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                              Universal Corporation

 P.O. Box 25099 Richmond, VA 23260 o phone: (804) 359-9311 0 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 Reports Increased Earnings Expectations
                    Richmond, VA, June 13, 2002 / PRNEWSWIRE

         Henry H.  Harrell,  Chairman and Chief  Executive  Officer of Universal
Corporation,  announced today that net income for the company's fiscal year that
will end on June 30,  2002,  is  expected  to be between  $104  million and $108
million,  more than 4% higher than its original  forecast of approximately  $100
million.

         In  explaining  the  Company's  increased  earnings  expectations,  Mr.
Harrell  cited  better than  anticipated  performance  in a number of areas.  He
cautioned  that the fiscal  year has not yet ended and noted  that when  closing
figures  are  available  they will be subject to audit  review and  adjustments.
Average shares used in calculating diluted earnings per share are expected to be
about 26.6 million.

         The  Company  cautions  readers  that  any  forward-looking  statements
contained herein are based upon  management's  current knowledge and assumptions
about future events,  including  anticipated  levels of demand for and supply of
the Company's 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. Lumber and building
products  earnings  are also affected by changes in  exchange rates  between the
U. S.  dollar and the euro.  Actual  results, therefore, could  vary from  those
expected.  For more details on factors that could affect  expectations,  see the
Management's  Discussion section of the Company's Annual Report on Form 10-K for
the year  ended  June 30,  2001,  as filed  with  the  Securities  and  Exchange
Commission.

         Universal  Corporation  is a  diversified  company with  operations  in
tobacco,  lumber, and agri-products.  Universal Corporation's gross revenues for
the fiscal year that ended on June 30, 2001,  were  approximately  $3.0 billion.
For  more  information  on  Universal   Corporation,   visit  its  web  site  at
www.universalcorp.com.

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