<SEC-DOCUMENT>0000930413-14-002452.txt : 20140513
<SEC-HEADER>0000930413-14-002452.hdr.sgml : 20140513
<ACCEPTANCE-DATETIME>20140513121915
ACCESSION NUMBER:		0000930413-14-002452
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20140513
DATE AS OF CHANGE:		20140513
EFFECTIVENESS DATE:		20140513

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:		14836186

	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>c77550_dfan14a.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><FONT STYLE="color: black">&nbsp;</FONT></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: 5%"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 95%"><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: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>GRAFTECH
INTERNATIONAL LTD.</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><B>DAVID
R. JARDINI</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><B></B></FONT>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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 COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<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%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="width: 90%"><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>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&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>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><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>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&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>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <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">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: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<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: 5%">&nbsp;</TD>
    <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>
<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>
    <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>&nbsp;</TD>
    <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>
<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><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&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 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">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <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>
<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><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>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&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>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <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>
<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><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>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <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><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 0pt 0; text-align: center">&nbsp;</P>

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of 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&rsquo;s (collectively, &ldquo;Save GrafTech&rdquo;) continuing discussions
or communications with GrafTech International, Ltd.&rsquo;s (the &ldquo;Company&rdquo;) management, board of directors and shareholders,
and public statements, relating to the Company&rsquo;s upcoming annual meeting, Save GrafTech has issued a press release (the &ldquo;Press
Release&rdquo;). Save GrafTech is also filing with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a complaint against
GrafTech filed by Michael Nahl (the &ldquo;Nahl Complaint&rdquo;), which is referenced in the Press Release. A copy of the Press
Release is filed herewith as Exhibit 1. A copy of the Nahl Complaint is filed herewith
as Exhibit 2. Any descriptions herein of the Press Release and Nahl Complaint are qualified
in their entirety by reference to the Press Release and the Nahl Complaint filed herewith.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit 1 - Press Release</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit 2 - Nahl Complaint</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 15, 2014 Save GrafTech filed with
the SEC and began distributing to the Company&rsquo;s stockholders 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 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>


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>c77550_ex1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit # 1</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&ldquo;SAVE GRAFTECH&quot; DETAILS CORPORATE
GOVERNANCE CONCERNS WITH INCUMBENT GRAFTECH BOARD</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Urges Shareholders to Send Strong Message
by Voting <U>BLUE Proxy Card</U> FOR </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Karen Finerman, David Jardini and Nathan
Milikowsky</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>NEW YORK, May 13, 2014 &ndash; </B>Save GrafTech, an investor
group led by Nathan Milikowsky, a holder of over 11.2% of the common stock of GrafTech International Ltd. (NYSE:&nbsp; GTI), today
detailed certain corporate governance concerns with GrafTech&rsquo;s incumbent Board of Directors. Save GrafTech&rsquo;s concerns
include: 1) a defamation lawsuit recently filed against GrafTech by a former director, 2) the lack of any written report documenting
the findings of the GrafTech Special Committee investigation into Nathan Milikowsky&rsquo;s prior Board service, and 3) the Board&rsquo;s
refusal to settle the proxy contest on a reasonable basis.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><U>Michael Nahl Lawsuit Against GrafTech for Defamation</U></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">On May 7, 2014, former GrafTech director Michael Nahl filed a lawsuit
against GrafTech stating that the Company&rsquo;s April 14 Proxy Statement contained &ldquo;false and defamatory statements regarding
Mr. Nahl,&rdquo; specifically that the Company accused him of &ldquo;corruption, dishonesty, conflict-of-interest, and breaches
of fiduciary duty in discharging his duties as a director of GrafTech.&rdquo;</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">The lawsuit describes the incumbent Board&rsquo;s false accusations
against Mr. Nahl and the Board&rsquo;s &ldquo;reckless disregard for the truth&rdquo; in refusing to correct its proxy statement
after Mr. Nahl notified GrafTech in writing of the false and defamatory nature of the statements contained therein.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">As the lawsuit explains, &ldquo;These defamatory allegations about
Mr. Nahl are motivated by the incumbent Board members&rsquo; desire to &lsquo;win&rsquo; a highly publicized, acrimonious &lsquo;proxy
contest&rsquo; they are now waging against Nathan Milikowsky &ndash; and their desire to smear Mr. Milikowsky (and those who associated
with him) in the minds of the GrafTech shareholders who are being asked to vote their shares in that proxy contest.&rdquo;</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><U>GrafTech&rsquo;s Spurious Special Committee Investigation </U></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">In early 2012, just over a year after Mr. Milikowsky had been appointed
to GrafTech&rsquo;s Board and in the midst of a multi-year stock price decline, he began raising concerns to the Board and management
and advocating specific corrective actions, eventually including replacing Craig Shular as CEO. In September 2012, GrafTech&rsquo;s
Board formed a Special Committee to investigate an alleged leak of confidential information and, in doing so, labeled Mr. Shular
and certain other executives &ldquo;whistleblowers&rdquo; who could not be terminated for any reason for a period of time.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">At the conclusion of the Special Committee&rsquo;s investigation
in March 2013, Mr. Milikowsky was told he would not be renominated to GrafTech&rsquo;s Board. He was never interviewed in connection
with the investigation. The findings of the investigation were never shared with Mr. Milikowsky and have never been publicly disclosed.
ISS stated in an updated research report, &ldquo;&hellip;an investigatory report was apparently neither written, according to the
board, nor made available to Milikowsky for his response&hellip;.&rdquo;<U> </U></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><U>Independent Third Party Review of Investigation</U></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">On April 13, 2014 Save GrafTech proposed an agreement to settle
the proxy contest which included an independent, third party review of the Special Committee&rsquo;s findings. The Company promptly
rejected Save GrafTech&rsquo;s offer and instead proposed Mr. Milikowsky&rsquo;s appointment to the Board be contingent on a new
litigation-oriented investigation by another law firm, which we believe would take a minimum of two years to complete.</P>

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

<hr noshade size=3>
<P align="left" style="page-break-before:always"></P><PAGE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Commenting on GrafTech&rsquo;s rejection of Save GrafTech&rsquo;s
settlement proposal, Mr. Milikowsky said, &ldquo;As settlement negotiations had reached an impasse in early April, we proposed
having an independent law firm review the undisclosed findings of the Special Committee&rsquo;s prior investigation. GrafTech&rsquo;s
immediate rejection of this eminently reasonable offer clearly betrayed the Board&rsquo;s lack of confidence in the &lsquo;findings&rsquo;
of its own Special Committee investigation, which was the pretext for excluding me from continuing to serve as a director in 2013.&rdquo;</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">On April 19, 2014, Nathan Milikowsky emailed a representative of
Royce &amp; Associates regarding a previous meeting. The email was filed with the Securities and Exchange Commission on April 22,
2014 under cover of DFAN14A. Subsequently, Mr. Milikowsky received a letter from Royce disagreeing with the description of the
meeting. In particular, Royce denied suggesting an independent review and asserted that the only question asked of Mr. Milikowsky
during the meeting was whether it was appropriate for Mr. Milikowsky to be a director. Mr. Milikowsky continues to believe that
his description of the meeting is accurate.</P>

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


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Save GrafTech&rsquo;s proxy statement and presentation are available
at <U>www.sec.gov</U> and <U>www.SaveGrafTech.com</U>. Save GrafTech
urges shareholders to vote the BLUE proxy card FOR all three of Save GrafTech&rsquo;s director nominees today.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Your Vote Is Important, No Matter How Many
Shares You Own.</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-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>
<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: 11pt Calibri, Helvetica, Sans-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 <U>NOT</U> to sign any WHITE proxy card sent to you by GRAFTECH</B></FONT>&emsp;</P>

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Media:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">George Sard/Ren&eacute;e Soto/Jared Levy</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Sard Verbinnen &amp; Co</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(212) 687-8080</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">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 REFER 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, 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>

<hr noshade size=3>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>c77550_ex2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit # 2</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SUPREME COURT OF THE STATE OF NEW YORK<BR>
COUNTY OF ALBANY</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Albany County Clerk<BR>
        Document Number 11614851<BR>
        Rcvd 05/07/2014 2:38:05 PM</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><IMG SRC="x1_c77550x1x1.jpg" ALT=""></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-size: 5pt">
    <TD STYLE="font-size: 5pt; border-right: Black 1px solid; border-top: Black 1px solid; width: 40%">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MICHAEL C. NAHL,</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; padding-left: 70pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Plaintiff,</FONT></TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Index No. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; padding-left: 30pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">against</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">GRAFTECH INTERNATIONAL LTD.,</FONT></TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>COMPLAINT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; padding-left: 70pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Defendant.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 5pt">
    <TD STYLE="font-size: 5pt; border-right: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Plaintiff Michael C.
