UTSTARCOM HOLDINGS CORP. — Director's Dealing 2013

Jan 29, 2013

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: UTSTARCOM HOLDINGS CORP. (UTSI)
CIK: 0001030471
Period of Report: 2013-01-10

Reporting Person: SHAH CAPITAL MANAGEMENT (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3726538	Indirect
Common Stock	16045988	Indirect
Common Stock	934422	Direct

Footnotes

F1: Represents shares of common stock deemed to be owned beneficially by Shah Capital Management, Inc. ("SCM") solely as a result of its discretionary power over such shares as investment adviser to its separately management account clients.

F2: Represents shares of common stock owned by Shah Capital Opportunity Fund LP (the "Fund"), of which Mr. Shah owns an 11.86% interest, which could be deemed to be owned beneficially by (i) SCM solely as a result of its discretionary power over such shares as investment adviser to the Fund, and (ii) Shah Capital LLC, as general partner to the Fund.

F3: Represents shares held by Himanshu H. Shah directly. Mr. Shah is President of SCM and the Managing Member of Shah Capital LLC and holds a controlling percentage of the outstanding voting securities of both entities. As a result of his position with and ownership of these entities he could be deemed the beneficiary of the shares beneficially owned by Shah Capital LLC on behalf of the Fund, and SCM for other separate account clients and those held by the Fund. Mr. Shah disclaims beneficial ownership of shares beneficially owned by SCM, Shah Capital LLC, and the Fund except to the extent of his pecunary interest in such shares.

F4: This filing is being made by SCM, Shah Capital LLC, the Fund and Mr. Shah. Holdings reported herein are current as of January 29, 2013.