PAN AMERN SILVER CORP

Ticker: PAAS CUSIP: 697900108 Class: Common Stock

MONTRUSCO BOLTON INVESTMENTS INC.'s Holding History (CIK: 0001475940)

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

Q4 2016

Shares 36,136 Value ($000) $546 Avg Close $16.12 Range $13.80 - $18.37

Q3 2016

Shares 336,691 Value ($000) $5,918 Avg Close $18.70 Range $16.71 - $21.59

Q1 2016

Shares 12,640 Value ($000) $138 Avg Close $8.57 Range $5.38 - $11.30

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2016	36,136	$546	$16.12	$13.80 - $18.37
Q3 2016	336,691	$5,918	$18.70	$16.71 - $21.59
Q1 2016	12,640	$138	$8.57	$5.38 - $11.30