North American Palladium Ltd. (TSX: PDL, NYSE MKT: PAL, FRA: NAPN)

(now known as Impala Canada Ltd.)

Ontario Superior Court of Justice, Court File No: CV-16-545118-00CP

The Plaintiff alleges that the Defendants published the MD&A and audited financial statements for annual 2014 with misrepresentations by omitting material facts about the probability of the Company breaching the financial covenants with regards to their July 7, 2013 Loan Agreement,  and the likelihood of  default and corresponding collapse of North American Palladium’s investment quality and share value. The Plaintiff further alleges that that the Defendants negligently or intentionally withdrew the going concern language from the Company’s quarterly financial statements commencing with the publication of its 2014 second quarter financials.

Claim or Motion for Authorization issued: March 14, 2016

Class Period: July 30, 2014 to and including April 14, 2015

Shareholders’ Canadian Counsel: Andrew Morganti and Eli Karp, Morganti & Co.

Shareholders’ Canadian Expert(s): Andrew Mintzer, Hemming Morse LLP and Soheil Talebi, Lipton LLP

Defendants’ Canadian Counsel: Alan D’Silva and Alexandra Urbanski, Stikeman Elliott LLP

Auditor’s Counsel: Dana Peebles and Carole Piovesan, McCarthy Tétrault LLP