Nahl, by and through his attorneys, brings the following complaint against Defendant GrafTech International Ltd. (&ldquo;GrafTech&rdquo;
or &ldquo;the Company&rdquo;) and, in support of his Complaint, states and alleges as follows:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. On April 14, 2014,
Defendant GrafTech issued a Proxy Statement containing false and defamatory statements regarding Mr. Nahl. <I>See </I>April 14,
2014 GrafTech Proxy Statement (Ex. A). In the Proxy Statement, GrafTech defames and disparages Mr. Nahl by falsely accusing him
of corruption, dishonesty, conflict-of-interest, and breaches of fiduciary duty in discharging his duties as a director of GrafTech.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2. The Proxy Statement
falsely accuses Mr. Nahl of participating in an &ldquo;undisclosed arrangement&rdquo; whereby he obtained a &ldquo;free option&rdquo;
from another director (Nathan Milikowsky) that &ldquo;enabled&rdquo; Mr. Nahl to &ldquo;benefit&rdquo; from &ldquo;any increase
in value&rdquo; on an &ldquo;approximately $200,000&rdquo; investment &ldquo;without the concomitant investment risk&rdquo; and
that, &ldquo;thereafter,&rdquo; Mr. Nahl became a &ldquo;supporter of Nathan Milikowsky&rsquo;s agenda.&rdquo; Thus, among other
defamatory statements, the Proxy Statement falsely accuses Mr. Nahl of accepting a bribe from Mr. Milikowsky in exchange for Mr.
Nahl&rsquo;s support.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3. Defendant&rsquo;s
accusations are false. Mr. Nahl was not suborned by Mr. Milikowsky or by any &ldquo;arrangement.&rdquo; Mr. Nahl never obtained
a &ldquo;free option&rdquo; from Mr.</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Milikowsky, nor was he entitled to receive a risk-free &ldquo;benefit&rdquo;
tied to &ldquo;an approximately $200,000&rdquo; investment opportunity sponsored by Mr. Milikowsky.</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; text-align: justify; text-indent: 0.5in">4. These
defamatory allegations about Mr. Nahl are motivated by the incumbent Board members&rsquo; desire to &ldquo;win&rdquo; a
highly publicized, acrimonious &ldquo;proxy contest&rdquo; they are now waging against Nathan Milikowsky &mdash; and their desire
to smear Mr. Milikowsky (and those who associated with him) in the minds of the GrafTech shareholders who are being asked to
vote their shares in that proxy contest. These directors knowingly and recklessly engineered these false statements in the
Proxy Statement regarding the &ldquo;undisclosed arrangement&rdquo; &mdash; and knowingly cultivated these false and damaging
allegations of corruption, impropriety, and breaches of fiduciary duties &mdash; in an effort to smear Mr. Milikowsky. Driven by
this desire, Defendant GrafTech recklessly disregarded facts, documents, and information that rebutted its preconceived
storyline and, in the process, defamed and disparaged Mr. Nahl, a longtime supporter of Mr. Milikowsky. Mr. Nahl is, quite
simply, &ldquo;collateral damage&rdquo; in GrafTech&rsquo;s proxy battle.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5. Prior to initiating
this lawsuit, Mr. Nahl notified GrafTech in writing of the false and defamatory nature of the statements in the Proxy Statement
&mdash; and provided a detailed rebuttal to the false statements in the Proxy Statement regarding corruption, &ldquo;free options,&rdquo;
and suborned &ldquo;support.&rdquo; Despite these written notifications, GrafTech refused to remove or retract the statements in
the Proxy Statement, and instead chose to continue promoting those statements, further demonstrating reckless disregard for the
truth.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6. Mr. Nahl brings
this action to vindicate his rights and reputation. In addition to the significant reputational harm and material negative impact
on his prospects for future service on corporate boards of directors and future business opportunities caused by the false allegations
in the Proxy Statement, Mr. Nahl has been damaged by lost income and in having to expend funds to respond to the false statements
in the article.</P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE PARTIES AND OTHER RELEVANT PERSONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7. Plaintiff Michael
C. Nahl served as a member of GrafTech&rsquo;s Board of Directors from January 1999 until May 2013. Mr. Nahl has decades of experience
in senior positions of corporate leadership. Mr. Nahl has served on the boards of directors of Lindsay Corp. since January 2003
and of Trans World Entertainment Corporation since September 2010, and is a director of D&amp;D Power, a private company
domiciled in New York State. Mr. Nahl joined Albany International Corp. in 1981 as Group Vice President, Corporate and later became
Executive Vice President and Chief Financial Officer. He retired from Albany International Corp. in September 2009. He was a member
of JPMorgan Chase and the Company&rsquo;s Regional Advisory Board from 1996 to 2010 and is active in businesses in New York State.
Mr. Nahl is a citizen of New York State and a resident of Albany County, New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8. Defendant GrafTech
International Ltd. is a publicly traded graphite material science company. GrafTech&rsquo;s products are used in a variety of applications
in a diverse array of industries: metal production, electronics, chemicals, aerospace and transportation, among others. GrafTech
authored the defamatory Proxy Statement that is the subject of this lawsuit and caused it to be issued to its shareholders and
published to the worldwide financial community on April 14, 2014. GrafTech is a Delaware Corporation with its headquarters and
principal place of business in Parma, Ohio. GrafTech is registered to do business in the State of New York, and the Company&rsquo;s
shares are traded on the New York Stock Exchange under the ticker symbol GTI.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9. Non-party Nathan
Milikowsky served as a member of GrafTech&rsquo;s Board of Directors from 2010 to 2013. Mr. Milikowsky is the former co-Founder
and CEO (2003-2006) and Chairman (2003-2010) of C/G Electrodes, which was acquired by GrafTech in 2010, and the former President
(2005-2010) of Seadrift Coke, which was also acquired by GrafTech in 2010. Since January 2014, Mr. Milikowsky and GrafTech have
been engaged in a highly publicized</P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">proxy battle for control of
GrafTech&rsquo;s Board of Directors. GrafTech published the defamatory statements about Mr. Nahl in the April 14, 2014 Proxy
Statement in an effort to &ldquo;win&rdquo; this proxy contest against Mr. Milikowsky. The Proxy Statement was deliberately
designed to smear Mr. Milikowsky (and those who associated with him) in the minds of the GrafTech shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10. This Court has
jurisdiction over this suit because Plaintiff&rsquo;s claims for damages are in excess of $25,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11. This Court has
jurisdiction over Defendant GrafTech pursuant to N.Y. CPLR &sect; 302(a)(l) in that Defendant GrafTech transacts business within
the state of New York and/or contracts to supply goods or services in New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12. Venue is proper
in Albany County pursuant to N.Y. CPLR &sect; 503(a) in that Plaintiff is a resident of Albany County.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>GrafTech Publishes
Defamatory Statements<BR>
Regarding Mr. Nahl In Its April 14, 2014 Proxy Statement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13. On April 14, 2014,
in furtherance of the highly publicized, acrimonious proxy battle the Company is waging against Nathan Milikowsky, Defendant GrafTech
issued a Proxy Statement to its shareholders &mdash; and caused the Proxy Statement to be published to the worldwide financial community.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14. Much of the April
14, 2014 Proxy Statement is devoted to making derogatory statements about Mr. Milikowsky. GrafTech&rsquo;s incumbent Board of Directors
caused these derogatory statements to be published in the Proxy Statement in order to smear Mr. Milikowsky&rsquo;s reputation and
thereby persuade shareholders to reject proxy or voting solicitations from Mr. Milikowsky. The Proxy Statement proclaims, in all
capital letters: &ldquo;OUR ENTIRE BOARD OF DIRECTORS URGES YOU NOT TO SIGN OR RETURN ANY PROXY OR</P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">VOTING INSTRUCTION CARD SENT TO YOU BY
OR ON BEHALF OF THE MILIKOWSYS.&rdquo; Instead, the Proxy Statement urges shareholder to accept the nominees proposed by the incumbent
Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15. On pages 10 and
11 of the Proxy Statement, in the course of reciting a litany of derogatory statements designed to attack Mr. Milikowsky&rsquo;s
fitness and character to serve on the Board of Directors of GrafTech, the Company&rsquo;s April 14, 2014 Proxy Statement makes
the following false and defamatory statements about Mr. Nahl <SUP>1</SUP>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><I>&ldquo;Activities
intended to deceive his fellow directors</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">Nathan Milikowsky and another director
(who was Chair of the Audit Committee) entered into an undisclosed arrangement which the Special Committee, with advice of outside
counsel, concluded was a free option, enabling that director to benefit from any increase in value of an approximately $200,000
investment in an early stage medical technology company sponsored by Nathan Milikowsky without the concomitant investment risk.
