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.

Leon Esterhuizen

RBC Capital Markets

Matthew O'Keefe
Cormark Securities Inc.

Michael Parkin
Bank of America Merrill Lynch

Chris Thompson
Haywood Securities Inc.

George Topping
Stifel, Nicolaus & Company Inc.

Hendrik Visagie
Octagon Capital Corporation

Andrew Mikitchook

GMP Securities Ltd.

Daniel Greenspan

Macquarie Capital Markets Canada Ltd.