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GrafTech's Q1 2014 Earnings Call Continued The Trend Of Poor Results. LTM Diluted EPS Excluding Extra Items; Q4 2013 And Q1 2014 EPS Does Not Include The Write-off From The Rationalization Plan. (Source: Capital IQ)

Save GrafTech, an investor group led by Nathan Milikowsky, a holder of over 15 million shares of GrafTech International Ltd. (NYSE:GTI), or over 11.2% of the common stock, announced today that it is sending a letter to GrafTech’s shareholders outlining the recommendation of Institutional Shareholder Services that GrafTech shareholders vote “FOR” all three of Save GrafTech’s highly qualified, independent director nominees: Karen Finerman, David Jardini and Nathan Milikowsky.

Included below is the full text of the letter to GrafTech’s shareholders:

May 7, 2014

Dear Fellow GrafTech Shareholder:

Late last week, Institutional Shareholder Services (“ISS”), the leading proxy advisory firm utilized by institutional investors on voting matters, recommended that GrafTech shareholders vote ”FOR” all three candidates nominated by “Save GrafTech” for election to GrafTech’s Board of Directors. Noting that “GrafTech has meaningfully underperformed its peers in both the near and longer terms,” ISS concluded that Save GrafTech nominees Karen Finerman, David Jardini and Nathan Milikowsky have “substantial experience and skills” and the “financial acumen” necessary to correct this “troubled company.”

The ISS conclusion is correct and reflects thorough analysis of this situation. We urge you to vote FOR the election of all three Save GrafTech nominees by signing, dating, completing and promptly returning the BLUE proxy card today .

ISS Recognizes Save GrafTech’s Commitment to Improve Operations and Drive Shareholder Value

We are pleased to have the endorsement of ISS, whose subscribers include many of the largest institutional investors and whose views on corporate governance are sought by many leading public companies. We are also gratified that ISS has acknowledged that the Company’s recent corporate governance changes are “reactive rather than heartfelt, and largely driven by the involvement of [Save GrafTech].”

ISS also recognized that, as GrafTech’s largest non-institutional stockholder, Nathan Milikowsky’s interests are clearly aligned with those of all other shareholders and he is highly qualified to drive change. “Milikowsky’s interest in the success of the company appears well-aligned with shareholders” the proxy advisor observed, adding that, “even the board concedes” the “significant strengths” Mr. Milikowsky “would bring as a director of this troubled company.”

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