X0306 4 2014-02-10 1 0000764065 CLIFFS NATURAL RESOURCES INC. CLF 0001511721 Michaud James R 200 PUBLIC SQUARE SUITE 3300 CLEVELAND OH 44114-2315 1 EVP, HR & Chief HR Officer Common Shares 2014-02-10 4 A 0 7110.0000 23.6700 A 16395.0000 D Common Shares 2014-02-10 4 F 0 397.0000 20.5800 D 15998.0000 D Common Shares 1068.4160 I VNQDC Reflects the number of restricted share units granted to the Reporting Person on February 10, 2014 for the Performance Period 2014-2016 from the Issuer's 2012 Incentive Equity Plan. The price reported in column four reflects a 60-day trailing average price ending on date of grant. Reflects the surrender of restricted share units from the 2011-2013 performance period in payment of the related tax liability incurred by the Reporting Person as a result of the award. Held for the benefit of the Reporting Person by the Issuer's 2005 Voluntary Non-Qualified Deferred Compensation Plan ("VNQDC"). /s/ Carolyn Cheverine by Power of Attorney 2014-02-12