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 P.O. Box 25099 Richmond, VA 23260 o phone: (804) 359-9311 o fax (804) 254-3594
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                                  PRESS RELEASE

                CONTACT                                    RELEASE
         Karen M. L. Whelan                                Immediately
              Phone:   (804) 359-9311
              Fax:     (804) 254-3594
              Email:   investor@universalleaf.com


               Universal Corporation Announces Quarterly Dividend
                   Richmond, VA o August 2, 2001 / PRNEWSWIRE

         Henry H.  Harrell,  Chairman and Chief  Executive  Officer of Universal
Corporation  announced  that the  company's  Board of  Directors  has declared a
quarterly  dividend of thirty-two cents ($.32) per share on the common shares of
the company,  payable November 12, 2001, to common shareholders of record at the
close of business on October 9, 2001.

         They also fixed the voting  record date on September  4, 2001,  for the
annual meeting of shareholders to be held on October 23, 2001.

         Universal  Corporation  is a  diversified  company with  operations  in
tobacco,  lumber, and agri-products.  Universal Corporation's gross revenues for
the fiscal year that ended on June 30, 2000,  were  approximately  $3.4 billion.
For  more  information  on  Universal   Corporation,   visit  its  web  site  at
www.universalcorp.com.

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