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Investor Presentation CIBC: Boston, NYC Nov. 30 – Dec. 1, 2016

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Investor PresentationCIBC: Boston, NYC

Nov. 30 – Dec. 1, 2016

Cautionary NoteNon-GAAP MeasuresThis 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. Readersshould refer to the “Alternative Performance (Non-GAAP) Measures” section in Pan American Silver Corp.’s (the “Company”) Management’s Discussion and Analysis for the periodended Sept 30, 2016 available at www.sedar.com.

Reporting Currency and Financial InformationUnless we have specified otherwise, all references to dollar amounts or $ are to United States dollars.

Cautionary Note Regarding Forward Looking Statements and InformationCertain of the statements and information in this presentation constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Actof 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 othermetals in 2016, or future years; our estimated cash costs per payable ounce of silver and AISCSOS in 2016; our estimated capital investments, and sustaining capital for 2016; the abilityof the Company to successfully complete any capital investment programs and projects, and the impacts of any such programs and projects on the Company; the ability of theCompany to realize value from transactions, including with respect to Maverix Metals Inc. and Kootenay Silver Inc.; and any anticipated level of financial and operational success in2016.These statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while consideredreasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: tonnageof 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 recourse 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 or interruptions in scheduled production; all necessarypermits, licenses 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 listof 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 resultsand developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this presentation and the Company has madeassumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations inprices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian Dollar, Peruvian Sol, Mexican Peso,Argentine 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 orfinancial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks andhazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatoryapprovals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws andregulations; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; andthose 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 UnitedStates Securities and Exchange Commission and Canadian provincial securities regulatory authorities. Although the Company has attempted to identify important factors that couldcause 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 unduereliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management’s current views of our nearand 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-lookingstatements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.

Technical InformationTechnical information contained in this presentation with respect to Pan American has been reviewed or approved by Martin Wafforn, P.Eng., SVP Technical Services and ProcessOptimization, who isthe Company’s qualified person for the purposes of National Instrument 43-101. For additional information about the Company’s material mineral properties,please refer to the Company’s Annual Information Form dated March 24, 2016, filed at www.sedar.com.

2 November 28, 2016

Cautionary Note About Mineral Reserves and Resources

3 November 28, 2016

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. Unlessotherwise 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 developedby 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 informationconcerning 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 ‘‘inferredresources’’. 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 ofNI 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 mineralizationcould 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 ofuncertainty 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, areeconomically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated “inferred resources” may not form the basis offeasibility 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 unitmeasures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordancewith U.S. standards.

PAS – an investment in silver

2nd largest primary silver producer in the world

Portfolio of high-quality assets in the Americas

Large reserves: proven + probable of 280 Moz silver (1)

Solid production profile

Significant exploration potential

Experienced management team

Strong balance sheet

Our strategy is focused on extracting value from our portfolio of assets, improving operating margins and deploying proven expertise to pursue

profitable growth.

4 November 28, 2016

(1) Please refer to the appendix for more information on the Company’s reserves.

Our operations

5 November 28, 2016

0

5

10

15

20

25

30

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017

Million Silver Ounces Produced

Progress on cost reductions

6 November 28, 2016(1) Please refer to the Company’s news release dated November 14, 2016 for a detailed discussion of the revised 2016 outlook.

2016F(1)

Silver production: 25.0 - 25.7 MozCash costs: $6.25-$7.00 per oz

Positioned for strong silver revenue

8%

4%

11%

27%

50%

Copper Lead Zinc Gold Silver

7 November 28, 2016

9%3%

9%

29%

51%

Copper Lead Zinc Gold Silver

2015 Actual 2016 Estimate

Based on actual production and realized prices in 2015 (Ag $15.53; Au $1,162; Zn $1,889; Cu $5,314; Pb $1,745)

Based on actual sales through September 2016, and revised forecast production for the last quarter of 2016 with the following price deck (Ag $17.50; Au $1,250, Zn $2,300; Cu $4,700; Pb $2,000)

2016 achievementsFor the nine-month period ending September 30

8

38% decrease in cash costs(1)

from same period in 2015

33% decrease in AISCSOS(2)

from same period in 2015 (All-in Sustaining Costs Per Silver oz Sold)

$6.17/oz of silver(net of by-product credits)

19.11 M oz silver

$10.10 (net of by-product credits)

140,000oz gold

Cash flow from operations of $169 M Adjusted earnings of $60 M, or $0.40/share(3)

