#1Investor Presentation Fiscal Year 2024 As of November 2, 2023 Universal#2Forward Looking Information This presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company cautions readers that any statements contained herein regarding financial condition, results of operation, and future business plans, operations, opportunities, and prospects for its performance are forward-looking statements based upon management's current knowledge and assumptions about future events, and involve risks and uncertainties that could cause actual results, performance, or achievements to be materially different from any anticipated results, prospects, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, impacts of the COVID-19 pandemic and new subvariants; success in pursuing strategic investments or acquisitions and integration of new businesses and the impact of these new businesses on future results; product purchased not meeting quality and quantity requirements; reliance on a few large customers; its ability to maintain effective information technology systems and safeguard confidential information; anticipated levels of demand for and supply of its products and services; costs incurred in providing these products and services including increased transportation costs and delays attributed to global supply chain challenges; timing of shipments to customers; higher inflation rates; changes in market structure; government regulation and other stakeholder expectations; economic and political conditions in the countries in which we and our customers operate, including the ongoing impacts from the conflict in Ukraine; product taxation; industry consolidation and evolution; changes in exchange rates and interest rates; impacts of regulation and litigation on its customers; industry-specific risks related to its plant-based ingredient businesses; exposure to certain regulatory and financial risks related to climate change; changes in estimates and assumptions underlying its critical accounting policies; the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations; and general economic, political, market, and weather conditions. Actual results, therefore, could vary from those expected. A further list and description of these risks, uncertainties, and other factors can be found in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023, and in other documents the Company files with the Securities and Exchange Commission. This information should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2023 and the Form 10-Q for the most recently ended fiscal quarter. The Company cautions investors not to place undue reliance on any forward-looking statements as these statements speak only as of the date when made, and it undertakes no obligation to update any forward-looking statements made. Web Disclosure Universal Corporation's website, www.universalcorp.com, is the primary source of publicly disclosed news about Universal Corporation and its operating companies. Those wishing to stay on top of company news can sign up for email alerts by going to Investor Relations in the website's Investor section. 2#3Table of Contents Investment highlights Focus on creating shareholder value Sustainability Financial Overview Tobacco Operations Ingredient Operations Appendix 4 7 16 22 32 48 56 3#4Investment Highlights Universal#5Universal Corporation At-A-Glance Agri-Products Supplier Founded Annual Revenue* Market Cap** Dividend yield** Leading Global Leaf Tobacco Supplier 1918 $2.6 B $1.2 B 6.78% Dividend track record Over 50 years of consecutive annual common stock dividend increases Countries * As of 3/31/2023 **As of 9/30/2023 >30 5#6Why Universal The leading global leaf tobacco supplier Experienced management team with proven track record Long history of returning value to shareholders through dividends and share repurchases Full service leaf tobacco provider with long standing supplier and customer relationships Defensible leaf tobacco market position given strong barriers to entry Building out a plant-based ingredients platform with recent acquisitions 6#7Focus on Creating Shareholder Value Universal#8Capital Allocation Strategy The Company's capital allocation strategy focuses on four strategic items listed below: 1 Strengthening and investing for growth in our leaf tobacco business; 2 Increasing our strong dividend; 3 4 • Exploring growth opportunities for our plant-based ingredients platform; and Returning excess capital through share repurchases We review our capital allocation on an annual basis 80#9Strengthening and Investing for Growth in our Leaf Tobacco Business 1 We see opportunities in our leaf tobacco business to: • • • Increase the services we provide our customers; Provide further supply chain efficiencies; and Expand our market share#10Increasing our Strong Dividend 2 • After we announced a 36% increase in our annual dividend in May 2018, we have continued to increase our dividend annually to reach the current annualized dividend of $3.20 We are proud of our more than 50-year history of dividend increases, and we intend to continue that tradition We are focused on sustainable shareholder value 10#11Exploring Growth Opportunities in Plant-Based Ingredients Businesses 3 • We look for opportunities ● outside of our leaf tobacco business that position us for long-term Success • We remain committed to maintaining our investment-grade credit rating · ● Acquired FruitSmart, Inc. ("FruitSmart") on January 1, 2020; Silva International, Inc. ("Silva") on October 1, 2020; and Universal Ingredients Shank's Extracts, LLC ("Shank's") on October 4, 2021 - In fiscal year 2023, enhanced and increased the scope of the platform by adding sales and research and development resources Announced plans in May 2023 to expand our plant-based ingredients platform's manufacturing capabilities 11#12Returning Excess Capital Through Share Repurchases 4 When there are no other investment alternatives. to create shareholder value, we will return excess funds to shareholders 12#13Creating Shareholder Value Sustainable dividend payout Demonstrated ability to generate free cash flow Low capital investment required to maintain leaf tobacco business Healthy balance sheet allowing for flexibility Continued commitment to over 50-year tradition of increasing dividends paid. 13#14Dividend History Over 50 consecutive years of increase in common stock dividend $4.00 $3.00 $2.00 $1.00 $0.00 1971 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2023 $3.20 14#15Business Opportunities and Trends $ Continue to increase market share in our tobacco operations Continue to assess opportunities for supply chain efficiencies and restructurings that help reduce costs Expand services provided to our tobacco customers Continue to be part of the supply chain for next generation tobacco products Continue growth in our plant-based ingredients platform 15#16Sustainability Universal#17Sustainability at Universal Social Responsibility Supply Chain Integrity and Traceability Good Agricultural Practices Emissions Monitoring and Reduction Projects Health and Safety Environmental Protection Agricultural Labor Practices Embedding Sustainability in the Supply Chain 17#18Sustainability at Universal • . • . . Our commitment to sustainability encompasses a wide array of programs and initiatives. We have committed to annual sustainability reporting Our Nominating and Corporate Governance Committee oversees our Environment, Social and Governance programs Sustainability efforts with respect to our facilities and with our supply chain focus on agricultural labor practices and environmental impacts Universal Corporation has been recognized as a 2022 Supplier Engagement Leader by CDP, a non-profit charity that runs a global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts • • This is the second straight year Universal Corporation has earned this recognition The top 8% of assessed companies were selected as 2022 Supplier Engagement Leaders We recently completed our annual submission of CDP regarding climate change, forestry, and water risk to provide more information on our achievements in these areas to our shareholders • We continue to work with third parties to verify our emissions and establish our pathway to net zero through the identification and prioritization of high-impact projects throughout our footprint FISCAL YEAR 2022 UNIVERSAL CORPORATION Sustainability Report To read the full Universal Corporation Sustainability Report for Fiscal Year 2022, please click link below: http://www.universalcorp.com/Resources/Practices/2022%20Universal%20Sustainability%20Report.pdf 18#19Agricultural Labor Practices Per the Fiscal Year 2022 Sustainability Report UNIVERSAL'S GOALS & TARGETS UNIVERSAL FURTHERS OUR COMMITMENT TO AGRICULTURAL LABOR PRACTICES BY CALENDAR YEAR 2025 NO CHILD LABOR ON CONTRACTED FARMS BY CALENDAR YEAR 2022 ACCESS TO PPE FOR FARMERS & FARM WORKERS ON CONTRACTED FARMS WHERE WE SUPPLY CROP INPUTS Source tobacco through ~185,000 direct contracted growers ~2,500 Agronomists and leaf technicians who work directly with growers BY CALENDAR YEAR 2022 MINIMUM WAGE PAID TO FARM WORKERS ON CONTRACTED FARMS BY CALENDAR YEAR 2022 APPROPRIATE ACCOMMODATIONS FOR FARM WORKERS ON CONTRACTED FARMS We have substantially met our aims for 2022 due to the low number of incidents found. Work in our supply chain will be ongoing 2 - 1,986,000 Farm Visits and Contacts by Field Technicians << 19#20FY 2022 Status Goals Environmental Impacts Per the Fiscal Year 2022 Sustainability Report Greenhouse Gases Emissions (GHG) REDUCE 30% Absolute Scope 1&2 GHG Emissions BY CALENDAR YEAR 2030 FROM A 2020 BASE YEAR REDUCE 30% Scope 3 Ghg Emissions From Purchased Goods & Services BY CALENDAR YEAR 2030 FROM A 2020 BASE YEAR Water and Waste Consumption 5 Million Liters of Rainwater Collected Annually For Operational Use BY CALENDAR YEAR 2025 75% Waste Composted Or Recycled Annually BY CALENDAR YEAR 2025 SCOPE 1 EMISSIONS -102,000 Tons of CO2e 4.9 Million Liters RAINWATER COLLECTED 44% PERCENT COMPOSTED SCOPE 2 EMISSIONS ~50,000 Tons of CO2e 22% PERCENTAGE RECYCLED SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION Forestry 100% TRACEABILITY IN OUR TIMBER SUPPLY CHAIN TREES PLANTED DURING CY22 ~10,275,000 TRACEABILITY IN OUR TIMBER SUPPLY CHAIN 78% 20#21Benefits of a Supply Chain Focused on Sustainability FOR FARMERS ****** FOR CUSTOMERS Universal FOR UNIVERSAL • Shared best practices to help improve yields and · value and promote fair labor practices Focused and proactive support from leaf technicians • Access to global marketplace • • Responsibly sourced products that suit each customer's requirements Greater transparency on compliance with good agricultural and labor practices • A more responsive tobacco supply chain • Broad customer support • Focus on efficiency and diversity in the supply footprint Development of mutually beneficial relationships with farmers and supply chain stakeholders 21#22Financial Overview Universal#23First Half FY2024 Results . • . Highlights Fiscal year 2024 is developing very well with operating income for the six months ended September 30, 2023, up 30%, compared to the six months ended September 30, 2022 Gross profit margins rebounded nicely in the first half of fiscal year 2024, compared to the first half of 2023, with our ingredients companies making a positive contribution Our tobacco operations segment delivered strong performance in the first half of fiscal year 2024 on robust demand for leaf tobacco from our customers Results for the Ingredients Operations segment were up in the second quarter of fiscal year 2024, compared to the same quarter in fiscal year 2023 The Ingredients Operations segment saw some supply chain normalization which stabilized demand from certain customers and generated better results in the second quarter of fiscal year 2024 compared to the first quarter of fiscal year 2024 when the segment saw soft customer demand Our costs, particularly interest costs and prices for green tobacco, were elevated in the first half of fiscal year 2024, compared to the first half of fiscal year 2023 Summary Financials Six Months Ended September 30, In millions 2023 2022 Revenues $1,156 $1,081 EBITDA¹ $90 $79 Operating income $66 $51 Adjusted $69 $51 operating income¹ Segment $64 $51 operating income Net income² $26 $29 • Net debt levels³ at September 30, 2023, declined by $70 million, compared to our net debt levels at September 30, 2022 Adjusted net income¹ $28 $28 1 Non-GAAP measure. Please see Appendix 2 Attributable to Universal Corporation. Universal holds less than 100% financial interest in certain consolidated subsidiaries, and a portion of net income is attributable to the non-controlling interests in those subsidiaries 3 We define net debt as the sum of notes payable and overdrafts, long-term debt, and customer advances and deposits, less cash and cash equivalents 23#24Segment Highlights - First Half Fiscal Year 2024 Tobacco Operations • • • • Demand for leaf tobacco from our customers remains strong A favorable tobacco product mix benefited our results for the first half of fiscal year 2024 Leaf tobacco margins improved in the first half of fiscal year 2024, despite lower sales volumes, as we had fewer shipments of lower margin tobacco Carryover crop shipments were significantly lower while current crop shipments were higher in both South America and Africa in the first half of fiscal year 2024, compared to the first half of fiscal year 2023 Our uncommitted tobacco inventory was 12% of tobacco inventory at September 30, 2023 Ingredients Operations · Demand from certain customers stabilized in the quarter ended September 30, 2023 • Results for the Ingredients Operations segment were up in the second quarter of fiscal year 2024, compared to the same quarter in fiscal year 2023 • • Results for the six months ended September 30, 2023, for the Ingredients were down, compared to the same period in the prior fiscal year, on lower demand due to customers continuing to carry high inventory levels Prices for some key raw materials were down in the first half of fiscal year 2024 • Inventory writedowns were higher in the first half of fiscal year 2024 on changes in customer demand and new crop raw material prices The expansion of the platform's capabilities has added to our costs 24#25Outlook (as reported November 2, 2023) • We expect our tobacco shipments to be strongly weighted to the second half of fiscal year 2024 • Global leaf tobacco supply continues to be tight for all types of tobacco • We believe our uncommitted tobacco inventory levels will remain low for the rest of fiscal year 2024 Tobacco Operations Ingredients Operations • • • We believe that our customers have been working through their excess inventory levels, and raw material prices, such as apple prices, are coming down We remain focused on and encouraged by both our core and new business opportunities with existing and first-time ingredients customers With the investments we are making, we are a stronger partner for current and future customers due to the expanded range of capabilities and products that we can offer 25 25#26Segment Revenues and Operating Income (By Fiscal Year) Millions of Dollars $3,000 Rapid increase in farmer leaf prices $2,500 and weakening USD Record Results $2,000 $1,500 $1,000 Market Oversupply Conditions Large carryover crop sales Lower $500 carryover crop sales $400 Continued logistical $300 challenges stemming from COVID-19 pandemic $200 $500 Large, poor quality Brazilian crop Unfavorable FX $100 Volatile Brazilian Markets and Weak Emerging Market Currencies remeasurement comparison (COVID-19 Pandemic) $0 $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Revenues Segment Operating Income¹ Millions of Dollars 1 3 years rolling avg. for Segment Operating Income Segment operating income includes equity in pretax earnings of unconsolidated affiliates and excludes restructuring and impairment charges and certain non-operating items as presented in our audited financial statements. Total segment operating income is a non-GAAP measure. See Appendix. 