EXHIBIT 99.2



      Contact:                                           Release:
      KAREN M. L. WHELAN                                 IMMEDIATELY
      (804)359-9311






                       UNIVERSAL CORPORATION BOARD ACTIONS

      RICHMOND,VA  August 5, 1999/PRNEWSWIRE/----

      The Board of  Directors  of  Universal  Corporation  declared a  quarterly
dividend of thirty cents  ($.30) per share on the common  shares of the Company,
payable  November  8,  1999,  to common  shareholders  of record at the close of
business on October 11, 1999.

      They also fixed the  voting  record  date on  September  7, 1999,  for the
annual meeting of shareholders to be held on October 26, 1999.

            Universal  Corporation is a diversified  company with  operations in
tobacco, lumber, and agri-products.  Its gross revenues for the fiscal year that
ended on June 30, 1998, were approximately  $4.3 billion.  For more information,
visit Universal's web site at www.universalcorp.com.






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