Q4 FY 2016 Unaudited ResultsFebruary 15, 2016 – 1:00 pm ET / 10:00 am PT

Participants

MichaelSteinmannPresident&CEO

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SteveBusbyCOO

RobDoyleCFO

ChrisEmersonVPGeology&BusinessDev.

February15,2017

MartinWaffornSeniorVicePresident,

TechnicalServices&Process

Optimization

Cautionary NoteNon-GAAP MeasuresThis presentation refers to various measures that are not generally accepted accounting pinciples (“non-GAAP”), such as cash costs per payable ounce of silver, all-in sustaining cost per silver ounce sold (“AISCSOS”) and adjusted (loss) earnings. Readers should refer to the “Alternative Performance (non-GAAP) Measures” section in Pan American Silver Corp.’s press release dated Feb 14, 2017 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 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 orinformation. 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 cashcosts per payable ounce of silver and AISCSOS in 2016; the ability of the Company to successfully complete any capital investment programs and projects, the schedule for any such completion, andthe impacts of any such programs and projects on the Company; and any anticipated level of financial and operational success in 2016.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 considered reasonable bythe Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: tonnage of ore to be mined andprocessed; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamationestimates; 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 necessary permits, licenses and regulatory approvals for our operations arereceived 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 anddevelopments 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 andestimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal 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, Argentine Peso and Bolivian Boliviano versusthe U.S. Dollar); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual orunexpected 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 withwhom 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 communitiesand 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 thejurisdictions where we operate, including environmental, export and import laws and regulations; diminishing quantities or grades of mineral reserves as properties are mined; increasedcompetition 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 recentform 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities. Although the Company hasattempted 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 or information. Forward-looking statements and information are designed to help readers understand management’scurrent 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 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 Process Optimization, whois the 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’sAnnual Information Form dated March 24, 2016, filed at www.sedar.com.

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Cautionary Note About Mineral Reserves and Resources

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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 otherwiseindicated, all mineral reserve and resource estimates included in this presentation have been prepared in accordance with Canadian National Instrument 43-101 – Standards ofDisclosure 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 CanadianSecurities 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 concerningmineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. Inparticular, and without limiting the generality of the foregoing, this presentation uses the terms ‘‘measured resources’’, ‘‘indicated resources’’ and ‘‘inferred resources’’. U.S. investorsare 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 extractedat 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 legalfeasibility. 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 Canadiansecurities 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 resourceis permitted disclosure under Canadian securities laws. However, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards asin place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information madepublic by companies that report in accordance with U.S. standards.

February 14, 2017

Q42016FinancialResults

ConsolidatedFinancialHighlights Q42016 Q42015

Netearnings(loss) ($millions) 22.3 (137.0)

Net earnings(loss)pershare 0.14 (0.88)

Adjustedearnings(loss) (1) ($millions) 19.0 (12.7)

Adjustedearnings(loss)per share 0.12 (0.08)

AISCSOS($/ounce) (1) 10.38 14.76

Operatingcashflow beforechangesinnon-cashoperatingworkingcapital($millions)

43.4 17.3

Operating cashflowbeforechangesinnon-cashoperatingworkingcapitalpershare

0.28 0.11

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(1) Adjusted earnings (loss), adjusted earnings (loss) per share, and AISCSOS are non-GAAP measures. Readers should refer to the “Alternative Performance (non-GAAP) Measures” section of the press release dated Feb 14, 2017 for a more detailed discussion of this and other non-GAAP measures and their calculation.

February15,2017

Q4 2016 Consolidated Cash Flows

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2016 Consolidated Cash Flows

▪ 2016 operating cash flow before changes in working capital was sufficient to fund sustaining capital, income taxpayments, and dividends, while generating $122M in excess cash, $3M than the $119M used for project capital.

▪ The robust sustaining cash flows in 2016, plus $16M of cash generated on the sale of Shalipayco, resulted in year-over-year treasury balances only decreasing $9M (4%), after funding $119M of expansion project costs, $23M ofshort-term debt settlement and $5 million used to exercise MMX warrants.

Financial strength

USD Millions

Cash and cash equivalents and short-term investments 217.6

Working capital (1) 428.6

Total debt (2) 43.3

Total available liquidity (3) 481.4

At Dec. 31, 2016

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(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 $7.1 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.

La Colorada expansion (1)

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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

• New sulphide processing plant – began operating Q3 2016

• Underground development to open new production areas – advancing on schedule for completion in 2017

• New 115kV power line - targeted for completion in 2017

(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 Dec. 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% under budget

La Colorada Expansion Project Close-Out

• Apart from some additional work to complete the new 115 kV powerline and some underground development in the Estrella vein, the project is complete.

• Both of these remaining scopes of work have been budgeted in 2017 ($4.2 million total). Mine operations will complete the underground development, and a 2-person team from the project group is in charge of overseeing the completion of the 115 kV powerline installation.

• The overall project, with the cost of the above remaining work included, is expected to be completed at 95% of CAR budget.

• The plant and shaft inauguration was successfully hosted on January 26, 2017 at the La Colorada site.

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Dolores expansion (1)

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Highlights

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

• Silver up 40%

• Gold up 52%

• 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

DoloresAgglomerationPlantConstruction

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AgglomeratorDrum RodMill

FilterBuilding

Improving operating margins

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By-product metal prices assumptions used for forecast Cash Costs calculation: Au $1,200/oz, Zn $2,500/tonne, Pb $2,100/tonne, Cu $5,400/tonne. Exchange rates relative to US$ assumed: Mexican peso 20:1, Peruvian sol 3.3:1, Argentine peso 17.05:1, Bolivian boliviano 7:1. Cash Costs is a non-GAAP measure. Refer to “Alternative Performance (non-GAAP) Measures” section of the press release dated Jan 12, 2017 for more information.

