The investment firms and equity analysts listed below provide research reports on North American Palladium Ltd. (“NAP”).

Opinions, estimates, forecasts or other analyses, including prior or future NAP performance from any source is the opinion of the writer, is theirs alone and does not represent the opinions, estimates or forecasts of NAP or its management. NAP does not, by any reference below, imply any endorsement of, or concurrence with, such information, conclusions or recommendations.

NAP does not distribute research reports.

Cormark Securities Inc.
Rajiv Chail

Credit Suisse
Nathan Littlewood

GMP Securities Ltd.
Andrew Mikitchook

Haywood Securities Inc.
Chris Thompson

Macquarie Capital Markets Canada Ltd.
Daniel Greenspan

Merrill Lynch
Michael Parkin

Octagon Capital Corporation
Annie Zhang

Raymond James
Alex Terentiew

RBC Capital Markets
Sam Crittenden

Scotia Capital Inc.
Leily Omoumi

Stifel, Nicolaus & Company Inc.
George Topping