<SEC-DOCUMENT>0000930413-14-002029.txt : 20140428
<SEC-HEADER>0000930413-14-002029.hdr.sgml : 20140428
<ACCEPTANCE-DATETIME>20140428173019
ACCESSION NUMBER:		0000930413-14-002029
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140428
DATE AS OF CHANGE:		20140428
EFFECTIVENESS DATE:		20140428

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:		14790598

	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>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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 0 12pt; text-align: center"><FONT STYLE="background-color: white"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="background-color: white">Proxy
Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934<BR>
<BR>
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed
by the Registrant </FONT>[_]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed
by a Party other than the Registrant </FONT>[X]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">[_]&#9;Preliminary Proxy Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">[_]&#9;<B>Confidential, for Use of the Commission Only (as
permitted by Rule 14a-6(e)(2))</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">[_]&#9;Definitive Proxy Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">[X]&#9;Definitive Additional Materials</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">[_]&#9;Soliciting Material under &sect;240.14a-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>GRAFTECH
INTERNATIONAL LTD.</B></FONT><BR>
<FONT STYLE="font-size: 8pt">(Name of Registrant as Specified In Its Charter)</FONT></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>
<BR>
<FONT STYLE="font-size: 8pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">[X]<FONT STYLE="font-size: 8pt">&#9;</FONT>No fee required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">[_]<FONT STYLE="font-size: 8pt">&#9;</FONT>Fee computed on
table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule<BR>
0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD><TD>Total fee paid:</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">[_]<FONT STYLE="font-size: 8pt">&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee paid previously
with preliminary materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in">[_]<FONT STYLE="font-size: 8pt">&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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</B></FONT></P>

<P STYLE="font:Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT><BR>
<BR></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&ldquo;SAVE GRAFTECH&rdquo; ASKS SHAREHOLDERS
TO CONSIDER IMPORTANT FACTS<BR>
ABOUT INCUMBENT BOARD OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Save GrafTech Urges Shareholders to Vote
Its BLUE Proxy Card Today</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NEW
YORK, April 28, 2014 &ndash; </B></FONT>Save GrafTech, an investor group led by Nathan Milikowsky, a holder of over 15
million shares of GrafTech International Ltd. (NYSE: GTI), or over 11.2% of the Company&rsquo;s common stock, is sending a
letter to GrafTech&rsquo;s shareholders outlining seven important facts about GrafTech and its incumbent Board, which has
overseen severe and prolonged shareholder value destruction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Save GrafTech
believes that change at the Board level is necessary to rectify the strategic, operational and cultural issues facing GrafTech
and urges shareholders to vote their BLUE proxy card FOR all of Save GrafTech&rsquo;s director nominees today. </FONT>Save GrafTech&rsquo;s
proxy statement and detailed presentation are available at www.sec.gov and www.SaveGrafTech.com.</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">Included below is the full text of the letter to GrafTech&rsquo;s
shareholders:</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; text-align: right">April 28, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Fellow GrafTech Shareholder:</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">We write to you again on behalf of the &ldquo;Save GrafTech&rdquo;
investor group less than three weeks before GrafTech&rsquo;s Annual Meeting on May 15. As you decide which director nominees deserve
your support, we ask you to consider <U>seven important facts about GrafTech</U> that are outlined in the attached.</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; text-indent: 0.5in">GrafTech&rsquo;s incumbent directors have overseen
severe and prolonged shareholder value destruction, and we firmly believe that change at the Board level is necessary to rectify
the strategic, operational and cultural issues facing GrafTech -- and to get the Company back on a path of creating value for you.</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">Save GrafTech is asking you to support our three highly qualified
independent candidates for election to GrafTech&rsquo;s Board. David Jardini, Karen Finerman and Nathan Milikowsky collectively
have the industry experience and financial acumen to drive productive discussions about issues impacting the business and generate
ideas that will create lasting value for shareholders. If elected, we would immediately work hand-in-hand with GrafTech&rsquo;s
other directors to revitalize a company that is capable of competing effectively and generating strong cash flows across the business
cycle.</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">Our proxy statement and presentation are available at www.sec.gov
and www.SaveGrafTech.com. We urge you to vote your BLUE proxy card FOR all three of Save
GrafTech&rsquo;s director nominees today.</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; text-align: center"><B>Your Vote Is Important, No Matter How Many
Shares You Own.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border: Black 1pt solid">If you have questions
about how to vote your shares on the <B>BLUE</B> proxy card,<BR>
or need additional assistance, please contact
the firm assisting us in the proxy solicitation:<BR>
<BR>
<B>D.F. King &amp; Co., Inc.</B><BR>
Shareholders Call Toll-Free: (800) 628-8532</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border: Black 1pt solid">Banks and Brokers
Call Collect: (212) 269-5550<BR>
Email: <U>savegraftech@dfking.com</U><BR>
<BR>
<B>IMPORTANT</B><BR>
<FONT STYLE="text-transform: uppercase"><B>We urge you</B><B> <U>NOT</U> to sign any WHITE proxy card sent to you by GRAFTECH</B></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">3</P>

