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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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                            P R E S S   R E L E A S E

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

             N.V. Deli Universal Plans to Acquire Dutch DIY Supplier
                  Richmond, VA o October 16, 2002 / PRNEWSWIRE

         Universal Corporation announced today that its Dutch subsidiary, N.V.
Deli Universal (Deli), has reached an agreement in principle to acquire
Willemstein's Industriele Ondernemingen B.V. (JeWe), a leading producer and
distributor of lumber and building products to the do-it-yourself (DIY) market.
The transaction is subject to completion of a definitive purchase agreement.

         Headquartered in Gorinchem, the Netherlands, JeWe sells moldings,
softwood, solid-wood panels and cased panels, flooring, cabinets, and a variety
of other products to DIY markets in the Netherlands and a number of other
European countries including Belgium, Germany, France, the United Kingdom,
Spain, Portugal, and Hungary. Its customers include the major national and
international do-it-yourself chains as well as independent outlets in the DIY
sector. The company has 500 employees and expects to have sales of approximately
130 million Euros ($128 million) in 2002.

         Henry H. Harrell, Chairman and Chief Executive Officer of Universal
Corporation, noted, "This merger is an important step in expanding Deli's DIY
distribution activities in this important and growing sector in the Netherlands
and in Europe. JeWe's product line is largely complementary to Deli's current
DIY activities in softwood, panel products and doors and provides important
opportunities to expand into other European DIY markets."

         When the transaction has been completed, Universal expects to have
additional funds employed of approximately 80 million Euros ($79 million),
which includes the purchase price. The transaction is expected to close in
January 2003 and to be accretive to earnings during the fourth quarter of
Universal's fiscal year 2003.

         The Company cautions readers that any forward-looking statements
contained herein are based upon management's current knowledge and assumptions
about future events, including anticipated levels of demand for and supply of
the Company's products and services; costs incurred in providing these products
and services; timing of shipments to customers; changes in market structure; and
general economic, political, market, and weather conditions. Lumber and building
products earnings are also affected by changes in exchange rates between the U.
S. dollar and the euro. Actual results, therefore, could vary from those
expected. For more details on factors that could affect expectations, see the
Management's Discussion section of the Company's Annual Report on Form 10-K for
the year ended June 30, 2002, as filed with the Securities and Exchange
Commission.

         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, 2002, were approximately $2.5 billion.
For more information on Universal Corporation, visit its web site at
www.universalcorp.com.