Thereafter, that same director became a supporter of Nathan Milikowsky&rsquo;s agenda. That same director also thereafter assured
Mary Cranston that she would be able to continue as lead director or possibly even become chairperson after management changed.
Nathan Milikowsky never disclosed that conflict of interest when the Special Committee (of which such director was to be a member)
was formed and never produced any of the documents related thereto, even though they were within the scope of investigatory counsel&rsquo;s
production request. Rather, the arrangement was first disclosed at the very end of the investigation by that director, who mentioned
it at that time to some other directors, stating that it was only about a $10,000 cash investment, and then later admitted the
full extent of the arrangement and produced documents in an follow up interview by investigatory counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">That director subsequently resigned from
the Special Committee.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16. The damaging statements
in the Proxy Statement purporting to describe the actions and omissions of the &ldquo;other director&rdquo; (and similar references)
are plainly &ldquo;of and</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>1 </SUP>GrafTech International Preliminary
Proxy Statement, April 14, 2014 (Ex. A)</P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">concerning&rdquo; Mr. Nahl. Although the
statement does not identify Mr. Nahl by name, the opening sentence of the paragraph identifies the &ldquo;other director&rdquo;
as the former &ldquo;Chair of the Audit Committee,&rdquo; a description that any reader of GrafTech&rsquo;s public filings would
readily understand to refer to Mr. Nahl, the sole occupant of that position for over a decade.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17. The April 14, 2014
Proxy Statement falsely accuses Mr. Nahl of corruption, dishonesty, conflict-of-interest, and breaches of fiduciary duty in discharging
his duties as a director of GrafTech and, as such, are defamatory per se.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18. Through the false
and misleading juxtaposition of statements that Mr. Nahl participated in an &ldquo;undisclosed arrangement&rdquo; whereby
he obtained a &ldquo;free option&rdquo; from Mr. Milikowsky that &ldquo;enabled&rdquo; Mr. Nahl to &ldquo;benefit&rdquo; from an
investment and &ldquo;thereafter&rdquo; became a &ldquo;supporter of Nathan Milikowsky&rsquo;s agenda,&rdquo; the Proxy Statement
creates the false and defamatory impression that, as a result of this &ldquo;undisclosed arrangement,&rdquo; Mr. Nahl did not discharge
his duties as a director in the best interests of GrafTech&rsquo;s shareholders and that, instead, his &ldquo;support&rdquo; for
&ldquo;Nathan Milikowsky&rsquo;s agenda&rdquo; was suborned by the investment arrangement. These statements are false and defamatory
per se.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19. The April 14,
2014 Proxy Statement falsely states that Mr. Nahl&rsquo;s &ldquo;undisclosed&rdquo; participation in an investment created a
&ldquo;conflict of interest&rdquo; that Mr. Nahl was required to disclose to GrafTech&rsquo;s Board. Mr. Nahl&rsquo;s
investment in PS Investments LLC did not create a conflict with GrafTech or the best interests of its shareholders. Nothing
in Delaware law or the then-existing &ldquo;Director Qualifications&rdquo; required Mr. Nahl to disclose his investments.
Furthermore, GrafTech has failed to identify or articulate &mdash; either in the Proxy Statement or elsewhere &mdash; any basis for
its false conclusion that the investment created a &ldquo;conflict of interest.&rdquo; Nor could it. Nothing about Mr.
Nahl&rsquo;s investment in PS Investments LLC created a conflict</P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">with GrafTech or the best interests of
its shareholders. Accordingly, these statements are false and defamatory per se.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20. The April 14, 2014
Proxy Statement is grossly misleading regarding the magnitude of Mr. Nahl&rsquo;s actual investment while he was a member of GrafTech&rsquo;s
Board &mdash; and also grossly mischaracterizes the nature of Mr. Nahl&rsquo;s investment. Specifically, the Proxy Statement alleges
that Mr. Nahl would &ldquo;benefit&rdquo; from &ldquo;any increase in value of an approximately $200,000 investment in an early
stage medical technology company sponsored by Nathan Milikowsky without the concomitant investment risk.&rdquo; The Proxy Statement
mischaracterizes the nature of that investment as a &ldquo;risk free option.&rdquo; These statements are false and defamatory per
se.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21. The April 14,
2014 Proxy Statement falsely states and suggests that Mr. Nahl was not forthcoming during the Board&rsquo;s investigation of
these issues. By stating that &ldquo;the arrangement was first disclosed at the very end of the investigation&rdquo; by Mr.
Nahl, who initially stated it was &ldquo;only about a $10,000 cash investment&rdquo; and then later &ldquo;admitted&rdquo;
the &ldquo;full extent&rdquo; of the arrangement, the Proxy Statement falsely suggests that Mr. Nahl was less than
forthcoming about his investment during the investigation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The True Facts Surrounding Mr. Nahl&rsquo;s
Investment<BR>
Reject The False And Defamatory Statements In The Proxy Statement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22. The &ldquo;investment&rdquo;
described in the Proxy Statement refers to an investment that Mr. Nahl made in PS Investments LLC, a holding company that, in turn,
invested in shares of Premia Spine, a medical technology company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23. The Proxy
Statement grossly mischaracterizes the amount of Mr. Nahl&rsquo;s actual investment in PS Investments LLC while he was member
of GrafTech&rsquo;s Board &mdash; and the baseline amount from which any &ldquo;increase&rdquo; or &ldquo;benefit&rdquo; in that
investment would be measured. Specifically, the Proxy Statement falsely states that Mr. Nahl would &ldquo;benefit&rdquo; from
&ldquo;any increase</P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in value of an approximately $200,000
investment.&rdquo; That is demonstrably false. Although Mr. Nahl had originally proposed to invest approximately $220,000 in
PS Investments LLC, the actual amount of his investment was lowered &mdash; at Mr. Nahl&rsquo;s request &mdash; to a much smaller amount
one-business day after he signed the subscription agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24. The true facts
surrounding Mr. Nahl&rsquo;s investment are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">On October 19, 2011, Mr. Nahl executed a &ldquo;Subscription Agreement&rdquo; evidencing his intent
to purchase 220 investment units in PS Investments LLC for a total cost of $220,000. The Subscription Agreement called for Mr.