26 26#27Financial Results (By Fiscal Year) In millions Revenues EBITDA² Operating income Net income³ Operating Margin FY 20191 FY 20201 FY 20211 FY 20221 FY 20231 $2,227 $1,910 $1,983 $2,104 $2,570 $204 $169 $195 $219 $241 $161 $126 $148 $160 $181 $104 $72 $87 $87 $124 7.2% 6.6% 7.5% 7.6% 7.0% 2019 SG&A as a % of Sales 10.1% 2019 2020 2021 2022 2023 11.7% 11.1% 11.4% 10.8% 2020 2021 2022 2023 1 Results include the net effect of unusual items. See Appendix for details. 2 Non-GAAP measure. Please see Appendix 3 Attributable to Universal Corporation. Universal holds less than 100% financial interest in certain consolidated subsidiaries, and a portion of net income is attributable to the non- controlling interests in those subsidiaries. 27#28Financial Results (continued) (By Fiscal Year) Adjusted EBITDA1, 2 $224 $184 $221 $232 $241 2019 Free Cash Flow1, 2 2020 2021 2022 2023 $165 $166 $186 $134 $128 2019 2020 Net Debt / Net Capitalization¹ 2021 2022 2023 32% 35% 25% 22% 10% 2019 2020 2021 2022 Non-GAAP measure. Please see Appendix. Free cash flow defined as EBITDA -Capex 1 2 In Millions 2023 28#29Universal's Uses of Cash (in Millions) $400 $350 33 103 3 $300 80 $250 202 164 $200 151 130 $150 $100 39 -23 1 24 66 53 55 35 $50 70 75 75 76 77 $0 2019 2020 2021 2022 2023 ■Dividends ■Capital Spending Working Capital Plant-based ingredients acquisitions Share Repurchase 29#30Working Capital Universal's working capital resource requirements are predominately short-term in nature Most working capital needs are for tobacco crop purchases Working capital needs for tobacco crops are seasonal within each geographic region - peak working capital requirements are generally reached during the first and second fiscal quarters Seasonal borrowing requirements largely relate to purchasing tobacco crops in South America and Africa Available capital resources include cash balances, a committed revolving credit facility, uncommitted lines of credit and long-term debt 30#31Working Capital • An important part of our role is to provide working capital to fund seasonal tobacco crop purchases We utilize over $1 Billion of Net Working Capital each tobacco crop year $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 2019 1 Plant-based ingredients acquisitions 2020 Net Working Capital (In Millions) 20211 20221 We consider net working capital to exclude cash and cash equivalents 20231 31#32Tobacco Operations Universal#33Tobacco Operations • • • Universal buys, sells, and processes flue-cured, burley, and other leaf tobaccos from around the globe for manufacturers of consumer tobacco products Universal is the leading global supplier of leaf tobacco and promotes a sustainable farmer base and Good Agricultural Practices (GAP) Universal does not manufacture consumer tobacco products Universal's global operations footprint · Africa, Brazil, and the United States produce approximately two-thirds of the flue-cured and burley tobacco grown outside China Annual production of such tobaccos handled on average by Universal: Africa 25-35%, Brazil 15-25%, United States 35-45% Universal conducts its business in more than 30 countries on five continents and employs. over 20,000 permanent and seasonal workers 33#34Diverse Tobacco Product Portfolio • Flue-cured Cured leaves have a yellow to orange color and grow well in subtropical regions with light rainfall Matures from the bottom leaves up and are harvested at different times as they mature, after which they are cured using heat Used in American and English blend cigarettes Burley Cured leaves are brown in color and are typically grown in heavier soils than flue-cured Leaves are graded by their position on the stalk and are air-cured in barns Used in American blend cigarettes Oriental Small, aromatic leaf grown in Turkey, Macedonia, Bulgaria and Greece Sun-cured Used in American blend cigarettes . Dark Used in cigars, pipe tobacco and smokeless products Air or fire-cured 34#35The Tobacco Plant Style and quality variation, regional variation Not a commodity product Leaves harvested at different times Customer A Flavor Tips Leaf Cutters Customer B Filler Lugs Sandleaves (Primings) 35#36Role of the Tobacco Leaf Supplier • • Intermediary between farmers and manufacturers of tobacco products. Sources leaf tobacco for customers Processes tobacco to customer specifications Does not manufacture cigarettes or other consumer tobacco products 36#37Role of the Tobacco Leaf Supplier With Tobacco Farmers Contracts with farmers for crops With Tobacco Manufacturers