UTSTARCOM HOLDINGS CORP. — Director's Dealing 2004

Jan 7, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UTSTARCOM INC (UTSI)
CIK: 0001030471
Period of Report: 2004-01-05

Reporting Person: KWOCK HOWARD (VP of R&D in charge of WACOS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-05	Common Stock	M	6000	$13.61	Acquired	6000	Direct
2004-01-05	Common Stock	S	6000	$40.25	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-05	Employee Stock Option (right to buy)	$13.61	M	6000	Disposed	2011-09-21	Common Stock (6000)	Direct

Footnotes

F1: This trade was executed pursuant to Rule 10b5-1 trading plan that was adopted on August 27, 2003.

F2: Vesting Schedule: 1/4 after one year, 1/36 per month thereafter for the remaining shares.