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LG Display and Universal Display Corporation Extend Long-Term OLED Agreements

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Universal Display Corporation (NASDAQ:OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, and LG Display Co., Ltd. (NYSE:LPL), a global leader in the development and production of innovative display panels, today announced the extension of their long-term agreements with the signing of new OLED Technology License and Material Purchase Agreements. The new extended agreements run for five years. Further details and financial terms of the agreements have not been disclosed.

"We are pleased to announce these new extended agreements with LG Display, which further strengthens our nearly two-decade long partnership," said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation. "Our close collaboration with LG Display began when CRTs were still the primary display technology for TVs. Fast forward to today, and LG Display is leading the revolutionary path for OLED TVs. We look forward to bolstering our robust working relationship with LG Display on their leading-edge OLED panels through UDC's OLED technologies and energy-efficient, state-of-the-art phosphorescent materials."

About Universal Display Corporation

Universal Display Corporation (NASDAQ:OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display, solid-state lighting applications with subsidiaries and offices around the world. Founded in 1994, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state 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. To learn more about Universal Display Corporation, please visit https://oled.com/.

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

All statements in this document that are not historical, such as those relating to the impact of the COVID-19 pandemic on the Company and otherwise, the Company's technologies and potential applications of those technologies, the Company's expected results and future declaration of dividends, as well as the growth of the OLED market and the Company's opportunities in that market, are forward-looking financial 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 sections entitled "Risk Factors" in Universal Display Corporation's Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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