Exhibit 99.2

P.O. Box 25099 — Richmond, VA 23260 — Phone: (804) 359-9311 — Fax: (804) 254-3584

PRESS RELEASE

CONTACT:	Karen M. L. Whelan		RELEASE:	2:15 p.m. ET
	Phone:	(804) 359-9311
	Fax:	(804) 254-3584
	Email:	investor@universalleaf.com

Universal Corporation Reports Strong First Quarter Earnings

Richmond, VA, August 4, 2009 / PRNEWSWIRE

HIGHLIGHTS

Diluted earnings per share increased to $1.47 versus $0.64 last year.

Revenues up 22% to $616 million on higher volumes from earlier shipments and better product mix.

Operating income up 83% to $70 million.

George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYSE:UVV), announced that net income attributable to Universal Corporation for the first quarter of fiscal year 2010, which ended on June 30, 2009, was $43.7 million, or $1.47 per diluted share. Those results more than doubled last year’s income of $21.1 million, or $0.64 per diluted share, mostly because of earlier shipments of tobacco this year and a more favorable product mix. The same factors caused a 22% revenue increase compared to the same quarter last year. Revenues for the quarter were about $616 million.

Mr. Freeman stated, “We are very pleased with our performance during the first quarter. Each of our operations performed as we had expected or better. Earlier shipments of Brazilian and European tobacco boosted our results, and leaf costs were lower due to the stronger U.S. dollar. Looking at the current worldwide situation, we see the U.S. dollar beginning to weaken again, which could increase costs as we enter the next purchasing season. We will be monitoring these factors as the year progresses, and we will be working to control our costs.

“We do not foresee any oversupply of flue-cured tobacco in the coming year. Global burley availability improved after the shortage of filler style crops two years ago, and there is a large crop again this year. So it is likely that we will see some oversupply of burley. Worldwide dealer inventories for flue-cured and burley tobacco are about 70 million kilos compared to about 80 million kilos last year.

“Japan Tobacco Inc., one of our largest customers, recently announced steps to enhance their direct leaf procurement capabilities by acquiring and entering joint ventures with smaller leaf merchants. They enumerated several factors that prompted their moves, including the desire to enhance internal expertise in leaf procurement, actively manage the leaf supply chain, and work more directly with tobacco growers. Over time, these steps are likely to reduce our volumes with them in the United States, and may affect other regions as well. However, the overall impact and timing cannot yet be determined. We are continuing our dialogue with Japan Tobacco and believe that we will continue our long-term relationship.

— M O R E —

Universal Corporation

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“Two Board members are retiring after long service to the Company: Joseph C. Farrell and Walter A. Stosch. Both are veteran Board members who have provided us with the benefit of their long and successful experience in business and finance. We wish them well and thank them for their insightful guidance. In addition, Robert C. Sledd has been elected to the Board today. He is Managing Partner of Pinnacle Ventures, LLC, a venture capital company, and Sledd Properties, LLC, an investment company. He served as the Chairman of Performance Food Group until June 2008, and currently serves as a Director of Owens & Minor, Inc. and SCP Pool Corporation.”

FLUE-CURED AND BURLEY LEAF TOBACCO OPERATIONS:

Operating income for our flue-cured and burley tobacco operations increased by 85% to $64 million. That performance includes results from our North America and Other Regions segments. Operating income for the North America segment reflected its normal seasonal low period, but its performance was also affected by lower sales volumes of old crop U.S. leaf this quarter and lower Canadian volumes from the reduced crop there. The volume decline significantly reduced that segment’s revenues. In contrast, operating income for the Other Regions segment includes the seasonally strong Brazilian operations, which were characterized this year by substantially higher volumes due to earlier shipments. Average leaf sales prices were lower this year, reflecting lower leaf costs. Leaf costs were lower in U.S. dollar terms because of the weaker Brazilian currency during the leaf purchasing season; however, a significant portion of that cost of producing the crop was incurred in the form of inputs advanced to farmers before the local currency weakened and was included in last year’s remeasurement losses. Earlier shipments of tobacco from Europe and increased volumes in Asia also benefited the quarter’s results, while lower shipments of old crop tobacco from Africa reduced that region’s results during its seasonal low period. Revenues for the Other Regions segment increased by nearly 30%, primarily due to the earlier shipments from Brazil and Europe, and the increased Asian trading volumes, which were partly offset by the lower sales of old crop tobacco from Africa. In addition to increased volumes, revenues increased on higher proportions of lamina in shipments during the quarter and higher prices for certain Asian trading volumes.

