As at December 31, 2009:

• 200.0 million common shares without par value authorized to be issued.
• 105.12 million common shares outstanding

• Retail 54.89%
• Insiders 4.76%
• Institutions 40.35%

Please contact your investment advisor/broker to purchase shares on the open market.

• The Toronto Stock Exchange (TSX) – symbol: PAA
• The NASDAQ Stock Market – symbol: PAAS

Pan American Silver Corp.'s shares form part of the S&P/TSX Composite Index, S&P/TSX Small Cap Index, and S&P/TSX Capped Materials Index. We are also the only silver mining company to trade on the prestigious Philadelphia Gold and Silver Index, known as the XAU.

Pan American Silver Corp. paid its first dividend to holders of common shares as of the close of business of Friday, February 26, 2010.  The amount of the dividend paid was US$ 0.025 per common share. Specific dates and amounts of future dividends will be determined by the Board of Directors on an ongoing basis. .

Please refer to the “Analyst” section.

Pan American Silver Corp., like many other precious metals producers, uses methods established by The Gold Institute (Production Cost Standards, Nov. 1999) to calculate costs per ounce of silver produced at mine operations. All of Pan American Silver Corp.'s operations are "primary" silver mines -- meaning that the majority of their value (revenue) comes from silver. The "cash cost per ounce" of silver for each mine is based on the ounces of silver for which we are paid, which excludes the ounces lost in smelting and refining.

The word "leverage" is used in the metals industry as a measure of a company's exposure to a metal. For instance, Pan American Silver Corp.'s Quiruvilca mine in Peru is a co-product silver producer; meaning that most of the economic value from the mine comes from two metals, silver and zinc. Because of silver's geologic mode of occurrence, there are very few, if any, pure silver mines, ones from which no economic value is gained from the production of other metals. With Pan American Silver Corp.'s development of the La Colorada and Huaron mines, our leverage to silver will be one of the highest in the industry at approximately 65 percent.

In general, reserves for open pit operations are defined completely for the life of the mine prior to initiating development or production. There are two reasons for this: 1) ultimate pit boundaries must be defined for economic and development plans, and 2) it is generally easier to fully define an open pit (lower grade, disseminated) deposit since most are near surface. In contrast, underground operations generally exploit high grade, vein deposits. The cost of drilling or underground tunneling to completely define an underground deposit is generally cost-prohibitive. Instead, a reserve figure sufficient for 5 or 10 years of production is usually considered adequate for initiation of production and further exploration is performed and reserve calculations are made as the underground mining advances. A prime example of this process is the Quiruvilca mine in Peru, where mining has taken place continuously since 1926, but mining reserves at any time have generally not exceeded 5 years of future production.

Please contact our Transfer Agent and Registrar:

Computershare Trust Company of Canada
400-510 Burrard Street
Vancouver, British Columbia
Canada V6C 3B9
Toll: 1-800-564-6253

Pan American Silver produces base metals concentrates and silver Dore. Concentrates are sold in the international market to smelters and traders. Silver Dore is sent to refineries for further processing, after which refined silver and gold is sold in the wholesale markets to banks and traders. Pan American Silver does not have the infrastructure or the logistical capacity to produce retail products such as silver coins and bars for retail sale.

Investors looking for Pan American Silver coins and bars can purchase them from the Northwest Territorial Mint. Please visit the Company’s home page at www.panamericansilver.com for a link to the Northwest Territorial Mint’s order form.

NOTE: Please note that Pan American Silver does not have any economic or ownership interest in the Northwest Territorial Mint.