Result of AGM

29 April 2014

POWERFLUTE

ANNUAL GENERAL MEETING

Powerflute Oyj ("Powerflute" or the "Company"), the packaging and paper group, announces that the Annual General Meeting of shareholders ("AGM") held today in Kuopio, Finland resolved in favour of all matters in accordance with the proposals of the Board of Directors and its Committees as presented in the Notice of the AGM published on 4 April 2014.

Adoption of accounts and discharge from liability

The AGM approved and adopted the Company's annual accounts for the financial year ended 31 December 2013 and granted the Board of Directors and the Chief Executive Officer discharge from liability for the period.

Resolution on use of profits and payment of dividend

The AGM resolved that a dividend of 1.35 cent per share will be paid for the financial year ended 31 December 2013. The record date for the dividend is 5 May 2014 and payment will be made on 23 May 2014.

Remuneration of Directors

The AGM resolved that the remuneration of the Directors for the term ending at the close of the Annual General Meeting in 2015 should be as follows:

Chairman EUR 100,000 per annum

Other Directors EUR 50,000 per annum

In addition, it was resolved that additional compensation of EUR 10,000 per annum should be paid to the Chairmen of each of the Board's principal committees and that the Directors should be entitled to reimbursement of any costs incurred by them in the performance of their duties.

Composition and membership of the Board of Directors

The AGM resolved that the Board of Directors should consist of seven members. Dermot F. Smurfit, Marco Casiraghi, David Walton, Christopher Knight, Teresa Presas, William Anthony Smith and Dermot S. Smurfit were all elected and will serve as Directors until the end of the next Annual General Meeting to be held in 2015.

Remuneration and re-election of auditor

It was resolved that the auditor's fees should be paid as invoiced and Ernst & Young Oy, an auditing entity authorised by the Central Chamber of Commerce of Finland, was re-elected to act as the auditor of the Company until the end of the Annual General Meeting in 2015.

Repurchase of the Company's own shares and issue of new shares and options

The proposals made by the Board of Directors on the granting of authority to them for the repurchase of the Company's own shares and the issue of new shares were adopted, thereby authorising the Directors to resolve on the repurchase of up to 28,000,000 own shares as well as the issuance of up to 28,000,000 new shares or options or other special rights or entitlements to shares. Both of the authorisations correspond to approximately 9.9 % of all the shares of the Company currently in issue (excluding shares held in treasury). It was resolved that these authorities shall remain effective until the end of the next Annual General Meeting, or 30 June 2015, whichever is earlier.

Decisions of the Board of Directors

At its meeting held after the AGM, the Board of Directors elected from among its members the following:

Dermot F Smurfit was elected as Chairman of the Board of Directors

Christopher Knight was elected as Senior Independent Director

Christopher Knight, Teresa Presas, Tony Smith and Dermot S Smurfit were elected as members of the Audit Committee and Christopher Knight was appointed as Chairman of this Committee.

Christopher Knight, Teresa Presas, Tony Smith and Dermot S Smurfit were elected as members of the Remuneration Committee and Tony Smith was appointed as Chairman of this Committee.

Christopher Knight, Teresa Presas, Tony Smith and Dermot S Smurfit were elected as members of the Nomination Committee and Tony Smith was appointed as Chairman of this Committee.

- Ends-

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About Powerflute

Powerflute Oyj ("the Company" or "Powerflute") is a paper and packaging group quoted on the AIM market of the London Stock Exchange (Ticker: POWR). The Group operates a paper mill in Kuopio, Finland which produces a specialised form of semi-chemical fluting made from locally sourced birch. Corrugated boxes manufactured using Nordic semi-chemical fluting demonstrate strength and moisture resistance and are used for transportation of fruit and vegetables, high-value industrial goods such as electrical appliances and automotive components. The Kuopio mill is one of only three suppliers of Nordic semi-chemical fluting in Europe.