Universal Display Corp. to Raise $16.1 Million

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Ewing, N.J. — Universal Display Corp. has obtained commitments to purchase up to $16.1 million of its common stock in a registered direct offering.

Under the terms of the transaction, Universal Display will sell up to 2,012,500 shares of its common stock at $8 per share to certain institutional investors. The offering is expected to close on August 28, 2003, subject to the satisfaction of customary closing conditions. SG Cowen Securities Corp. acted as placement agent for the transaction.

A Prospectus and Prospectus Supplement may be obtained from SG Cowen Securities Corp. at 1221 Avenue of the Americas, New York, NY 10020, or directly from the company.

Universal Display Corp. is a world leader in developing and commercializing innovative organic light emitting device (OLED) technologies and materials for use in the electronic flat panel display and other markets. For more information, visit www.universaldisplay.com.



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