Nahl to invest in these units according to the following schedule:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 72pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 100pt; border-top: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; text-indent: 0.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Date</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 3pt; border-top: black 1px solid; border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20pt; border-top: black 1px solid; border-bottom: black 1px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Units</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 3pt; border-top: black 1px solid; border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 60pt; border-top: black 1px solid; border-right: black 1px solid; border-bottom: black 1px solid; text-align: center; padding-right: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Purchase&nbsp;Price</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1px solid; border-left: black 1px solid; text-indent: 0.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 28, 2011</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">120</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1px solid; border-bottom: black 1px solid; text-align: right; padding-right: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$ 120,000</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1px solid; border-left: black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 15, 2013</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1px solid; border-bottom: black 1px solid; text-align: right; padding-right: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$ 50,000</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1px solid; border-left: black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 15, 2013</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1px solid; border-bottom: black 1px solid; text-align: right; padding-right: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$ 50,000</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1px solid; border-left: black 1px solid; text-indent: 60.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>220</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1px solid; border-bottom: black 1px solid; text-align: right; padding-right: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B> <B>220,000</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">On Friday October 28, 2011, Mr. Nahl sent instructions to MF Global to wire funds to his checking
account so that he could make the initial $120,000 payment required by the subscription agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">On Monday October 31, 2011, MF Global filed for bankruptcy and informed Mr. Nahl that the funds
he had requested would not be sent.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">d.</TD><TD STYLE="text-align: justify">At the time MF Global filed for bankruptcy, Mr. Nahl had more than $650,000 cash invested with
MF. Global. Given the reality that those substantial funds could be lost or (at best) locked up in bankruptcy litigation for years,
Mr. Nahl promptly informed Mr. Milikowsky of this change in his cash availability.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">e.</TD><TD STYLE="text-align: justify">Mr. Milikowsky agreed that, given these unforeseen circumstances, PS Investments LLC would not
hold Mr. Nahl to the investment contemplated by the subscription agreement. Mr. Milikowsky told Mr. Nahl that, if he wanted to
make a nominal investment in PS Investments LLC in order to stay informed about the company, he could.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">f.</TD><TD STYLE="text-align: justify">On November 8, 2011, Mr. Nahl wired $12,000 (one-tenth of the originally planned amount) to purchase
twelve units of PS Investments LLC. These twelve units were purchased on the exactly the same terms, and with exactly the same
investment risk, as all other investors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">g.</TD><TD STYLE="text-align: justify">On January 24, 2013, Mr. Nahl wired $5,000 to purchase another five investment units of PS Investments
LLC. These five investment units were purchased on the exactly the same terms, and with exactly the same investment risk, as all
other investors.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25. The April 14, 2014
Proxy Statement does not identify any action undertaken by Mr. Nahl as a director that runs contrary to the best interests of GrafTech&rsquo;s
shareholders &mdash; or</P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">that is alleged to have been suborned by
Mr. Milikowsky or the investment in PS Investments LLC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">26. The timing
of Mr. Nahl&rsquo;s support for Mr. Milikowsky on strategic business matters involving GrafTech squarely rejects the
false accusation that Mr. Nahl&rsquo;s investments in PS Investments LLC &mdash; purchased in November 2011 and January 2013
&mdash; were somehow a <I>quid pro quo </I>for Mr. Nahl&rsquo;s &ldquo;support&rdquo; for &ldquo;Nathan Milikowsky&rsquo;s
agenda.&rdquo; Mr. Nahl openly supported Mr. Milikowsky&rsquo;s operational and strategic insights for GrafTech&rsquo;s
business soon after Mr. Milikowsky became a director of GrafTech in December 2010. Mr. Nahl believed that Mr. Milikowsky was
the only independent director with direct operational and leadership experience in the graphite electrode and coke business
&mdash; and that Mr. Milikowsky brought new insights to the Board&rsquo;s discussions of GrafTech&rsquo;s results and plans.
Mr. Nahl&rsquo;s open support for Mr. Milikowsky&rsquo;s vision existed well before his investment in PS Investments LLC and,
indeed, well before Mr. Milikowsky presented Mr. Nahl with the PS Investments LLC opportunity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">27. Contrary to the
false statements in the Proxy Statement, any potential that Mr. Nahl had to &ldquo;benefit&rdquo; from any &ldquo;increase&rdquo;
in the value of his investment in PS Investments LLC was tied directly to the number of units he owned while he was a member of
GrafTech&rsquo;s Board (17 units) and the amount he actually paid for those units ($17,000). Contrary to the false characterizations
in the Proxy Statement, Mr. Nahl had no &ldquo;option&rdquo; or right to purchase any additional units of PS Investments LLC beyond
the 17 units he was allowed to purchase after requesting and obtaining a reduction in his commitment &mdash; or benefit from any increase
in the value of units that he had not yet purchased. Thus, it is demonstrably false, for multiple reasons, for the Proxy Statement
to assert that Mr. Nahl had a &ldquo;free option&rdquo; where by he would &ldquo;benefit&rdquo; from &ldquo;any increase in value
of an approximately $200,000 investment.&rdquo;</P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">28. Mr. Nahl
retired from GrafTech&rsquo;s Board of Directors in May 2013. Mr. Nahl agreed to retire from the Board only after he was
informed that, as a result of his investment in PS Investments LLC, the nominating committee had decided not to re-nominate
him to the Board. Mr. Nahl was not provided anything in writing stating the details behind the reasoning  for that decision.
At no point during those discussions did anyone accuse Mr. Nahl of having  been given a &ldquo;free option.&rdquo; Mr. Nahl
did not know or realize until later &mdash; upon reading the false and defamatory statements in the April 14, 2014 Proxy Statement
&mdash; that the Board had mischaracterized the amount and nature of his investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">29. Mr. Nahl made
an additional investment  in PS Investments LLC after his retirement from GrafTech&rsquo;s Board of Directors. This
additional investment was made on exactly the same terms, and with the same investment risk, as all other investors at that
time. Even with the additional units purchased after he retired from the Board, Mr. Nahl&rsquo;s investments in PS
Investments LLC totaled substantially less than the &ldquo;approximately $200,000&rdquo; described in the Proxy
Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">30. All of Mr. Nahl&rsquo;s
investments in PS Investments LLC were made on the exactly the same terms, and with exactly the same investment risk, as all other
investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">31. Mr. Nahl was entitled
to absolutely no greater potential benefit from his investment than any other investor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Defendants Deliberately
Ignored Information<BR>
Rebutting The False Statements In Their Article</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">32. Defendant GrafTech
knew or recklessly disregarded that the statements about Mr. Nahl in the April 14, 2014 Proxy Statement were false.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">33. Defendant GrafTech
knew or recklessly disregarded the facts and chronology surrounding Mr. Nahl&rsquo;s investment, including the true amount &mdash; and
true nature &mdash; of his investment in PS Investment LLC, the circumstances surrounding the reduction of his initially</P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">intended investment, and the limited number
of additional investment units he was expecting to be able to purchase in the future. For example, on March 11, 2013, in response
to an inquiry from GrafTech&rsquo;s outside counsel about the investment, Mr. Nahl expressly informed Defendant GrafTech of these
critical facts<SUP>2</SUP>:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-size: 5pt">
