<SEC-DOCUMENT>0000930413-14-002309.txt : 20140505
<SEC-HEADER>0000930413-14-002309.hdr.sgml : 20140505
<ACCEPTANCE-DATETIME>20140505121402
ACCESSION NUMBER:		0000930413-14-002309
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140505
DATE AS OF CHANGE:		20140505
EFFECTIVENESS DATE:		20140505

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:		14812233

	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>c77472_dfan14a.htm
<TEXT>
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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

</FONT></P>


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting Material under &sect;240.14a-12</FONT></TD></TR>
</TABLE>
<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No fee required.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="width: 90%; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title of each class of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule &nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; border-bottom: Black 1px solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></P>
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    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
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    <TD>&nbsp;</TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total fee paid:</FONT></TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fee paid previously with preliminary materials.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
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    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount Previously Paid:</FONT></TD></TR>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
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    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filing Party:</FONT></TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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>
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    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date Filed:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
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</TABLE>
<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></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<BR>
<BR>
</B></FONT></P>



<P STYLE="margin: 0"><BR>
<BR></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LEADING PROXY ADVISORY FIRM ISS RECOMMENDS
THAT GRAFTECH SHAREHOLDERS ELECT ALL THREE &ldquo;SAVE GRAFTECH&rdquo; DIRECTOR NOMINEES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Concludes that Board Change is Warranted
and Endorses Full Investor-Nominated Slate</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Karen Finerman, David Jardini and Nathan
Milikowsky</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</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,
May 5, 2014 &ndash; </B></FONT>Save GrafTech, an investor group led by Nathan Milikowsky, a holder of over 11.2% of the common
stock of GrafTech International Ltd. (NYSE: GTI), today announced that leading proxy advisory firm Institutional Shareholder Services
Inc. (&ldquo;ISS&rdquo;) has recommended that GrafTech shareholders vote the BLUE proxy card FOR Karen Finerman, David Jardini
and Nathan Milikowsky at GrafTech&rsquo;s 2014 Annual Meeting of Stockholders to be held on May 15, 2014. ISS has recommended that
GrafTech stockholders specifically &ldquo;DO NOT VOTE&rdquo; on the Company&rsquo;s white proxy card.</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">&ldquo;We are gratified that an objective and well-respected proxy
advisory firm has carefully reviewed this contest and recommends that GrafTech shareholders elect all three of our nominees to
GrafTech&rsquo;s seven-member Board,&rdquo; said Nathan Milikowsky. &ldquo;We are prepared to work collaboratively with our fellow
directors to drive shareholder value and address the acute problems that have led to the Company&rsquo;s severe and prolonged underperformance.
Save GrafTech continues to believe that the GrafTech Board needs to be reconstituted, and that &ndash;in order to bring about meaningful
change &ndash; Save GrafTech&rsquo;s level of Board representation must reflect the scale of the problems the Company is facing.
We urge shareholders to support all three Save GrafTech nominees by voting for Karen Finerman, David Jardini and Milikowsky on
the BLUE proxy card today.&rdquo;</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">In reaching its conclusion, ISS carefully analyzed both sides&rsquo;
positions in the election contest. In its report, ISS focused on the Company&rsquo;s sustained operating and financial underperformance,
the lack of relevant industry experience on the incumbent Board, and the superior qualifications of the Save GrafTech nominees.
Specifically, the ISS report stated*:</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"><U>Operating and Financial Performance</U></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD>&ldquo;[T]here is no disputing the fact that between 2011 and 2013, three of the company&rsquo;s main</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">competitors in the graphite electrode business &mdash;HEG
Limited, Graphite India and Showa Denko&mdash;completed or announced the expansion of their graphite electrode producing ability
capacity, while GrafTech capacity has contracted. Moreover, based on management&rsquo;s own 2014 estimates which indicate the company
will operate at 90% utilization rate, the company&rsquo;s shipments of electrodes are expected to further drop from 196,000 MT
in 2013 to 176,000 MT in 2014. In a commodity industry, where no single supplier has a distinct pricing advantage over its competitors,
the dissident&rsquo;s concerns about the potential for a continued erosion of shareholder value, and a further and steady reduction
in market share, seem to have merit. The additional concerns that the share price may reflect management&rsquo;s inability to provide
investors with realistic projections, and to communicate its strategy to grow shareholder value, also appear justified.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD>&ldquo;There is evidence that poor execution and poor operating performance has extracted a huge economic toll on shareholders.
GrafTech has meaningfully underperformed its peers in both the near and longer terms. The relative underperformance has been persistent
and most striking beginning in 2008 and sharpening in 2011.&rdquo;</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD>&ldquo;More concerning to shareholders, however, may be the potential detrimental effects of a strategy that, to date, has
not translated to increased shareholder value despite an investment of $1.5 billion&mdash;an amount equal to the company&rsquo;s
current market cap&mdash;in external acquisitions and internal capital expenditures since 2008.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Need for Board Change</U></P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD>&ldquo;The targeted directors have been on the board for extended periods, and as such may bear some responsibility for the
company&rsquo;s history of poor operating and share price performance. Additionally, it does appear that the board&rsquo;s recent
corporate governance changes&mdash;in particular, its willingness to refresh the skills, experience, and average tenure of directors
and to separate the roles of the CEO/Chairman&mdash;are reactive rather than heartfelt, and largely driven by the involvement of
the dissident. In aggregate, there is compelling reason for shareholders to support significant change at the board level.&rdquo;</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD>&ldquo;Five of the 7 directors do not have related operational and industry experience specific to the steel or graphite electrode
industry. The substantial experience and skills of Milikowsky and Jardini&mdash;in particular the deep knowledge of the steel and
graphite electrode industries they gained as co-founders and managers of C/G Electrodes and Seadrift Coke, growing that company
from an initial investment of $6 million in 2003 to a valuation of $850 million at its sale to GrafTech seven years later&mdash;appear
well-suited to bridging that gap.&rdquo;</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD>&ldquo;In addition, Finerman&rsquo;s perspective as a professional investor&mdash;and particularly her financial acumen and
attentiveness to communications with the markets &mdash;are likely to enhance the board&rsquo;s effectiveness with its shareholders.&rdquo;</TD></TR></TABLE>

<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"><U>GrafTech&rsquo;s Allegations About Mr. Milikowsky&rsquo;s Prior
Board Service</U></P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD>&ldquo;Although the company continues to assert that Milikowsky violated his director&rsquo;s duties in his previous stint
as a GrafTech director, and is thus not qualified to serve, it continues to acknowledge his financial acumen and deep understanding
of the industry.&rdquo;</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD>&ldquo;The preponderance of publicly available evidence&mdash;including the relative openness of the two sides, as embodied
in their proposals for resolving the matter, and the starkly different demonstrations of the relative confidence they feel in their
own assertions of Milikowsky&rsquo;s innocence or guilt &mdash;may leave little doubt in the minds of unaffiliated shareholders.
Weighed against the significant strengths even the board concedes Milikowsky would bring as a director of this troubled company,
the flimsy support shareholders have thus far been offered seems particularly inadequate to the board&rsquo;s conclusions. Certainly,
as the company&rsquo;s largest shareholder, Milikowsky&rsquo;s interest in the success of the company appears well-aligned with
shareholders.&rdquo;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD>&ldquo;[Save GrafTech&rsquo;s offer] to permanently resolve the issue through third party review of the same evidence the Board
has already found compelling, is rejected out of a hand by a Board which nonetheless continues to assert the evidence it has already
gathered, but has not released to the accused or to shareholders, is compelling.&rdquo;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Milikowsky added, &ldquo;I have a singular focus for GrafTech:
to create sustainable shareholder value. My incentives are directly aligned with my fellow investors and, if elected, I will seek
to ensure that this alignment flows throughout the entire organization.&rdquo;</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"><U>Glass Lewis Recommendation</U></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">While Save GrafTech respects Glass Lewis and regrets that it did
not support our slate, GrafTech shareholders should note that the Glass Lewis report* shares our &ldquo;concern that none of the
current independent directors of the Company have experience in the steel or graphite electrode industry&rdquo; and concludes that
it &ldquo;could be reasonable for shareholders to withhold support from the longest standing incumbent director(s).&rdquo; Consistent
with its Corporate Engagement Policy, Glass Lewis did not meet with Save GrafTech during the solicitation period to discuss the
merits of its specific proposals.</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&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">* Permission to use quotations neither sought nor obtained.</P>

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<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
CAREFULLY REVIEW THE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO 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>

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

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



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