The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution of fifty-one cents ($0.51) per Unit of Beneficial Interest payable on November 20, 2013 to Mesabi Trust’s unitholders (hereinafter referred to as “ Unitholders”) of record at the close of business on October 30, 2013. This compares to a distribution of one dollar and thirteen cents ($1.13) per Unit for the same period last year. The decrease in the current distribution of sixty-two cents ($0.62) per Unit, as compared to the same quarter last year, is attributable to a significant decrease in the volume of shipments for the third calendar quarter of 2013 and, to a lesser extent, a decrease in the average sales price per ton of iron ore pellets. The base and bonus royalties payable to Mesabi Trust (before the application of pricing adjustments by Northshore Mining Company (hereinafter referred to as “ Northshore”)) decreased from approximately $13.97 million in the third calendar quarter of 2012 to approximately $7.22 million for the third calendar quarter of 2013. Based on shipments of iron ore pellets during the third calendar quarter of 2013 reported by Northshore, Mesabi Trust expects to be credited with a base royalty of $4,553,784 during the third calendar quarter of 2013. Mesabi Trust also expects to be credited with a bonus royalty in the amount of $2,661,607 based on the average sales price per ton of iron ore pellets and the volume of shipments during the third calendar quarter of 2013. Mesabi Trust is, however, expecting a decrease in base and bonus royalty payment of $151,371 as a result of negative pricing adjustments to shipments and royalty payments made in the first and second calendar quarters of 2013. Accordingly, the total royalty payment expected to be received on October 30, 2013 by Mesabi Trust from Northshore is $7,176,448 (which includes a royalty payment of $112,429 payable to the Mesabi Land Trust).