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.

1. CIBC
   Leon Esterhuizen
2. Cormark Securities Inc.
   Edward Otto
3. Credit Suisse
   Nathan Littlewood
4. Euro Pacific Capital Inc.
   Heiko Ihle
5. GMP Securities Ltd.
   Andrew Mikitchook
6. Haywood Securities Inc.
   Ben Asuncion
7. Macquarie Capital Markets Canada Ltd.
   Daniel Greenspan
8. Merrill Lynch
   Michael Parkin
9. Octagon Capital Corporation
   Annie Zhang
10. Raymond James
    Alex Terentiew
11. RBC Capital Markets
    Sam Crittenden
12. Scotia Capital Inc.
    Leily Omoumi
13. Stifel, Nicolaus & Company Inc.
    George Topping