Ciena Announces $300 Million Share Repurchase Authorization

HANOVER, Md.–(BUSINESS WIRE)–Ciena®
(NYSE: CIEN), a network strategy and technology company, today announced
that its Board of Directors has authorized a program to repurchase up to
$300 million of the company’s common stock through the end of fiscal
2020.

“Our share repurchase program reflects the strength of our balance
sheet, the stability of our business today and the confidence we have in
our future. It also demonstrates our intent to incorporate the return of
capital to shareholders in our strategic and operating plans as the
business continues to grow and generate cash,” said Ciena’s Chief
Financial Officer James E. Moylan, Jr.

Ciena may purchase shares at management’s discretion in the open market,
in privately negotiated transactions, in transactions structured through
investment banking institutions, or a combination of the foregoing. The
Company may also, from time to time, enter into Rule 10b5-1 plans to
facilitate repurchases of its shares under this authorization. The
amount and timing of repurchases are subject to a variety of factors
including liquidity, cash flow, stock price, and general business and
market conditions. The program may be modified, suspended or
discontinued at any time.

The share repurchase program will be funded with cash on hand or cash
generated from operations.

About Ciena

Ciena (NYSE: CIEN) is a network strategy and technology company. We
translate best-in-class technology into value through a high-touch,
consultative business model – with a relentless drive to create
exceptional experiences measured by outcomes. For updates on Ciena,
follow us on Twitter @Ciena,
LinkedIn,
the Ciena
Insights blog
, or visit www.ciena.com.

Note to Ciena Investors

You are encouraged to review the Investors
section
of our website, where we routinely post press releases, SEC
filings, recent news, financial results, and other announcements. From
time to time we exclusively post material information to this website
along with other disclosure channels that we use. This press release
contains certain forward-looking statements that are based on our
current expectations, forecasts, information and assumptions. These
statements involve inherent risks and uncertainties. Actual results or
outcomes may differ materially from those stated or implied, because of
risks and uncertainties, including those detailed in our most recent
annual or quarterly report filed with the SEC. Forward-looking
statements include statements regarding our expectations, beliefs,
intentions or strategies and can be identified by words such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,”
“should,” “will,” and “would” or similar words. Ciena assumes no
obligation to update the information included in this press release,
whether as a result of new information, future events or otherwise.

Contacts

Ciena Corporation
Press Contact:
Nicole Anderson,
877-857-7377
pr@ciena.com
or
Investor
Contact
:
Gregg Lampf, 877-243-6273
ir@ciena.com