Exhibit 99.2

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

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

CONTACT:	Karen M. L. Whelan		RELEASE:	4:00 p.m. ET
	Phone:	(804) 359-9311
	Fax:	(804) 254-3584
	Email:	investor@universalleaf.com

Universal Corporation Reports Increased Nine-Month Results

Richmond, VA, February 4, 2009 / PRNEWSWIRE

HIGHLIGHTS

Nine Months

Diluted earnings per share increased to $4.78 versus $3.78 last year.

Revenues down 3% as pricing and mix reduce effect of shipment delays.

Operating income up 15%, to $215 million on lower currency costs, partially offset by shipment delays.

Quarter

Diluted earnings per share decreased to $1.54 versus $1.78 last year.

Shipment timing is primary factor reducing results.

Revenues lower by 5%, to $661 million.

Operating income reduced by $8.5 million, to $69 million.

George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYSE:UVV), announced that net income for the nine months ended December 31, 2009, was $142.0 million, or $4.78 per diluted share, 22% above last year’s results of $116.0 million, or $3.78 per diluted share. Last year’s strong performance was overshadowed by the recognition of $45 million in currency-related costs due to the rapid strengthening of the U.S. dollar, and the current year has benefited from a $42 million reduction in those costs. That benefit was partially offset by delays in shipments from Africa and North America this year. Those shipment delays also caused a 3% reduction in revenues for the nine months and contributed to a modest decline in third quarter results this year. For the third quarter of fiscal year 2010, net income was about $45.7 million, or $1.54 per diluted share, compared to last year’s net income of $53.1 million, or $1.78 per diluted share. Revenues for the quarter of about $661 million were down by 5%.

Mr. Freeman stated, “Our operations continue to perform well as we look at them over the crop cycle. Timing differences are a normal part of our business whether caused by farmer deliveries that affect inventory levels or by shipments that affect both inventory and income recognition. This year is no exception as both North American and African shipments have been delayed. We currently expect the shipments to be substantially completed by our fiscal year end. We are benefiting from continued cost controls and global coordination, and we are pleased with our performance so far this year.

“Looking ahead to crops that will be sold in fiscal year 2011, Brazilian crops are now expected to be lower than originally estimated because of excess rainfall, while dry conditions have reduced the Malawi burley crop. However, these changes should not have a substantial effect on worldwide production. In recent months, some of our customers have

Universal Corporation

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announced that the combined impact of increased excise taxes and the recessionary economy has reduced demand somewhat for tobacco products in more developed markets. Although such decreases could shift future demand for some types of leaf, we expect the overall export markets will remain largely in balance because export production appears stable and worldwide uncommitted dealer inventories remain near historical December lows.”

FLUE-CURED AND BURLEY LEAF TOBACCO OPERATIONS:

Nine Months

Operating income for the flue-cured and burley tobacco operations, which comprise the North America and Other Regions segments, increased by more than 14% to nearly $200 million for the first nine months of this fiscal year, largely on lower currency-related costs. Revenues were down by 4%, primarily due to shipment delays in North America and Africa that were partly offset by higher sales from Asia and South America. In North America, operating income increased by nearly $5 million as higher prices and improved experience with farmer advances in some areas outweighed the effect of lower U.S. shipments. Revenues for the North America unit declined on shipment delays, lower sales of old crop leaf, and lower Canadian volumes. Earnings for the Other Regions segment were up by nearly 14%, primarily due to large currency-related costs in Brazil last year. African volumes were substantially lower because the current crop is being shipped later and because first quarter shipments of old crop tobacco were lower this year. The later timing of current crop shipments from Africa was due to customer delays, a late start to the purchasing season, and logistical issues. In Europe, lower margins and the effect of currency translation reduced reported results. Volumes improved in Asia on increased trading business, and currency effects were favorable in that region as well. Revenues for Other Regions were nearly flat for the nine months as lower volumes from the shipment delays in Africa were offset by higher sales in Asia and South America.

Third Quarter

In the third quarter of fiscal year 2010, operating income for flue-cured and burley operations was $66 million, 10% lower than the same period last year. Revenues for the group, at $604 million, were lower due to the decrease in volumes caused by the delayed shipments from North America and Africa. Sales increases in South America offset part of the reduction from shipment timing. Despite lower volumes, operating income for the North America segment was flat, largely reflecting additional processing business and improved margins in some areas. Results for the Other Regions segment were down 15%, primarily due to lower African volumes. Although results benefited from the absence of currency losses in Brazil this year, the benefit was reduced by several other factors in the quarter, including higher pension settlement costs and higher provisions against direct and guaranteed farmer loans in Brazil. Revenues for the Other Regions segment revenue increased by 4% in the quarter compared to last year as the effect of African shipment delays was mitigated by higher volumes in Asia, coupled with higher prices in some areas to recover increased costs of green tobacco.

