Disclaimer 1 Thispresentation with respecttoCliffsNaturalResources, Inc. ("Cliffs"or the "Company") isfor generalinformationalpur poses only. Itdoesnothave regard tothe specific investmentobjective, financialsituation, suitability or particular need of any specific person who may receive thisp resentation, and should notbe taken asadvice on the meritsof any investmentdecision. The viewsexpressed herein representthe opinionsof Casablanca CapitalLP ( "Ca sablanca"), and are based on publicly available information and Casablanca analyses. Certain financialinformation and data used herein have been derived or obtained from filingsmade with the SECby the Company or other companiesconsidered comparable,andfrom other third party reports. Casablanca hasnotsough t o r obtained consentfrom any third party touse any statementsor information indicated herein. Any such statementsor information should notbe viewed asin dicating the supportof such third party for the viewsexpressed herein. No representation or warranty ismade thatdata or information, whether derived or obta ine d from filingsmade with the SECor from any third party, are accurate.There isno assurance or guarantee with respectto the pricesatwhich any securitiesof the Company willtrade, andsuchsec uritiesmay nottrade atpricesthatmay be impliedherein. The estimates, projections, proforma information and potentialimpactof Casablanca'saction plan setfor th herein are based on assumptionsthatCasablanca believesto be reasonable, butthere can be no assurance or guarantee thatactualresultsor performance of the Co mpa ny willnotdiffer, and such differencesmay be material. Thispresentation doesnotrecommend the purchase or sale of any security. Casablanca reservesthe rightto change any of itsopinionsexpressed hereinatany time asitdeemsappropriate.Casablanca disclaimsany obligation to update the information contained he rein. Under no circumstancesisthispresentation to be used or considered asan offer to sellor a solicitation of an offer to buy an y security. Private investmentfundsadvised by Casablanca currently hold sharesof the Company'scommon stock. Casablanca managesinvestmentfundsthatare in th e b usiness of trading
buying and selling
public securities. Itispossible thatthere willbe developmentsin the future thatcause Casablanca and/or one or more of the investmentfundsitmanages, from time totime (inopenmarketor privately negotiatedtransactionsor otherwise), tosellallor a portionof their shares(including via shortsales), buy additionalsharesor trade in options, puts, callsor other derivative instrumentsrelating to such shares.Casablanca and su ch investmentfundsalso reserve the rightto take any actionswith respectto their investmentsin the Company asthey may deem appropriate. CASABLANCA CAPITAL LP, DONALD G.DRAPKIN AND
DOUGLASTAYLOR(COLLECTIVELY, ―CASABLANCA") INTEND TO FILE WITH THE SECURITIESA ND EXCHANGE COMMISSION (THE ―SEC‖) A DEFINIT
IVE PROXY STATEMENT AND ACCOMPANYING FORMOFPROXY CARD TO BE USED IN CONNECTION WITH THE SOL ICI TATION OFPROXIESFROMSTOCKHOLDERSOFCLIFFSNATURAL RESOURCESINC. (THE "COMPANY") IN CONNECTION WITH THE COMPANY'S2014 ANNUAL MEETI NG OFSTOCKHOLDERS. ALL STOCKHOLDERSOF THE COMPANY ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHERDOCUMENTS RELATED TO THE SOLICITATION OFPROXIES BY CASABLANCA, ROBERT P. FISHER, JR., CELSO LOURENCO GONCALVES, PATRICE E.MERRIN, JOSEPH RUTKOWSKI A ND GABRIEL STOLIAR(COLLECTIVELY, THE "PARTICIPANTS"), WHEN THEY BECOME AVAILABLE,BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING AD DIT IONAL INFORMATION RELATED TO THE PARTICIPANTS.WHEN COMPLETED, THE DEFINITIVE PROXY STATEMENT AND AN ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME ORALL OFTHE COMPANY'SSTOCKHOLDERSAND ARE, ALONG WITH OTHERRELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE ON THE SEC'SWEBSITE AT HTTP ://WWW.SEC.GOV.IN ADDITION, OKAPI PARTNERSLLC, CASABLANCA'SPROXY SOLICITOR, WILL PROVIDE COPIESOFTHE DEFINITIVE PROXY STATEMENT AND ACCO MPA NYING PROXY CARD WITHOUT CHARGE UPON REQUEST BY CALLING (212) 297 - 0720ORTOLL - FREE AT (877) 274- 8654. INFORMATION ABOUT THE PARTICIPANTSAND A DESCRIPTION OFTHEIRDIRECT ORINDIRECT INTERESTSBY SECURITY HOLDINGSARE CONTAINED IN THE PRELIMINARY PROXY STATEMENT ON SCHEDULE 14A FILED BY CASABLANCA WITH THE SECON MARCH 6, 2014. THISDOCUMENT CAN BE OBTAINED FREE OFCHARGE FROMTHE SOURCESINDICATED ABOVE.