    <TD STYLE="width: 7%; border-right: black 1px solid; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="width: 78%; border-top: black 1px solid; border-right: black 1px solid; font-size: 5pt; padding-left: 3pt; padding-right: 3pt"></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; padding-left: 3pt; padding-right: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>From: Michael Nahl</B> &lt;<U>michael.nahl@gmail.com</U>&gt;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; padding-left: 3pt; padding-right: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Date: Mon, Mar 11, 2013 at 12:02 PM</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; padding-left: 3pt; padding-right: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Subject: your question</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; padding-left: 3pt; padding-right: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>To: &ldquo;Abramczyk, Jon&rdquo;</B> &lt;<U>JAbramczyk@mnat.com</U>&gt;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; padding-left: 3pt; padding-right: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cc: Mary Cranston</B> &lt;<U>mary.cranston@pillsburylaw.com</U>&gt;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; padding-left: 3pt; padding-right: 3pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; padding-left: 3pt; padding-right: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hi Jon,</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; padding-left: 3pt; padding-right: 3pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-left: 3pt; padding-right: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attached is the subscription agreement for Premia Spine (PS
        Investments LLC). Although Nathan had sent me the form for 220 membership units at $1000 per unit and I signed it on October 28,
        2011, three days later, on October 31, 2011 MF Global declared bankrupcy, freezing two of my personal MF Global accounts with
        over $500,000 in cash in them so I called Nathan and said I wouldn&rsquo;t be participating. He suggested that I put in at least
        something in so that I could follow the progress of the company, and I agreed to send him a check for $10,000, with the understanding
        that there would be further calls for $5000 each in January 2013 and June 2013. I sent him a check for $10,000 and then another
        $5000 per the agreement this year. I will send the last $5000 in June.</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">I will follow this email with a copy of the approximately 20
        page PS Investments LLC Operating Agreement. I do not have a copy of a signed operating agreement, and don&rsquo;t know if there
        ever was one.</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">Michael</P>

</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">34. In addition to
GrafTech&rsquo;s outside counsel, Mr. Nahl&rsquo;s sent a copy of his March 11, 2013 email to Mary Cranston, lead director at GrafTech.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">35. Defendant GrafTech
recklessly disregarded the facts presented in Mr. Nahl&rsquo;s March 11, 2013 email.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">36. Defendant GrafTech
knew or recklessly disregarded facts rebutting the Proxy Statement&rsquo;s characterization of the investment as a &ldquo;free
option.&rdquo; At no point in time during their investigation did any GrafTech counsel or member of the Board of Directors inform
Mr. Nahl that they believed the investment was a &ldquo;free option&rdquo; &mdash; or provide Mr. Nahl with an opportunity to respond
to this false allegation.</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>2 </SUP>Email from M. Nahl to J. Abramczyk
and M. Cranston dated March 11, 2013 (Ex. B)</P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Defendant GrafTech Refuses To Retract
Or Correct<BR>
The Defamatory Statements In The Proxy Statement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">37. Prior to
initiating litigation, Mr. Nahl attempted to bring his concerns about the false statements in the Proxy Statement to the
attention of GrafTech&rsquo;s incumbent directors in an informal and amicable manner &mdash; but those efforts were largely
ignored. For more than a week, Mr. Nahl sought, through attempted telephone conversations and a request for a conference call
with GrafTech&rsquo;s counsel and lead director, an informal and mutually acceptable way for GrafTech to retract or correct
the damaging falsehoods in the Proxy Statement. After more than a week of delay, GrafTech made clear that the Company had no
intention of retracting anything without the same lengthy and expensive legal review they had offered Mr. Milikowsky. That
process, which would prolong a resolution for months and result in substantial legal costs to Mr. Nahl, offered no meaningful
hope of a prompt correction of the public record.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">38. Accordingly,
on April 30, 2014, Mr. Nahl notified Defendant GrafTech in writing that the April 14, 2014 Proxy Statement included false and
defamatory statements about him &mdash; and made a formal demand for the false statements in the Proxy Statement to be retracted to
corrected<SUP>3</SUP>. Mr. Nahl&rsquo;s notice provided substantial information rebutting the false statements in the Proxy
Statement, including information about the investment that had been provided to GrafTech&rsquo;s counsel prior to publication
of the April 14, 2014 Proxy Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">39. Even when confronted
with this information, Defendant GrafTech refused to retract the false and defamatory statements in the April 14, 2014 Proxy Statement,
to issue an amended Proxy Statement or other statement to its shareholders correcting the false statements,</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>3</SUP> Letter from T. Clare to R.
Barker dated April 30, 2014. (Ex. C)</P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or even to publish Mr. Nahl&rsquo;s explanation
of the true facts underlying the statements about him in the Proxy Statement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">40. Plaintiff repeats
and realleges each of the foregoing paragraphs as if set forth fully herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">41. Defendant GrafTech
published false and defamatory statements in its April 14, 2014 Proxy Statement that were reasonably understood by those who read
or heard them to be statements of fact regarding Mr. Nahl.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">42. The Company&rsquo;s
April 14, 2014 Proxy Statement makes the following false and defamatory statements about Mr. Nahl:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><I>&ldquo;Activities intended to deceive
his fellow directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">Nathan Milikowsky and another director
(who was Chair of the Audit Committee) entered into an undisclosed arrangement which the Special Committee, with advice of outside
counsel, concluded was a free option, enabling that director to benefit from any increase in value of an approximately $200,000
investment in an early stage medical technology company sponsored by Nathan Milikowsky without the concomitant investment risk.
Thereafter, that same director became a supporter of Nathan Milikowsky&rsquo;s agenda. That same director also thereafter assured
Mary Cranston that she would be able to continue as lead director or possibly even become chairperson after management changed.
Nathan Milikowsky never disclosed that conflict of interest when the Special Committee (of which such director was to be a member)
was formed and never produced any of the documents related thereto, even though they were within the scope of investigatory counsel&rsquo;s
production request. Rather, the arrangement was first disclosed at the very end of the investigation by that director, who mentioned
it at that time to some other directors, stating that it was only about a $10,000 cash investment, and then later admitted the
full extent of the arrangement and produced documents in an follow up interview by investigatory counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">That director subsequently resigned from
the Special Committee.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">43. The April 14,
2014 Proxy Statement defamed and disparaged Mr. Nahl by falsely accusing Mr. Nahl of corruption, dishonesty,
conflict-of-interest, and breaches of fiduciary duty in discharging his duties as a director of GrafTech. The Proxy Statement
falsely accuses Mr. Nahl of participating in &ldquo;undisclosed arrangement&rdquo; whereby he obtained a &ldquo;free
option&rdquo; from another director (Nathan Milikowsky) that &ldquo;enabled&rdquo; Mr. Nahl to &ldquo;benefit&rdquo; from
&ldquo;any increase in value&rdquo; in an &ldquo;approximately $200,000&rdquo; investment &ldquo;without the concomitant
investment risk&rdquo; and that, &ldquo;thereafter,&rdquo; Mr. Nahl became a &ldquo;supporter of Nathan Milikowsky&rsquo;s
agenda.&rdquo; Thus, among other defamatory statements and inferences, the Proxy Statement falsely accuses Mr. Nahl of
accepting a bribe from Mr. Milikowsky in exchange for Mr. Nahl&rsquo;s support.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">44. These
statements by Defendant GrafTech are false. Mr. Nahl was not suborned by Mr. Milikowsky or by any investment arrangement. Mr.
Nahl never obtained a &ldquo;free option&rdquo; from Mr. Milikowsky, nor was he entitled to receive a risk-free
&ldquo;benefit&rdquo; tied to a &ldquo;$200,000&rdquo; investment opportunity sponsored by Mr. Milikowsky. At all times, Mr.
Nahl discharged his duties as a director of GrafTech in the best interest of shareholders. Mr. Nahl cooperated with the
Company&rsquo;s investigation in good faith &mdash; and to the best of his ability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">45. Mr. Nahl in no
way approved the false and defamatory statements published by Defendant GrafTech.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">46. Defendant GrafTech
disseminated and published these false and defamatory statements in its public filings, and directly to its shareholders, in a
manner that achieved widespread exposure to a global audience.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">47. Defendant
GrafTech published these statements with reckless disregard for the truth. Although Mr. Nahl made himself available and
cooperated with the Company&rsquo;s investigation to the best of his ability, Defendant GrafTech recklessly disregarded
information provided &mdash; both verbally and writing &mdash; to GrafTech.</P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">48. Defendant
GrafTech acted with actual malice, showing reckless disregard for the truth or falsity of its statements about Mr. Nahl.
Defendant GrafTech&rsquo;s reckless disregard for the truth is demonstrated by its decision to publish false statements about
Mr. Nahl in the Proxy Statement &mdash; and its subsequent refusal to retract or correct those statements &mdash; even after Mr.
