<SEC-DOCUMENT>0000930413-14-001764.txt : 20140414
<SEC-HEADER>0000930413-14-001764.hdr.sgml : 20140414
<ACCEPTANCE-DATETIME>20140414131418
ACCESSION NUMBER:		0000930413-14-001764
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140414
DATE AS OF CHANGE:		20140414
EFFECTIVENESS DATE:		20140414

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAFTECH INTERNATIONAL LTD
		CENTRAL INDEX KEY:			0000931148
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				061385548
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13888
		FILM NUMBER:		14761985

	BUSINESS ADDRESS:	
		STREET 1:		12900 SNOW ROAD
		CITY:			PARMA
		STATE:			OH
		ZIP:			44130
		BUSINESS PHONE:		2166762000

	MAIL ADDRESS:	
		STREET 1:		12900 SNOW ROAD
		CITY:			PARMA
		STATE:			OH
		ZIP:			44130

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UCAR INTERNATIONAL INC
		DATE OF NAME CHANGE:	19941011

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Milikowsky Nathan
		CENTRAL INDEX KEY:			0001506746

	FILING VALUES:
		FORM TYPE:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		C/O JORDANMILL VENTURES, LLC
		STREET 2:		822 BOYLSTON STREET, SUITE 106
		CITY:			CHESTNUT HILL
		STATE:			MA
		ZIP:			02467
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>c77261_dfan14a.htm
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white"><B>UNITED
STATES</B></FONT><B><BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white"><B>SCHEDULE
14A</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed by
the Registrant </FONT><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed by
a Party other than the Registrant </FONT><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20%; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="width: 80%">Preliminary Proxy Statement</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD><B>Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</B></TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD>Definitive Proxy Statement</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD>Definitive Additional Materials</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD><TD>Soliciting Material under &sect;240.14a-12</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>GRAFTECH
INTERNATIONAL LTD.</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white"><B>NATHAN
MILIKOWSKY</B></FONT><B><BR>
<FONT STYLE="background-color: white">DANIEL MILIKOWSKY</FONT><BR>
<FONT STYLE="background-color: white">NM GTI INVESTMENTS LLC</FONT><BR>
<FONT STYLE="background-color: white">DANIEL MILIKOWSKY FAMILY HOLDINGS, LLC</FONT><BR>
<FONT STYLE="background-color: white">THE DANIEL AND SHARON MILIKOWSKY FAMILY FOUNDATION, INC.</FONT><BR>
<FONT STYLE="background-color: white">THE REBECCA AND NATHAN MILIKOWSKY FAMILY FOUNDATION</FONT><BR>
<FONT STYLE="background-color: white">KAREN FINERMAN</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><B>DAVID
R. JARDINI</B></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><B>FRANK A. RIDDICK III</B></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><B>CARROLL R. WETZEL, JR</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD><TD STYLE="width: 95%">No fee required.</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
and 0-11.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%">(1)</TD><TD STYLE="width: 90%">Title of each class of securities to which transaction applies:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>(3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which
