River Road Asset Management’s Pan American Silver PAAS Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2016 Q2	–	Sell	-1,466,259	Closed	-$15.9M	–	159
2016 Q1	$15.9M	Sell	1,466,259 -360,793	-20%	-$3.09M	0.29%	94
2015 Q4	$11.9M	Sell	1,827,052 -51,651	-3%	-$372K	0.21%	104
2015 Q3	$11.9M	Sell	1,878,703 -17,830	-0.9%	-$122K	0.18%	106
2015 Q2	$16.3M	Sell	1,896,533 -134,476	-7%	-$1.27M	0.24%	94
2015 Q1	$17.8M	Sell	2,031,009 -292,826	-13%	-$3.01M	0.25%	92
2014 Q4	$21.4M	Sell	2,323,835 -88,494	-4%	-$882K	0.3%	84
2014 Q3	$26.5M	Buy	2,412,329 +177,918	+8%	+$2.5M	0.37%	74
2014 Q2	$34.3M	Sell	2,234,411 -83,871	-4%	-$1.11M	0.45%	67
2014 Q1	$29.8M	Sell	2,318,282 -875,392	-27%	-$11.7M	0.32%	81
2013 Q4	$37.4M	Buy	3,193,674 +842,277	+36%	+$8.98M	0.41%	72
2013 Q3	$24.8M	Sell	2,351,397 -928,797	-28%	-$11.3M	0.31%	95
2013 Q2	$38.2M	Buy	+3,280,194	New	+$41.8M	0.47%	72