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



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 1</P>

<P STYLE="font: 10.5pt Consolas; margin: 0; text-align: center"><B><U>SEVEN FACTS ALL GRAFTECH SHAREHOLDERS SHOULD CONSIDER</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><B><U>GrafTech Has a Track Record of Severe Underperformance.</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">The starkest
example of GrafTech&rsquo;s underperformance under the incumbent Board is its dreadful long-term total shareholder return (TSR).
Over the past 10 years, GrafTech&rsquo;s TSR has been <U>negative 15.1%.</U> This means it has destroyed, not created, shareholder
return over the past decade. And compared with its peers, GrafTech has underperformed by over 200% over the last 10 years.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">GrafTech&rsquo;s
first quarter earnings report on April 24 was more of the same &ndash; optimistic rhetoric about the future with little or no progress
to show. The Company reported a net loss for the quarter of $12 million, or 8 cents per share, compared to a net profit of $4 million,
or 3 cents per share, in the first quarter of 2013. Even excluding costs associated with the closing of electrode plants in Brazil
and South Africa and a machine shop in Russia, GrafTech still only posted adjusted net income of $1 million, or $0.01 per share.
Notably, this number would have been negative without an insurance recovery of $3 million, or $0.02 per share, in the first quarter.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">Why has
GrafTech repeatedly delivered disappointing results and prolonged underperformance?</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">Because
its approach to running the business is fundamentally wrong and outdated.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><B><U>Bad Governance -- The Board Protected the Former CEO as a &ldquo;Whistleblower.&rdquo;</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">As a director,
in September 2012, Nathan Milikowsky urged that Craig Shular be replaced as CEO given the Company&rsquo;s record of abysmal performance.
The GrafTech Board&rsquo;s response was to claim that the CEO could not be fired because he was a &ldquo;whistleblower.&rdquo;
And who did he &ldquo;blow the whistle&rdquo; on? Conveniently, Nathan Milikowsky, who was seeking his ouster. We challenge GrafTech
to name another public company that has accorded whistleblower protection to its CEO.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><B><U>Abysmal Governance -- The Board Wasted Millions of Dollars on a Retaliatory Investigation</U></B>.</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">To justify
the Board&rsquo;s convenient bestowing of &ldquo;whistleblower protection&rdquo; to the CEO and to retaliate against Nathan Milikowsky,
the Board, at the cost of&nbsp;millions of shareholder dollars in legal fees, hired a law firm to conduct an investigation. Inexplicably,
this investigation did not include interviewing Nathan Milikowsky, as his meeting with investigatory counsel was scheduled to take
place after their investigation had been concluded. Given the absence of proof of wrongdoing produced by the investigation, Save
GrafTech offered the Board the opportunity to validate the results of that investigation by appointing an independent counsel to
evaluate those findings. In response, the Board backed off the earlier investigation. Instead, the Board demanded a brand new,
expensive, time-consuming, litigation-oriented investigation with yet another law firm. Why would a second investigation be necessary
if the Board believes that the first one justified removing and now barring Nathan Milikowsky from the Board?</P>