This slide refers to measures that are not generally accepted accounting principle (“non-GAAP”) financial measures. These measures do not have a standardized meaning prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies. Refer to “Alternative Performance (non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended Sept 30, 2016. These non-GAAP financial measures include:(1) Cash cost per payable ounce of silver, net of by-product credits (“cash costs”)(2) All-In Sustaining Costs per Silver Ounce Sold (“AISCSOS”) (3) Adjusted earnings (losses)

2016 capital investment

(in millions of USD)

Original Forecast(1)

(As at Jan 19, 2016)

RevisedForecast (2)

(As at Nov 14, 2016)

Sustaining capital total $65.0 - $75.0 $80.0 - $85.0

La Colorada project capital $64.0 - $66.5 $50.0 - $55.0

Dolores project capital $71.0 - $73.5 $55.0 - $60.0

Project capital total $135.0 - $140.0 $105.0 - $115.0

Consolidated total $200.0- $215.0 $185.0 - $200.0

9 November 28, 2016

The increase in 2016 sustaining capital is directed at additional exploration programs across the Company, additional mobile equipment replacements in Peru, and greater pre-stripping at Dolores.

(1) Annual guidance as provided in annual Management’s Discussion & Analysis for the year ended December 31, 2015.(2) Revised guidance as provided in Management’s Discussion & Analysis for the period ended September 30, 2016.

Financial strength

US$ Million

Cash and cash equivalents and short-term investments 245.3

Working capital (1) 434.2

Total debt (2) 47.0

Total available liquidity (3) 509.1

At Sept 30, 2016

(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. Refer to the Company’s management’s discussion and analysis for the period ended Sept 30, 2016.(2) Inclusive of $5.7 million in capital leases.(3) Includes cash and cash equivalents, short-term investments, and the undrawn portion of the Company’s secured line of credit.

10 November 28, 2016

Capital allocation priorities

$361

$491

$542

$423

$330

$227 $245

$0

$100

$200

$300

$400

$500

$600

2010 2011 2012 2013 2014 2015 YTD Q32016

Mill

ion

s U

S$

Cash & STI

Financial debt

Cumulative return to shareholders

$385 M in total cumulative cash returned to shareholders (dividends and share buy-backs) since 2010 in addition to investing $376 M in capital projects.

11 November 28, 2016

Pan American’s approach to capital management prioritizes investment in projects that generate a high-rate of return, maintaining a strong balance sheet and returning cash to shareholders. The Company’s last public equity offering was in 2009.

La Colorada reserves increase 300% since 2010

12 November 28, 2016

30.4 Moz Ag

38.3 Moz Ag

44.1 Moz Ag

64.8 Moz Ag

81.4 Moz Ag

86 Moz Ag91.2 Moz Ag

Organic growth – La Colorada expansion

13 November 28, 2016

* For La Colorada’s complete mineral reserve details, please see Appendix

At Dec 31, 2015 P&P 3.8 Mt*Ag 436 g/t (53.7 Moz)

Au 0.33 g/tPb 1.88%Zn 3.47%

At Dec 31, 2015 P&P 2.8 Mt*Ag 378 g/t (34.0 Moz)

Au 0.31 g/tPb 0.82%Zn 1.47%

At Dec 31, 2015 P&P 0.4 Mt*Ag 303 g/t (3.5 Moz)

Au 0.30 g/tPb 1.10%Zn 1.44%

La Colorada expansion (1)

14 November 28, 2016

Highlights

• 69% increase expected in average annual silver production to 7.7 Moz by 2018

• 137% and 185% increase expected in zinc and lead production, respectively, by 2018

Project Scope

• New 618-metre deep mine shaft – fully commissioned in Q3 2016

• Construction of sulphide processing plant –began operating in Q3 2016

• Underground development to open new production areas – advancing on schedule

• New 115kV power line

(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 available at www.SEDAR.com. 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.

