April 10, 1996 Dear Univest Shareholder: We are pleased to inform you that a Dividend Reinvestment and Stock Purchase Plan (the Plan) was approved by shareholders at the Corporation's Annual Meeting on April 9. This Plan is designed to utilize cash dividends paid on your shares of common stock for the purchase of additional shares, and, if you desire, to invest voluntary cash payments toward the purchase of shares of Univest common stock. The Plan is intended to provide you with a convenient and economical means to acquire additional shares of Univest Corporation of Pennsylvania common stock. The enclosed Prospectus is provided in accordance with Federal Securities laws, and refers to the 500,000 shares of the Corporation's common stock registered for issuance pursuant to the Plan. The Plan has been structured to permit Univest to purchase shares on the open market or to issue them from the Corporation's reserve of authorized but unissued shares. If you would like to enroll in the Dividend Reinvestment Plan, please complete and properly sign the enclosed authorization card, and return it in the self-addressed envelope. The first reinvestment will begin with the dividend paid July 1, 1996. We value your support and encourage your consideration of this opportunity. Should you have questions, please call our shareholder hotline at (215) 721-2434. Sincerely, Chairman MSM:vk Enclosure