INCORPORATED IN THE PROVINCE OF BRITISH COLUMBIA


 


	
  Number

   

  SPECIMEN

  	
  

  	
  PAN AMERICAN

  SILVER CORP.

  	
   

  Shares

  SPECIMEN

  



 


	
  THIS
  CERTIFIES THAT

  	
   

  	
  CUSIP
  697900 10 8

  
	
   

  	
   

  	
  ISIN
  CA 6979001089

  
	
   

  is
  the registered holder of

  	
  SPECIMEN

  	
  SEE REVERSE FOR CERTAIN
  DEFINITIONS

  



 


FULLY PAID AND NON-ASSESSABLE COMMON SHARES WITHOUT PAR VALUE IN THE
CAPITAL OF


 


PAN AMERICAN SILVER CORP.


 


transferable
on the books of the Corporation only upon surrender of this certificate
properly endorsed.


 


This
certificate is not valid unless countersigned by the Transfer Agent and
Registrar of the Corporation.


 


IN
WITNESS WHEREOF the Corporation has caused this certificate to be signed on its
behalf by the facsimile signatures of its duly authorized officers.


 


Dated:


 


	
   

  	
   

  	
   

  	
  COUNTERSIGNED AND
  REGISTERED

  	
   

  	
  COUNTERSIGNED AND
  REGISTERED

  
	
   

  	
   

  	
   

  	
  COMPUTERSHARE TRUST
  COMPANY, N.A.

  	
  OR

  	
  COMPUTERSHARE INVESTOR
  SERVICES INC.

  
	
   

  	
   

  	
   

  	
  (GOLDEN)

  	
   

  	
  (VANCOUVER) (TORONTO)

  
	
   

  	
   

  	
   

  	
  TRANSFER AGENT REGISTRAR

  	
   

  	
  TRANSFER AGENT AND
  REGISTRAR

  
	
  /s/ Ross
  Beaty

  	
  /s/ Geoff Burns

  	
   

  	
   

  	
   

  	
   

  
	
  Chairman of the Board

  	
  Director and
  President and

  Chief Executive Officer

  	
  By

  	
   

  	
  By

  	
  SPECIMEN

  
	
   

  	
   

  	
   

  	
  Authorized
  Officer

  	
   

  	
  Authorized
  Officer

  



 


The shares represented by this certificate are transferable at the
offices of Computershare investor Services Inc. in Vancouver BC and Toronto, ON
or at the offices of Computershare Trust Company, N.A. in Golden, CO.


 


	
   

  PRINTED BY DATA BUSINESS
  FORMS 

  	
   

  SECURITY INSTRUCTIONS ON
  REVERSE

  	
   

  	
   

  VOIR LES INSTRUCTIONS DE SECURITE AU VERSO

  	
  

  



 

















 


The
shares represented by this certificate have rights, privileges,
restrictions and conditions attached thereto and the Corporation will furnish
to a shareholder, on demand and without charge, a full copy of the text of: (a) the
rights, privileges, restrictions and conditions attached to each class
authorized to be issued and to each series in so far as the same have been
fixed by the directors; and (b) the authority of the directors to fix the
rights, privileges, restrictions and conditions of subsequent series.


 


The
following abbreviations shall be construed as though the words set forth below
opposite each abbreviation were written out in full where such
abbreviation appears:


 


	
  TEN
  COM  

  	
  -
  as tenants in common

  
	
  TEN
  ENT

  	
  -
  as tenants by the entireties

  
	
  JT
  TEN

  	
  -
  as joint tenants with rights of survivorship and not as tenants in common

  
	
  (Name)
  CUST (Name) UNIF 

  	
  -
  (Name) as Custodian for (Name) under the

  
	
  GIFT
  MIN ACT (State)

  	
    (State)
  Uniform Gifts to Minors Act

  



 


Additional
abbreviations may also be used though not in the above list.


 


* Please insert Social Insurance, Tax Identification,
or

other identifying number of transferee.


 


For
value received the undersigned hereby sells, assigns and transfers unto


 


Insert name and address of transferee


 


 


                                                                                                                                                                                                           shares


represented
by this certificate and does hereby irrevocably constitute and appoint


 


                                                                                                                                                                                                   the
attorney


of
the undersigned to transfer the said shares on the books of the Corporation
with full power of substitution in the premises.


 


 


	
  DATED

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Signature of Shareholder

  	
  Signature of Guarantor

  



 


Signature
Guarantee:


 


The
Signature on this assignment must correspond with the name as
written upon the face of the certificate(s), in every particular, without
alteration or enlargement, or any change whatsoever and must be guaranteed by a
major Canadian Schedule I chartered bank or a member of an acceptable Medallion
Signature Guarantee Program (STAMP, SEMP, MSP). The Guarantor must affix a
stamp bearing the actual words “Signature Guaranteed”.


 


In
the USA, signature guarantees must be done by members of a “Medallion Signature
Guarantee Program” only.


 


Signature
guarantees are not accepted from Treasury Branches, Credit Unions or Caisses
Populaires unless they are members of the Stamp Medallion Program.


 


Computershare’s
Privacy Notice:


 


In
the course of providing services to you and our corporate clients,
Computershare receives non-public personal information about you - your name,
address, social insurance number, securities holdings, transactions, etc. We
use this to administer your account, to better serve your and our clients’
needs and for other lawful purposes. We have prepared a Privacy Code to tell
you more about our information practices and how your privacy is protected. It
is available at our website, computershare.com, or by writing us at 100
University Avenue, Toronto, Ontario, M5J 2Y1. *You are required to provide your
SIN if you will receive income on these securities. We will use this number for
income reporting. Computershare may also ask for your SIN as an
identification-security measure if you call or write to request service on your
account; however you may decline this usage.


 


	
  SECURITY
  INSTRUCTIONS - INSTRUCTIONS DE SÉCURITÉ

   

  THIS
  IS WATERMARKED PAPER, DO NOT ACCEPT WITHOUT NOTING WATERMARK. HOLD TO LIGHT TO VERIFY WATERMARK.

   

  PAPIER FILIGRANÉ, NE PAS ACCEPTER SANS VÉRIFIER
  LA PRÉSENCE DU FILIGRANE. POUR CE FAIRE, PLACER Á LA LUMIÉRE .