On August 3, 2016, the Board of Directors of Ubiquiti Networks, Inc. (the "Company") approved a $50 million stock repurchase program (the "Prior Program"). During the third quarter of fiscal 2017, the Company repurchased an aggregate amount of $50 million of its common stock under the Prior Program.

On March 3, 2017, the Board of Directors of the Company approved a $50 million stock repurchase program (the "New Program"). Under the New Program, the Company may repurchase up to $50 million of its common stock. The New Program expires on March 31, 2018. As part of the New Program, shares may be purchased in open market transactions, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The timing, manner, price and amount of any repurchases will be determined in the Company's discretion and the New Program may be suspended, terminated or modified at any time for any reason. The New Program does not obligate the Company to acquire any specific number of shares, and all open market repurchases will be made in accordance with Rule 10b-18 of the Exchange Act, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases.