<SEC-DOCUMENT>0001214659-24-006042.txt : 20240403
<SEC-HEADER>0001214659-24-006042.hdr.sgml : 20240403
<ACCEPTANCE-DATETIME>20240403172344
ACCESSION NUMBER:		0001214659-24-006042
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240403
DATE AS OF CHANGE:		20240403

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAFTECH INTERNATIONAL LTD
		CENTRAL INDEX KEY:			0000931148
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				272496053
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13888
		FILM NUMBER:		24820183

	BUSINESS ADDRESS:	
		STREET 1:		982 KEYNOTE CIRCLE
		CITY:			BROOKLYN HEIGHTS
		STATE:			OH
		ZIP:			44131
		BUSINESS PHONE:		2166762000

	MAIL ADDRESS:	
		STREET 1:		982 KEYNOTE CIRCLE
		CITY:			BROOKLYN HEIGHTS
		STATE:			OH
		ZIP:			44131

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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Undavia Nilesh
		CENTRAL INDEX KEY:			0001944761
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		155 E BOCA RATON RD UNIT 416
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33432
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
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<FILENAME>p43246dfan14a.htm
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

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

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

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    <TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
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    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD>&nbsp;</TD></TR>
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    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Soliciting Material Pursuant to Section 240.14a-12&nbsp;</P></TD></TR>
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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="border-bottom: Black 1pt solid; font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>GrafTech
International, Ltd</B>.</FONT></P>

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Nilesh
Undavia (the &ldquo;Undavia Group&rdquo;)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Undavia Group issued the following statement on April 3, 2024:</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">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #35495E"><B>Undavia Group Files Definitive
Proxy Statement and Issues Letter to GrafTech Shareholders</B></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: center; background-color: white; color: #293849"><I>Urges
Shareholders to Vote the Blue Proxy Card to Add Independent, Large Shareholder Perspective to GrafTech Board</I></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"></P>

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<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: center; background-color: white; color: #293849"><I>The
Incumbent Board Has Destroyed Enormous Shareholder Value while Paying Itself Approx. $7 million in Director Compensation since 2019</I></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: center; background-color: white; color: #293849"><I>Shareholders
Must Act Now to Revive GrafTech</I></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; background-color: white; color: #293849">BOCA RATON, Fla., April 03,
2024 (GLOBE NEWSWIRE) -- Nilesh Undavia issued the following statement on&nbsp;April 3,&nbsp;2024:</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; background-color: white; color: #293849">Dear Fellow GrafTech Shareholders:</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; background-color: white; color: #293849">As one of the largest shareholders
of GrafTech International Ltd. (NYSE: EAF) (&ldquo;GrafTech&rdquo; or the &ldquo;Company&rdquo;), the Undavia Group is seeking your support
for the election of Nilesh Undavia at the Company&rsquo;s upcoming Annual Meeting of Stockholders, which is scheduled to be held virtually
at 8:00 A.M. Eastern Time on May 9, 2024.</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; background-color: white; color: #293849">It is our belief that shareholders
will benefit immensely from having a large shareholder on the Board to correct the pattern of egregious mistakes made by its leadership
in the past. These mistakes include a broad spectrum of poor decisions and failed oversight:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white; color: #293849"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Failing to identify and appoint stable executive leadership as the Company
has endured three different CEOs since 2019;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white; color: #293849"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Failing to create and execute a comprehensive strategy to repair customer
relationships damaged by the imposition and enforcement of long-term purchase agreements on the customer base amid the peak pricing environment
of 2017-2018;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white; color: #293849"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mismanaging environmental risk along with the associated regulatory compliance
and government relations resulting in a temporary suspension of one of the Company&rsquo;s primary operating facilities in Mexico, which
significantly impacted production and sales in 2023;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white; color: #293849"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Failing to develop a CEO succession plan, which resulted in the search for
a CEO for six months, only to appoint the former CFO as the CEO in March 2024; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white; color: #293849"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Rewarding directors by increasing their pay despite poor financial and share
price performance.</FONT></TD></TR></TABLE>

<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; background-color: white; color: #293849">These mistakes have cost the
Company significant market share and diminished its industry leadership, even though GrafTech has premium assets that should make it a
leader.&nbsp;<B>Shareholders and bondholders have suffered wanton value destruction: shares are down 90% since the IPO and the Company&rsquo;s
bonds trade at 64 cents on the dollar.</B>&nbsp;The roots of the Board&rsquo;s problems, in our opinion, are its lack of industry expertise,
business savvy, judgement, and share ownership.</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"></P>

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<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; background-color: white; color: #293849"><B>Questionable CEO Appointment</B></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; background-color: white; color: #293849">Despite the Board&rsquo;s
track record of failure, no example can be more egregious than its recent attempt to pursue the same failed strategy by naming the former
CFO as the new CEO. On March 26, 2024, the Board announced that Interim CEO Timothy Flanagan had been formally appointed CEO and President
effective immediately. We are both dismayed and disheartened by the Board&rsquo;s decision to move forward with the promotion of a senior
executive under whose watch shareholders have lost so much.</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; background-color: white; color: #293849">Notably Mr. Flanagan:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white; color: #293849"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Has no prior CEO experience;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white; color: #293849"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Has no expertise in customer relationships and business turnarounds; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white; color: #293849"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Has core skills limited to finance and accounting.</FONT></TD></TR></TABLE>