Universal Works with customers before the tobacco is grown to understand needs Manages large number of farmer relationships Provides seed and fertilizer in most cases Offers agronomy support Promotes sustainable farmer base and Good Agricultural Practices (GAP) Responsibly sourced leaf - grown under GAP supporting an approach to farming focused on sustainability, sound field production, labor management practices, farmer profitability and environmental sensitivity Finds buyers for the different grades and styles of tobacco produced in each crop Processes tobacco by separating lamina from stem, removing non-tobacco materials and drying to precise moisture targets for long-term storage Delivers a compliant, traceable product that meets customer specifications Supports sustainable tobacco production Operates as a business-to-business supplier 37#38Why Universal is the Leading Global Leaf Tobacco Supplier Strategic Market Position Strong Local Sourced Management Products Responsibly Diversified Financial Sources Strength 38#39Universal's Strengths as a Leaf Tobacco Supplier Sourcing Global reach • Strong local management teams Capability to market all of the different grades and styles produced in a single crop ===== ==== Agronomy Continuous and substantial investment in grower base Strong commitment to delivering a quality, compliant product ― - Product traceability - Good agricultural practices which encompass crop quality, environmental stewardship and agricultural labor practices - Agronomists working with individual farmers Managing future production to meet customer regulatory requirements Seed research and development facilities Processing State of the art processing facilities Facilities in the major tobacco producing areas Efficient operations Logistics Proven ability in managing a robust end-to-end tobacco supply chain connecting hundreds of thousands of small- scale farmers with the end-market • Operational efficiency in areas with limited infrastructure and political challenges 39#40High Quality Customer Base • • About two-thirds of our tobacco sales are to customers with major positions in their respective markets and with whom we have long-standing relationships Our largest customers include Altria Group Inc., British American Tobacco plc, China Tobacco International, Inc., Imperial Brands plc, Japan Tobacco, Inc., Philip Morris International, Inc., and Swedish Match AB In total, these customers accounted for more than 60% of Universal's consolidated revenues for the past three years 40#41Drivers of Customer Leaf Tobacco Purchases Price / value of the product Responsibly sourced products Supply/demand balance Consistent supply to protect continuity of customer blends Global unsold stocks Inventory durations held by customers 41#42Committed Inventory 100% 80% 60% 40% 20% We target at least 80% of our tobacco inventory to be committed for sale to customers We source tobacco to meet anticipated demand Percent of Committed Tobacco Inventory 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 42#43Tobacco Industry Supply and Demand million strip kgs million strip kgs 3,000 2,500 2,000 1,500 Leaf Usage vs. Cigarette Leaf Production by Crop Year Leaf Usage ex. PRC Cigarette Leaf Production ex. PRC 1,000 08 09 10 11 12 13 14 15 16 17 18 19 20 20 400 300 200 100 0 08 Flue-Cured and Burley Unsold Stocks (as of June 30) 09 10 11 12 13 14 15 16 17 18 19 20 20 Company Estimates. Excludes Asian Monopolies 21 22 22 21 22 23 43#44Leaf Tobacco Competitive Environment Barriers to Entry Worldwide network Long-term relationship business Industry Structure Universal Capital investment Mature industry Λ PYXUS Global Global Others Local/Regional 44#45Global Cigarette Market The global tobacco industry produces about 5.5 trillion cigarettes a year Less than 5% of cigarettes manufactured worldwide are consumed in the United States Universal believes that growth in world consumption of cigarettes peaked several years ago and is declining. As a result, Universal expects that near term global demand for leaf tobacco will continue to slowly decline in line with declining cigarette consumption 45#46Next Generation Tobacco Products Continuing to be Developed Current Status • All of the major tobacco product manufacturers are developing next generation products • There are many types of next generation products • Next generation products use less leaf tobacco in a strict 1-1 comparison with a combustible cigarette Still Unclear or Developing . • Consumer consumption habits and patterns • Production regulation in various countries • Effect on demand for leaf tobacco Universal continues to be part of the Supply Chain for Next Generation Tobacco Products 46#47Other Tobacco Businesses Sheet Tobacco (Deli-HTL and DHT GmbH & Co.) • • Sheet tobacco is a malleable sheet formed from a pulp of stems and other tobacco remnants Produces wrapper and binder sheet for all types of cigars, as well as cigar and cigarette filler sheets AmeriNic . • U.S. based producer of high quality liquid nicotine for next generation tobacco products. ULT Agronomic Center • Seed variety research & development • Production