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES” SECTION AT THE END OF THE COMPANY’S NEWS RELEASE TITLED “PAN AMERICAN SILVER ANNOUNCES ITS UNAUDITED FOURTH QUARTER AND FULL YEAR 2015 FINANCIAL RESULTS” PUBLISHED ON FEBRUARY 18, 2016 FOR A MORE DETAILED DISCUSSION OF THESE MEASURES AND THEIR CALCULATION. CAUTIONARY NOTE TO US INVESTORS CONCERNING ESTIMATES OF MINERAL RESERVES AND RESOURCES THIS PRESENTATION HAS BEEN PREPARED IN ACCORDANCE WITH THE REQUIREMENTS OF CANADIAN SECURITIES LAWS, WHICH DIFFER FROM THE REQUIREMENTS OF U.S. SECURITIES LAWS. UNLESS OTHERWISE INDICATED, ALL MINERAL RESERVE AND RESOURCE ESTIMATES INCLUDED IN THIS PRESENTATION HAVE BEEN PREPARED 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 CLASSIFICATION SYSTEM. NI 43-101 IS A RULE DEVELOPED BY THE CANADIAN SECURITIES ADMINISTRATORS THAT ESTABLISHES STANDARDS FOR ALL PUBLIC DISCLOSURE AN ISSUER MAKES OF SCIENTIFIC AND TECHNICAL INFORMATION CONCERNING MINERAL PROJECTS. CANADIAN STANDARDS, INCLUDING NI 43-101, DIFFER SIGNIFICANTLY FROM THE REQUIREMENTS OF THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE “SEC”), AND INFORMATION CONCERNING MINERALIZATION, DEPOSITS, MINERAL RESERVE AND RESOURCE INFORMATION CONTAINED OR REFERRED TO HEREIN MAY NOT BE COMPARABLE TO SIMILAR INFORMATION DISCLOSED BY U.S. COMPANIES. IN PARTICULAR, AND WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THIS PRESENTATION USES THE TERMS ‘‘MEASURED RESOURCES’’, ‘‘INDICATED RESOURCES’’ AND ‘‘INFERRED RESOURCES’’. U.S. INVESTORS ARE ADVISED THAT, WHILE SUCH TERMS ARE RECOGNIZED AND REQUIRED BY CANADIAN SECURITIES LAWS, THE SEC DOES NOT RECOGNIZE THEM. THE REQUIREMENTS OF NI 43-101 FOR IDENTIFICATION OF ‘‘RESERVES’’ ARE NOT THE SAME AS THOSE OF THE SEC, AND RESERVES REPORTED BY PAN AMERICAN IN COMPLIANCE WITH NI 43-101 MAY NOT QUALIFY AS ‘‘RESERVES’’ UNDER SEC STANDARDS. 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. U.S. INVESTORS ARE CAUTIONED NOT TO ASSUME THAT ANY PART OF A “MEASURED RESOURCE” OR “INDICATED RESOURCE” WILL EVER BE CONVERTED INTO A “RESERVE”. U.S. INVESTORS SHOULD ALSO UNDERSTAND THAT “INFERRED RESOURCES” HAVE A GREAT AMOUNT OF UNCERTAINTY AS TO THEIR EXISTENCE AND GREAT UNCERTAINTY AS TO THEIR ECONOMIC AND LEGAL FEASIBILITY. IT CANNOT BE ASSUMED THAT ALL OR ANY PART OF “INFERRED RESOURCES” EXIST, ARE ECONOMICALLY OR LEGALLY MINEABLE OR WILL EVER BE UPGRADED TO A HIGHER CATEGORY. UNDER CANADIAN SECURITIES LAWS, ESTIMATED “INFERRED RESOURCES” MAY NOT FORM THE BASIS OF FEASIBILITY OR PRE-FEASIBILITY STUDIES EXCEPT IN RARE CASES. DISCLOSURE OF “CONTAINED OUNCES” IN A MINERAL RESOURCE IS PERMITTED DISCLOSURE UNDER CANADIAN SECURITIES LAWS. 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 CONCERNING MINERAL DEPOSITS SET FORTH HEREIN MAY NOT BE COMPARABLE WITH INFORMATION MADE PUBLIC BY COMPANIES THAT REPORT IN ACCORDANCE WITH U.S. STANDARDS.

