Universal Leaf Tobacco Company Presentation

Working 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

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