techniques. • Grower sustainability studies • Integrated Pest Management (IPM) • Evaluation of new agrochemical products 47#48Ingredients Operations Universal#49Tobacco Operations & Ingredients Operations Shared Core Competencies Universal's Core Competencies Diversified, Global Procurement Strategy Strong Local Supplying High-Quality Management Products to Major Market Customers Value-Added Processing 49#50Ingredients Platform Formation Timeline External Experts Study M&A Lead Hired Adjacency Identification FruitSmart Acquisition Silva Acquisition 2017 2018 2019 2020 2021 Capital Allocation Strategy Announced Process and Pipeline Buildout Ingredients Lead Hired Shank's Acquisition Note: calendar years 50#51Ingredients Platform Formation Capital Allocation Strategy External Experts Study M&A Lead Adjacency Hired Identification FruitSmart Acquisition Silva Acquisition Shank's Acquisition 2017 2018 2019 2020 2021 Capital Allocation Strategy Announced Process and Pipeline Buildout Ingredients Lead Hired May 2018 Strengthening and investing for growth in our core tobacco business; Capital Allocation Strategy Increasing our strong dividend; Exploring growth opportunities in adjacent industries and markets that utilize our assets and capabilities; and Returning excess capital through share repurchases. 51#52Ingredients Platform Formation Adjacency Identification External Experts Study 2017 M&A Lead Adjacency Hired Identification FruitSmart Acquisition 2018 2019 Capital Allocation Strategy Announced Process and Pipeline Buildout Ingredients Lead Hired Silva Acquisition 2020 Shank's Acquisition 2021 ULT Capabilities ULT Value Chain End Market Trends Conclusion Market Screening Criteria Decision: Dual Market Approach Inputs Strengths Internal Decision Trends Growing Process Challenges Processing Target fragmented plant-based ingredients markets Distribution/ Wholesale Implications Implications Retail Scalable Optionality Support farmer base Close to processing core Growth Fragmentation Barriers to entry Fruit and vegetable processing Food additives (i.e. flavors and extracts) 52#53• • Plant-Based Ingredients Market Competitive Landscape Highly fragmented Essential to food value. chain # Globally, 73% of market is spread across companies with less than 3% share • Multiple strategies for growth • R&D as differentiator with continued brand proliferation Sources: USDA Economic Research Service, using data from U.S. Census Bureau, 2016 Annual Survey of Manufacturers and County Business Patterns In U.S. there are over 30K total food processing facilities owned by 26K companies. Fruit & vegetable are -10% of total U.S. food processing, implying thousands of facilities and competitors Growth is driven by a combination of new product development, expanding capabilities, geographic expansion and M&A 53 53#54Ingredients Platform Formation Pipeline Buildout External Experts Study 2017 Initial targets to be foundational growth platform M&A Lead Adjacency Hired Identification 2018 Capital Allocation Strategy Announced Process and Pipeline Buildout FruitSmart Acquisition 2019 Ingredients Lead Hired Silva Acquisition 2020 Shank's Acquisition 2021 Talented leadership Initial targets in the middle market size Probability of executing transaction 500+ potential targets identified and ranked 1. Dual pipelines of preferred targets Processors 2. Flavors & extracts Established profitability Engaged management Cultural fit for accretive EPS post- transaction 54 ....4#55Ingredients Platform Formation Execution External Experts Study 2017 M&A Lead Adjacency Hired Identification FruitSmart Acquisition 2018 2019 Capital Allocation Strategy Announced Process and Pipeline Buildout Ingredients Lead Hired Silva Acquisition 2020 Shank's Acquisition 2021 100+ actionable opportunities reviewed 10-15 through initial screening 3 transactions closed ~$380M total invested Fruit Smart™ Solutions. Naturally. January 2020 • $80M plus $16M facilities Fruit focus Concentrates, not-from- concentrate, essences, dehydrated Silva INTERNATIONAL • October 2020 $170M including facilities Vegetable focus Dehydrated ه SHANK'S EXTRACTS EST. 1899 October 2021 $100M plus $13M facilities • Vanilla focus with bottling and packaging • Extracts, flavors, colors, nutraceuticals 55#56FruitSmart Capabilities Juice Concentrates & Essences Juice Concentrates are produced from highest quality fruits, and essences are clear by products related to the concentrate process NFC Cold-Pressed Juices Cold pressed apple and other NFC juices produced from highest quality fruits with state-of-the-art processing facilities Used for juice beverages, smoothies and as an ingredient in the production of hard ciders 4 Blends Fruit Smart Proprietary blends of fruit juice concentrates sometimes enhanced with natural flavors and colors Used in custom blend formulations and "black box" applications TM Used for a variety of beverage applications and to balance flavor and aroma profiles 3 Fruit Fibers Made from fruit skins and pulp which is rich in natural fruit anthocyanins and fiber Used as natural additions to nutrition bars, cereals, and other baking applications Pieces, Granules & Powders