UTSTARCOM HOLDINGS CORP. — Director's Dealing 2004

Jan 6, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UTSTARCOM INC (UTSI)
CIK: 0001030471
Period of Report: 2003-12-23

Reporting Person: LU HONG LIANG (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-02	Common Stock	S	10000	$38.7474	Disposed	2480961	Direct
2003-12-23	Common Stock	G	130000	—	Disposed	2350961	Direct
2003-12-23	Common Stock	G	130000	—	Acquired	2480961	Indirect
2003-12-23	Common Stock	G	500	—	Disposed	2480461	Direct
2003-12-23	Common Stock	G	500	—	Disposed	2479961	Direct

Footnotes

F1: This trade was executed pursuant to Rule 10b5-1 trading plan that was adopted on May 30, 2003.

F2: Transfer of shares to the Lu Charitable Remainder Trust dated December 15, 2003 (the "Trust"), a newly formed charitable remainder trust of which the reporting person and his spouse are the trustees.

F3: The reporting person also claims indirectly the following securities: i) 5,332 shares registered in the name of Benjamin Lu; ii) 5,332 shares registered in the name of Melissa Lu; iii) 229,000 shares registered in the name of The Lu Family Limited Partnership; and iv) 130,000 shares registered in the name of Lu Charitable Remainder Trust dated December 15, 2003.

F4: Transfer of shares to Man Li Lu. The reporting person disclaims beneficial ownership of the issuer's common stock held by Man Lu.

F5: Transfer of shares to Miki Riki. The reporting person disclaims beneficial ownership of the issuer's common stock held by Miki Riki.