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 P.O. Box 25099 Richmond, VA 23260 o phone: (804) 359-9311 o fax (804) 254-3594

                                  PRESS RELEASE

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


               Universal Corporation Announces Quarterly Dividend
                     Richmond, VA o May 3, 2001 / PRNEWSWIRE

      Henry H.  Harrell,  Chairman  and Chief  Executive  Officer  of  Universal
Corporation  announced  that the  company's  Board of  Directors  has declared a
quarterly  dividend of thirty-two cents ($.32) per share on the common shares of
the company,  payable August 13, 2001, to common  shareholders  of record at the
close of business on July 9, 2001.


      Universal Corporation (NYSE: UVV) is a diversified company with operations
in tobacco,  lumber, and  agri-products.  Its gross revenues for the fiscal year
that  ended  on June  30,  2000,  were  approximately  $3.4  billion.  For  more
information, visit Universal's web site at www.universalcorp.com.



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