2012 Analyst & Investor Day “SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 2 This presentation and accompanying oral remarks contain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements may be identified by the use of predictive, future-tense or forward-looking terminology, such as “believes,” “anticipates,” “expects,” “estimates,” “intends,” “may,” “will” or similar terms. These statements speak only as of the date of this presentation and we undertake no ongoing obligation, other than that imposed by law, to update these statements. These statements appear in a number of places in this presentation and relate to our intent, belief or current expectations of our directors or our officers with respect to: our future financial condition, results of operations or prospects; estimates of our economic iron ore and coal reserves; our business and growth strategies; and our financing plans and forecasts. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors, some of which are unknown, including, without limitation: • the ability to successfully integrate acquired companies into our operations; • uncertainty or weaknesses in global and/or market economic conditions, including any related impact on prices; • trends affecting our financial condition, results of operations or future prospects; • the ability to reach agreement with our iron ore customers regarding modifications to sales contract pricing escalation provisions to reflect a shorter-term or spot-base pricing mechanism; • the outcome of any contractual disputes with our customers or significant energy, material or service providers; • the outcome of any arbitration or litigation; • changes in sales volume or mix; • the impact of price-adjustment factors on our sales contracts; • the ability of our customers to meet their obligations to us on a timely basis or at all; • our actual economic ore reserves or reductions in current resource estimates; • the success of our business and growth strategies; • our ability to successfully identify and consummate any strategic investments; • our ability to achieve post-acquisition synergies; • events or circumstances that could impair or adversely impact the viability of a mine and the carrying value of associated assets; • the results of pre-feasibility and feasibility studies in relation to projects; • impacts of increasing governmental regulation including failure to receive or maintain required environmental permits, approvals, modifications or other authorization of, or from, any governmental or regulatory entity; • adverse changes in currency values, currency exchange rates and interest rates; • the success of our cost-savings efforts; • our ability to maintain adequate liquidity and successfully implement our financing plans; • our ability to maintain appropriate relations with unions and employees; • uncertainties associated with unanticipated geological conditions, natural disasters, weather conditions, supply and price of energy, equipment failures and other unexpected events; • risks related to international operations; • the potential existence of significant deficiencies or material weakness in our internal control over financial reporting; and • the risk factors referred to or described in the “Risk Factors” section of our documents filed with the Securities and Exchange Commission. Reference is made to the detailed explanation of the many factors and risks that may cause such predictive statements to turn out differently, set forth in the Company's Annual Report and Reports on Form 10-K, Form 10-Q and previous documents filed with the Securities and Exchange Commission, which are publicly available on Cliffs Natural Resources Inc.’s website. The information contained in this document speaks as of today and may be superseded by subsequent events. We caution you that the foregoing list of important factors is not exclusive. In addition, in light of these risks and uncertainties, the matters referred to in our forward-looking statements may not occur. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as may be required by law. We also strongly urge you to not rely on any single financial measure to evaluate our business. | 
