<PAGE>
EXHIBIT 12
Universal Corporation and Subsidiaries
RATIO OF EARNINGS TO FIXED CHARGES
Years Ended June 30, 2000, 1999, 1998, 1997 and 1996
<TABLE>
<CAPTION>
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Pretax income from continuing
operations $177,055 $197,719 $231,138 $171,941 $123,721
Distribution of earnings from
unconsolidated affiliates 4,220 840 602 1,509 690
Fixed charges 57,907 57,744 64,881 65,827 69,543
-------- -------- -------- -------- --------
Earnings $239,182 $256,303 $296,621 $239,277 $193,954
Interest $ 56,869 $ 56,837 $ 63,974 $ 64,886 $ 68,754
Amortization of premiums and
other 1,038 907 907 941 789
-------- -------- -------- -------- --------
Fixed Charges $ 57,907 $ 57,744 $ 64,881 $ 65,827 $ 69,543
Ratio of Earnings to Fixed
Charges 4.13 4.44 4.57 3.63 2.79
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