OTHER TOBACCO OPERATIONS:

The Other Tobacco Operations segment performed well during the first nine months of fiscal year 2010 with a 27% improvement in operating income compared to last year. The dark tobacco group benefited from a better currency environment and improvements related to mix of business, which more than offset slightly lower volumes and costs of rationalizing their U.S. operations. Despite a decrease in overall volumes, the oriental tobacco joint venture earnings increased by $4 million for the nine months due to a better sales mix and cost savings, as well as lower interest and currency costs. The latter factors also benefited the third quarter, driving segment performance up 17% for that period. Dark tobacco business results lagged the prior year primarily due to some one-time sales last year and shipment timing differences, which also reduced revenues for the quarter. The facility upgrade and expansion in Lancaster, Pennsylvania, was near completion in December, and the factory is now operating. Segment revenues were higher in both the quarter and the nine months ended December 31, 2009, as higher volumes of oriental leaf in each period were sold through the consolidated group.

OTHER ITEMS:

Selling, general, and administrative costs decreased by about $13 million, or 14%, in the quarter and $21 million, or 9%, in the nine months ended December 31, 2009, compared to the same periods last year. The reductions were primarily due to lower currency remeasurement and exchange losses, which were down $25 million for the quarter and $42 million for the nine months, offset partially by higher pension settlement costs and an increase in provisions on direct and guaranteed farmer loans in Brazil. Compared to last year, interest expense was about $6 million lower in the quarter and $9 million lower in the nine-month period primarily because of lower average borrowings combined with lower average interest rates.

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Universal Corporation

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The consolidated effective income tax rates on pre-tax earnings for the quarter and nine months ended December 31, 2009, were approximately 32% and 31%, respectively. During both the second and third quarters, management reversed income taxes previously provided for uncertain tax positions because the statutes of limitations expired for the related tax years in the applicable tax jurisdictions. In addition, forecast current year earnings of subsidiaries in the African region have resulted in the recognition of foreign tax credits on historical unremitted earnings. The favorable impact of these items was partially offset by additional U.S. taxes provided for certain foreign income taxes that are not eligible as foreign tax credits when the related earnings are repatriated in future periods. The effect of these items reduced the consolidated effective tax rate below the 35% U.S. statutory rate for the quarter and nine months.

The consolidated effective income tax rates for the quarter and nine months ended December 31, 2008, were approximately 26% and 30%, respectively. During the quarter ended December 31, 2008, management reversed income taxes previously provided for uncertain tax positions due to the expiration of the related statute of limitations. In addition, changes in Universal’s overall tax position allowed the Company to utilize foreign tax credit carryforwards and reverse a valuation allowance that had previously been recorded on those carryforwards. The effect of these items reduced the consolidated effective tax rate below the 35% U.S. statutory rate for both the quarter and the nine months.

Additional information

Amounts included in the previous discussion are attributable to Universal Corporation and exclude earnings related to non-controlling interests in subsidiaries.

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 February 4, 2010, 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 through February 25, 2010, by dialing (800) 642-1687. The confirmation number to access the replay is 54399037.

Headquartered in Richmond, Virginia, Universal Corporation is the world’s leading leaf 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.

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Universal Corporation

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UNIVERSAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS

(In thousands of dollars, except per share data)

	Three Months Ended December 31,						Nine Months Ended December 31,
	2009			2008			2009			2008
	(Unaudited)						(Unaudited)
Sales and other operating revenues	$	661,205		$	699,144		$	1,925,235		$	1,991,021
Costs and expenses
Cost of goods sold		516,541			533,176			1,493,864			1,566,876
Selling, general and administrative expenses		75,719			88,556			216,789			237,351
Operating income		68,945			77,412			214,582			186,794
Equity in pretax earnings of unconsolidated affiliates		7,783			5,259			17,029			12,792
Interest income		130			195			926			1,562
Interest expense		5,438			11,435			20,287			29,214
Income before income taxes and other items		71,420			71,431			212,250			171,934
Income taxes		22,946			18,638			65,300			52,034
Net income		48,474			52,793			146,950			119,900
Less: net (income) loss attributable to noncontrolling interests in subsidiaries		(2,778	)		291			(4,994	)		(3,923	)
Net income attributable to Universal Corporation		45,696			53,084			141,956			115,977
Dividends on Universal Corporation convertible perpetual preferred stock		(3,712	)		(3,712	)		(11,137	)		(11,137	)
Earnings available to Universal Corporation common shareholders	$	41,984		$	49,372		$	130,819		$	104,840
Earnings per share attributable to Universal Corporation common shareholders:
Basic	$	1.70		$	1.98		$	5.27		$	4.07
Diluted	$	1.54		$	1.78		$	4.78		$	3.78

See accompanying notes.

