GREAT NoRTHERN IRoN ORE PROPERTIES

TRUSTEES:

JOSEPH S. MICALLEF

PRESIOENT

CHEI F ExecVT•ve: 0FFICER RoGER W. STAEHLE ROBERT A. STEIN JAMES E. SWEARINGEN

0FFICE OF THE TRUSTEES

W-1290 FIRST NATIONAL BANK BUILDING

332 MINNESOTA STREET

SAlNT PAUL, MINNESOTA 55101-1361

(651) 224-2385

FAX (651) 224-2387

www.gniop.com
GNI
(CUSIP NO. 391064102)
FACSIMILE TRANSMISSION FACE SHEET:

THOMAS A. JANOCHOSKI

VICE PAESIOENT ANO SECRETARY

cH.eF FtNANCAI L 0FFI CER

ROGER P. JOHNSON

MAN AGER OF M tN E$

KENNETH A. BAEHR

MA.NAOEA OF ACOOUNTING

Date: December 13, 2013
Number of Pages (including this face sheet): l
Message:

DISTRIBUTION DECLARED

The Trustees of Great Northem Iron Ore Properties, at their meeting held on December 13, 2013, declared a fourth quarter 2013 distribution amounting to $2.65 per share payable on January 31, 2014, to certificate holders of record on December 31, 2013. Previously, the Trustees paid a quarterly distribution amounting to $2.25 per share on Aprii 30, 2013, to certificate holders of record on March
28, 2013, $2.50 per share on July 31,2013, to certificate holders ofrecord on June 28, 2013; and $2.60
per share on October 31, 2013, to certificate holders of record on September 30, 2013. The first, second, third and fourth quarter 2012 distributions amounted to $2.25, $3.00, $3.50 and $5.25 per share, respectively.
As previously communicated, the Trust in the year 2013 will not attain the historical record eamings and distributions of the last two years. However, it will likely rank within the top ten years of the Trust's
107 year history in terms of both eamings and distributions. Barring any unexpected producti on cutbacks from our lessees' mining plans in 2014, and subject to the economy's continued recovery and the impact of the producer price indices on our royalty rates, we anticipate eamings in 2014 to be comparable to those of2013 and possibly slightly better, making it another good year for the Trust.
GNI, St. Paul, Minnesota, owns minerai and nonmineral lands on the Mesabi Iron Range of Minnesota. Income is mainly derived from royalties on iron ore minerals (principally taconite) mined from these properties which are under lease to major steel producers. As previously reported, the Trust of Great Northem Iron Ore Properties will terminate on Aprii 6, 2015, pursuant to the terms of its originai 1906

Trust Agreement. The certificate ho1ders (shareholders) at the end of the Trust will receive a final


distribution after its wind-down and final accounting, which distribution will essentially represent the net monies remaining at that time. Upon Trust termination, the shares will be cancelled, all properties will be conveyed to the reversioner and, thereafter, the fina! distribution to the certificate holders will occur. More infmmation on the termination of the Trust is available on the Trust's Web site at www.gniop.com or within the Trust's Annua!Report, which is also available on the Trust's Web site or may be requested by calling the Trust office at the telephone number listed above.

/si Joseph S. Micalle[

Joseph S. Micallef, President and ChiefExecutive Officer

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