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, and this list is current to the best of the Company's knowledge as at December 21, 2009.

George Topping
Thomas Weisel Partners

Matthew O’Keefe
Cormark Securities Inc.

Michael Parkin
Bank of America Merrill Lynch