OLED Investor Presentation 4Q 2020 (updated: November 2020)

© UNIVERSAL DISPLAY CORPORATION 2020 ALL RIGHTS RESERVED 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 Forward- place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to Looking future events and are subject to risks and uncertainties that could cause Statements 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, 2019 and subsequent Quarterly Reports on Form 10-Q. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

2 Universal Display Corporation

Highly Critical OLED Energy- Innovator & Efficient Enabler PHOLED Fabless

OLED 5,000+ Materials Global Supplier & IP Patents* Licensor

* Pending and Issued Patents Worldwide as of February 17, 2020 3 What is an OLED?

➢ An Organic Light Emitting Diode is a series of organic thin films between two conductors

➢ When electrical current is applied, bright light is emitted

➢ can be used for displays and lighting

➢ OLEDs are not just thin and efficient - they can also be made flexible and transparent

30-40nm

Note: For illustrative purposes only. 4 Business Model

OLED Innovation & Revenues Enabler Invention

License Patent Device & & Licensing Architecture Royalty IP Fees

Composition Material PHOLED of Matter IP Sales Emitters & Hosts

5 OLED Display Market Potential

Mobile TV IT/Wearables Other $50.0

$45.8 $43.6 $40.0 $40.0 $35.6

$30.3 $30.0 765M* $25.2 725M*

$ BILLIONS $ $23.6 669M* $20.0 594M*

$10.0 471M* 475M* 408M*

$0.0 2018 2019 2020 2021 2022 2023 2024 *Unit Numbers are for mobile phones only Source: Omdia OLED Display Market Tracker – Q2 2020 (October 2020) 6 OLED Panel Area Demand

Mobile TV IT/Wearables Other

20.0 19.1

16.6 9.6M* 14.9 15.0

13.0 8.0M*

7.* 10.1 10.0 6.5M* 8.2 6.7

MILLIONS OF SQUARE METERS OF SQUAREMILLIONS 4.9M* 3.3M* 5.0 3.0M*

0.0 2018 2019 2020 2021 2022 2023 2024 *Unit Numbers are for OLED TVs only Source: Omdia OLED Display Market Tracker – Q2 2020 (October 2020) 7 Strong OLED Display Market Drivers

• RED Phosphorescence • Improved image • Fewer manufacturing reduces power quality process steps consumption by 25% • Thin and Light • Lower bill-of- • Add GREEN: 45% materials • 180 degree viewing cumulative reduction angle • No backlight • Add BLUE: 75% required • 2,000,000+: 1 cumulative reduction contrast ratio – TRUE • No color filter • Enabled by PHOLEDs BLACK required • Real-time video • No liquid crystal

speeds – excellent for required

Superior Aesthetics Superior More Cost Effective Cost More Lower Power Usage Power Lower 3D • Reduced driver IC • Self-emissive display costs • Low UV output • Enables non-glass substrates • Minimal Bezel • Flexible

8 New OLED

Huawei Mate 40 Pro iPhone 12 Galaxy ZTE nubia Red Magic 5S TCL 10 Pro 17 Mi 10 Ultra Note20 Ultra

9 LG WING™ 5G vivo X51 5G Reno4 Pro 30 5 7 Pro OnePlus 8T More OLED Products

Samsung Tab Galaxy P11 Pro Tab S7+

HP ENVY 15 Laptop LG 65" Class GX Series OLED 4K UHD

Sony 65" A9G MASTER Series OLED 4K UHD 2021 Cadillac Escalade Oculus Quest All-In-One VR

Huawei Watch GT 2e Watch 3 LG Watch Style Apple Watch Series 6 10 LCD vs. OLED

TFT+OLED+Refiner Diffuser Polarized Polarized Sheet Film Film Cell TFT Backlight Unit

Polarized Film Color Prism Filter ✓ Lower BOM (bill of materials) ✓ Better Performance, More Efficient ✓ Thinner and Flexible Form Factor ✓ Vivid Colors and Superior Contrast Ratio

Image source: LG

11 Strong OLED Lighting Market Drivers

Image source: LG Display

• Low drive voltage • Wide range of CCT, • Thin and lightweight • Low operating high CRI possible • Transparent temperatures, • Color tunable • Non-breakable, cool to touch • Instant “ON” , Conformable, Flexible, • Long lifetime Dimmable without Foldable, Rollable

• Easy to control flicker efficient &

- • No glare, no noise • Scaling advantage Cost Cost Potential

• Low UV content • Roll to roll process

Energy

Novel form factor Low &

environmentally friendly Highly desirable color quality

12 OLED Lighting Around the World Today

13 Innovation: Future Revenue Streams Ink Jet Barrier Encapsulation

Nozzle

Liquid Solution Barrier Printing Organic Vapor Jet Printing Encapsulation P2OLED (OVJP) 14 Future Growth: Flexible

New Form Factors Unbreakable Lighter Thinner

Samsung Galaxy Z Flip

Huawei Mate X

Lenovo ThinkPad X1 Fold Galaxy Z Fold2 5G 15 Strong, Broad and Deep Patent Portfolio

 We develop and license enabling technologies that are at the heart of consumer OLED products worldwide, from AR/VR, smartwatches, smartphones, IT, automotive and TVs to lighting products.

