#1Investor Presentation Fiscal Year 2024 As of August 02, 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 Leading Global Leaf Tobacco Supplier Founded Annual Revenue* Market Cap** Dividend yield** 1918 $2.6 B $1.2 B 6.41% Dividend track record Over 50 years of consecutive annual common stock dividend increases Countries * As of 3/31/2023 **As of 6/30/2023 >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 in order of priority: 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 8#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 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 Agricultural Health and Safety Environmental Protection 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#20Risks FY 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 Quarter FY2024 Results . • Highlights Our tobacco operations performed well and are off to a good start for our fiscal year 2024 Higher segment operating income for Tobacco Operations segment in the quarter ended June 30, 2023, even though we did not have the benefit of large shipments of carryover tobacco from certain origins that we had in first quarter of fiscal year 2023 Our plant-based ingredients platform faced soft demand, due to high customer inventory levels, and our earnings for the platform were below our expectations Our costs, notably interest costs and prices for green leaf tobacco, remained high in the quarter ended June 30, 2023, compared to the quarter ended June 30, 2022 Higher working capital requirements to fund larger tobacco crops and higher green tobacco prices were partially offset by increased customer deposits Summary Financials Three Months Ended June 30, In millions 2023 2022 Revenues $518 $430 EBITDA¹ $22 $27 Operating income $11 $13 Adjusted $11 $13 operating income¹ Segment $7 $13 operating income Net income 2 $(2) $7 Adjusted net income¹ $(2) $6 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 23#24Segment Highlights - First Quarter FY24 Tobacco Operations • Demand for leaf tobacco from our customers remains strong . . Although tobacco sales volumes were down, operating income was up largely on a more favorable product and geographic mix in the quarter ended June 30, 2023, compared to the same quarter in the prior fiscal year Prices for green leaf tobacco in the quarter ended June 30, 2023, were higher than in the quarter ended June 30, 2022 Carryover crop shipments were significantly lower in the quarter ended June 30, 2023, compared to the quarter ended June 30, 2022 Our level of uncommitted tobacco inventory was 16% of tobacco inventory at June 30, 2023 Ingredients Operations • . We are pleased with the ongoing progress we are making to integrate our plant-based ingredients platform We believe that many of our customers are continuing to draw down on their raw materials inventories after building inventories to protect against prior supply chain uncertainties These inventory challenges have been more extensive and persistent in duration than we had forecasted The expansion of the platform's capabilities has added to our costs A sharp drop in certain new crop raw material prices resulted in inventory write-downs in the quarter ended June 30, 2023 24#25Outlook (as reported August 2, 2023) • We are forecasting increased leaf tobacco production in fiscal year 2024, compared to fiscal year 2023 • We believe that even with increased tobacco production, leaf tobacco will remain in an undersupply position Tobacco Operations Ingredients Operations • • . . • • We continue to execute on our strategy to invest in and expand the platform's capabilities for future growth in existing and new products One of the main objectives of our current investments in our plant-based ingredients platform is to expand our portfolio to include more value-added products for our customers We continue to believe the inventory challenges are temporary and expect excess inventory levels held by our customers to eventually work down We are well-positioned to capitalize on demand from our 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 them We are encouraged by ongoing customer engagements regarding existing business and new business opportunities 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 Large carryover crop sales Lower $500 carryover crop sales $400 Market Oversupply Conditions Continued logistical challenges stemming from COVID-19 pandemic $300 $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) $250 $200 $150 $100 $50 24 $0 70 39 2019 130 80 75 60 35 33 2020 75 66 99 2021 164 151 Working Capital Dividends ■Capital Spending Share Repurchase 76 53 53 2022 3 103 202 77 55 2023 Plant-based ingredients acquisitions 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% 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 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 Global Laboratory Services, Inc. • • • • Physical and chemical testing, as well as E-Liquid and vapor testing Pesticide and other Crop Protection Agents (CPA) testing Has capabilities for testing non-tobacco products Moisture and chemical check samples 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 . Research and Development 47#48Ingredients Operations Universal#49Tobacco Operations and Ingredients Operations Shared Core Competencies Universal's Core Competencies Diversified, Supplying High-Quality Products to Value-Added Global Procurement Strategy Strong Local Management Major Market Customers Processing 49#50Universal's Plant-Based Ingredients Platform Processing Type Extracts & Flavors Dehydrated Juice Concentrates, Essences, NFC Growing Milling & Blending Flavor Compounding Custom Packaging & Bottling Product Development Value- Added Services Customers Food Service Private Label, Retail CPG Mfg Processing Beverage Human Food Product Category Botanicals, Herbs, Spices Fruits & Vegetables Distribution Retail Pet Food Nutraceutical 사 End Markets 50#51Ingredients Operations FruitSmart, Inc. • We completed our acquisition of FruitSmart in early January 2020. FruitSmart is a specialty fruit and vegetable ingredient processor, serving global markets • Founded in 1982, FruitSmart supplies a broad set of juices, concentrates, pomaces, purees, fibers, seed and seed. powders, and other value-added products to food, beverage, and flavor companies throughout the United States and internationally through value-added processing of various fruit and vegetable products • FruitSmart processes apples, grapes, blueberries, raspberries, cherries, blackberries, pears, cranberries and strawberries as well as other fruits and vegetables • FruitSmart is headquartered in the Yakima Valley of the state of Washington, where it has approximately 200 employees and two manufacturing facilities • • FruitSmart is well-positioned to capitalize on recent shifts in market dynamics and consumer behavior including a secular shift towards health and wellness - - Demand for clean-label ingredients - Rise of fruit as a natural label sweetener alternative to processed sugar Growing consumer interest in better-for-you premium ingredients FruitSmart primarily sources and supplies within the continental United States 51#52Ingredients Operations (continued) Silva International • • . • • We completed our acquisition of Silva, a natural, specialty dehydrated vegetable, fruit and herb processing company, on October 1, 2020 Founded in 1979, Silva procures hundreds of types of dehydrated vegetables, fruits and herbs from over 20 countries around the world In addition to sourcing, Silva specializes in processing natural raw materials into custom designed dehydrated vegetable- and fruit-based ingredients for a variety of end products Headquartered in Momence, Illinois, Silva employs over 200 people and has a 380,000 square foot manufacturing facility Silva has established a reputation as the 'go-to' provider for 'clean', natural, specialty dehydrated vegetable- and fruit-based ingredients • Longstanding relationships with farmers and suppliers around the world • Strong quality control procedures, ensuring consistent, high quality supply . Recently expanded and enhanced its manufacturing facility, therefore is well positioned to take advantage of increasing demand for natural and clean-label products across the end markets it serves, including within the attractive and growing savory and pet food end markets Silva has also demonstrated consistent, long-term revenue growth and has strong customer diversity 52#53Ingredients Operations (continued) Shank's Extracts, LLC We completed our acquisition of Shank's on October 4, 2021. Shank's is a specialty ingredient, flavoring and food company with bottling and packaging capabilities Shank's has established a strong presence within the flavoring, extracts and bottling marketplace, with significant vanilla expertise In addition to pure vanilla botanical extract products, Shank's offers a robust portfolio of over 2,400 other extracts, distillates, natural flavors and colors for industrial and private label customers worldwide Headquartered in Lancaster, Pennsylvania, Shank's employs more than 200 people and has a 191,000 square foot manufacturing campus Shank's has been providing high-quality products and services for more than 120 years, earning a reputation for consistency, traceability and dependability The Shank's acquisition expands our plant-based ingredients platform, adding to our product offerings and growing the value-added services available to our customers by adding flavors, custom packaging and bottling, and product development capabilities 53#54Plant-Based Ingredients Market Segments Ingredient Types • Fruit • Vegetable Spices Product Types • Concentrates • Not-from- Applications • Beverages • Concentrate Juices (NFC) . Pastes & Purees • Pieces • Confectionary Bakery Soups & Sauces Dairy Ready-to-Eat (RTE) • Powders Flavorings & extracts 54#55• • Plant-Based Ingredient 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 55 55#56Appendix Universal#57Appendix 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 Three Months Ended June 30, In millions 2019 2020 2021 2022 2023 2022 2023 Net income(loss)¹ $104 $72 $87 $87 $124 $7 $(2) Subtract: (Net income) loss attributable to noncontrolling interests in subsidiaries (6) (6) (9) (17) (6) 4 3 Add: Income taxes 41 35 29 39 12 3 (1) Subtract: Interest income 2 2 0 1 6 0 1 Add: Interest expense 18 20 25 28 49 7 16 Equity in pretax earnings (losses) of Subtract: 5 4 3 6 2 (1) (4) unconsolidated affiliates Subtract: Other non-operating income (expense) 1 1 0 3 2 0 1 Operating income (loss) $161 $126 $148 $160 $181 $13 $11 Add: Depreciation and amortization 37 38 45 53 57 14 15 Add: Equity in pretax earnings (losses) of unconsolidated affiliates EBITDA $204 $169 $195 $219 5 4 3 6 2 (1) (4) $27 $22 $241 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 57#58Appendix The following table sets forth the unusual items included in reported results: Fiscal Year Ended Three Months Ended June 30, In millions Operating Income 2019 2020 2021 2022 2023 2022 2023 $161 $126 $148 $160 $181 $13 $11 Transaction costs for acquisitions $5 $4 $2 Purchase accounting adjustments $3 $3 $3 Fair value adjustment to contingent consideration for $(4) FruitSmart acquisition $(3) ☐ ☐ Restructuring and impairment costs $20 $8 $23 $10 Adjusted Operating Income¹ $181 $141 $173 $174 $181 $13 $11 In millions EBITDA 2019 2020 2021 2022 2023 2022 2023 $204 $169 $195 $219 $241 $27 $22 Adjusted Operating Income¹ $181 $141 $173 $174 $181 $13 $11 Depreciation and amortization $37 $38 $45 $53 $57 $14 $15 Equity in pretax earnings (losses) of unconsolidated affiliates Adjusted EBITDA¹ $5 $4 $3 $6 $2 $(1) $(4) $224 $184 $221 $232 $241 $27 $22 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 on Form 10-Q for the corresponding fiscal periods for additional information on the unusual items. 58#59Appendix The following table sets forth the unusual items included in results reported: Fiscal Year Ended Three Months Ended June 30, In millions Net Income Transaction costs for acquisitions 2019 2020 2021 2022 2023 2022 2023 $104 $72 $87 $87 $124 $7 $(2) $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 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 1 $113 $88 $105 $94 $94 $6 $(2) 59 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.#60Appendix The following table sets forth the unusual items included in results reported: Fiscal Year Ended Three Months Ended June 30, Dollars per Share 2019 2020 2021 2022 2023 2022 2023 EPS (diluted) $4.11 $2.86 $3.53 $3.47 $4.97 $0.27 $(0.08) 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 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 $0.25 $(0.08) 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. 60#61Appendix 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 61#62Appendix Free Cash Flow Free Cash Flow defined as EBITDA less Capital Expenditures In millions 2019 2020 Fiscal Year Ended Three Months Ended June 30, 2021 2022 2023 2022 2023 EBITDA $204 $169 $195 $219 $241 $27 $22 Capital Expenditures Free Cash Flow $39 $35 $66 $53 $55 $15 $18 $165 $134 $128 $166 $186 $12 $4 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 62