OTHER TOBACCO OPERATIONS:

The Other Tobacco Operations segment performed well as the oriental tobacco joint venture results improved, mainly due to a more favorable sales mix as well as to certain cost containment measures. Dark tobacco results also improved on better product mix although volumes declined. During the last quarter of fiscal year 2009, customers had purchased leaf earlier than usual in anticipation of the enactment of U.S. excise tax increases, and thus volumes were lower this year. Despite the lower volumes, dark tobacco revenues, which are the predominant factor in segment revenues, increased due to higher prices caused by increased leaf costs during last year’s purchasing season and a more favorable product mix.

OTHER ITEMS:

Cost of sales increased by 18% to $476 million in the quarter on the increased volumes shipped, offset by lower costs as the U.S. dollar strengthened against the currencies of many origins during the leaf purchasing season. Selling, general, and administrative costs increased by 7%, reflecting additional currency remeasurement losses of about $6 million. Interest expense was comparable to that of fiscal year 2009, and the effective income tax rate was similar to last year’s rate.

— M O R E —

Universal Corporation

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Additional information

This information includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The Company cautions readers that any statements contained herein regarding earnings and expectations for its performance are forward-looking statements based upon management’s current knowledge and assumptions about future events, including anticipated levels of demand for and supply of its 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. Actual results, therefore, could vary from those expected. A further list and description of these risks, uncertainties and other factors can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2009, and in other documents the Company files with the Securities and Exchange Commission. This information should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2009.

At 5:00 p.m. (Eastern Time) on August 4, 2009, the Company will host a conference call to discuss these results. Those wishing to listen to the call may do so by visiting www.universalcorp.com at that time. A replay of the webcast will be available at that site for three months. A taped replay of the call will also be available until August 25, 2009, by dialing (800) 642-1687. The confirmation number to access the replay is 22877191.

Headquartered in Richmond, Virginia, Universal Corporation is the world’s leading tobacco merchant and processor and conducts business in more than 30 countries. Its revenues for the fiscal year ended March 31, 2009, were $2.6 billion. For more information on Universal Corporation, visit its web site at www.universalcorp.com.

— M O R E —

Universal Corporation

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UNIVERSAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands of dollars, except per share data)

	Three Months Ended June 30,
	2009			2008
	(Unaudited)
Sales and other operating revenues	$	616,112		$	506,287
Costs and expenses
Cost of goods sold		476,748			403,253
Selling, general and administrative expenses		69,592			64,847
Operating income		69,772			38,187
Equity in pretax earnings (loss) of unconsolidated affiliates		3,641			(50	)
Interest income		565			950
Interest expense		8,155			7,666
Income before income taxes and other items		65,823			31,421
Income taxes		22,019			10,281
Net income		43,804			21,140
Less: net income attributable to noncontrolling interests in subsidiaries		(59	)		(29	)
Net income attributable to Universal Corporation		43,745			21,111
Dividends on Universal Corporation convertible perpetual preferred stock		(3,712	)		(3,712	)
Earnings available to Universal Corporation common shareholders	$	40,033		$	17,399
Earnings per share attributable to Universal Corporation common shareholders:
Basic	$	1.60		$	0.65
Diluted	$	1.47		$	0.64

See accompanying notes.

— M O R E —

Universal Corporation

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UNIVERSAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of dollars)

	June 30, 2009			June 30, 2008			March 31, 2009
	(Unaudited)			(Unaudited)
ASSETS
Current
Cash and cash equivalents	$	131,167		$	141,805		$	212,626
Short-term investments		—			28,939			—
Accounts receivable, net		229,764			224,854			263,383
Advances to suppliers, net		141,383			207,743			214,282
Accounts receivable - unconsolidated affiliates		15,654			16,183			20,371
Inventories - at lower of cost or market:
Tobacco		886,232			965,244			586,136
Other		66,851			63,766			60,712
Prepaid income taxes		14,238			13,005			13,181
Deferred income taxes		43,385			24,281			68,264
Other current assets		80,031			93,216			64,964
Total current assets		1,608,705			1,779,036			1,503,919
Property, plant and equipment
Land		16,002			16,516			15,773
Buildings		254,846			256,470			251,875
Machinery and equipment		507,681			517,272			492,214
		778,529			790,258			759,862
Less accumulated depreciation		(462,266	)		(463,345	)		(447,575	)
		316,263			326,913			312,287
Other assets
Goodwill and other intangibles		106,030			106,413			106,097
Investments in unconsolidated affiliates		112,781			115,744			103,987
Deferred income taxes		20,393			50,164			17,376
Other noncurrent assets		91,297			92,922			94,510
		330,501			365,243			321,970
Total assets	$	2,255,469		$	2,471,192		$	2,138,176

See accompanying notes.