Nahl had submitted documentation and detailed written explanations evidencing the true facts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">49. Defendant GrafTech&rsquo;s
actual malice is further evidenced by its deliberate and intentional decision to refer to Mr. Nahl by title (rather than his name)
in the Proxy Statement, demonstrating the Board&rsquo;s subjective awareness of the defamatory nature of the allegations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">50. Defendant
GrafTech&rsquo;s statements are defamatory <I>per se </I>because they tend to harm, and indeed have harmed, Mr. Nahl in his
trade, business, and profession, and because they charge him with misconduct &mdash; corruption, dishonesty,
conflict-of-interest, and breaches of fiduciary duty &mdash; in discharging his duties as a director of GrafTech.
Defendant&rsquo;s statements are also defamatory because they tend to expose Mr. Nahl to public contempt, ridicule, aversion,
and disgrace, and induce an evil opinion of Mr. Nahl in the minds of right-thinking persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">51. As a result of
the false and defamatory statements published by Defendant GrafTech, Mr. Nahl&rsquo;s reputation as an ethical and honest fiduciary
and board member has been impugned.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">52. As a result of
the false and defamatory statements published by Defendant GrafTech, Mr. Nahl&rsquo;s relationships with business colleagues, board
members at other companies, and potential clients have been undermined.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">53. As a result of
the false and defamatory statements published by Defendant GrafTech, confidence in Mr. Nahl&rsquo;s honesty and integrity has been
undermined.</P>

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

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">54. As a result
of the false and defamatory statements published by Defendant GrafTech, Mr. Nahl&rsquo;s prospects for future service on
corporate boards of directors and future business opportunities &mdash; have been adversely affected in an amount yet to be
determined.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">55. As a result of
the false and defamatory statements published by Defendant GrafTech, Mr. Nahl has been forced to make an expenditure of money to
remedy the defamation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">56. In view of the
foregoing, Mr. Nahl is entitled to actual, presumed, and punitive damages in an amount to be specifically determined at trial.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEFENDANT&rsquo;S CONDUCT WARRANTS PUNITIVE
DAMAGES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">57. Defendant&rsquo;s
conduct warrants the imposition of punitive damages. The factors justifying punitive damages include, at a minimum, the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">Defendant ignored or recklessly disregarded information available to it that rebutted the false
statements about Mr. Nahl and his investment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">Defendant acted with knowledge that its statements were false, or with reckless disregard for the
statements&rsquo; truth or falsity;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">Defendant published the defamatory statements about Mr. Nahl in an effort to &ldquo;win&rdquo;
a proxy contest it is waging against Mr. Milikowsky;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">d.</TD><TD STYLE="text-align: justify">Defendant published its false statements about Mr. Nahl in a manner designed to grab the attention
of GrafTech&rsquo;s shareholders and the attention of the global financial audience;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">e.</TD><TD STYLE="text-align: justify">Defendant knew that publishing these statements about Mr. Nahl would have damaging impact on his
reputation and a material negative impact on his prospect for future service on corporate boards of directors and officer-level
corporate positions; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">f.</TD><TD STYLE="text-align: justify">After publication of the defamatory statements and after Mr. Nahl explained the true facts underlying
the false accusations in the article, Defendant GrafTech refused to retract or correct the false statements.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREFORE, Plaintiff
respectfully requests that the Court enter judgment in Plaintiffs favor, and against Defendant, as follows:</P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Actual, presumed, and punitive damages in an amount to be specifically determined at trial;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">All costs, disbursements, fees, and interest as authorized by the New York Civil Practice Laws
and Rules; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Such other and additional remedies as the Court may deem just and proper.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: May: <font style="border-bottom: black 1px solid">&nbsp;&nbsp;7&nbsp;&nbsp;</font>, 2014</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 45%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 55%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Respectfully Submitted,</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ William J. Keniry</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">William J. Keniry (counsel)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 7.1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TABNER, RYAN, and KENIRY LLP</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 7.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18 Corporate Woods</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Albany, NY 12211</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 6.6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone: (518) 512-5304</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 6.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Email: wjk@trklaw.com</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 6.6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Thomas A. Clare (of counsel)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 6.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Elizabeth M. Locke (of counsel)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 6.6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CLARE LOCKE LLP</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 6.6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">902 Prince Street</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 6.2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alexandria, VA 22314</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 6.15pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone: (202) 628-7400</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 6.15pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Email: tom@clarelocke.com</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Email: libby@clarelocke.com</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorneys for Michael </I>C. <I>Nahl</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 53%">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Albany County Clerk<BR>
        Document Number 11614851<BR>
        Rcvd 05/07/2014 2:38:05 PM</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><IMG SRC="x1_c77550x1x1.jpg" ALT=""></TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>x1_c77550x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 x1_c77550x1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``=`(\#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^IS_@I#^W
M#\7/V0+'QQ/\,-!^'FM2^%_^";7_``47_;'LO^$]T'Q3K,<_Q+_9!U_]CZP^
M'&@WL/AWQ=X4<^!]?MOC]XV_X36T@:#6KRXT[PS>Z)XF\-VFEZQ:ZU^%7AC_
M`(.'?VU]9^,%Y\.[OX:_LIV>D1_MR_M?_LR+J;>#OC*)+/X?_`']G:#XL^#_
M`!-J$^F_%KQ!CQ`?$$__`!6ES;:2-(O/#D%Q9:?HWAN]^U>([/\`1G_@N!=0
M6-E\7)KI8C'+_P`$'/\`@N?:`3QQ7$?VF\U__@FG96.T7-U:*LXN;F+[).)&
MN;>["75I:7ETJ6=S_'CX?LKZU_:7>WTN[F;5)/\`@L/^W_=:;<V$6G>)[F&_
MO_V1_#=[8_9[&WMO[-U&ZMKFX@MO[`NK2\O!=0'0]>^V7RW?VL`_I1_8V_X+
MN?MC?M(?M5:!\#/%/PR_9KT?P_K7[6OA?]G8+H7A3XFQ>)8;#5?V+_C3^T)>
MS#7/^%M>*]&;6+CXG_#OP[X?L==7P\WAVR\'7&JG4+/[;=6OB31^<\7_`/!Q
M%^TYHT/[*;:7\!_@A=7'[0W@#XC>*-2M;B;QTC:)K7@G_@D-^P-_P48L+32I
MCXKMEGT[4OB3^UYXH^'EX;P[K3P-X5T.]^V-K5W?WK?D!_P2Z>X\3_\`!1_X
M<Z?%I]UJYN_^"A_P6O+=_%$4J6$T4W_!)_\`:@,$*W%AJ'B+4U.@6^GP75D;
MB\NKVSLAHMY?WYO6OKNT\#\<(\US_P`$O9/-@C@L_@C\6[>.T-M#`+V[O_\`
M@V1_X(_3W%Y]H@NKJYO[BUM[+2K761=#2?L=E/X<&GV5W]KO+R@#^DWP)_P7
MC_:$\9?L.6_[4$_PW_9\T_QO>>-/V>M"7PI:WOB_4/#VFZ7\8OV8_&/QVOI;
MYE\;6FI3ZA_PD/A;_A#]%MEO+-K-O[2L;ZTUG6K,BOGO7_\`@XM_:WMS^V5<
M:%\,_P!FI]+_`&?;/X+7?PZN]1\$?&&2774^*G_!*']N?]NV:3Q786_Q1M-1
M(M_BM^ROX/\`#5E!:VGAPV7PZ\5>(M/UVZM-=M;7QE8?EW^SB(/$G_!):\&I
MZYJ<@\/>/_\`@FU=-:Z/J/VV2;3[W]DSXF>!Y[/0['6?^$=-SX@&CW%]:WNF
M:7:7G_(#MK`WFK^%M*/B2OG;1[VW\1P_\%$-7BDLM5B\6?LT_L7^/;6\L;.]