Low moisture fruit powders, dices, and nuggets are made from whole fruit Ideal for use in shelf-stable products 2 5 6 Fruit Purees Fruit Purees are produced from the highest quality fruits Used for juices, smoothies and as an ingredient in the production of a variety of products Fruit Seeds, Seed Oils 1 7 & Seed Powders Produced from a natural process, traditional techniques and the highest quality fruits Used to naturally add texture, balance flavors, help fortify food applications and add value to cosmetic applications 56#57FruitSmart Global Sourcing Fruit Smart® Solutions. Naturally. Legend Sourcing Countries FruitSmart Operation and Processing Facility 57#58Silva International Capabilities Global Sourcing Cleaning & Sorting Cut to Size Treatment Options Blending 58#59Silva International Global Sourcing Legend Growing/Sourcing Countries Silva Operation Procurement Office 938 Silva INTERNATIONAL 59#60Shank's Extracts Capabilities Production Lines Supporting: • Flavor Extractions Bottling Pouching • Gelatin Cups • Hot Fill Dual Expertise in Flavoring & Packaging Library of 2,400+ Flavors Going into: • Vanilla Products • Beverages Bakery & Confection Fruits, Nuts & Flowers Savory & Dairy 60#61Shank's Extracts Global Sourcing Legend Sourcing Countries Shank's Operation and Processing Facility محمره 0 SHANK'S EXTRACTS EST. 1899 61#62Plant-Based Ingredients Platform Strategy Map Processing Type Fresh Frozen Product Category Fruits, Vegetables Botanicals, Herbs, Spices Grains, Pulses, Nuts Concentrates, Essences, NFC Fruit Smart Solutions. Naturally. Dehydrated Fruit Smart Solutions. Naturally. Silva INTERNATIONAL Silva INTERNATIONAL SHANK'S Extracts SHANK'S EXTRACTS SHANK'S EXTRACTS EST. 1899 EXTRACTS EST 199 Value-Added Services Custom Packaging & Bottling SHANK'S EXTRACTI 199 Blending Fruit Smart Solutions. Naturally. SHANK'S EXTRACTS Silva INTERNATIONAL Customers End-Markets Beverage CPG Manufacturers Human Food Flavor Compounding SHANK'S EXTRACTS Private Label, Retail Product Development Pet Food Nutraceutical Pharmaceutical Personal Care Contract Formulation Fractionation, Molecular Development Food Service Fragrances Cosmetics Household & Industrial 62#63Leveraging for Growth Timeline Universal Ingredients Product Development Buildout Implement New Commercial Strategy Expansion Operational 2022 2023 2024 Organizational Build Universal Ingredients Hired New Shank's Expansion President Announced - Hired Sales Leads - Hired R&D Lead Note: calendar years 63#64Leveraging for Growth Platform Future Platform Formation Investments Platform Future FruitSmart™ Solutions. Naturally. Silva INTERNATIONAL 0 SHANK'S EXTRACTS EST. 1899 Sales and R&D buildout to leverage synergies across the platform and offer solutions to customers Manufacturing capability expansion to scale with existing customer base and target new markets Total solutions- based suite of value-added product offerings into targeted plant- based ingredients markets and B2B customers 64#65Plant-Based Ingredients Platform Growing from the Core Processing Type Inputs Extracts Customers -Food Service Product Category - Private Label, Retail Botanicals, Herbs, Spices Dehydrated/ Dried CPG Mfg Fruits & Vegetables Concentrates, Essences, NFC Processing Growing Distribution Retail Blending/Milling Beverage Human Food Flavor Compounding Custom Packaging & Bottling. Product Development Value- Added Services Pet Food Nutraceutical End Markets 65#66Appendix Universal#67Appendix EBITDA We consider operating income plus equity in pretax earnings of unconsolidated affiliates before interest expense, amortization, depreciation and taxes to be our EBITDA Fiscal Year Ended Six Months Ended September 30, In millions 2019 2020 2021 2022 2023 2022 2023 Net income(loss)¹ $104 $72 $87 $87 $124 $29 $26 Subtract: (Net income) loss attributable to noncontrolling interests in subsidiaries (6) (6) (9) Add: Income taxes 41 35 Subtract: Interest income 2 2 Add: Interest expense 18 20 222 (17) (6) (6) 29 39 12 10 7 1 6 2 25 28 49 19 33 Equity in pretax earnings (losses) of Subtract: 5 4 3 6 2 (5) unconsolidated affiliates Subtract: Other non-operating income (expense) 1 1 3 2 1 Operating income (loss) $161 $126 $148 $160 $181 $51 $66 Add: Depreciation and amortization 37 38 45 53 57 28 29 Add: Equity in pretax earnings (losses) of unconsolidated affiliates 5 4 3 6 2 (5) EBITDA $204 $169 $195 $219 $241 $79 $90 1. Attributable to Universal Corporation. Universal holds less than 100% financial interest in certain consolidated subsidiaries, and a portion of net income is attributable to the non-controlling interests in those subsidiaries. Note: Numbers may not sum to totals due to rounding 67#68Appendix The following table sets forth the unusual items included in reported results: Fiscal Year Ended Six Months Ended September 30, In millions Operating Income 2019 2020 2021 2022 2023 2022 2023 $161 $126 $148 $160 $181 $51 $66 Transaction costs for acquisitions $5 $4 $2 Purchase accounting adjustments $3 $3 $3 Fair value adjustment to contingent consideration for FruitSmart acquisition $(4) $(3) Restructuring and impairment costs $20 $8 $23 $10 $3 Adjusted Operating Income¹ $181 $141 $173 $174 $181 $51 $69 In millions EBITDA 2019 2020 2021 2022 2023 2022 2023 $204 $169 $195 $219 $241 $79 $90 Adjusted Operating Income¹ $181 $141 $173 $174 $181 $51 $69 Depreciation and amortization $37 $38 $45 $53 $57 $28 $29 Equity in pretax earnings (losses) of unconsolidated affiliates Adjusted EBITDA¹ $5 $4 $3 $6 $2 $(5) $224 $184 $221 $232 $241 $79 $93 1 Non-GAAP measure Note: Numbers may not sum to totals due to rounding 68 Please see the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q for the corresponding fiscal periods for additional information on the unusual items.