— M O R E —

Universal Corporation

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UNIVERSAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of dollars)

	June 30, 2009			June 30, 2008			March 31, 2009
	(Unaudited)			(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current
Notes payable and overdrafts	$	171,125		$	260,590		$	168,608
Accounts payable and accrued expenses		281,336			310,971			236,837
Accounts payable - unconsolidated affiliates		100			119			19,191
Customer advances and deposits		57,288			165,945			14,162
Accrued compensation		20,818			19,128			24,710
Income taxes payable		8,839			7,133			6,867
Current portion of long-term obligations		79,500			—			79,500
Total current liabilities		619,006			763,886			549,875
Long-term obligations		329,596			399,496			331,808
Pensions and other postretirement benefits		94,219			91,776			91,248
Other long-term liabilities		81,639			95,839			79,159
Deferred income taxes		51,226			44,072			52,842
Total liabilities		1,175,686			1,395,069			1,104,932
Shareholders’ equity
Universal Corporation:
Preferred stock:
Series A Junior Participating Preferred Stock, no par value, 500,000 shares authorized, none issued or outstanding		—			—			—
Series B 6.75% Convertible Perpetual Preferred Stock, no par value, 5,000,000 shares authorized, 219,999 shares issued and outstanding (219,999 at June 30, 2008, and March 31, 2009)		213,023			213,023			213,023
Common stock, no par value, 100,000,000 shares authorized, 24,901,506 shares issued and outstanding (26,095,635 at June 30, 2008, and 24,999,127 at March 31, 2009)		195,437			200,763			194,037
Retained earnings		712,684			671,322			686,960
Accumulated other comprehensive loss		(45,207	)		(12,156	)		(64,547	)
Total Universal Corporation shareholders’ equity		1,075,937			1,072,952			1,029,473
Noncontrolling interests in subsidiaries		3,846			3,171			3,771
Total shareholders’ equity		1,079,783			1,076,123			1,033,244
Total liabilities and shareholders’ equity	$	2,255,469		$	2,471,192		$	2,138,176

See accompanying notes.

— M O R E —

Universal Corporation

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UNIVERSAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of dollars)

	Three Months Ended June 30,
	2009			2008
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	43,804		$	21,140
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation		9,902			10,292
Amortization		504			249
Provisions for losses on advances and guaranteed loans to suppliers		583			3,766
Remeasurement loss (gain), net		6,261			(306	)
Other, net		13,825			10,280
Changes in operating assets and liabilities, net		(126,603	)		(182,739	)
Net cash used by operating activities		(51,724	)		(137,318	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(11,158	)		(6,126	)
Purchases of short-term investments		—			(9,658	)
Maturities and sales of short-term investments		—			39,608
Proceeds from sale of property, plant and equipment, and other		1,813			3,866
Net cash provided (used) by investing activities		(9,345	)		27,690
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance (repayment) of short-term debt, net		(3,124	)		127,318
Issuance of common stock		—			37
Repurchase of common stock		(2,981	)		(47,229	)
Dividends paid on convertible perpetual preferred stock		(3,712	)		(3,712	)
Dividends paid on common stock		(11,461	)		(11,729	)
Net cash provided (used) by financing activities		(21,278	)		64,685
Effect of exchange rate changes on cash		888			678
Net decrease in cash and cash equivalents		(81,459	)		(44,265	)
Cash and cash equivalents at beginning of year		212,626			186,070
Cash and cash equivalents at end of period	$	131,167		$	141,805

See accompanying notes.

— M O R E —

Universal Corporation

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NOTE 1. BASIS OF PRESENTATION

Universal Corporation, with its subsidiaries (“Universal” or the “Company”), is the world’s leading leaf tobacco merchant and processor. Because of the seasonal nature of the Company’s business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year. All adjustments necessary to state fairly the results for the period have been included and were of a normal recurring nature. Certain amounts in prior year statements have been reclassified to conform to the current year presentation. This press release should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2009.

NOTE 2. ACCOUNTING PRONOUNCEMENTS

Effective April 1, 2009, Universal adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 160, “Noncontrolling Interests in Consolidated Financial Statements – an amendment of ARB No. 51” (“SFAS 160”). SFAS 160 requires that noncontrolling interests in subsidiaries that are included in a company’s consolidated financial statements, commonly referred to as “minority interests,” be reported as a component of shareholders’ equity in the balance sheet. It also requires that a company’s consolidated net income include the amounts attributable to both the company’s interest and the noncontrolling interest in the subsidiary, identified separately in the financial statements. The new guidance requires certain disclosures about noncontrolling interests in the consolidated financial statements. Adoption of SFAS 160 did not have a material impact on the Company’s financial statements.