the filing fee is calculated and state how it was determined):</TD></TR>                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%">(4)</TD><TD STYLE="width: 90%">Proposed maximum aggregate value of transaction:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>(5)</TD><TD>Total fee paid:</TD></TR>                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="width: 95%">Fee paid previously with preliminary materials.</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD>Check box if any part of the fee is offset as provided
by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%">(1)</TD><TD STYLE="width: 90%">Amount Previously Paid:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filing Party:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Date Filed:</TD></TR>                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white"><B>NATHAN
MILIKOWSKY<BR>
DANIEL MILIKOWSKY<BR>
NM GTI INVESTMENTS LLC<BR>
DANIEL MILIKOWSKY FAMILY HOLDINGS, LLC<BR>
THE DANIEL AND SHARON MILIKOWSKY FAMILY FOUNDATION, INC.<BR>
THE REBECCA AND NATHAN MILIKOWSKY FAMILY FOUNDATION<BR>
KAREN FINERMAN<BR>
DAVID R. JARDINI<BR>
FRANK A. RIDDICK III<BR>
CARROLL R. WETZEL, JR.</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 13, 2014,
Nathan Milikowsky, Daniel Milikowsky, NM GTI Investments LLC, The Daniel Milikowsky Family Holdings, LLC, The Daniel and Sharon
Milikowsky Family Foundation, Inc., and The Rebecca and Nathan Milikowsky Family Foundation (collectively, &ldquo;Save GrafTech&rdquo;)
issued a press release relating to GrafTech International Ltd. (the &ldquo;Company&rdquo;), a copy of which is filed herewith as
Exhibit 1 and incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">ON
FEBRUARY 25, 2014, SAVE GRAFTECH FILED A PRELIMINARY PROXY STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION (THE &ldquo;SEC&rdquo;)
IN CONNECTION WITH THE 2014 ANNUAL MEETING OF THE COMPANY (THE &ldquo;PRELIMINARY PROXY STATEMENT&rdquo;). SAVE GRAFTECH FILED
AMENDMENT NO. 1 TO THE PRELIMINARY PROXY STATEMENT WITH THE SEC ON APRIL 1, 2014 (&ldquo;AMENDMENT NO. 1&rdquo;). SAVE GRAFTECH
FILED AMENDMENT NO. 2 TO THE PRELIMINARY PROXY STATEMENT WITH THE SEC ON APRIL 11, 2014 (&ldquo;AMENDMENT NO. 2&rdquo;). THE PRELIMINARY
PROXY STATEMENT, AMENDMENT NO. 1 AND AMENDMENT NO. 2 ARE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEB SITE AT WWW.SEC.GOV AND
CONTAIN INFORMATION RELATED TO THE PARTICIPANTS AND A DESCRIPTION OF THE PARTICIPANT&rsquo;S DIRECT OR INDIRECT INTERESTS, BY SECURITY
HOLDINGS. THE PARTICIPANTS INTEND TO FILE A DEFINITIVE PROXY STATEMENT AND ACCOMPANYING PROXY CARD TO BE USED TO SOLICIT PROXIES
FROM THE STOCKHOLDERS OF THE COMPANY. ALL STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE AMENDED PROXY STATEMENT AND OTHER
DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY THE PARTICIPANTS WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT
INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT OR INDIRECT INTERESTS.
WHEN COMPLETED, THE DEFINITIVE PROXY STATEMENT AND FORM OF PROXY WILL BE FURNISHED TO SOME OR ALL OF THE STOCKHOLDERS OF THE COMPANY
AND WILL, ALONG WITH THE AMENDED PRELIMINARY PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS, BE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S
WEB SITE AT WWW.SEC.GOV, OR BY CONTACTING D.F. KING &amp; CO., INC. BY TELEPHONE AT THE FOLLOWING NUMBERS: BANKS AND BROKERS CALL
COLLECT: (212) 269-5550 AND ALL OTHERS, INCLUDING SHAREHOLDERS, CALL TOLL-FREE: (800) 628-8532.</P>

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<TYPE>EX-1
<SEQUENCE>2
<FILENAME>c77261_ex-1.htm
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Exhibit 1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>&ldquo;SAVE GRAFTECH&rdquo; RESPONDS TO SETTLEMENT PROPOSAL REJECTION
BY GRAFTECH INTERNATIONAL </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Company&rsquo;s Rejection Reveals Board Does
Not Stand Behind<BR>
Special Committee Investigation of Nathan Milikowsky</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">NEW YORK, April 13, 2014 &ndash; Nathan Milikowsky, a former GrafTech
International Ltd. (&ldquo;GrafTech&rdquo; or the &ldquo;Company&rdquo;) director and a holder of over 15 million GrafTech shares,
or over 11.2%, of the common stock, today sent the below letter to GrafTech in response to the Company&rsquo;s rejection of Save
GrafTech&rsquo;s latest settlement proposal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Save GrafTech has nominated five directors for election to the Board
of Directors of GrafTech at the Company&rsquo;s Annual Meeting of Stockholders on May 15, 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The full text of the letter is included here:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">April 13, 2014</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Via EMail and Fed Ex</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Joel Hawthorne</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">President and Chief Executive Officer</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">GrafTech International Holdings</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">12900 Snow Road</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Parma, Ohio 44130</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Dear Joel:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Two questions that I have been asked by shareholders have been clearly
answered by recent events. First, am I willing to reach a settlement? Second, did the GrafTech Board have a basis for not renominating
me as a director?</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On April 11, 2014, Save GrafTech proposed a settlement offer for
minority representation on a newly reconstituted 10-member Board, including: (1) three Save GrafTech nominees (David Jardini, Karen
Finerman and me), (2) one director to be mutually agreed on by Save GrafTech and the Company, (3) two GrafTech nominees (Tom Danjczek
and Catherine Morris), and (4) four incumbent directors (Randy Carson, Joel Hawthorne, Ferrell McClean and Steven Shawley).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Save GrafTech also proposed a solution to address any concerns the
Company might have about my suitability to rejoin the Board. Under our proposal, as described in the attached term sheet we previously
sent you, the Board would promptly retain an independent law firm to review the undisclosed findings of the Special Committee&rsquo;s
prior investigation. That independent firm would determine whether I met GrafTech&rsquo;s standards for membership on the Board
of Directors. Should the law firm conclude that I did not, I would promptly resign from the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Having served on the Board with your current directors, I was not
surprised that GrafTech rejected this eminently reasonable offer and responded in less than eight hours with an unacceptable</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">counterproposal. However, I was surprised that this rejection clearly
betrays the Board&rsquo;s lack of confidence in the &ldquo;findings" of its own Special Committee investigation, which was
the pretext for excluding me from continuing to serve as a director in 2013.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If the evidence of my &ldquo;misconduct" is so compelling, why
wouldn&rsquo;t it stand up to an independent third-party review? We gave the GrafTech Board the opportunity to have their decision
not to renominate me tested by an independent, impartial party. GrafTech&rsquo;s rejection, which is carefully and disingenuously
crafted to appear reasonable, makes it crystal clear that the Board does not stand behind the Special Committee&rsquo;s findings.
In fact, their rejection of my proposal supports what I have been saying all along &ndash; that the Special Committee&rsquo;s so-called
investigation was a total waste of time and significant money that provided absolutely no support for their actions, allegations
and smears. While Save GrafTech proposed an objective assessment of the allegations of the GrafTech Board (as outlined in the Company&rsquo;s
preliminary proxy statement) through a simple process that would take only approximately two weeks to complete, the current Board
instead demanded an elaborate litigation-like exercise that would take a minimum of two years to complete and would needlessly
divert substantial funds from GrafTech&rsquo;s shareholders to lawyers engaged in a &ldquo;fishing expedition.&rdquo; Reinvestigating
the same purported leak through a judicial or arbitration process, as GrafTech now demands, is a transparent stall tactic designed
to create a significant delay to my rejoining the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Nevertheless, it is noteworthy that the Board is not categorically
opposed to accepting me as a director, albeit under unduly burdensome and unreasonable terms. GrafTech&rsquo;s rejection concedes
that the Board has abandoned its prior position that it could not accept any settlement offer that would include me rejoining the
Board. Shareholders should view this change as further evidence that the allegations in GrafTech&rsquo;s preliminary proxy statement
are utterly false. I have total confidence that an independent law firm would conclude that the Special Committee&rsquo;s prior
investigation of me provided no support whatsoever for its finding that I was not qualified to serve as a director.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Finally, shareholders should note the lengths to which this Board
will go to protect Mary Cranston, an individual with a history of launching smear campaigns against those she perceives as obstacles
or threats. A simple Internet search reveals a wealth of information reporting her history of bullying and underhanded personal
attacks. The Board&rsquo;s judgment must be questioned in allowing her to continue as Lead Independent director, especially given
the Company&rsquo;s chronic underperformance and its stated intention for Cranston to succeed Craig Shular as Chairman.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">It is unfortunate that our settlement discussions have been scuttled
by GrafTech&rsquo;s inability to accept an exceptionally reasonable offer, which included minority representation for the Save
GrafTech slate as well as a significant two-year standstill provision. I continue to believe that many other GrafTech shareholders
agree with me that the GrafTech Board needs to be reconstituted &ndash; and that, in order to bring about meaningful change, Save
GrafTech&rsquo;s level of Board representation must reflect the scale of the problems the Company is facing. I look forward to
providing shareholders with a platform for truly meaningful change at the 2014 Annual Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Sincerely,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Nathan Milikowsky</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Save