Q4 and FY 2016 Operating Results

Consolidated Q4 2016 FY 2016

Silver production (million ounces) 6.3 25.4

Gold production (thousand ounces) 43.9 183.9

Zinc production (thousand tonnes) 13.2 51.9

Lead production (thousand tonnes) 5.5 20.2

Copper production (thousand tonnes) 3.1 14.4

Cash Costs(1) ($/ounce) 6.66 6.29

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(1) Preliminary Cash Costs per payable ounce of silver, net of by-product credits. Average by-product metal prices for Q4 2016 were: Au $1,222/oz, Zn $2,517/tonne, Pb $2,149/tonne, and Cu $5,277/tonne. Average by-product metal prices for 2016 were: Au $1,251/oz, Zn $2,095/tonne, Pb$1,872/tonne, and Cu $4,860/tonne. Cash Costs is a non-GAAP measure and readers should refer to the “Alternative Performance (non-GAAP) Measures" section of Pan American’s press release dated Feb 14, 2017 for more information.

Q4 2016 – Operating Results by Mine

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Mine Ag Production(Moz)

Au Production(koz)

$ Cash Costs (1)

La Colorada 1.67 0.86 4.38

Dolores 0.90 28.83 (5.93)

Alamo Dorado 0.40 1.41 22.80

Huaron 0.94 0.20 4.54

Morococha (2) 0.58 0.43 5.52

San Vicente (2) 1.05 N/A 11.22

Manantial Espejo 0.78 12.21 14.61

TOTAL (3) 6.31 43.94 6.66

(1) Cash costs per ounce of silver, net of by-product credits. Cash cost 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 “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion & Analysis for the period ended Dec. 31, 2016, for a more detailed description of this measure and its calculation.

(2) Represents the Company’s partial ownership interest.(3) Totals may not add up due to rounding.

February 14, 2017

Three-year outlookConsolidated 2017 Guidance 2018 Outlook 2019 Outlook

Silver production (million ounces) 24.5 – 26.0 26.0 - 28.0 26.5 – 29.5

Gold production (thousand ounces) 155 - 165 170 - 185 175 - 200

Zinc production (thousand tonnes) 56.5 - 58.5 59.0 - 63.0 55.0 - 65.0

Lead production (thousand tonnes) 19.0 - 20.0 23.0 - 26.0 23.0 - 27.0

Copper production (thousand tonnes) 8.75 - 9.25 6.00 - 8.00 4.00 - 4.20

Cash Costs(1)($/ounce) 6.45 - 7.45 5.60 - 7.10 5.20 – 6.80

Sustaining capital ($ millions) 82 - 88 75 - 85 75 - 90

Project Capital ($ millions) (2) 58 - 62 - -

AISCSOS(1) ($/ounce) 11.50 - 12.90 10.00 - 12.20 9.30 - 11.60

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(1) Cash Costs and AISCSOS are non-GAAP measures. Please refer to the “Alternative Performance (non-GAAP) Measures" section of Pan American’s Management’s Discussion and Analysis for the period ended Dec. 31, 2016 for more information.

(2) Project Capital relates to the current mine expansions at La Colorada and Dolores; 2017 is expected to be the final year of project capital related to these expansions.

Pan American Silver Proven and Probable Reserves at December 31, 2016 (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 5.7 169 30.8 N/A 0.37 1.46 3.02

Probable 3.8 167 20.6 N/A 0.38 1.62 3.10

Morococha (92.3%) (3) Peru Proven 2.6 173 14.6 N/A 0.58 1.18 3.78

Probable 2.2 181 12.8 N/A 0.44 1.64 4.21

La Colorada Mexico Proven 3.7 432 51.3 0.33 39.1 1.72 3.08

Probable 4.0 362 46.8 0.32 41.2 1.24 2.06

Dolores Mexico Proven 41.6 27 36.1 0.77 1,034.9

Probable 22.5 25 17.9 0.65 472.4

La Bolsa Mexico Proven 9.5 10 3.1 0.67 203.0

Probable 6.2 7 1.4 0.57 113.1

Manantial Espejo Argentina Proven 2.2 111 8.0 1.17 84.4

Probable 0.5 244 3.8 3.32 52.2

San Vicente (95%) (3) Bolivia Proven 2.0 464 29.4 N/A 0.46 0.39 3.00

Probable 0.5 531 9.2 N/A 0.56 0.45 2.52

Total (4) Proven + Probable

107.0 83 285.8 0.70 2,040.3 0.43 1.36 3.06

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(1) Prices used to estimate mineral reserves for 2016 were $18.50 per ounce of silver, $1,300 per ounce of gold, $2,200 per tonne of zinc, $2,000 per tonne of lead, and $5,000 per tonne of copper, except at Manantial Espejo where $17.00 per ounce of silver and $1,200 per ounce of gold were used for planned 2017 production, reverting to $18.50 per ounce of silver and $1,300 per ounce of gold thereafter. Metal prices used for La Bolsa were $14.00 per ounce of silver and $825 per ounce of gold.

(2) Mineral reserve estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in National Instrument 43-101 (“NI 43-101).

(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.

Q&A

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February 14, 2017