13D Filing: Shah Capital Management and Utstarcom Holdings Corp. (NASDAQ:UTSI)

Shah Opportunity and Mr. Shah are collectively referred to as the Shah
Parties. Mr. Lu, Lu Charitable Trust, Lu Family Trust and Lu Family Partnership are collectively referred to as the Lu Parties. Due to the nature of the transaction described in Item 4 of this statement, the Shah
Parties, the Lu Parties and Mr. Ti may be deemed to be part of a group (within the meaning of Section 13(d)(3) of the Exchange Act) with each other. As a result, the Shah Parties, the Lu Parties and Mr. Ti may all be
deemed to beneficially own an aggregate of 8,888,942 Ordinary Shares, or 25.1 % of the total outstanding Ordinary Shares. Each of the Shah Parties hereby expressly disclaims beneficial ownership of any Ordinary Shares beneficially owned by any
of the Lu Parties, Mr. Ti or any other person, and does not affirm membership in a group (within the meaning of Rule 13(d)-5 of the Exchange Act) with any of the Lu Parties, Mr. Ti or any
other person, and this Schedule 13D shall not be construed as acknowledging that any of the Shah Parties, for any or all purposes, beneficially owns any Ordinary Shares beneficially owned by any of the Lu Parties, Mr. Ti or any other person or
is a member of a group with any of the Lu Parties, Mr. Ti or any other person. Each of the Lu Parties hereby expressly disclaims beneficial ownership of any Ordinary Shares beneficially owned by any of the Shah Parties, Mr. Ti or any other
person, and does not affirm membership in a group (within the meaning of Rule 13(d)-5 of the Exchange Act) with any of the Shah Parties, Mr. Ti or any other person, and this Schedule 13D shall
not be construed as acknowledging that any of the Lu Parties, for any or all purposes, beneficially owns any Ordinary Shares beneficially owned by any of the Shah Parties, Mr. Ti or any other person or is a member of a group with any of the
Shah Parties, Mr. Ti or any other person. Mr. Ti hereby expressly disclaims beneficial ownership of any Ordinary Shares beneficially owned by any other Consortium Member or any other person, and does not affirm membership in a
group (within the meaning of Rule 13(d)-5 of the Exchange Act) with any other Consortium Member or any other person, and this Schedule 13D shall not be construed as acknowledging that Mr. Ti,
for any or all purposes, beneficially owns any Ordinary Shares beneficially owned by any other Consortium Member or any other person or is a member of a group with any other Consortium Member or any other person.