Original investment of $163.8 M, including sustaining capital, generated an IRR of 22% at Ag $19/oz

Now expected to be 5-10% under budget

Organic growth – Dolores expansion

15 November 28, 2016

N

South extension underground resources at December 31, 2014:

Tonnes Ag g/t Au g/t

Measured 146,000 101 0.74

Indicated 2,907,000 56 1.59

Total 3,054,000 58 1.55

Dolores expansion (1)

16 November 28, 2016

Highlights

• During first 5 years, estimated increases in average annual production of:

• 40% increase in silver from 4.5 Moz to 6.3 Moz

• 52% increase in gold from 135.1 koz to 205.7 koz

• Reduce cash costs through operational efficiencies and higher gold production

Project Scope

• New 5,600 tpd pulp agglomeration plant -scheduled for start-up in mid 2017

• New underground mine - scheduled to reach 1,500 tpd by end of 2017

• New 115 kV power line energized in September 2016

(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 available at www.SEDAR.com.

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.

Estimated capital investment ~$132.4 M (incl. power line)

IRR 27% at Ag $19/oz & Au $1,200/oz

On budget

Production by mine 2016 Guidance

16%

5%

22%

18%

14%

11%

15%

17 November 28, 2016

23%

7%

15%

15%

10%

18%

12%

Silver Ounces Silver Equivalent Ounces

Based on the mid-point of production estimates for 2016 (Ag of 25.0 M - 25.7 M ounces, Au of 175,000 - 185,000 ounces, Zn of 48,000 tonnes - 53,000 tonnes, Pb of 18,800 tonnes 20,700 tonnes, and Cu of 14,800 tonnes - 15,200 tonnes) and the following price decks: Ag $17.50; Au $1,250, Zn $2,300; Cu $4,700; Pb $2,000.

Exploration and production growth• Solid performance on replacing production with new reserves

• Proven and probable reserve replacement of 101% (added 293 Moz of contained silver to mineral reserves) over last 12 years

• Reserve replacement cost of US$0.44/oz (1)

• La Colorada continues to deliver in both new reserves and extension to mine life

• High potential at Peru operations; near site and greenfield exploration

• Kootenay Silver Inc. option brings an advanced silver exploration project into the pipeline with excellent regional exploration potential

• Exploration budget for 2016 increased 38% in Q2 to US$14.5 M

• 100% owner of Navidad, largest undeveloped silver deposit in the world

18

(1) Over 2004-2015(2) Estimated using a price of $12.52/oz of silver

Silver Resources (2)

As of Dec. 31, 2015Contained Ag (Moz) Tonnes (Mt) Ag (g/t)

Measured (contained Moz) 67.8 15.4 137

Indicated (contained Moz) 564.5 139.8 126

Inferred (contained Moz) (2) 119.4 45.9 81

November 28, 2016

Strategic initiatives to surface valueMaverix (1)

• Pan American realized value for assets hidden within its portfolio through sale to MaverixMetals Inc. (royalties, precious metals streams)

• Retained 54% majority ownership (63% fully-diluted) in Maverix

• Provides additional leverage to gold and silver prices

• Opportune timing for Maverix to attract new growth prospects

• Maverix up 43% and has a market cap of about CAD $56 M since acquisition of Pan American assets closed (2)

Milpo Shalipayco Joint Venture

• Pan American sold 75% of shares in Compania Minera Shalipayco SAC to VotorantimMetais – Cajamarquilla SA for US$15M cash and 1% Net Smelter Return (sold to Maverix)

• Pan American receives free carry of its remaining 25% interest to commercial production in this large zinc development project located in Peru

19 November 28, 2016

(1) See press release dated July 11, 2016 available at www.panamericansilver.com/investors/news

(2) Based on Maverix (MMX) opening price on TSX-V on July 12, 2016 of CAD $0.70/share compared to closing price on Nov 21, 2016 of CAD $1.00/share.

20

• Kootenay Silver Inc. is a publicly traded silver exploration company, exploring and developing the Promontorio mineral belt in Sonora, Mexico

• Kootenay discovered two deposits: La Negra and Promontorio

• Pan American has entered into an option agreement to earn 75% interest in these MineraPromontorio mineral belt properties

• Pan American currently owns approximately 10% of Kootenay

Kootenay option agreement

October 31, 2016

Why invest in PAAS

21 November 28, 2016

1. Well positioned for growing free cash flow following completion of

expansions at La Colorada and Dolores

2. Driving down costs through operational efficiencies and increased

productivity (mechanization at Peruvian mines)

3. Pipeline of organic growth opportunities

4. Exploration potential – budget increased 38% in Q2 2016

5. Prudent financial management creates value throughout the commodity

price cycle

6. Support for silver prices through weak global economic fundamentals and

increasing use in industrial applications

Appendix

22

Company overview

• Listings: NASDAQ (PAAS) and TSX (PAA)