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Universal Corporation

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UNIVERSAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of dollars)

	December 31, 2009			December 31, 2008			March 31, 2009
	(Unaudited)			(Unaudited)
ASSETS
Current
Cash and cash equivalents	$	164,170		$	87,971		$	212,626
Short-term investments		—			5,939			—
Accounts receivable, net		255,847			342,595			263,383
Advances to suppliers, net		134,209			170,440			214,282
Accounts receivable - unconsolidated affiliates		26,550			35,234			20,371
Inventories - at lower of cost or market:
Tobacco		770,708			613,597			586,136
Other		50,716			67,000			60,712
Prepaid income taxes		14,632			20,270			13,181
Deferred income taxes		48,711			36,799			68,264
Other current assets		64,234			65,630			64,964
Total current assets		1,529,777			1,445,475			1,503,919
Property, plant and equipment
Land		16,147			15,978			15,773
Buildings		259,912			252,846			251,875
Machinery and equipment		535,278			503,993			492,214
		811,337			772,817			759,862
Less accumulated depreciation		(483,349	)		(453,288	)		(447,575	)
		327,988			319,529			312,287
Other assets
Goodwill and other intangibles		106,000			106,137			106,097
Investments in unconsolidated affiliates		124,503			110,166			103,987
Deferred income taxes		13,961			35,562			17,376
Other noncurrent assets		122,057			97,020			94,510
		366,521			348,885			321,970
Total assets	$	2,224,286		$	2,113,889		$	2,138,176

See accompanying notes.

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Universal Corporation

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UNIVERSAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of dollars)

	December 31, 2009			December 31, 2008			March 31, 2009
	(Unaudited)			(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current
Notes payable and overdrafts	$	151,252		$	140,677		$	168,608
Accounts payable and accrued expenses		196,126			208,805			236,837
Accounts payable - unconsolidated affiliates		17,398			28,880			19,191
Customer advances and deposits		38,032			27,344			14,162
Accrued compensation		25,143			16,646			24,710
Income taxes payable		11,753			10,087			6,867
Current portion of long-term obligations		15,000			79,500			79,500
Total current liabilities		454,704			511,939			549,875
Long-term obligations		414,222			333,943			331,808
Pensions and other postretirement benefits		90,662			86,609			91,248
Other long-term liabilities		71,607			76,586			79,159
Deferred income taxes		41,608			54,156			52,842
Total liabilities		1,072,803			1,063,233			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 December 31, 2008, and March 31, 2009)		213,023			213,023			213,023
Common stock, no par value, 100,000,000 shares authorized, 24,617,987 shares issued and outstanding (24,987,055 at December 31, 2008, and 24,999,127 at March 31, 2009)		195,679			193,020			194,037
Retained earnings		770,103			688,015			686,960
Accumulated other comprehensive loss		(36,084	)		(50,263	)		(64,547	)
Total Universal Corporation shareholders’ equity		1,142,721			1,043,795			1,029,473
Noncontrolling interests in subsidiaries		8,762			6,861			3,771
Total shareholders’ equity		1,151,483			1,050,656			1,033,244
Total liabilities and shareholders’ equity	$	2,224,286		$	2,113,889		$	2,138,176

See accompanying notes.

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Universal Corporation

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UNIVERSAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of dollars)

	Nine Months Ended December 31,
	2009			2008
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	146,950		$	119,900
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation		30,888			31,651
Amortization		1,791			736
Provisions for losses on advances and guaranteed loans to suppliers		19,148			14,427
Remeasurement loss (gain), net		7,219			42,432
Other, net		(2,841	)		27,325
Changes in operating assets and liabilities, net		(148,345	)		(243,274	)
Net cash provided (used) by operating activities		54,810			(6,803	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(42,923	)		(28,900	)
Purchases of short-term investments		—			(9,658	)
Maturities and sales of short-term investments		—			62,833
Proceeds from sale of property, plant and equipment, and other		3,356			14,530
Net cash provided (used) by investing activities		(39,567	)		38,805
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance (repayment) of short-term debt, net		(23,935	)		28,288
Issuance of long-term obligations		99,208			—
Repayment of long-term obligations		(79,500	)		—
Dividends paid to noncontrolling interests		(105	)		(105	)
Issuance of common stock		205			37
Repurchase of common stock		(15,342	)		(111,072	)
Dividends paid on convertible perpetual preferred stock		(11,137	)		(11,137	)
Dividends paid on common stock		(34,315	)		(34,623	)
Other		(943	)		—
Net cash used by financing activities		(65,864	)		(128,612	)
Effect of exchange rate changes on cash		2,165			(1,489	)
Net decrease in cash and cash equivalents		(48,456	)		(98,099	)
Cash and cash equivalents at beginning of year		212,626			186,070
Cash and cash equivalents at end of period	$	164,170		$	87,971

See accompanying notes.

