The Rising Influence of Rising Affluence

[Democritus_of_Abdera]

Re: CLF Proxy Put Status....

It was my understanding that the threat of a proxy put had been defused two weeks ago when CLF's Board of Directors approved Casablanca's nominees as "approved with respect to the Company's senior notes indenture"... see the DEFA14A filed 6/19/2014 ( http://www.sec.gov/Archives/edgar/data/764065/000076406514000099/a20140619-defa14axcliffsis.htm )

As previously announced, in connection with the pending proxy contest between Cliffs and Casablanca Capital, the Cliffs Board has been considering whether Casablanca’s nominees should be “approved” with respect to the Company’s senior notes indenture for the limited purpose of not triggering the change of control provision in the senior notes indenture. The Cliffs Board today took this limited, technical action after determining that this action was prudent to protect the interests of all of Cliffs’ shareholders by eliminating the possibility that the outcome of the upcoming Board election could result in triggering the change of control provision. In no way should today’s action be construed as Cliffs endorsing any of the Casablanca nominees in the proxy contest.