Universal Display Corporation And LG.Philips LCD Demonstrate Active-Matrix OLED Display on Flexible Metal Foil At 2007 SID Conference and Symposium.

Successful Collaboration Yields Advanced Flexible OLED Technology Demonstrator Capable of Full-Color, Full-Motion Video

EWING, N.J. -- Universal Display Corporation (NASDAQ:PANL), an innovator behind tomorrow's displays and lighting through its PHOLED[TM] phosphorescent OLED technology, and LG.Philips LCD Co., Ltd. (NYSE:LPL), a leading manufacturer of thin-film transistor liquid crystal displays (TFT-LCDs), announced today the joint development of a flexible, full-color, active-matrix organic light emitting diode (AMOLED) display. A prototype will be showcased at each company's booth at the 2007 Society for Information Display Conference and Symposium in Long Beach, California. LPL is located at Booth #1402 and Universal Display is located at Booth #1639.

This innovative prototype is, to the best of our knowledge, the world's first high-resolution AMOLED built on flexible metal foil using amorphous-Silicon (a-Si) backplane technology. Featuring crisp, full-color video images, this 4" QVGA display combines LPL's innovative a-Si backplane technology adapted to metal foil with Universal Display's proprietary high-efficiency PHOLED and FOLED[R] flexible technologies. This flexible metal foil prototype, with its extremely thin, lightweight and rugged form factor, represents a major step toward the demonstration of the commercial viability of such products.

This demonstration is also important in that it provides further evidence that highly-efficient PHOLED technology may enable the use of a-Si backplane technology for AMOLEDs. While many in the industry have focused on the value that poly-Silicon technology would bring to AMOLEDs, a much larger a-Si TFT manufacturing base and lower cost structure make a-Si technology an extremely attractive backplane option for AMOLEDs.

"This is a significant milestone in the development of flexible display as well as OLED display," said In-Jae Chung, Executive Vice President and Chief Technology Officer of LG.Philips LCD. "Advantages of flexible and OLED displays are combined and maximized to suggest an ideal display for the future. The synergy achieved by merging the two technologies will have a considerable impact on display industry as we believe it has broken a barrier for stepping closer to commercialization of flexible OLED technology. We hope for continuous advancement in collaboration with Universal Display Corporation."

"This highly-productive collaboration with LG.Philips LCD, a recognized innovator and leading display manufacturer, has achieved a critical milestone in the development and commercialization of flexible active-matrix OLED displays," said Steven V. Abramson, President and Chief Operating Officer of Universal Display. "By combining LPL's amorphous-Silicon TFT technology with our phosphorescent and flexible OLED technologies, LPL and Universal Display have demonstrated a set of next-generation product features that may enable the creation of a host of new, very thin, lightweight, conformable and flexible products. We look forward to continuing our work with LPL to bring this technology closer to commercialization."

Glass-based OLEDs are increasingly being found in a variety of first-generation applications, including cell phones and MP3 players, and have also been showcased in a number of large-area TV prototypes. OLEDs offer numerous advantages when compared to today's LCD's, including thinner form factor, a more beautiful visual appearance and, when using Universal Display's PHOLED technology, lower power consumption.

One of the exciting novel features of OLEDs is their ability to be built on a flexible substrate and used in a conformal or flexing format, creating a range of new display and lighting opportunities. These opportunities include new electronics products such as a wrist-based PDA and the Universal Communication Device, a portable communication tool with a rollable display screen.

Flexible metal foil offers a number of desirable advantages that include enhanced thermal and mechanical durability, an important characteristic for high-temperature TFT processing, and potentially lower cost, when compared to the flexible plastic substrates that are available today.

The display prototype is a portrait-configured, 4" QVGA, 100 ppi full-color OLED display. The razor thin display was built on 76 micron thick metal foil (0.076 mm) and offers 256 grey scale levels per color (8 bit). The display can portray a variety of images, including full-motion video.

About LG.Philips LCD

LG.Philips LCD Co., Ltd (NYSE:LPL, KRX:034220) is a leading manufacturer and supplier of thin-film transistor liquid crystal display (TFT-LCD) panels. The Company manufactures TFT-LCD panels in a wide range of sizes and specifications for use in TVs, monitors, notebook PCs, and various applications. LG.Philips LCD currently operates seven fabrication facilities and four back-end assembly facilities in Korea, China and Poland. In addition, LG.Philips LCD has sales and representative offices in ten countries and has approximately 23,000 employees globally. Please visit http://www.lgphilips-lcd.com for more information.

About Universal Display Corporation

Universal Display Corporation is a world leader in developing and commercializing innovative OLED technologies and materials for use in flat panel displays, solid-state lighting products, electronic communications and other opto-electronic devices. Universal Display is working with a network of world-class organizations, including Princeton University, the University of Southern California, the University of Michigan, and PPG Industries, Inc. Universal Display has also established numerous development and commercial relationships with leading electronics manufacturers like LG.Philips LCD. Universal Display currently owns or has exclusive, co-exclusive or sole license rights with respect to over 800 issued and pending patents worldwide.

Universal Display is located in the Princeton Crossroads Corporate Center in Ewing, New Jersey, minutes away from its research partner at Princeton University. Universal Display's state-of-the-art facility is designed to further technology and materials development, technology transfer to manufacturing partners and work with customers to develop OLED products that meet their needs. Visit Universal Display on the Web at www.universaldisplay.com.

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, 2006. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.