GREAT NORTHERN IRON ORE PROPERTIES

TRUSTEES!

JOSEPH S. MICALLEF

PRESJOENT

c...EF ExlCUllVIt OFFIClR

ROOER W. 5TAEHLE ROBERT A. 5TEIN

JAME8 E. SWEARINOEN

Date: Scptember 12, 2014

OFFJCE OF THE TRUSTEES

W-1290 FIRST NATIONAL BANK BULLDJNG

332 M INNESOTA STREET

SAINT PAUL,MINNESOTA 55101-1361

(651) 224-2385

FAX (651 ) 224-2387

www.gniop.com
GNI

(CUSIP NO. 391 0641 02) FACSIMILE TRANSMISSION FACE SHEET:

THOMAS A. JANOCHOSKI

VICE PAE$10ENT ANO SECAETAAY

CHoEF FOHANCIAI. 0FACEA

ROGEA P. JOHNSON

MANA.QE:A Of MINO

KENNETH A. BAEHR

MANAGER OF AcCOUHno.o

Nu mber ofPages (includ ing this face sheet):
Message:

DISTRIBUTION DECLARED

The Trustees ofGreat Northem Iron Ore Properties, at their meeting he1d on September 12, 2014, dec1ared a third quarter 2014 distnbution amounting to $2.60 per share payab1e on October 31. 2014, to certificate holders of record on September 30. 2014. Previously, the Trustecs paid a quartcrly distribution amounting to $2.25 per share on Aprii 30, 2014. to certificate holders of record on March 31, 2014, and $2.50 per share on July 3 l. 2014. to certificate ho1ders of record on June 30. 2014. The first. second, thtrd and fourth quarter 2013 dtstributJons amounted to $2.25. $2.50. $2.60 and $2.65 per share, respecttvely.

Following payment of lhis quarterly distribution, there will be two (2) more regular quarterly dtslnbuttons declared (one in 2014 and one in 2015) before the terminalton date ofthe Trust on Apri16, 2015. Whi1e there vtll be some t ncome allocaled to the second quarter of 2015 (represcnltng stx days of busmess through Aprii 6. 20 15). tt is expccted that this amount will be nominai and will likely be includcd with the fina! distribution to certtficate holders. Thc rìna l distribution to certificate holders of record as of Apri i 6, 2015 wili be made subsequent to the lermination date and upon completion ofthe wind-down process dcscribcd bclow.

Bamng any uncxpected production cutbacks from our lessees' mining plans in l ate-2014. and subject to thc economy's continued recovery, we anticipate earnings in 2014 to be comparablc to those of 2013 and possibl) bettcr, makmg i t another good year for the Tmst.
GNI, St. Paul, Minnesota. OVTIS minerai and nonminerallands on the Mesabi Iron Range ofMinnesota. Income ts mainly derived from royalties on iron ore minerals (principally taconite) mined from these properties whtch are undcr lease to maJOr steel producers. As previously repot1ed, lhe Trust of Great Nortbem Iron Ore Properties wili termmate on Apnl 6. 2015, pursuant to the tenns of its onginal 1906 Trust Agreement. The certificate holders (shareholders) at the end of the Trust will receive a fina! distnbutton aftcr its wind-do'vn and fmal accountmg. whtch dtstnbutton wtll essenttally represent the net momes remammg at that lime. Upon Trust terminatton, the shares wtll be cancelled, ali properties will be conveyed to the revcrsioncr and, thereafter, the fina! distnbution to the certtficale ho1ders will occur. More information on the termmalton of the Trust is available on the Trust's Web site al www.gmop.com or within the Trust's Annua! Report, whtch ts also avatlab1e on the Trusfs Web sttc or may be requested by calling tbe Tmst office at the telephone number listed above.

!si Joseph S. Mica/le{

Joseph S. Micallef, Prcsidcnt and ChiefExecutive Officer

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