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Non-GAAP Measures

This website of Pan American Silver Corp. and its subsidiaries (collectively, “Pan American”, “Pan American Silver”, the “Company”, “we” or “our”) refers to various non-GAAP measures, such as cash costs per payable ounce of silver, net of by-product credits (“Cash Costs”), all-in sustaining cost per silver ounce sold (“AISCSOS”), total debt, adjusted earnings, adjusted earnings per share, total available liquidity, operating cash flow before changes in non-cash operating working capital, operating cash flow before changes in non-cash operating working capital per share and working capital. 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. Readers should refer to the “Alternative Performance (Non-GAAP) Measures” section of the Company’s Management’s Discussion and Analysis for the financial year ended December 31, 2017, available at www.sedar.com.