 We believe that our extensive portfolio of patents, trade secrets and non-patented know-how enable our leadership position in the OLED ecosystem.

 Our R&D innovations allow us to continuously bolster the depth and breadth of our global OLED intellectual property framework, which currently stands at over 5,000 issued and pending patents worldwide (as of February 17, 2020).

16 Patents are Universal

China Europe (I-308 / P-234) (I- 786 / P-152) South Korea Japan (I-1205 / P-496) (I-385 / P-331) (I-823 / P-127) Taiwan (I-336 / P-36)

Over 5,000 patents and pending applications* *as of February 17, 2020

17 Strategic Display & Lighting Partnerships

Display Lighting • AU Optronics • Fraunhofer IPMS • BOE Technology • HotaluX • China Star Optoelectronics • Kaneka • Innolux • Konica Minolta • Japan Display • LG Display • LG Display • Lumiotec • Tohoku Pioneer • OLEDWorks • • Sumitomo Chemical • Samsung Display • Seeya Technology • Sharp • Tianma Micro-electronics • Visionox

18 Historical Financial Performance Revenue Income

($ in millions)

$428 $160 $156.1 $400.0 $405 $138.3 $130.5 $336 $326 $120 $115.4(3) $300.0

$247

$199 $80 $200.0 $191 $58.8

$44.8(2) $48.1 $40 $100.0

$- $0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 ASC 605 Adjustment $- $- $- $78.9 $22.9 Hosts $12.5 $1.4 $1.6 $- $- (2) Adjusted net income excludes the inventory write-down and its Royalty & License $77.8 $96.1 $126.5 $80.6 $150.0 related impact on the effective tax rate. (3) Adjusted net income excludes the one-time charge due to the Emitters $100.6 $97.9 $198.7 $153.2 $243.4 enactment of the Tax Cuts and Jobs Act. See "Reconciliation of Non-GAAP Measures" for further discussion of As discussed in the 2019 10-K, the Company changed its method for accounting for these non-GAAP measures on slide 20. revenue from contracts with customers due to the adoption of ASC Topic 606 (adopted January 1, 2018). 19 Reconciliation of non-GAAP measures

The following table details our reconciliation of non-GAAP measures to the most directly comparable GAAP measures:

(1) The adjusted net income per common share, basic and diluted is derived from dividing adjusted net income by the number of weighted average shares used in computing basic and diluted net income per common share. (2) Adjusted net income is based on excluding the impact of the one-time charge due to the enactment of the Tax Cuts and Jobs Act for the year ended December 31, 2017. (3) Adjusted net income assumes an effective tax rate of 32% for the year ended December 31, 2015 and is based on excluding the impact of the inventory write down.

Non-GAAP Measures - To supplement our selected financial data presented in accordance with U.S. generally accepted accounting principles (GAAP), we use certain non-GAAP measures. These non-GAAP measures include adjusted net income (loss), adjusted net income (loss) per common share, basic and adjusted income (loss) per common share, diluted. Reconciliation to the nearest GAAP measures of all non-GAAP measures included in the presentation can be found within the tables detailing the reconciliation of non-GAAP measures to GAAP measures above. We have provided these non-GAAP measures to enhance investors' overall understanding of our current financial performance, and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP measures provide meaningful supplemental information regarding our financial performance by excluding the effect of the release of income tax valuation allowances that may not be indicative of recurring core business operating results. We believe that the non-GAAP measures that exclude the impact of the release of income tax valuation allowances and deferred income tax expense recognized after the release of the allowances, when viewed with GAAP results, enhance the comparability or results against prior periods and allow for greater transparency of financial results. The presentation of non-GAAP measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

20 Robust Capital Structure

($ in thousands, except share data) September 30, 2020

Cash, Cash Equivalents and $672,668 Short-Term Investments Total Assets $1,224,961 Long-term Debt ------A/P and Accrued Liab. $43,318 Deferred Revenue $190,048 Shareholders’ Equity $879,636

Total Shares Outstanding* 47,260,331

*Weighted average diluted shares used in computing net income per common share

21 Company Summary

Global OLED Materials & Strong Financial Technology Leader Performance • Lighting up the OLED Revolution • ~$673M Cash, no debt* • License & Sell Proprietary • ~$14.20 in cash/share* Phosphorescent OLED Technology • High Margin Business and Materials to Display & Solid- Strong • Lean Operating Model State Lighting Manufacturers OLED Financials • Fabless Model; Partnering w/ PPG Leader *as of Sept 30, 2020 • ~348 Employees (243 R&D, 122 PhDs); Largest Global PHOLED Team Leading Robust Comprehensive Customers IP & Robust IP Blue-Chip Customer Base • Largest Phosphorescent • Displays: Samsung, LG Display, OLED (PHOLED) Technology BOE, Tianma, Visionox, CSOT, Sharp & Materials Portfolio • Lighting: HotaluX, Kaneka, Konica • Over 5,000** Issued & Minolta, LG Display, OLEDWorks, Pending Patents Worldwide Sumitomo Chemical and Growing • Working with over 25 Companies **as of Feb 17, 2020 .

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