• Market cap: US$2.7 B (1)

• Shares outstanding: approx. 152.2 M

• Average daily volume: 2.9 M (1)

• Paid dividends since 2010 - Current yield 0.3% (2)

All data as of close Nov. 22, 2016(1) Based on Nasdaq exchange(2) Based on dividend declared Nov. 14, 2016, annualized(3) Source: IPREO

52%46%

2%

Ownership (3)

Reported Institutional Implied retail Insiders

23 November 28, 2016

Sustainability leadership

24 November 28, 2016

Recognized as a leader in sustainability in the mining industry

Plan

• Toolkits

• Program development

Engage

• Stakeholder Engagement

• Grievance Mechanisms

Environmental & Social Audits

Sustainability Reporting

Internal Capacity Building

Evaluate Performance Metrics

Implement

• Programs and projects covering sustainability pillars

Sustainability Report & Pillars

Education & Health

Sustainable Development

Programs

Local Procurement Development

Infrastructure & Urban Footprint

Water and Energy

Stewardship

Tailings Facility Safety

Emergency Response

PreparednessMine Closure

Policy

• CSR

• Environmental

• Health and Safety

• Governance

Sustainability awards & recognitions

Corporate

• Corporate Knights ranked Pan American Silver 36th on their Future 40 Responsible Corporate Leaders in Canada.

• The Peruvian-Canadian Chamber of Commerce awarded Pan American Silver the “Business of the Year 2015” award for our contributions to sustainable development through our UQLLU/Alpaca de los Andes weaving project.

Mexico

• All mines were awarded with the Socially Responsible Company (ESR) Award presented by the Centro Mexicano para la Filantropía (CEMEFI).

• All mines maintained the Clean Industry independent environmental certification by the Mexican Environment Protection Agency (PROFEPA).

25 November 28, 2016

Operations: Mexico

26 November 28, 2016

La Colorada Dolores Alamo Dorado

Ownership 100% 100% 100%

Mine type Underground Open pit / heap leach Open pit

ProductsSilver and gold dore, silver-rich zinc and lead concentrates

Silver and gold dore Silver and gold dore

Capacity 1,250 tonnes per day 16,200 tonnes per day 4,000 tonnes per day

2015 Ag production 5.13 Moz 4.25 Moz 2.97 Moz

2015 Ag grade 379 grams/tonne 44 grams/tonne 62 grams/tonne

2016 Ag productionforecast

5.75 – 5.80 Moz 3.75 – 3.90 Moz 1.65 – 1.80 Moz

(1) Estimated using a price of $17/oz of silver for La Colorada and Dolores. For Alamo Dorado, all remaining reserves are stockpiled material and estimated using a price of $15/oz of silver.

(2) See reserves table in the Appendix section for more information.

Silver Reserves (1) (2) La Colorada Dolores Alamo Dorado

Proven (contained Moz) 49.6 20.7 2.9

Probable (contained Moz) 41.6 32.4 0.0

Proven + probable (contained Moz) (2) 91.2 53.1 2.9

Operations: Peru

27 November 28, 2016

Huaron Morococha

Ownership 100% 92.3% (1)

Mine type Underground Underground

ProductsSilver-rich zinc, lead and copper concentrates

Silver-rich zinc, lead and copper concentrates

Capacity 2,300 tonnes per day 2,000 tonnes per day

2015 production 3.71 Moz 2.17 Moz

2015 Ag grade 157 grams/tonne 124 grams/tonne

2016 productionforecast

3.75 – 3.85 Moz 2.55 – 2.65 Moz

(1) Figures reflect Pan American’s 92.3% interest in Morococha(2) Estimated using a price of $17/oz of silver(3) See reserves table in the Appendix section for more information.

Silver Reserves (2) (3) Huaron Morococha

Proven (contained Moz) 33.6 13.0

Probable (contained Moz) 19.9 12.6

Proven + probable (contained Moz) (3) 53.5 25.6

Operations: Bolivia

28 November 28, 2016

San Vicente

Ownership 95% (1)

Mine type Underground

Products Silver-rich zinc concentrates

Capacity 950 tonnes per day

2015 production 4.12 Moz

2015 Ag grade 422 grams/tonne

2016 production forecast 4.45 – 4.50 Moz

(1) Figures reflect Pan American’s 95% interest in San Vicente(2) Estimated using a price of $17/oz of silver(3) See reserves table in the Appendix section for more information.