#69Appendix The following table sets forth the unusual items included in results reported: Fiscal Year Ended Six Months Ended September 30, 2023 In millions Net Income Transaction costs for acquisitions 2019 2020 2021 2022 2023 2022 $104 $72 $87 $87 $124 $29 $5 $4 $2 Purchase accounting adjustments $2 $3 $3 Fair value adjustment to contingent consideration for FruitSmart acquisition $(4) $(3) Interest (income) expense related to tax matters at foreign subsidiaries $2 $(1) $(5)1 Income tax benefit on a final tax ruling (fiscal year 2022) and dividends paid from foreign subsidiaries (fiscal year 2021) $(4) $(2) $(24)! Income tax settlement for foreign subsidiary $3 Restructuring and impairment costs 2 Reversal of Dividend Withholding Tax $17 $(8) $6 $18 $10 Interest expense reversal on uncertain tax position and income tax from sale of operations in Tanzania Impact to net income attributable to noncontrolling interests in subsidiaries from Non-GAAP adjustments $(1)! $(2) $(1) Income tax expense from sale of operations in Tanzania Adjusted Net Income¹ 1 Non-GAAP measure 2 Includes income tax benefit Note: Numbers may not sum to totals due to rounding $26 $2 $1 $113 $88 $105 $94 $94 $28 $28 69 Please see the Company's Annual Reports on Form 10-K and Quarterly Reports 10-Q for the corresponding fiscal periods for additional information on the unusual items.#70Appendix The following table sets forth the unusual items included in results reported: Fiscal Year Ended Six Months Ended September 30, Dollars per Share 2019 2020 2021 2022 2023 2022 2023 EPS (diluted) $4.11 $2.86 $3.53 $3.47 $4.97 $1.15 $1.04 Transaction costs for acquisitions $0.19 $0.16 $0.09 Purchase accounting adjustment $0.08 $0.11 $0.10 Fair value adjustment to contingent consideration for FruitSmart acquisition $(0.17) $(0.10) Foreign Subsidiaries Hybrid Dividend Tax Regulations $(0.18) Income tax settlement for foreign subsidiary $0.11 $0.08 $(0.09) Restructuring and impairment costs $0.64 $0.25 $0.72 $0.32 $0.09 Reversal of Dividend Withholding Tax $(0.30) Interest expense reversal on uncertain tax position and income tax from sale of operations in Tanzania Sale of Tanzania Operations Brazil Tax Ruling Adjusted EPS (diluted)' $0.02 $(0.02)| $(1.18) $4.45 $3.49 $4.25 $3.79 $3.77 $1.13 $1.13 1 Non-GAAP measure Note: Numbers may not sum to totals due to rounding Please see the Company's Annual Reports on Form 10-K and Quarterly Reports 10-Q for the corresponding fiscal periods for additional information on the unusual items. 70#71Appendix Net Debt and Capitalization We consider the sum of notes payable and overdrafts, long-term debt (including current portion), and customer advances and deposits, less cash and cash equivalents, and short-term investments on our balance sheet to be our net debt. We also consider our net debt plus shareholders' equity to be our net capitalization. In millions 2019 2020 Fiscal Year Ended 2021 2022 2023 Notes payables and overdrafts $54 $78 $101 $183 $196 Long term debt (inc. current portion) $369 $369 $518 $519 $617 Customer advances and deposits $22 $10 $9 $14 $3 Cash and cash equivalents $298 $107 $197 $82 $65 Net debt $147 $350 $431 $633 $751 Total Universal Corporation shareholders' equity $1,337 $1,247 $1,307 $1,341 $1,397 Net capitalization $1,484 $1,596 $1,738 $1,974 $2,148 Note: Numbers may not sum to totals due to rounding 71#72Appendix Free Cash Flow Free Cash Flow defined as EBITDA less Capital Expenditures In millions 2019 2020 Fiscal Year Ended Six Months Ended September 30, 2021 2022 2023 2022 2023 EBITDA $204 $169 $195 $219 $241 $79 $90 Capital Expenditures Free Cash Flow $39 $35 $66 $53 $55 $27 $33 $165 $134 $128 $166 $186 $53 $58 Note: Included in this presentation are certain non-GAAP financial measures that are not determined in accordance with US generally accepted accounting principles. The non-GAAP results described in this presentation are financial measures that are not required by, or presented in accordance with generally accepted accounting principles ("GAAP"). The non-GAAP information provides information to assist comparability and estimates of future performance. Universal believes these measures are helpful in assessing operations and estimating future results and enable period-to-period comparability of financial performance. Non-GAAP results should not be considered as an alternative to revenue or income amounts determined in accordance with GAAP and should be read in conjunction with their GAAP counterparts. Note: Numbers may not sum to totals due to rounding 772 72