2003 Committee Charter : UVV

Universal Corporation
Pension Investment Committee Charter
The Pension Investment Committee (the "Committee") is appointed by the Board of Directors (the
"Board") to assist the Board in performing its fiduciary duties with respect to the investments
providing for the U.S. qualified employee benefit plans of the Company and its subsidiaries listed in
Exhibit A (the "Plans"):
The Committee shall have the authority to retain trustees and custodians for plan assets, retain fund
managers and advisors to assist in managing the investments of the funds, consultants to assist in
the selection and oversight of the managers, and special legal, accounting , or other consultants to
advise the Committee. The Committee may request that any officer or employee of the company or
the company's outside counsel attend a meeting of the Committee or meet with any members of, or
consultants to, the Committee.
The Committee shall comprise three or more directors as determined by the Board. The members of
Committee shall be selected annually by the Board at its annual organizational meeting and serve
until their successors shall be duly elected and qualified. Unless a Chairman is elected by the
Board, the members of the Committee may designate a Chairman by majority vote of the full
Committee membership.
The Committee shall meet at least four times annually, or more frequently as circumstances dictate.
The Committee shall make regular reports to the Board.
The Committee shall:
  • Periodically, review and reassess the adequacy of this charter and submit to the Board
    for approval any recommendation for changes;
  • Formulate investment objectives considering the anticipated financial needs of the
    Plans and their risk tolerance;
  • Determine asset allocation to meet investment objectives.
  • Establish investment policies with respect to the funds supporting the Plans;
  • Select investment advisors and fund managers;
  • Document and communicate objectives, guidelines and standards to the investment
  • Review performance of the fund managers each quarter;
  • Monitor the overall asset allocation within the investment funds; and
  • At least annually, conduct review meetings with investment fund managers to
    consider investment results, strategies, and materials changes in fund policies, staffing,
    and business conditions.
    Exhibit A
    Pension Investment Committee Charter
    1. Employees' Retirement Plan of Universal Leaf Tobacco Company, Incorporated and
    Domestic Subsidiaries;
    2. Universal Leaf Tobacco Company, Incorporated and Domestic Subsidiaries Hourly
    Employees' Pension Plan;
    3. Universal Leaf Tobacco Company, Incorporated and Domestic Subsidiaries Hourly
    Employees' Retirement Plan;
    4. Employees' Pension Plan of Imperial Commodities Corporation and Red River
    Commodities, Inc.;
    5. Universal Leaf Tobacco Company, Incorporated Employees' Money Purchase Pension
    6. Employees' 401(k) Savings Plan of Universal Leaf Tobacco Company, Incorporated and
    Designated Affiliated Companies; and
    7. Such other qualified employee benefit plans as may be added from time to time.