On February 23, 2024, Nilesh Undavia announced that he has performed research on GrafTech International Ltd. Nilesh Undavia stated that the research involved reviewing and analyzing all shareholder communication from the Company?s management, and conferring with experts who know the steel industry, and the Company?s end customers. Nilesh Undavia added that in the course of his research, he was made aware of what appear to be a number of errors made by the incumbent board of directors. Nilesh Undavia stated that he was informed that the incumbent Board is engaged in a search process for a new permanent CEO.

Nilesh Undavia concluded that the incumbent Board was likely to make an additional serious error in their choice of CEO. Nilesh Undavia approached the incumbent Board with a humble seeking friendly collaboration with the incumbent Board in the selection of a new CEO. Nilesh Undavia?s request for only 1 Board seat was rejected by the incumbent Board.

Nilesh Undavia attempted to further engage with the incumbent Board, but his requests for constructive dialogue were mostly rejected or ignored. Nilesh Undavia stated that he has, therefore, concluded that only the addition of 2 new members to the Board will suffice to guarantee that the Board selects an appropriate CEO. Nilesh Undavia stated that he has officially requested that the incumbent Board allows him to list 2 of his candidates on the Universal Proxy that would be distributed for the annual meeting of shareholders.

Nilesh Undavia expressed his view that when shareholders are able to review the qualifications of the 2 candidates selected by Nilesh Undavia, shareholders would conclude that Nilesh Undavia?s 2 candidates should be elected to the Board to increase the chances of a positive outcome for all shareholders. Nilesh Undavia also stated that he intends to consider running a ?denial of quorum? campaign.