Silver Reserves (2) (3) San Vicente

Proven (contained Moz) 30.4

Probable (contained Moz) 6.9

Proven + probable (contained Moz)(3) 37.3

Operations: Argentina

29 November 28, 2016

Manantial Espejo

Ownership 100%

Mine type Open Pit / Underground

Products Silver and gold dore

Capacity 2,000 tonnes per day

2015 production 3.58 Moz

2015 Ag grade 158 grams/tonne

2016 production forecast 3.1 – 3.2 Moz

(1) Estimated using prices of $14.50/oz of silver and $1,100/oz of gold for planned 2016 production, then using $17/oz of silver and $1,180/oz of gold.(2) See reserves table in the Appendix section for more information.

Silver Reserves (1) (2) Manantial Espejo

Proven (contained Moz) 9.4

Probable (contained Moz) 2.4

Proven + probable (contained Moz) (2) 11.8

Silver market

In 2015:

• Total global supply declined from 1.06 B to 1.04 B ounces

• Mine production grew 2% to peak at 887 M ounces

• Supply from scrap and recycling declined by 13%

• Silver ETF’s holdings declined 3%

• Total global demand was 1.17 B ounces with growth in key demand components (jewelry, bullion and photovoltaics)

• Physical market deficit was ~130 M ounces. 2015 was third consecutive year that demand surpassed supply

• Mine supply expected to decline going forward due to cost-related cuts and reduced investment in exploration/development

30 November 28, 2016

Source: GFMS 2016 Silver Survey released on May 5, 2016Visit www.silverinstitute.org for the Silver Institute’s publications, including the World Silver Survey 2016

2016 Forecast

Consolidated Operational Highlights 9 Monthsended

Sept 30, 2016

ForecastFY 2016

(As at Jan 19, 2016)

Forecast (1)

FY 2016(As at Nov 14, 2016)

Silver production (Moz) 19.11 24 - 25 25.0 – 25.7

Gold production (koz) 140.0 175 - 185 175 – 185

Cash costs(2) (net of by-product credits) $6.17 $9.45 - $10.45 $6.25 - $7.00

All-in Sustaining Costs per Silver Ounce Sold(3) (net of by-product credits) (“AISCSOS”)

$10.10 $13.60 - $14.90 $10.75 - $11.50

31 November 28, 2016

• Total capital expenditures forecast of $185 M to $200 M (including project capital investment of $105 M to $115 M)

(1) Revised cash costs and AISCSOS forecasts assume by-product credit prices of $2,300/tonne ($1.04/lb) for zinc, $2,000/tonne ($0.91/lb.) for lead, $4,700/tonne ($2.13/lb.) for copper, and $1,250/oz. for gold.

This slide refers to measures that are not generally accepted accounting principle (“non-GAAP”) financial measures. These measures do not have a standardized meaning prescribed by IFRS as an indicator of performance, and

may differ from methods used by other companies. Refer to “Alternative Performance (non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended September 30, 2016. These non-

GAAP financial measures include: (2) Cash cost per payable ounce of silver, net of by-product credits (“cash costs”) and (3) All-In Sustaining Costs per Silver Ounce Sold (“AISCSOS”)

Nine months ended Sept 30, 2016 consolidated results

Mine Ag Production (1)

(Moz)Au Production (1)

(koz)$ Cash Costs (3) $ AISCSOS (4)

La Colorada 4.13 2.07 6.86 8.31

Dolores 2.94 73.94 0.40 9.89

Alamo Dorado 1.46 6.97 14.16 12.54

Huaron 2.88 0.61 6.19 10.66

Morococha (92.3%) (2) 1.96 1.70 3.83 7.69

San Vicente (95%) (2) 3.38 n/a 12.18 15.14

Manantial Espejo 2.36 54.68 0.87 (4.10)

Total 19.11 139.97 $6.17 $10.10

32 November 28, 2016

(1) Totals may not add up due to rounding.(2) Reflects Pan American’s ownership in the operation.(3) Average realized by-product metal prices for the nine months ended Sept 30, 2016 were: Au $1,260/oz, Zn $1,955/tonne, Pb $1,780tonne, Cu $4,725/tonne. Cash costs is a non-GAAP measure. Readers should refer to the

“Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended Seot 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation.

