Bourse de Montréal : Final Contract Adjustment Pan American Silver Corp. (PAA) Symbol Change

Trading - Interest Rate Derivatives	Back-office - Options
Trading - Equity and Index Derivatives	Technology
Back-office - Futures	Regulation

CIRCULAR 015-17 January 31, 2017 FINAL CONTRACT ADJUSTMENT Pan American Silver Corp. (PAA) SYMBOL CHANGE THE FOLLOWING INFORMATION IS PREPARED FOR THE CONVENIENCE OF CANADIAN DERIVATIVES CLEARING CORPORATION (CDCC) MEMBERS ANDBOURSE DE MONTRÉAL INC. (THE BOURSE) APPROVED PARTICIPANTS. THIS DOCUMENT IS AN UNOFFICIAL SUMMARY OF CERTAIN TERMS OF THE AFOREMENTIONED ADJUSTMENT. CDCC AND THE BOURSE ACCEPT NO RESPONSIBILITY FOR THE ACCURACY OR COMPLETENESS OF THE SUMMARY. CDCC MEMBERS AND BOURSE APPROVED PARTICIPANTS MUST ENSURE THEY HAVE REVIEWED THE DOCUMENTATION PUBLISHED BY THE ISSUERS INVOLVED IN THIS CORPORATE ACTION.

The Bourse and CDCC wish to inform you that the trading symbol on the Toronto Stock Exchange for Pan American Silver Corp. will change from "PAA" to "PAAS". The company will start trading under the new symbol on the Toronto Stock Exchange at the opening of business on February 1, 2017.

CDCC - Adjustment Details:

Pursuant to Terms of Adjustment provided in Section A-902 of the Rules of CDCC, all Pan American Silver Corp. options will be adjusted as follows:

• EFFECTIVE DATE: February 1, 2017
• NEW OPTIONS SYMBOL: PAAS
• NUMBER OF CONTRACTS: Unchanged
• MULTIPLIER: Unchanged
• DELIVERABLE PER CONTRACT: 100 common shares of PAAS
• POSITION AND EXERCISE LIMITS: Position and exercise limits will remain unchanged at 250,000 contracts
• CUSIP: Unchanged

Tour de la Bourse

P.O. Box 61, 800 Victoria Square, Montréal, Quebec H4Z 1A9 Telephone: [phone]

Toll-free within Canada and the U.S.A.: 1 800 361-5353 Website: www.m-x.ca

Circular no.: 015-2017 Page 2

Bourse de Montréal Inc. - Adjustment Details:

It is important to note that on the effective date mentioned above, all open orders on this option class will not be automatically modifiedto reflect the change and will therefore have to be re-entered into the Montreal Automated System (SAM) by the approved participants.

The existing series of PAA options class will be transferred to the PAAS options class representing the new deliverable.

Pan American Silver Corp.
Actual Strike Prices	Actual Class Symbol	New class symbol
$ 16.00	PAA	PAAS
$ 17.00	PAA	PAAS
$ 18.00	PAA	PAAS
$ 19.00	PAA	PAAS
$ 20.00	PAA	PAAS
$ 21.00	PAA	PAAS
$ 22.00	PAA	PAAS
$ 23.00	PAA	PAAS
$ 24.00	PAA	PAAS
$ 25.00	PAA	PAAS
$ 26.00	PAA	PAAS
$ 27.00	PAA	PAAS
$ 28.00	PAA	PAAS
$ 29.00	PAA	PAAS

PLEASE ENSURE THAT ALL CLIENTS WHO HAVE EITHER LONG OR SHORT POSITIONS IN THIS OPTION CLASS ARE ADVISED OF THIS NOTICE.

For further information, please contact Market Operations Department at [phone]. Clearing members may contact the CDCC's Corporate Operations department.

Gladys Karam

Director, Equity Derivatives Financial Markets