UTSTARCOM HOLDINGS CORP. — Director's Dealing 2004

Sep 27, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UTSTARCOM INC (UTSI)
CIK: 0001030471
Period of Report: 2004-01-20

Reporting Person: HUANG BILL X (Sr. VP and CTO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-24	Common Stock	P	10000	$15.9	Acquired	770598	Direct
2004-09-24	Common Stock	M	4582	$13	Acquired	775180	Direct
2004-09-24	Common Stock	M	5000	$12.5	Acquired	780180	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-20	Stock Option (right to buy)	$37.46	A	100000	Acquired	2014-01-20	Common Stock (100000)	Direct
2004-09-24	Stock Option (right to buy)	$13	M	4582	Disposed	2010-02-04	Common Stock (4582)	Direct
2004-09-24	Stock Option (right to buy)	$12.5	M	5000	Disposed	2010-12-21	Common Stock (5000)	Direct

Footnotes

F1: Vesting Schedule: 1/4 after one year, 1/36 per month thereafter for the remaining shares.

F2: This amount represents the following shares directly and indirectly owned by the reporting person: (i) 660,980 shares held directly; (ii) 106,000 shares registered in the name of the 2000 Huang Family Limited Partnership; (iii) 6,600 shares registered in the name of Alexander Huang; and (iv) 6,600 shares registered in the name of Helen Huang.