PAN AMERN SILVER CORP

Ticker: PAAS CUSIP: 697900108 Class: Common Stock

STEELHEAD PARTNERS LLC's Holding History (CIK: 0001133521)

Note: Option positions (PUT/CALL) are excluded.

Q4 2015

Shares 55,000 Value ($000) $358 Avg Close $7.20 Range $6.10 - $8.80

Q3 2014

Shares 18,125 Value ($000) $199 Avg Close $14.07 Range $10.86 - $15.97

Q2 2014

Shares 18,125 Value ($000) $278 Avg Close $13.25 Range $12.02 - $15.50

Q1 2014

Shares 18,125 Value ($000) $233 Avg Close $13.39 Range $11.45 - $15.63

Q4 2013

Shares 18,125 Value ($000) $212 Avg Close $10.66 Range $9.78 - $11.83

Q3 2013

Shares 10,750 Value ($000) $113 Avg Close $12.17 Range $10.50 - $14.24

Q2 2013

Shares 10,750 Value ($000) $125 Avg Close $12.75 Range $10.23 - $16.36

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2015	55,000	$358	$7.20	$6.10 - $8.80
Q3 2014	18,125	$199	$14.07	$10.86 - $15.97
Q2 2014	18,125	$278	$13.25	$12.02 - $15.50
Q1 2014	18,125	$233	$13.39	$11.45 - $15.63
Q4 2013	18,125	$212	$10.66	$9.78 - $11.83
Q3 2013	10,750	$113	$12.17	$10.50 - $14.24
Q2 2013	10,750	$125	$12.75	$10.23 - $16.36