In a panic situation, when it is someone else other than my own, it is always best to stay calm at all times. If you freak out during panic, you will never be able to help the other person stay calm in their time of panic. It may not be an easy task to be calm, and helpful; but you need to try to the best of your ability.
A good example of handling someone elses panic would be September 11th. When the two towers were hit, a lot of the city of New York went into panic because they has never seen such a horrific sight in their whole life. But despite all the havic, the NY Fire and police departements handled it all like a normal drill. Of course it was a much larger task then ever, but over all there was panic, and people's lives at risk, but they stil pulled through to help with all they could do.
When i handle my own panic i try to stay calm, but it always never seems to work out that way. If it has to do with not finishing my homework, or forgeting the words to one of my performance songs, i always seem to panic. I have started to become a big worry wart, just like my little sister. But now over the past couple of months i have attempted to not freak out, and just think about how its all going to be ok no matter what comes ahead.
So i think i try to handle panic quite well.