UNIVERSAL DISPLAY CORP \PA\ — Director's Dealing 2015

Aug 6, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UNIVERSAL DISPLAY CORP \PA\ (OLED)
CIK: 0001005284
Period of Report: 2015-08-03

Reporting Person: DISCOVERY CAPITAL MANAGEMENT, LLC / CT (10% Owner)
Reporting Person: Citrone Robert K. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-08-03	Common Stock	S	187397	$47.65	Disposed	4601832	Indirect
2015-08-04	Common Stock	S	138313	$46.28	Disposed	4463519	Indirect
2015-08-05	Common Stock	S	449345	$46.37	Disposed	4014174	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	682333	Indirect
Common Stock	10000	Direct

Footnotes

F1: The reported price is the weighted average sale price for sales on August 3, 2015 by the Reporting Persons. The actual prices of such sales ranged from $47.11 to $47.715. The Reporting Persons undertake to provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

F2: The Common Shares are directly owned by certain private investment vehicles managed by Discovery Capital Management, LLC and may be deemed beneficially owned by Discovery Capital Management, LLC, as the investment manager of such private investment vehicles and also may be deemed beneficially owned by Robert K. Citrone, as the Managing Member of Discovery Capital Management, LLC. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F3: The reported price is the weighted average sale price for sales on August 4, 2015 by the Reporting Persons. The actual prices of such sales ranged from $46.285 to $46.98. The Reporting Persons undertake to provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

F4: The reported price is the weighted average sale price for sales on August 5, 2015 by the Reporting Persons. The actual prices of such sales ranged from $46.3701 to $46.7179. The Reporting Persons undertake to provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

F5: The reported securities are directly owned by certain private investment vehicles managed by an entity of which Robert K. Citrone is a managing member and therefore, may be deemed beneficially owned by Robert K. Citrone, in his capacity as a managing member. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F6: These securities are directly owned by Robert K. Citrone.