<SEC-DOCUMENT>0001426859-20-000001.txt : 20200129
<SEC-HEADER>0001426859-20-000001.hdr.sgml : 20200129
<ACCEPTANCE-DATETIME>20200129121437
ACCESSION NUMBER:		0001426859-20-000001
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200129
DATE AS OF CHANGE:		20200129

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLEVELAND-CLIFFS INC.
		CENTRAL INDEX KEY:			0000764065
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				341464672
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-36514
		FILM NUMBER:		20557205

	BUSINESS ADDRESS:	
		STREET 1:		200 PUBLIC SQUARE
		STREET 2:		STE. 3300
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44114-2315
		BUSINESS PHONE:		216-694-5700

	MAIL ADDRESS:	
		STREET 1:		200 PUBLIC SQUARE
		STREET 2:		STE. 3300
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44114-2315

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLIFFS NATURAL RESOURCES INC.
		DATE OF NAME CHANGE:	20081015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLEVELAND CLIFFS INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ruffer LLP
		CENTRAL INDEX KEY:			0001426859
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		80 VICTORIA STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1E 5JL
		BUSINESS PHONE:		00442079638146

	MAIL ADDRESS:	
		STREET 1:		80 VICTORIA STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1E 5JL
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>clevelandcliffs.htm
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13G</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Under the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 24pt">Cleveland-Cliffs Inc. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Issuer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">COMMON STOCK, PAR VALUE $0.125 PER SHARE</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Title of Class of Securities)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">185899101</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(CUSIP Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">31 December 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Date of Event Which Requires Filing of this Statement)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt">Check the appropriate box to
designate the rule pursuant to which this Schedule is filed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">[x] Rule 13d-1(b)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">[ ] Rule 13d-1(c)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">[_] Rule 13d-1(d)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">*The remainder of this cover page shall be filled
out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent
amendment containing information which would alter the disclosures provided in a prior cover page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt">The information required in
the remainder of this cover page shall not be deemed to be &quot;filed&quot; for the purpose of Section 18 of the Securities Exchange
Act of 1934 (&quot;Act&quot;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>





