UNIVERSAL DISPLAY: CONTRACT FOR WHITE OLED LIGHTING

Ewing, New Jersey – October 11, 2011 – Universal Display Corporation (NASDAQ: PANL), enabling energy-efficient OLED displays and lighting with its UniversalPHOLED® technology and materials, today announced that the U.S. Department of Energy (DOE) has awarded the company a $999,963 Small Business Innovation Research (SBIR) Phase II grant. The goal of the program is to demonstrate further gains in the performance of large-area, phosphorescent organic light emitting device (PHOLED) lighting panels through enhanced thermal management techniques. This new program builds on the achievements demonstrated by Universal Display during the previous Phase I program.

Under this program, Universal Display will design and build large-area white OLED lighting panels using the company’s energy-efficient UniversalPHOLED technology and materials in conjunction with novel thermal management techniques. Lighting panels that use the company’s PHOLED technology and materials already generate far less heat than traditional OLEDs. Through the use of thermal management techniques, operating temperature can be further minimized to extend operating lifetime.

“We are very pleased to further our efforts in this area with the support of the U.S Department of Energy, and we firmly believe that our UniversalPHOLED technologies and materials are critical to enabling energy-efficient, high-performance white OLED lighting,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display. “Universal Display continues to build technology and design solutions that will provide lighting manufacturers with the right tools to develop high-value added OLED lighting products, as our technologies and materials have done for the display industry. We look forward to demonstrating the potential for efficient OLED lighting to meet U.S. DOE targets and accelerate the commercialization of OLED lighting.”

The U.S. Department of Energy has supported research and development of solid-state lighting, including OLED lighting, since 2003. According to the DOE, lighting accounts for approximately 24 percent of the total electricity generated in the United States today. It is estimated that by 2030 the development and widespread deployment of solid-state lighting could reduce national electricity use for lighting by one-third. Universal Display is the leading innovator and supplier of phosphorescent OLED technology and materials to the OLED display and lighting industries.

To see how Universal Display is changing the face of the display and lighting industries with its UniversalPHOLED, white OLED and flexible OLED technologies, please visit the company at www.universaldisplay.com .

About Universal Display Corporation

Universal Display Corporation (Nasdaq: PANL) is a leader in developing and delivering state-of-the-art, organic light emitting device (OLED) technologies, materials and services to the display and lighting industries. Founded in 1994, the company currently owns or has exclusive, co-exclusive or sole license rights with respect to more than 1,200 issued and pending patents worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology, that can enable the development of low power and eco-friendly displays and white lighting. The company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.

Based in Ewing, New Jersey, Universal Display works and partners with a network of world-class organizations, including Princeton University, the University of Southern California, the University of Michigan, and PPG Industries, Inc. The company has also established relationships with companies such as AU Optronics Corporation, Chimei Innolux Corporation, DuPont Displays, Inc., Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Moser Baer Technologies Inc., Samsung Mobile Display Co, Ltd., Seiko Epson Corporation, Sony Corporation, Showa Denko K.K., and Tohoku Pioneer Corporation.

Universal Display Corporation and the Universal Display logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

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All statements in this document that are not historical, such as those relating to Universal Display Corporation’s technologies and potential applications of those technologies, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s annual report on Form 10-K for the year ended December 31, 2010 and quarterly report on Form 10-Q for the quarterly period ended March 31, 2011. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.