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><B><U>The Company has Stonewalled any Possible Settlement.</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">Save GrafTech
has repeatedly tried to reach a reasonable resolution. For example, Save GrafTech reduced its original request for five directors
on a nine-member board to an offer of three Save GrafTech nominees on a nine-member board, with a two-year standstill. GrafTech
has flatly and promptly rejected each of Save GrafTech&rsquo;s settlement offers.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD><B><U>The Board Needs New Leadership.</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">Save GrafTech
seeks the long overdue replacement of Mary Cranston, GrafTech&rsquo;s lead director since 2008 and designee as Chairperson, who
has been on the Board for over 14 years. Why is it important that Mary Cranston be replaced? GrafTech&rsquo;s designated future
Chairperson knows little about the graphite and steel industry and has presided over massive value destruction at GrafTech. She
also serves on too many other boards (six) and has a history of unsuccessful leadership and launching smear campaigns. Her efforts
to manage a law firm were a failure and she stepped down in the wake of ongoing, disappointing financial performance.<A HREF="#note_ftn1" NAME="notea_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">1</A></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">One notable
incident as head of that firm was the disgraceful smearing of one of her former partners. After Ms. Cranston&rsquo;s law firm was
sued for $40 million for libeling and attempting to sabotage his career, she issued a humiliating public apology in connection
with a large settlement, which read:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in"><I>&ldquo;Pillsbury
Winthrop deeply regrets making its public statements regarding Frode Jensen and has agreed to a settlement with Mr.&nbsp;Jensen
regarding those statements. Mr.&nbsp;Jensen was a valued and respected member of the firm and was one of the firm&rsquo;s most
productive corporate partners. Mr.&nbsp;Jensen is an accomplished corporate transactional lawyer, and he made many important contributions
during his tenure at the firm. Pillsbury wishes him well in all his future endeavors and employment opportunities.&rdquo; </I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">If GrafTech
is so eager to conduct an investigation, it should start by demanding that Ms. Cranston disclose the amount of the payment her
firm had to make to her former partner for her wrongdoing.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify"><B><U>The Board&rsquo;s Entrenchment is Simply More of the Same.</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">GrafTech
has conveniently included in its credit agreement a &ldquo;dead hand poison put&rdquo; designed to protect the incumbent Board
while seriously damaging the company. If shareholders elect a majority of directors NOT handpicked by the Board, then the lenders
would be able to accelerate all outstanding debt and terminate their commitments to extend further credit, all without any cure
period or cleansing act. While this provision would not be triggered if Save GrafTech&rsquo;s three nominees gain minority representation
on the Board, the lengths to which the incumbent Board will go to preserve the status quo are notable and clearly not in the best
interests of shareholders.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">The GrafTech
Board has also flatly rejected Save GrafTech&rsquo;s request for a universal proxy. Its reason? &ldquo;[T]he use of a universal
proxy card is not in the best interest of stockholders.&rdquo; Why not? The universal proxy card is clearly not in the best interest
of incumbent directors with nominal ownership in the Company.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-indent: -0.25in"><A HREF="#note_ftnref1" NAME="notea_ftn1" STYLE="font-size: 65%; vertical-align: 35%">1</A>
&ldquo;Pillsbury Chair Cranston Set to Step Down,&rdquo; <I>The Recorder</I>, January 27, 2006, available at: <BR>
<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">http://www.alm.law.com/jsp/article.jsp?id=1138269918562&amp;slreturn=20140309151043.
</FONT></P>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B><U>It is Crucial That All Three Save
GrafTech Nominees be Elected</U></B></FONT>.</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;<BR>
Having
as many shareholder voices as possible on the Board is the best way to change the unprofitable, entrenched, shareholder unfriendly
culture at GrafTech. If fewer than three of Save GrafTech&rsquo;s nominees are elected, change will be significantly harder to
achieve and may take far longer (if it happens at all).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
<B>Your Vote Is Important, No Matter How Many Shares You Own.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border: Black 1pt solid">If you have questions
about how to vote your shares on the <B>BLUE</B> proxy card,<BR>
or need additional assistance, please contact
the firm assisting us in the proxy solicitation:<BR>
<BR>
<B>D.F. King &amp; Co., Inc.</B><BR>
Shareholders Call Toll-Free: (800) 628-8532</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border: Black 1pt solid">Banks and
Brokers Call Collect: (212) 269-5550<BR> Email: <U>savegraftech@dfking.com</U><BR> <BR> <B>IMPORTANT</B><BR> <BR> <FONT STYLE="text-transform: uppercase"><B>We
urge you <U>NOT</U> to sign any WHITE proxy card sent to you by GRAFTECH</B>;</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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">George Sard/Ren&eacute;e Soto/Jared Levy</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(212) 687-8080</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Important
information</B></FONT>&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On April 15, 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;) filed with
the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and began distributing to the stockholders of GrafTech International,
Ltd. (the &ldquo;Company&rdquo;) a definitive proxy statement and form of proxy (the &ldquo;Proxy Statement&rdquo;) in connection
with the Company&rsquo;s 2014 annual meeting of stockholders. SAVE GRAFTECH STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO
THE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE SAVE GRAFTECH&rsquo;S PARTICIPANTS
IN SUCH PROXY SOLICITATION. SAVE GRAFTECH&rsquo;S PROXY STATEMENT, AS FILED, AND ANY FURTHER AMENDMENTS, SUPPLEMENTS OR OTHER RELEVANT
PROXY SOLICITATION DOCUMENTS ARE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEB SITE AT WWW.SEC.GOV<FONT STYLE="text-transform: uppercase">,
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. </FONT></P>




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