Great Northern Iron Ore Properties : February, 2017 – Trust Letter dated February 22, 2017, Notice of Filing of Order dated February 22, 2017, and Order dated February 21, 2017, regarding the Trustees’ Report and approval of the Trustees’ final accounting for the post-June 30, 2016 period, as well as providing instructions related to the timing and manner of the final beneficiary distributions, dissolution of the Trust and discharge of the Trustees

GREAT NORTHER N IRON ORE PROPERTIES

TRUSTEES:

JOSEPH S. MICALLEF

PRESIDENT

CHIEFEXECUTIVE OFFICERROGER W.STAEHLE ROBERT A.STEIN JAMES E.SWEARINGEN

OFFICE OF THE TRUSTEES

W-1290 FIRST NATIONAL BANK BUILDING

332 MINNESOTA STREET

SAINT PAUL, MINNESOTA 55101-1361

[phone]

FAx [phone]

www.gniop.com

February 22, 2017

THOMAS A.JANOCHOSKI

Vice PRESIDENT ANOSECRETARY

CHIEF FINANCIAL OFFICER

ROGER P.JOHNSON

MANAGER OF MINES

KENNETH A.BAEHR

MANAGER OF AccOUNTING

To Certificate Holders of Record as of April 6, 2015 ("Certificate Holders") and Glacier Park Iron Ore Properties LLC ("Reversioner")

of the Great Northern Iron Ore Properties Trust ("Trust")

Re:Notice of Filing of Court's February 21, 2017 Order on Trustees' Report and Regarding Approval of Post-June 30, 2016 Accounting, Approval of Timing and Manner of Distribution of Remaining Reserves, Discharge of the Trustees, Dissolution of the Trust, and Granting of Other Relief.

The Certificate Holders and the Reversioner were previously informed by the Trustees of a hearing scheduled and held before the District Court, Second Judicial District, Ramsey County, Minnesota ("Court") on February 21, 2017, to address the Trustees' request for approval of their post-June 30, 2016 accounting and their proposed timing and manner of the distribution of the remaining reserves as allocable to the Certificate Holders and the Reversioner, pursuant to the Trustees' Report filed with the Court on February 1, 2017. On February 21, 2017, the Court issued its Order ("Court Order") approving, among other things: (i) the Trustees' post-June 30, 2016 accounting and estimated remaining reserves held for distribution, (ii) the distribution of the final remaining reserves following the expiration of the appeal period (assuming no appeal, this would likely be mid-to-late May 2017), and (iii) the discharge of the Trustees and dissolution of the Trust upon distribution of the final remaining reserves to the Certificate Holders and Reversioner.

Enclosed in this Booklet are the following documents:

• Notice of Filing of Order

• Court Order.

Please note that the above listed Office of the Trustees will be closed and no longer open after February 28, 2017; however, information regarding the termination and wind-down of the Trust may be found on the Trust's Web site atwww.gniop.com through December 31, 2017. Thank you.

Sincerely yours,

Isl Joseph S. MicallefChief Executive Officer

and President of the Trustees

STATE OF MINNESOTA DISTRICT COURT

COUNTY OF RAMSEY SECOND JUDICIAL DISTRICT Court File No. 62-C5-72-386008

Inthe Matter of the Trust known as

Great Northern Iron Ore Properties NOTICE OF FILING OF ORDER

TO: CERTIFICATE HOLDERS OF RECORD AS OF APRIL 6, 2015, OF THE GREAT NORTHERN IRON ORE PROPERTIES TRUST

PLEASE TAKE NOTICE that on February 21, 2017, the Court filed its Order regarding the Trustees' Report in the above-captioned matter. A copy of the Court's Order is attached hereto and hereby served upon you.

Dated: February 22, 2017

SUE ANN NELSON

Attorney Registration No. 78244 FREDRIKSON &BYRON, P.A.

200 South Sixth Street - Suite 4000 Minneapolis, MN 55402-1425

Telephone: [phone]

Attorneys for the Trustees of the Trust Known as Great Northern Iron Ore Properties

60813772

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STATE OF MINNESOTA COUNTY OF RAMSEY

1. C5·72-386008 Filed in Second Judicial District Colirt

   2/21/2017 1:10:47 PM

   Ramsey County, MN

   DISTRICT COURT SECOND JUDICIAL DISTRICT

   Court File No. 62-CS-72-386008

   In the Matter of the Trust known as

   Great Northern Iron Ore Properties ORDER

   This matter came on for hearing before the undersigned on February 21, 2017, pursuant to Court's Order for Hearing dated October 26, 2016 ("Order for Hearing"), for the purpose of the Court's review and approval of the final report of the Trustees of the above-captioned Trust ("Trustees' Report"), which was filed pursuant to the Court's Order dated October 26, 2016 ("2016 Order") issued after the Trust's final accounting hearing held on October 14, 2016 ("October 2016 hearing").

   Sue Ann Nelson, Esq., and Dale J. Schoonover, Esq., appeared on behalf of the Trustees. Stephanie A. Ball, Esq., appeared on behalf of the reversionary beneficiary of the Trust, Glacier Park Iron Ore Properties LLC ("Reversioner"). Robert Farrell, one of the income beneficiaries of the Trust of record as of April 6, 2015 ("Certificate Holders"), appeared on his own behalf. No appearances were made by or on behalf of any of the other Certificate Holders or any third party.

   Based on the Trustees' Report, the testimony and evidence in support of the Trustees' Report, and the entire files and record herein, and the Court being advised on the premises,

   IT IS HEREBY ORDERED:

2. That due notice of this hearing was given pursuant to the Court's Order for Hearing, as more fully appears from the affidavits of mailing contained in the file.

3. That, pursuant to the 2016 Order, a copy of the Trustees' Report and accompanying proposed order was mailed to the Certificate Holders and the Reversioner and

   62-C5-72-386008 Filed in Second Judicial District Court 2/21/2017 1:10:47 PM

   Ramsey County, MN

   posted on the Trust's website at www.gniop.com on or before February 14, 2017, as more fully appears from the affidavits contained in the file.

4. That, as of December 8, 2016, the Reversioner of the Trust, Glacier Park Iron Ore Properties LLC, is owned by NRC Iron Ore Partners, LLLP, and as more fully appears from the affidavits contained in the file, Glacier Park Iron Ore Properties LLC continues to be the current and proper Reversioner to be transferred the Trust's remaining reserves as allocable to the Reversioner and as ordered herein.

5. That, having been advised of Trustee Roger W. Staehle's death on January 16, 2017, the Court confirms that a successor trustee need not be appointed by Trustees Joseph S. Micallef, Robert A. Stein and James E. Swearingen.

6. That, consistent with the 2016 Order, and with the exception of making the final distributions of the Trust's remaining reserves to the Certificate Holders and the Reversioner as ordered herein, the Trustees have completed or are in the process of completing the tasks and

   actions that remained to be completed after the October 2016 hearing in winding up the affairs of

   '

   the Trust ("Remaining Wind-Up Tasks"), including the following:

7. On October 31, 2016, the Trustees received the Principal Charges Account balance of $5,527,074.14 from the Reversioner for the benefit of the Certificate Holders;

8. On November 3, 2016, by delivery of the Transfer Documents (as defined in the 2016 Order) to the Reversioner, the Trustees completed the conveyance of the Trust's non- cash property (inclusive of the Trust's mineral and non-mineral properties, mineral leases, and the Hibbing office building) to the Reversioner;

9. In November and December 2016, the Trustees terminated the employment of all of the Trust's temporary employees in the Hibbing mining and engineering

10. 2