GrafTech</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Settlement
Proposal Term Sheet</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: Black 1px solid; border-left: Black 1px solid; font: 10pt Calibri, Helvetica, Sans-Serif; padding: 5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Board</B></FONT></TD>
    <TD STYLE="width: 83%; padding: 5pt; border-right: Black 1px solid; border-left: Black 1px solid; border-top: Black 1px solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Save GrafTech proposes the following slate (the &ldquo;<U>Slate</U>&rdquo;)
        for a newly constituted board of directors of GrafTech International Ltd. (the &ldquo;<U>Company</U>&rdquo;) consisting of the
        following directors:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.22in; text-indent: -0.22in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Three Save GrafTech Directors: Karen Finerman, David Jardini and Nathan
        Milikowsky (&ldquo;<U>Save GrafTech Directors</U>&rdquo;).</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.24in; text-indent: -0.24in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">One director mutually acceptable to the board of directors of the
        Company and Save GrafTech (the &ldquo;<U>Jointly Selected Director</U>&rdquo;). </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.22in; text-indent: -0.22in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Two directors newly proposed by the Company: Tom Danjczek and Catherine
        Morris.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.22in; text-indent: -0.22in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Four incumbent directors: Randy Carson, Joel Hawthorne, Ferrell McClean
        and Steven Shawley.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.23in; text-indent: -0.23in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The newly constituted Board will promptly retain an independent law
        firm acceptable to the Board and Nathan Milikowsky. That law firm will not reinvestigate any of the issues previously raised regarding
        Mr. Milikowsky. That law firm will report to the Board, based on its review of the prior investigations, whether those investigations
        cause it to conclude, without qualification, that Nathan Milikowsky in fact did not meet, in material respects, the then standards
        for membership on the Board of Directors of GrafTech. If that law firm concludes negatively with respect to Mr. Milikowsky, he
        will promptly offer to resign from the Board. If the law firm does not conclude negatively with respect to Mr. Milikowsky, he will
        be entitled to remain a director of GrafTech.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 0in">Each of Craig Shular, Harold Layman and Mary Cranston
        will resign effective immediately.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding: 5pt; border-top: Black 1px solid; border-left: Black 1px solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Standstill</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 5pt; border-right: Black 1px solid; border-left: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nathan Milikowsky will agree to support election of the Slate at the 2014 Annual Meeting. Mr. Milikowsky will support the Board nominated slate at the 2015 annual meeting of shareholders if, sufficiently prior to January 1, 2015, &nbsp;taking into account any changes to the director nomination time period, Mr. Milikowsky is (1) nominated for election to the board of directors at the 2015 Annual Meeting and (2) Mr. Milikowsky accepts such nomination.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding: 5pt; border-top: Black 1px solid; border-left: Black 1px solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Chairman</B></FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding: 5pt; border-right: Black 1px solid; border-left: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The newly constituted board of directors will select the chairman of the board of directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding: 5pt; border-top: Black 1px solid; border-left: Black 1px solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Committees</B></FONT></TD>
    <TD STYLE="padding: 5pt; border-right: Black 1px solid; border-left: Black 1px solid; border-top: Black 1px solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The board of directors will agree that it will not use committees
        or any other device to circumvent the decision making of the board of directors.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Nominating and Governance committee will have three members:
        (1) David Jardini, (2) a new director elected in 2014 who is either a Jointly Selected Director or a Save GrafTech Director and
        (3) another person selected by the newly constituted board of directors.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">At least one Save GrafTech nominee will serve on all other committees.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding: 5pt; border-top: Black 1px solid; border-left: Black 1px solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Indemnification</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 5pt; border-right: Black 1px solid; border-left: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nathan Milikowsky will be indemnified for his past and future expenses to the extent he is entitled pursuant to Delaware law and the Company&rsquo;s organizational documents. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding: 5pt; border-top: Black 1px solid; border-left: Black 1px solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Stockholders&rsquo;<BR>
 Agreement</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 5pt; border-top: Black 1px solid; border-right: Black 1px solid; border-left: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The parties will terminate all rights and provide a mutual release of all causes of action under Sections 2 and 4 of the Registration Rights and Stockholders&rsquo; Agreement.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; font-family: Calibri, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Expenses</B></FONT></TD>
    <TD STYLE="width: 83%; font-family: Times New Roman, Times, Serif; border: Black 1px solid; padding: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company will pay one-half of the documented and out of pocket expenses of Save GrafTech.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Non-Binding</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 5pt; border-right: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This term sheet is non-binding and for discussion purposes only. Neither this term sheet, nor the discussions, negotiations or other activities related to the subject matter hereof create any obligations, liabilities or duties with respect to any party.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Media:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Sard Verbinnen &amp; Co</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">George Sard/Ren&eacute;e Soto/Jared Levy</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">212-687-8080</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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