Market Overview

North American Palladium Adopts Shareholder Rights Plan

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North American Palladium Ltd. (NYSE: PAL) today announced that its board of directors has approved the adoption of a shareholder rights plan, which takes effect today. The Rights Plan is similar to plans adopted by other Canadian companies, and has been adopted to ensure the fair treatment of shareholders in the event of any take-over bid for NAP's common shares.

The Rights Plan has conditionally been approved by the Toronto Stock Exchange and is subject to approval by NAP's shareholders at the 2011 annual and special meeting, currently scheduled to be held on May 11, 2011.

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