THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

3/1/2004


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Table of Contents

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THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Operations

Location

2003 Results

2003 Impairment Charge

2003 Operating Performance

2004 Operating Plan

PGM Production

2003 Results

Financial Performance

Financial Capacity

Capital Spending

Sales Contracts

Palladium and Platinum Prices Jan. 2000 to Mar. 2004

Existing Palladium Usage

European Car Emissions Regulations

China Domestic Light Vehicle Demand

Existing Palladium Usage

New Uses For Palladium

European Diesel Car Sales

Fuel Cells

2003 Palladium Usage

Palladium – Present and Future

Palladium Mine Supply & Demand

Stillwater Mining Company Investment Highlights

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Consolidated Costs

Existing Sales Contract

Author: John W. Pearson