CLIFFS NAT RES INC

CUSIP: 18683K101 Class: COMMON STOCK

SHEPHERD KAPLAN KROCHUK, LLC's Holding History (CIK: 0001218583)

Note: Option positions (PUT/CALL) are excluded.

Q3 2016
Shares 18,214 Value ($000) $107 Avg Close — Range —
Q2 2016
Shares 18,662 Value ($000) $106 Avg Close — Range —