<HR SIZE="6" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%; font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 80%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 8pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>1 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">NAME OF REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Ruffer LLP</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-left: 8pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left"><B>(a) </B><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left"><B>(b) </B><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-left: 8pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">SEC USE ONLY</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-left: 8pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left">London, United Kingdom</P></TD></TR>
<TR>
    <TD COLSPAN="3" ROWSPAN="4" STYLE="border-left: black 1pt solid; padding-left: 8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">NUMBER OF</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SHARES</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BENEFICIALLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">OWNED BY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">EACH</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">REPORTING</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center">WITH</P></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>5 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left">1,128 shares*</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left">0 shares</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left">1,128 shares*</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; padding-right: 8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left">0 shares</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 8pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
        PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left">1,128 shares*</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-left: 8pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-left: 8pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
        9</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left">0.0004%*</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-left: 8pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">TYPE OF REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">IA</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*The shares of common stock (the &ldquo;<U>Shares</U>&rdquo;),
of Cleveland-Cliffs Inc., a United States corporation (the &ldquo;<U>Company</U>&rdquo;), reported herein are held by discretionary
accounts and funds (the &ldquo;<U>Accounts</U>&rdquo;) which are managed by Ruffer LLP (&ldquo;<U>Ruffer</U>&rdquo;). Ruffer, in
its capacity as the investment manager of each of the Accounts, currently has the sole power to vote and the sole power to direct
the disposition of all Shares held by the Accounts. Accordingly, for the purposes of Reg. Section 240. 13d-3, Ruffer may be deemed
to beneficially own an aggregate of 1,128 Shares, or 0.0004% of the Shares deemed issued and outstanding as of December 31, 2019<FONT STYLE="background-color: white">.
</FONT>The managing member of Ruffer LLP is Ruffer Management Limited, a UK incorporated limited company. Jonathan Ruffer controls
Ruffer Management Limited. The beneficial ownership percentage reported herein is based on 270,084,010 shares of Common Stock outstanding
as of December 4, 2019, as reported by the company in its Form 8-K following a merger and filed with the SEC on October 19, 2018.
This report shall not be deemed an admission that Ruffer, each Account or any other person is the beneficial owner of securities
reported herein for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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    <TD STYLE="width: 8%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 1.</B></FONT></TD>
    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(a).</FONT></TD>
    <TD STYLE="width: 76%; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Name of Issuer:</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Cleveland-Cliffs Inc. &nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(b).</FONT></TD>
    <TD STYLE="width: 76%; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Address of issuer's principal executive offices:</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">200 Public Square, Suite 3300, Cleveland. OH 44114-2544</FONT></TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(a).</FONT></TD>
    <TD STYLE="width: 76%; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Name of person filing:</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">This statement is being filed by Ruffer LLP, a United Kingdom regulated discretionary investment management firm.&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(b).</FONT></TD>
    <TD STYLE="width: 76%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Address or principal business office or, if none, residence:</FONT></TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">80 Victoria Street, London, SW1E 5JL, United Kingdom </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(c).</FONT></TD>
    <TD STYLE="width: 76%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Citizenship:</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">London, United Kingdom </FONT></TD>
    <TD>&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(d).</FONT></TD>
    <TD STYLE="width: 76%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title of class of securities:</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Common Shares</FONT></TD>
    <TD>&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(e).</FONT></TD>
    <TD STYLE="width: 76%; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">CUSIP No.:</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">185899101</FONT></TD>
    <TD>&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Item 3.</B></P></TD>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">If This Statement is filed pursuant to &sect;&sect;.240.13d-1(b)
        or 240.13d-2(b), or (c), check whether the person filing is a</P></TD></TR>
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    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">[_]</FONT></TD>
    <TD STYLE="width: 81%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).</FONT></TD></TR>
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    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">[_]</FONT></TD>
    <TD STYLE="width: 81%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).</FONT></TD></TR>
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    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">[_]</FONT></TD>
    <TD STYLE="width: 81%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).</FONT></TD></TR>
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    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">[_]</FONT></TD>
    <TD STYLE="width: 81%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).</FONT></TD></TR>
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    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">[<U>X</U>]</FONT></TD>
    <TD STYLE="width: 81%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">An investment adviser in accordance with &sect; 240.13d-1(b)(1)(ii)(E);</FONT></TD></TR>
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    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">[_]</FONT></TD>
    <TD STYLE="width: 81%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">An employee benefit plan or endowment fund in accordance with &sect; 240.13d-1(b)(1)(ii)(F);</FONT></TD></TR>
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    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">[_]</FONT></TD>
    <TD STYLE="width: 81%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">A parent holding company or control person in accordance with &sect;240.13d-1(b)(1)(ii)(G);</FONT></TD></TR>
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    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">[_]</FONT></TD>
    <TD STYLE="width: 81%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C.1813);</FONT></TD></TR>
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    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">[_]</FONT></TD>
    <TD STYLE="width: 81%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">A church plan that is excluded from the definition of an investment company under section 3&copy;(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);</FONT></TD></TR>
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    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(j)</FONT></TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">[_]</FONT></TD>
    <TD STYLE="width: 81%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">A non-U.S. institution in accordance with &sect;240.13d-1(b)(1)(ii)(J);</FONT></TD></TR>
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    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(k)</FONT></TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">[_]</FONT></TD>
    <TD STYLE="width: 81%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Group, in accordance with &sect;240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with &sect;240.13d-1(b)(1)(ii)(J), please specify the type of institution:</FONT></TD></TR>
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    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 81%; border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
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    <TD STYLE="width: 9%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 4.</B></FONT></TD>
    <TD STYLE="width: 91%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Ownership.</B></FONT></TD></TR>
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    <TD STYLE="width: 91%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.</FONT></TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 86%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Amount beneficially owned:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">1,128 shares*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="width: 86%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Percent of class:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">0.0004%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="width: 86%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Number of shares as to which the person has:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="width: 59%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Sole power to vote or to direct the vote</FONT></TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">1,128 shares*</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Shared power to vote or to direct the vote</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Sole power to dispose or to direct the disposition of</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">1,128 shares*</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Shared power to dispose or to direct the disposition of</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 91%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Instruction: For computations regarding securities which represent a right to acquire an underlying security see &sect;240.13d-3(d)(1).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 5.</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Ownership of Five Percent or Less of a Class.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 91%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X].</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 6.</B></FONT></TD>
    <TD STYLE="width: 91%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Ownership of More Than Five Percent on Behalf of Another Person.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 91%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 7.</B></FONT></TD>
    <TD STYLE="width: 89%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 91%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">If a parent holding company or control person
        has filed this schedule, pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity
        and the Item 3 classification of the relevant subsidiary. If a parent holding company or control person has filed this schedule
        pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 8.</B></FONT></TD>
    <TD STYLE="width: 91%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Identification and Classification of Members of the Group.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 91%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">If a group has filed this schedule pursuant to &sect;240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identity of each member of the group.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.9pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 9.</B></FONT></TD>
    <TD STYLE="width: 91%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Notice of Dissolution of Group.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 91%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 10.</B></FONT></TD>
    <TD STYLE="width: 91%; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Certification.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 87%; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt">After reasonable inquiry and
to the best of my knowledge and belief, the undersigned hereby certifies that the information set forth in this statement is true,
complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Dated:&nbsp;&nbsp;January 29, 2020</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Ruffer LLP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 45%; font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Ruffer LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><U>/s/&nbsp;&nbsp;Louise Stanway, Compliance Officer</U></FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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