Universal Corporation Announces Share Repurchase Program and 43rd Annual Dividend Increase

   Universal Corporation Announces Share Repurchase Program and 43rd Annual
                              Dividend Increase

PR Newswire

RICHMOND, Va., Nov. 5, 2013

RICHMOND, Va., Nov. 5, 2013 /PRNewswire/ -- George C. Freeman, III, Chairman,
President, and Chief Executive Officer of Universal Corporation (NYSE:UVV),
announced today that the Company's Board of Directors approved a program for
the repurchase of up to $100 million of Universal Corporation common stock.
The authorized purchases may be made from time to time on the open market or
in privately negotiated transactions at prices not exceeding prevailing market
rates. Universal currently has approximately 23.2 million common shares

In addition, Mr. Freeman announced that the Company's Board of Directors has
increased the quarterly dividend on the common shares of the Company by one
cent to fifty one cents ($0.51) per share. The dividend is payable February
10, 2014, to common shareholders of record at the close of business on January
13, 2014. This increase indicates an annualized rate of $2.04 per share and a
yield of approximately 3.78% based on the $53.93 closing price on October 30,

The Board of Directors also declared a quarterly dividend of $16.875 per share
on the Series B 6.75% Convertible Perpetual Preferred Stock, payable December
16, 2013, to shareholders of record as of 5:00 p.m. Eastern Time on December
1, 2013.

Effective with the payment of the Company's common stock dividend on November
12, 2013, the Company will adjust the conversion rate on its Series B
Preferred Stock. The adjusted conversion rate on the Series B Preferred Stock
will be 21.9318 common shares per $1,000 of liquidation preference of Series B
Preferred Stock. The new rate will be equivalent to a conversion price of
approximately $45.60 per common share

Mr. Freeman noted, "Universal has raised its common dividend every year since
1971 and this is our 43rd consecutive annual dividend increase. We are proud
to continue providing value to shareholders through the return of our earnings
and cash flow while prudently managing our balance sheet."

Headquartered in Richmond, Virginia, Universal Corporation is the leading
global leaf tobacco supplier and conducts business in more than 30 countries.
Its revenues for the fiscal year ended March 31, 2013, were $2.5 billion. For
more information on Universal Corporation, visit its website at

SOURCE Universal Corporation

Website: http://www.universalcorp.com
Contact: Candace C. Formacek, (804) 359-9311, Fax: (804) 254-3584,
Press spacebar to pause and continue. Press esc to stop.