On February 22, 2019, Pan American Silver completed the plan of arrangement to acquire all of the outstanding shares of Tahoe Resources Inc.

Under the plan of arrangement, shareholders of Tahoe Resources Inc. were entitled to receive, among other consideration, one contingent value right (“CVR”) for each common share of Tahoe held immediately prior to 12:01 a.m. (Pacific Time) on February 22, 2019 (the “Effective Time”).

At the Effective Time, Pan American estimates the fair market value of each CVR was CAD$0.28. This estimate of fair market value is not binding upon third parties, including tax authorities.

The CVRs will be exchanged for 0.0497 of a Pan American share upon first commercial shipment of concentrate following restart of operations at the Escobal mine in Guatemala. The Escobal mine has been on care and maintenance since July 2017.

The CVRs have a term of ten years. The CVRs may be transferred between parties pursuant to the transfer procedures set out in the Rights Indenture. The CVRs also trade on the over-the-counter market* (“OTC”) under the symbol of PAASF. Unlike stock exchanges, companies with securities quoted on the OTC do not list their own stock for trading; it is an alternative trading platform on which third-party broker-dealers initiate a quote and begin trading securities with other broker-dealers. Pan American Silver is not involved in, nor has not sought, this OTC listing of its CVRs, and it has not facilitated this trading. You should consult with your broker if you have questions about trading on the OTC.

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