PAN AMERN SILVER CORP

Ticker: PAAS CUSIP: 697900108 Class: Common Stock

Adams Asset Advisors, LLC's Holding History (CIK: 0001386929)

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

Q4 2013

Shares 71,515 Value ($000) $837 Avg Close $10.66 Range $9.78 - $11.83

Q3 2013

Shares 60,400 Value ($000) $637 Avg Close $12.17 Range $10.50 - $14.24

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2013	71,515	$837	$10.66	$9.78 - $11.83
Q3 2013	60,400	$637	$12.17	$10.50 - $14.24