<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; background-color: white; color: #293849">Importantly, we question the
Board&rsquo;s judgment in promoting Mr. Flanagan, considering shareholders have lost so much during his tenure as the CFO and interim
CEO.</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: 72%; border: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Timothy Flanagan&rsquo;s Time at GrafTech</B></FONT></TD>
    <TD STYLE="width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TSR</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Full Tenure as CFO (11/29/2021 &ndash; 9/27/2023)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-69.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Full Tenure as Interim CEO (9/27/2023 &ndash; 3/26/2024)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-65.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Full Tenure with GrafTech (11/29/2021 &ndash; 3/26/2024)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-89.5%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #293849">Source: Factset</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; background-color: white"><FONT STYLE="color: #293849"><B>Increase in
Director Compensation Despite Poor Performance</B><BR>
Shockingly, GrafTech continues to reward directors for destroying value. In 2023, the Board raised annual director fees from $150,000
to $200,000 (</FONT><FONT STYLE="color: #0252A9"><U><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/931148/000119312523093097/d407709ddef14a.htm">page 16 of 2023 Proxy Statement</A></U></FONT><FONT STYLE="color: #293849">) as the company
was losing market share and facing collapsing profits. The subsequent layoffs announced this year cannot be positive for employee morale.</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; background-color: white; color: #293849"><B>The Choice is Clear</B></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; background-color: white; color: #293849">At the upcoming shareholder
meeting, shareholders have a clear choice: support a Board and management team that has destroyed tremendous shareholder value or add
a director with deep industry knowledge and significant ownership.</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"></P>

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<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; background-color: white; color: #293849">Mr. Undavia has invested significant
capital in buying GrafTech shares, representing approximately 5.9% of the Company&rsquo;s outstanding shares. In comparison, Mr. Anthony
Taccone, GrafTech&rsquo;s nominee, owns only 8,750 shares. According to GrafTech&rsquo;s 2024 proxy statement, Mr. Taccone&rsquo;s total
ownership interest is 106,219 shares largely consists of unvested stock units including 73,498 DSUs, and 23,971 DRSUs (as of March 13,
2024).</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; background-color: white; color: #293849">Mr. Taccone&rsquo;s lack of
ownership interest in GrafTech is surprising given his significant director compensation over the past five years. Since the IPO in 2018,
Mr. Taccone has received over $900,000 in director compensation yet his direct ownership remains at roughly the same level as in 2018.</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; background-color: white; color: #293849"><B>Mr. Taccone has not only
overseen massive shareholder value destruction, but his lack of meaningful ownership suggests he has little faith in the Company&rsquo;s
strategy.</B></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; background-color: white; color: #293849"><B>Conclusion</B></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; background-color: white; color: #293849">If elected, Mr. Undavia will
add a much-needed independent voice; deep industry expertise; large, vested interest; and the perspective of a long-term shareholder to
the Board.</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; background-color: white; color: #293849">Like you, we invested in GrafTech
because we believe it has great assets and enormous potential. We believe that with proper Board oversight, informed by a shareholder
perspective, GrafTech could again become the industry&rsquo;s supplier of choice and a true market leader.</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; background-color: white; color: #293849">We need your support to hold
the Board and management accountable and unlock value for ALL shareholders.</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; background-color: white; color: #293849">Vote for change by voting
on the Blue Proxy Card for Nilesh Undavia.</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; background-color: white; color: #293849">/ s / Nilesh Undavia</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; background-color: white; color: #293849">Nilesh Undavia</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; background-color: white"><FONT STYLE="color: #293849"><B>Additional
Information and Where to Find It</B><BR>
The Undavia Group (Nilesh Undavia and certain family trusts) have filed with the SEC a definitive proxy statement on Schedule 14A (the
&ldquo;Proxy Statement&rdquo;), containing a form of BLUE proxy card, with respect to its solicitation of proxies for the Annual Meeting.&nbsp;<B>INVESTORS
AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY THE UNDAVIA GROUP
AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY</B>&nbsp;<B>BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION.</B>&nbsp;Investors and security holders may obtain copies of these documents
and other documents filed with the SEC by the Undavia Group free of charge through the website maintained by the SEC at&nbsp;</FONT><FONT STYLE="color: #0252A9"><U>www.sec.gov</U></FONT><FONT STYLE="color: #293849">.
Copies of the documents filed by the Undavia Group are available free of charge by accessing the website at&nbsp;</FONT><FONT STYLE="color: #0252A9"><U>https://www.icomproxy.com/EAF</U></FONT><FONT STYLE="color: #293849">.</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"></P>

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<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; background-color: white"><FONT STYLE="color: #293849">Mr. Undavia and
certain family trusts are participants in the solicitation of proxies in favor of Mr. Undavia&rsquo;s nomination for the Board of Directors
at the Company&rsquo;s Annual Meeting. The identity and direct or indirect interests (by security holdings or otherwise), and other information
relating to the participants is available in their Proxy Statement, which was filed with the SEC on April&nbsp;2, 2024, at page 13 and
page 22 (summarizing holdings of 15,318,517 shares). That information is available free of charge at the SEC&rsquo;s website at&nbsp;</FONT><FONT STYLE="color: #0252A9"><U>www.sec.gov</U></FONT><FONT STYLE="color: #293849">&nbsp;and
at&nbsp;</FONT><FONT STYLE="color: #0252A9"><U>https://www.icomproxy.com/EAF</U></FONT><FONT STYLE="color: #293849">.</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; background-color: white; color: #293849"><B>Contact:</B></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; background-color: white; color: #293849">Nilesh Undavia<BR>
(617) 763-8191</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; background-color: white; color: #293849">InvestorCom LLC<BR>
19 Old Kings Highway S. &ndash; Suite 130<BR>
Darien, CT 06820<BR>
Toll Free (877) 972-0090<BR>
Banks and Brokers call collect (203) 972-9300<BR>
proxy@investor-com.com</P>

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

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