MT/3[RVUW_@U$_P""P/C"WU,6/]H:^-&N+A=4M]3'A<7EI8VET+C1+'1_#FBV
MAT;2`#]_?&G_``7Q_;2T3Q]^Q[X6TGX>?LRW&F?'_P#X)4_L6_M[^.;W_A`O
MBSX@O-'^('QY_:B\#?![XJ:!X5M_"_QLN[O_`(070?`^M^([KPQH%WI6M>.]
M&\8V5I_;E]XMLK"Y\.:Q[7\%/^"VG[4?Q#_:5^'OP;\1^"/V>=.\+^*X?^"=
MYO[W3?#/CRS\0)-^U[\0_''@_P`??8+W4/C#>6W_`!*+?P[I0\%+_P`(]>BR
MU:^G77[O61<V-G7\Z/B?5)/%/C?]@V]U#S#+IW_!KS^S);6;QW4R7$,OP_\`
MVO[^PT.:&>W-M<?Z+_PCEA="U!(Q#]BR0<GTKX0:I>6'_!0?]F];.*_GVVW_
M``0KN+V*'4(;.P6POOVW="\'3WE];C_2I]0M+CQC8VUC:VEV+,VEQJ8OK*]L
MKG[99@'Z)Z;_`,%ZOV]_$[_L,R>']1_9^7_AH']NKX!_LU^.TO/A3KVGZ?)X
M<^(O[1_[6WPE\206$]_\2+NYTAM+TWX2^%],O-=-V3>WNA6WB?3QX<M-7U?1
MKWU+X1_\%K/VXO&G[)GPG^,^OW?PKTSQ=XF_;E_X)._L_:E>S?#<Z?X<U;X<
M?M:_LU?!;XG?&F\:*X\2D?:M4\8^,O$AL=>TR\T>U\.6L)T33K*T.EF]/X@Z
M):7.@_M(?\$SO"$D7V>/1O\`@L3^QQ<VL$;ZB+.ZMK?_`(*S_P#!8;P-!J5A
M!/IUGIFGV(MO`,'ABRTS0VN[.TM?"@W?9&)L;3WGP#%'%_P2T_9/DCBB22X_
MX*!?\$*I9G1?]=+_`,,W_#F`33\<XMX(+7MGR,=\4`>UVG_!P1_P4>U2\\$0
M1^./AG:2ZE\)?^"7?Q!U:VT_X,^'+A;NY_:G\5>#M+^,\MQJNH:X/[&TZZ.N
MP:5HEK::5J]Y8G5838"R^R?VQ:_1G_!37_@KS_P4#_9Z_92N_B'\(?CWI_A#
MQW;_``7^+7BM-;;X5_!K7]0GUW2?^"H6D_L\Z'JZZ5XI\$ZMH:0>%O@_I5QX
M#6T'AUK*];Q5J.O:\M]XLMO#GB+2/YV?BQ%H_@'3_CGJEY]D33_`_P"RG_P3
MYLR^J:3-::/I6E_"/]OK0_AEI<4&E07&@:C;Z?:>#_`%C;7INKO1]9N_^)F<
MZ*;L6EE]N?\`!7FYL]=_9+\5:E;B+4-/TS]D3]O/PQ;/J6BZIIFH6^K_``R_
MX.,?@#X"N=>MA/<BVMA=&^U6SL[4WFJWO]DWUR=<\,>&[N\T=[,`_33]M'_@
MK?\`\%"_@O\`%S6=%\)_M)7&@>%(-,_:CCFL--^"7P4UV?3Y/A5_P<0W_P"Q
M#X<U+2I=?\`WDXNM-_90:'X3VMOKNJ7FDWQL1XIU'[9\4]3'CL._:5_X*L_M
M_P#AO]I?_@I+\.?#_P"T+J.C>#?V>/C)^VGX;^$&DZ;X`^%=G)X4T#X9_P#!
M'S]N7]HOP%8S:K#X#&L^)ET'XS_#+P/X\M+GQA?>(KJ[U;PWIUG?-=:+]LTF
M\_.O]N>"\\<?&F6\CBUKP_<W_P`,?^"G7BV:TL](L_%&J6$6E?\`!RY\1?%=
M]I%]!IVI?9C8&WL9],US7K6[N[+PUI$^I^*;`:N-)%G><-^W+8Z_8?MS?\%I
MC>V^O:?9VW[3OQ9TAH$TB*WN!-\8O^",G_!4*#PY=P7NK:':V\]OKVC:7]K%
MK=^(Q]MT46U]X?M='^UW7B*\`/USB_X*3_M]:=^W;^V'\+[/]I?7+WX??#'X
MV?\`!:;1?"WAS7?!/PEO[/P]8?`']C_X+?%+]F?2;".V^']IJ6H:#\)?%U]X
MPNOL^I7=T=8%]IJ^.[WQ=?:K=7MWQ/[9/_!6W_@I%\/(/@1!\,?VC[?PK<^+
MO`7_``5B\5>*I[GX3_`C58]4D_91_P""6'[.?[4_PG&/$'PUNQI]SX8^*'C#
MQMXFLK;33:KXDN]=@T/Q`OB3PO::-X=L_`O!MRGC#]L'_@HOXPT>WCGL-<_:
MJ_X+'7.G`L+C5Q%XI_X)DV.JZ7!;0V-S=Z;=)=6]OB^:UNKIOM<&G#3KP65U
M=F\^'/C/K.G^./AS^QKK\DL^K6^N?LI?\%R?%26VO:S>>+;RPEU7_@W!_8M\
M8:)-<:IK'AWP[J-_?D7^E>*%U:YTBUO;Z]O5\3FST:\O#I&C@'[K_M7_`/!2
M[]O'P/\`M&_"[X:_#+]HRY\.V'Q$_:\U7X/ZEH2_#GX':U]D\(?\.@OV&/VD
MM$BLAXG^&^KZC8FY^/WQI^(_CL71U8&Z-Z/#`8>%M)&C6?Z!?\$*?VQOV@/V
MM_!WBO4OCW\3KSXGZOIW[)__``3W^(2W5]IF@:6$\6?%SX;_`!4O?B+JWD>&
M/#NDZ6MQX@\0>%;>YOK6WWK9W=DR?V?I0;%Y_/\`?M>75U<_\%$/@/X;O+"]
M_L^S_;A\">)$FO=1TV?2+^U\<?\`!#O]B'PY`+/PX=NI03_:/AEKEMK&JW6Z
MRUA(+.PT[[%>Z1>?:_TL_P"#7?7;O5-)^+%M<:9+IT5O^P+_`,$HI;*[G>&:
MXU&UM]-_;+\*>?#=?:+X2V`N/!\[6=N;QEL3-<V+V6CWMK>:19@'UG_P7-FN
M47XBV]O,\;W?_!"O_@NQ%,BZ1#K`N+6*;_@G3?7,,D5Q=6AL0(++[4=4M_M5
MUHYMUO5LKH*0/Y"/"FK,/VG8M4L7&I2Z?_P61_;^54UC3VN+=[G1?V3?#EG-
M:7-CHVIW?]H:?:SV<UH+:VNAJUY90#[;8Z1?7ESI-K_HN_M0?L5_"/\`:R&K
MCXF:GX\TPZQ^S-^TW^R=J;>"O$-GH1O/@_\`M;3?"27XP6$OVK1M5!UJ[7X'
M^#(M!U4`)I"2:R6L[Q[RW:R^`-+_`."`W["FC>+[GQ9!J?Q[N=1O?VC?BG^U
M#+:7WQ,TZYTD?%'XR>"+OP#XJ/V(^$%>;PW9^&6:R\.:+>7%T=&8`QW<L,EW
M;W0!_)5_P2W2W7_@HY\&)ECU&6ZD_P""DG[*"2WUY/>SP3VL'_!,/]HPP6=L
M;BZNE#:9Y\X%K;D+96=QIMD<67V&UL^'^)EM!%_PZNB-C&T\'[+&O^(H=5A\
MB#9'XQ_X-U/V`_#EQIM]`Q-WJ%QGX2V=U9:F#]CM+2>XL?L5G>C[9J_]GGP3