NOTE 3. GUARANTEES AND OTHER CONTINGENT LIABILITIES

Guarantees of bank loans to growers for crop financing and construction of curing barns or other tobacco producing assets are industry practice in Brazil and support the farmers’ production of tobacco there. At June 30, 2009, the Company’s total exposure under guarantees issued by its operating subsidiary in Brazil for banking facilities of farmers in that country was approximately $82 million, net of the accrual recorded for the fair value of the guarantees. About 44% of these guarantees expire within one year, and all of the remainder expire within five years. The subsidiary withholds payments due to the farmers on delivery of tobacco and forwards those payments to the third-party banks. Failure of farmers to deliver sufficient quantities of tobacco to the subsidiary to cover their obligations to the third-party banks could result in a liability for the subsidiary under the related guarantees; however, in that case, the subsidiary would have recourse against the farmers. The maximum potential amount of future payments that the Company’s subsidiary could be required to make at June 30, 2009, was the face amount ($82 million) including unpaid accrued interest ($110 million as of June 30, 2008, and $104 million at March 31, 2009). The fair value of the guarantees was a liability of approximately $36 million at June 30, 2009 ($37 million at June 30, 2008, and $35 million at March 31, 2009). In addition to these guarantees, the Company has other contingent liabilities totaling approximately $53 million, primarily related to a bank guarantee that bonds an appeal of a 2006 fine in the European Union.

Various subsidiaries of the Company are involved in other litigation and tax examinations incidental to their business activities. While the outcome of these matters cannot be predicted with certainty, management is vigorously defending the claims and does not currently expect that any of them will have a material adverse effect on the Company’s financial position. However, should one or more of these matters be resolved in a manner adverse to management’s current expectation, the effect on the Company’s results of operations for a particular fiscal reporting period could be material.

— M O R E —

Universal Corporation

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NOTE 4. EARNINGS PER SHARE

The following table sets forth the computation of earnings per share for the periods presented in the consolidated statements of income.

	Three Months Ended June 30,
(in thousands, except per share data)	2009			2008
Basic Earnings Per Share
Numerator for basic earnings per share
Net income attributable to Universal Corporation	$	43,745		$	21,111
Less: Dividends on convertible perpetual preferred stock		(3,712	)		(3,712	)
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share		40,033			17,399
Denominator for basic earnings per share
Weighted average shares outstanding		24,985			26,897
Basic earnings per share	$	1.60		$	0.65
Diluted Earnings Per Share
Numerator for diluted earnings per share
Earnings available to Universal Corporation common shareholders	$	40,033		$	17,399
Add: Dividends on convertible perpetual preferred stock (if conversion assumed)		3,712			—
Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share		43,745			17,399
Denominator for diluted earnings per share:
Weighted average shares outstanding		24,985			26,897
Effect of dilutive securities (if conversion or exercise assumed)
Convertible perpetual preferred stock		4,728			—
Employee share-based awards		131			218
Denominator for diluted earnings per share		29,844			27,115
Diluted earnings per share	$	1.47		$	0.64

For the three months ended June 30, 2008, conversion of the Company’s outstanding Series B 6.75% Convertible Perpetual Preferred Stock was not assumed since the effect was not dilutive to earnings per share.

— M O R E —

Universal Corporation

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NOTE 5. SEGMENT INFORMATION

The principal approach used by management to evaluate the Company’s performance is by geographic region, although some components of the business are evaluated on the basis of their worldwide operations. The Company evaluates the performance of its segments based on operating income after allocated overhead expenses (excluding significant non-recurring charges or credits), plus equity in pretax earnings of unconsolidated affiliates.

Operating results for the Company’s reportable segments for each period presented in the consolidated statements of income were as follows:

	Three Months Ended June 30,
(in thousands of dollars)	2009		2008
SALES AND OTHER OPERATING REVENUES
Flue-cured and burley leaf tobacco operations:
North America	$	36,132	$	48,427
Other regions (1)		521,172		401,485
Subtotal		557,304		449,912
Other tobacco operations (2)		58,808		56,375
Consolidated sales and other operating revenues	$	616,112	$	506,287
OPERATING INCOME (LOSS)
Flue-cured and burley leaf tobacco operations:
North America	$	306	$	(426	)
Other regions (1)		63,909		35,185
Subtotal		64,215		34,759
Other tobacco operations (2)		9,198		3,378
Segment operating income		73,413		38,137
Less:
Equity in pretax earnings (loss) of unconsolidated affiliates (3)		3,641		(50	)
Consolidated operating income	$	69,772	$	38,187

⁽¹⁾ Includes South America, Africa, Europe, and Asia regions, as well as inter-region eliminations.

⁽²⁾ Includes Dark Air-Cured, Special Services, and Oriental, as well as inter-company eliminations. Sales and other operating revenues for this reportable segment include limited amounts for Oriental because its financial results consist principally of equity in the pretax earnings of an unconsolidated affiliate.

⁽³⁾ Item is included in segment operating income, but not included in consolidated operating income.

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