REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees
New York, New York
We have reviewed the accompanying condensed balance sheet of MESABI TRUST as of July 31, 2010, and
the related condensed statements of income for the three and six-month periods ended July 31, 2010 and 2009,
and the condensed statement of cash flows for the six-month periods ended July 31, 2010 and 2009. These
financial statements are the responsibility of the Trust’s Trustees.
We conducted our reviews in accordance with standards of the Public Company Accounting Oversight Board
(United States). A review of interim financial information consists principally of applying analytical procedures
and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope
than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the objective of which is the expression of an opinion regarding the financial statements taken as
a whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material modifications that should be made to the accompanying
interim financial statements, referred to above, for them to be in conformity with accounting principles generally
accepted in the United States of America.
We have previously audited, in accordance with auditing standards of the Public Company Accounting Oversight
Board (United States), the balance sheet of MESABI TRUST as of January 31, 2010, and the related
statements of income, unallocated reserve and trust corpus, and cash flows for the year then ended (not
presented herein); and in our report dated April 15, 2010, we expressed an unqualified opinion on those financial
statements. In our opinion, the information set forth in the accompanying condensed balance sheet as of
January 31, 2010, is fairly stated, in all material respects, in relation to the bal