25. Appendix I FY 2016 – Forecast Base Metals Production ktonnes Zinc production46.0 – 48.0 Lead production15.0 – 15.5 Copper production13.0 – 13.5 25

26. 26 Mine Ag Production (Moz) Au Production (koz) Cash Costs (1) Sustaining Capital (2) ($M) La Colorada5.332.63$7.419.87 Dolores4.2579.14$9.2825.16 Alamo Dorado2.9720.34$11.41n/a Huaron3.711.05$10.9113.61 Morococha (92.3%)2.173.22$13.037.71 San Vicente (95%)4.12n/a$11.573.29 Manantial Espejo3.5877.32$7.3314.06 Total (3) 26.12183.70$9.70$73.70 (1) Preliminary unaudited cash costs per payable ounce of silver, net of by-product credits. Average by-product metal prices for 2015 were: Au $1,160/oz, Zn $1,928/tonne, Pb $1,784/tonne, and Cu $5,495/tonne. Cash costs is a non-GAAP measure and readers should refer to the information under the heading “Non-GAAP Measure – Cash Costs Per Payable Ounce of Silver Produced, Net of By Product Credits” at the end of this presentation for more information. (2) Sustaining capital amounts shown on a cash basis. (3) Totals may not add up due to rounding. Appendix II FY 2015 – Record Production

27. Appendix III 2015 Reserve Replacement Ag Reserves Dec 31, 2014 (Moz) (1) Ag Mined 2015 (Moz) (2) Ag Gains/(Loss) (Moz) (2) (4) Ag Reserves Dec 31, 2015 (Moz) (3) Addition Variation 2015/2016 La Colorada86.0(5.9)11.191.213%6% Dolores64.1(8.6)(2.4)53.1(4%)(17%) Alamo Dorado7.0(3.6)(0.5)2.9(7%)(58%) Huaron57.0(4.5)1.053.52%(6%) Morococha (92.3%) (5) 31.2(2.6)(3.0)25.7(10%)(18%) San Vicente (95%) (5) 38.3(4.5)3.537.39%(3%) Manantial Espejo11.8(3.9)4.011.834%1% La Bolsa4.500 0% Total (6) 299.9(33.5)13.7280.14.6%(6.6%) (1) Prices used to estimate mineral reserves for 2014 were Ag $18.50/oz, Au $1,250/oz, Pb $2,000/tonne, Zn $2,000/tonne, and Cu $6,800/tonne, except at Alamo Dorado due to its limited remaining mine life, where metal prices of Ag $17.00/oz and Au $1,200/oz were used, and La Bolsa, where metal prices of Ag $14.00/oz and Au $825/oz were used. Contained silver ounces. (2) Prices used to estimate mineral reserves for 2015 were Ag $17/oz, Au $1,180/oz, Cu $5,000/tonne, Pb $1,800/tonne, Zn $1,800/tonne except at Manantial Espejo where Ag $14.50/oz and Au $1,100/oz were used for planned 2016 production, reverting to the previously stated metal prices thereafter, and Alamo Dorado stockpiles where metal prices of Ag $15.00/oz and Au $1,100/oz were used due to their planned processing in the short term. (3) All reserves losses due to metal price changes, re-categorization and interpretation. (4) Pan American’s ownership. (5) Totals may not add up due to rounding.

28. Appendix IV Proven & Probable Mineral Reserves (1) PropertyLocationClassificationTonnes (Mt)Ag (g/t) Contained Ag (Moz) Au (g/t) Contained Au (000’s oz) HuaronPeru Proven 6.117233.6N/A Probable 3.716719.9N/A Morococha (92.3%) (2) Peru Proven 2.317613.0N/A Probable 1.920212.6N/A La ColoradaMexico Proven 3.347449.60.3536.2 Probable 3.734641.60.3035.9 DoloresMexico Proven 23.02820.70.96706.0 Probable 29.23432.40.92864.0 Alamo DoradoMexico Proven 1.6552.90.2312.2 Probable 0.00 0.000.0 La BolsaMexico Proven 9.5103.10.67203.0 Probable 6.271.40.57113.1 Manantial EspejoArgentina Proven 2.51209.41.60126.4 Probable 0.32622.43.9035.6 San Vicente (95%) (2) Bolivia Proven 2.048230.4N/A Probable 0.45116.9N/A Total (3) 95.791280.10.842,132.4 (1) At December 31, 2015. Prices used to estimate mineral reserves were Ag $17/oz, Au $1,180/oz, Cu $5,000/tonne, Pb $1,800/tonne, Zn $1,800/tonne except at Manantial Espejo where Ag $14.50/oz and Au $1,100/oz were used for planned 2016 production, reverting to the previously stated metal prices thereafter, and Alamo Dorado stockpiles where metal prices of Ag $15.00/oz and Au $1,100/oz were used due to their planned processing in the short term. (2) Pan American’s ownership. (3) Totals may not add up due to rounding. 28