(4) All-In Sustaining Costs per Silver Ounce Sold (“AISCSOS”) is a non-GAAP measure that measures a silver mining company’s consolidated operating performance and the ability to generate cash flow from all operations collectively. We believe it is a more comprehensive measure of the cost of operating our consolidated business than traditional cash and total costs per ounce as 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 our consolidated earnings and cash flow. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended Sept 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation.

NOTE: For additional information relating to the Company’s financial and operating results, please refer to the Company’s most recent MD&A and unaudited consolidated financial statements for the period ended Sept 30, 2016.

2016 operating forecast

33

Mine Ag Production Moz Au Production koz $ Cash Costs (1)

La Colorada 5.75 – 5.80 2.7 – 2.9 6.00 – 5.50

Dolores 3.75 – 3.90 97.0 – 102.0 (1.00) – 0.00

Alamo Dorado 1.65 – 1.80 7.0 – 8.0 15.75 – 16.25

Huaron 3.75 – 3.85 0.7 – 0.8 5.75 – 7.00

Morococha (92.3%) (2) 2.55 – 2.65 3.0 – 3.2 4.00 – 5.00

San Vicente (95%) (2) 4.45 – 4.50 n/a 12.00 – 12.50

Manantial Espejo 3.10 – 3.20 64.6 – 68.1 4.00 – 5.00

Total 25.0 – 25.7 175.0 – 185.0 $6.25 – $7.00

(1) Cash costs per payable silver ounce, net of by-product credits. By-product metal prices assumptions used for 2016 cash costs calculation: Au $1,250/oz, Zn $2,300/tonne, Pb $2,000/tonne, Cu $4,700/tonne. Cash costs is a non-GAAP measure. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended Sept 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation. (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 “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended Sept 30, 2016, available at www.sedar.com for a more detailed description of this measure and its calculation.

• AISCSOS (3) expected to be between $10.75 and $11.50, net of by-product credits

November 28, 2016

Pan American Silver Proven and Probable Reserves at December 31, 2015 (1) (2)

Property Location Category Tonnes(Mt)

Ag g/t

Contained Ag (Moz)

Au g/t

Contained Au (000’s oz)

Cu%

Pb%

Zn%

Huaron Peru Proven 6.1 172 33.6 0.41 1.40 2.99Probable 3.7 167 19.9 0.27 1.58 3.17

Morococha (92.3%) (3) Peru Proven 2.3 176 13.0 0.78 1.18 3.57Probable 1.9 202 12.6 0.53 1.35 3.70

La Colorada Mexico Proven 3.3 474 49.6 0.35 36.2 1.69 3.15Probable 3.7 346 41.6 0.30 35.9 1.18 2.06

Dolores Mexico Proven 23.0 28 20.7 0.96 706.0Probable 29.2 34 32.4 0.92 864.0

Alamo Dorado Mexico Proven 1.6 55 2.9 0.23 12.2Probable 0.0 - -

La Bolsa Mexico Proven 9.5 10 3.1 0.67 203.0Probable 6.2 7 1.4 0.57 113.1

Manantial Espejo Argentina Proven 2.5 120 9.4 1.60 126.4Probable 0.3 262 2.4 3.90 35.6

San Vicente (95%) (3) Bolivia Proven 2.0 482 30.4 0.35 2.66Probable 0.4 511 6.9 0.48 2.24

Total (4) Proven + Probable

95.7 91 280.1 0.84 2132.4 0.45 1.30 2.97

34 November 28, 2016

(1) As of December 31, 2015. Prices used to estimate mineral reserves for 2015 were $17/oz of silver, $1,180/oz of gold, $1,800/tonne of lead, $1,800/tonne of zinc, and $5,000/tonne of copper, except atManantial Espejo where $14.50/oz of silver and $1,100/oz of gold was used for planned 2016 production, reverting to the previously stated metal prices thereafter, and Alamo Dorado stockpiles where metalprices of $15/oz of silver and $1,100/oz of gold were used due to their planned processing in the short term. Metal prices used for La Bolsa were $14/oz of silver and $825/oz of gold.

(2) Mineral reserve estimates were prepared under the supervision of, or were reviewed by Martin G. Wafforn, P. Eng., Sr. Vice President Technical Services and Process Optimization, who is the Qualified Personas that term is defined in National Instrument 43-101 (“NI 43-101). Please refer to the Company’s Annual Information Form date March 24, 2016, available at www.sedar.com for further information on theseproperties, including with respect to mineral reserves.

(3) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated.(4) Totals may not add up due to rounding.

35 November 28, 2016

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