M_P""&7[#_P"SW\9M&^/G@%?BW_PL#0_BY\,?C'I\FJ>-=(;0T\7?"[X.>/?@
M-X;$VB:3X2T>TFT^\\$_$G7;GQ,6QJ_B/Q+!I^OZAK#7:7OVWR76/^#>3]C#
M6]7^".JW/Q1_:=AO?@'X!A^&/@N:V\4_!KS+WPY'^Q=\(_V'Y&\0SW7P*NKN
MYO;SX2?!;PMK]\=*N=&LKGXCWVMZXUB/#Z^'/"?AP`_FD_X)H6`UO_@FOXIT
MZXCOM-36/%7_``2GTQ[VVTK3-(D>*?7_`(X:5_:6DW-M;&VU$6T$`MO[?U2U
MO+PZQ8ZE8W_VS[)Q\/?#R-+6#]JBVCDD*R_\$WOV$+IHS)90QO)+_P`&?_\`
MP4LN"PM(+:">=K<7C*MVFT*L\_\`:)O+Z\M[D_W,?`K_`((@_LH_L^?!8_`K
MP3X__:#O_!_]H?L]:D+WQ-XM^'NH>(!=_LU:GXKU;P3B[T[X6:1IPM]<U#QA
MJ]QXQMAI7EWK"V&@?\(W_I?VSS31/^#>_P#87T#_`(2*2+Q1^T9?R>*_@K\,
MO@+XG:^^(OA-4UOP/\(_^"=_Q6_X)B>%9KFVL?AQ96=MX@/[/?QF\;Z]?ZKI
MMM8AOBC<V6O6%KI_AB"X\&7@!_(--<10^+OV$XB!NO/^#8WX-VT?S6Z9D_X;
M+\9SC'VBX1IA_HY^6T6[NFX)5;(75W:?4/[-&E:7/^V_$TEIKMOJ7ACX>?\`
M!&33KFUU5]8@BTWQ%X5_X+T_L]_#F^TS2?[0-IJ6H:1HFGV-QX?QJUF$M-8L
M=1^Q69&E:1>#^HN7_@@W^P]<ZC\)=5&H?'"WG^#/['&A_L)^&(K?XA:8EOJ'
MP(\,>.M>^(.EVWB&(^$C]O\`%*>*-=GO9->MVL59+'2X/L(CM[C[9ZAX8_X(
M\_LA^%?B?=?%W2Y?BP_BR\MO@I;3?VAX\BU#3_*^!?[:FE_MZ>!0(+C0S<9_
MX7OI%D=</VO_`(FO@_[3H>+:]N7UD`'\8_CN7^Q?C)^P)XTDATR./PQ_P5G_
M`&&Y)-5U!1;V]BI_X+6_\'(NJ&"XU3'V?3].NAHAN=0SPZV%O>`XLR:ZGX+-
MHNJ?\$R?`&N7FJ3PP_#O]I?_`(-^O&EY97VK7OV#2+6#PWH7@"?68-*M[>YT
MVWN=2_XGGVW_`$FSO;W2-+TN^O\`'V72%OOZZ-;_`."(7["?B,:#;ZWH?Q0U
M%/#?QT^'G[16@"7XF:ND>E_$7X4_M`_M@?M'>$3;PQ6\<(\/P>._VYOCY97N
MA%/LE[X?U70DD*^(-';Q%>:'AO\`X(D_L!>$?@AJ_P"SSH?@;X@VWPTUW7?V
M?/$-]9M\7?'[ZU_:G[,6I7VI_!N2#Q"=9&K0V_ABZOI2;-;C[-?+%:"[CD-G
M;&,`_P`];]NZSCTOP1^V>;/2[:./Q)^QC\$]?U;4H(ID9M3T_P#X*G^,/#ED
M;[_CYMKFXNM.L8;870:Q(M-(MK(65R?M=\?UG_X*Y^&I]$_X)A^+=&U$K(_A
M3PY_P7.T^")I+M[B+5-*_P"#G;_@G3H>H3S7HU"Z_M&&X@G,"P7(?9<_:+UK
MN\9[)K/^H_XA_P#!`7_@F7\6'\4GQ[\(_&VN1^,_AKIOPAU^W7XR?$[28+OP
M+H_QY_X:-BT[RM$\2Z:HOIOB<KWKZT0VLVVC7%SH>GWUG93.M?1_Q=_X)8_L
M._M`?#?5OA1\9_A!?>/O`'B*Y_:1?6-!O/B1\3?#K7<?[5?[6?P^_;@^--J-
M4\$>+_"^K6UMX@_:0^$7P\\:Z<;2]M[OP]8^'(_"FBW=GX6U;Q#I&L`'\0?C
M"_CU+XQ^()&U(7VHZ?\`LW_\%5K#6;:3PW#H%UH^J:K_`,%<_P#A8L]E-Y%Q
M=V_B<:E;>/X/$VC>)[0V2GPYKFA^%1HEK>^$[R^UCU7]M[0_#=W_`,%)O^"R
MFB0:''IVAZM^V;^QG%JFDF%;*/4+K7/^"'__``5WF\57H^SZEJG/B?6+[5M=
M-TMW:W=[_:C7WV'1KVX_LFR_K_N_^"./_!.:YUO6/$EQ^S_?-J_B#2?B?X?U
M>XB^-G[0EO%<Z9\:_'^D_$OXF00V</Q82RL&\2^.=&TC73<V%O;WND'2]/TS
M0+K2=(M4L#W7C;_@EY^PM\0/BQ\6?CAXU^!H\1?%#X\^,_`/CKXK>)K[XE?%
M[9XK\4_#+X"_%K]F+P#J+:%%X_C\-:-#X:^!GQQ^)_@6UTKP]H^D:1<Q^(X/
M$%_8W7BGP]X9UO1@#^-']F33-;LO&G[4.GZA9P2:A?>.?V]+JUAT?3;'3X_[
M/UO_`((K^%M6T.::PM[72OM%_=Z1>Z6+ZZM+.\OM8UBXNM0O;[5S>7FLWGQ+
MXJTV[TOX3?L@3W]U:I;VG[$__!3Y(HWO]2N%4>+O^#07_@F+KFEPV\NKW=Y<
M1"X,Y%W9V]S;6%MJM]]BT*QM-.^QVEI_H%>'_P#@E[^P7X3\1:]XK\.?LZ>&
MM&\4>*=5\5ZSKOB+3_$?CZWUJ_OO'?P<U7]G[Q$3J8\6&]M[6X^$&K:IX/L]
M.LY[?3]&2^N-:T&UTOQ`W]JCS75_^",'_!-CQ'X<\)^%=8_9TGO-`\"^&O&_
M@OPIIY^-'[0</]E^&OB#^R3\+OV#_&&F-=VWQ7AO]035_P!E+X*?#/X31W&I
MW5Y>Z5:^&O\`A+=&N=.^(.M>(O%VL`'\H/[4MS<7O[;_`.S#\0;K2-L/C3]H
M?]B[6+F9]>M-GA*_\5_\$B-"TJQ\*6!U&UTJY\06^J3Z5/JHU0FRNOM6DFP&
MC7M]J]E8VGZ9?\&MJ2I\/;HO86-G&_\`P3:_X)VO#<V9T?S]5B/[47_!6H&_
MU7^S<W?]H+<>?IG_`!/"-8%CI>G[/^)(VCBOW,\8?\$N/V$OB%KO@SQ%XO\`
M@3'K&N>`?'/PG^(GA/4)?B5\8+9]+\8?`/X<?\*=^%VIR0V'Q`M+?4[;0/AS
MCPW=Z+JL5[HGB9!_:7B_3_$&L_\`$QKUW]FG]B_]F;]CW3_['_9S^&,7PXTR
MS^&GP[^#MO9P^+?'?B:*#X:_"WQ3\6O'/@'PM;CQEXG\1?9[;0/%OQW^+.N&
4^AVZMJUYXRO&UN_U);'25L`#_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