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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. As part of the process of preparing its financial statements, the Company performed an evaluation of subsequent events occurring from December 31, 2009, the date of the consolidated balance sheet included in this report, through February 5, 2010, the date its financial statements were issued. This Form 10-Q 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 FASB Statement of Financial Accounting Standards No. 160, “Noncontrolling Interests in Consolidated Financial Statements – an amendment of ARB No. 51” (“SFAS 160”). SFAS 160, which is now set forth in Topic 810 of the Codification, 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 and comprehensive income include the amounts attributable to both the company’s interest and the noncontrolling interest in the subsidiary, identified separately in the financial statements. Finally, the new guidance requires certain disclosures about noncontrolling interests in the consolidated financial statements. Adoption of this guidance 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 December 31, 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 $129 million ($155 million face amount including unpaid accrued interest, less $26 million recorded for the fair value of the guarantees). About 80% 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 December 31, 2009, was the face amount, $155 million including unpaid accrued interest ($133 million as of December 31, 2008, and $139 million at March 31, 2009). The fair value of the guarantees was a liability of approximately $26 million at December 31, 2009 ($26 million at December 31, 2008, and $35 million at March 31, 2009). In addition to these guarantees, the Company has other contingent liabilities totaling approximately $62 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.

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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 December 31,						Nine Months Ended December 31,
(in thousands, except per share data)	2009			2008			2009			2008
Basic Earnings Per Share
Numerator for basic earnings per share
Net income attributable to Universal Corporation	$	45,696		$	53,084		$	141,956		$	115,977
Less: Dividends on convertible perpetual preferred stock		(3,712	)		(3,712	)		(11,137	)		(11,137	)
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share		41,984			49,372			130,819			104,840
Denominator for basic earnings per share
Weighted average shares outstanding		24,684			24,989			24,823			25,759
Basic earnings per share	$	1.70		$	1.98		$	5.27		$	4.07
Diluted Earnings Per Share
Numerator for diluted earnings per share
Earnings available to Universal Corporation common shareholders	$	41,984		$	49,372		$	130,819		$	104,840
Add: Dividends on convertible perpetual preferred stock (if conversion assumed)		3,712			3,712			11,137			11,137
Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share		45,696			53,084			141,956			115,977
Denominator for diluted earnings per share:
Weighted average shares outstanding		24,684			24,989			24,823			25,759
Effect of dilutive securities (if conversion or exercise assumed)
Convertible perpetual preferred stock		4,735			4,719			4,731			4,717
Employee share-based awards		226			142			173			196
Denominator for diluted earnings per share		29,645			29,850			29,727			30,672
Diluted earnings per share	$	1.54		$	1.78		$	4.78		$	3.78

For the three- and nine-month periods ended December 31, 2009 and 2008, certain employee share-based awards were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. These awards included stock appreciation rights and stock options totaling 507,801 shares at a weighted-average exercise price of $56.52 for the quarter and nine months ended December 31, 2009, and 704,972 shares at a weighted-average exercise price of $50.92 for the quarter and nine months ended December 31, 2008.

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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 December 31,				Nine Months Ended December 31,
(in thousands of dollars)	2009		2008		2009		2008
SALES AND OTHER OPERATING REVENUES
Flue-cured and burley leaf tobacco operations:
North America	$	101,302	$	160,979	$	187,308	$	264,272
Other regions (1)		502,624		482,538		1,570,973		1,570,299
Subtotal		603,926		643,517		1,758,281		1,834,571
Other tobacco operations (2)		57,279		55,627		166,954		156,450
Consolidated sales and other operating revenues	$	661,205	$	699,144	$	1,925,235	$	1,991,021
OPERATING INCOME
Flue-cured and burley leaf tobacco operations:
North America	$	23,826	$	23,894	$	32,080	$	27,218
Other regions (1)		42,320		49,747		167,706		147,385
Subtotal		66,146		73,641		199,786		174,603
Other tobacco operations (2)		10,582		9,030		31,825		24,983
Segment operating income		76,728		82,671		231,611		199,586
Less:
Equity in pretax earnings of unconsolidated affiliates (3)		7,783		5,259		17,029		12,792
Consolidated operating income	$	68,945	$	77,412	$	214,582	$	186,794

(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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