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Investor Presentation - North American Palladium

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01/04/1993<br />

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<strong>Palladium</strong> Market<br />

PRICE PERFORMANCE<br />

20-Year Historic Price Performance (US$/oz)<br />

Average Annual Forecasts (US$/oz)<br />

$1,200<br />

$1,000<br />

$800<br />

$600<br />

$400<br />

$200<br />

$0<br />

Firm As Of 2013 2014 2015<br />

Intesa Sanpaolo SpA 05/06/13 $750 $800 $850<br />

LBBW 05/06/13 $740<br />

Prestige Economics LLC 04/29/13 $749 $850<br />

Barclays PLC 04/26/13 $748 $795 $900<br />

Commerzbank AG 04/24/13 $735 $920<br />

Citigroup Inc 04/23/13 $810 $950 $925<br />

Toronto-Dominion 04/19/13 $788 $905<br />

Cantor Fitzgerald LP 04/18/13 $775 $880 $900<br />

Standard Chartered Bank 04/15/13 $798 $950 $800<br />

China International Capital 04/15/13 $710 $800<br />

Societe Generale SA 04/11/13 $800 $900 $1,000<br />

Credit Suisse Group AG 04/03/13 $770 $880 $950<br />

RBC Capital Markets 03/04/13 $750 $850 $850<br />

CPM Group 01/14/13 $682 $753<br />

Deutsche Bank AG 01/08/13 $713 $800 $900<br />

AVERAGE $755 $860 $897<br />

Historic High: US$1,090 (2001)<br />

2012 Average Price: US$640<br />

Recent Price: US$768 (June 10, 2013)<br />

Sources: Thomson One, Bloomberg and available equity research.<br />

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