Q3 Fiscal Year 2008

C o n f eren ce C all

May 6, 2008
GAAP RECONCILIATION
During this presentation references to financial measures of Cisco w ill includ e
references to non-G A A P financial measures. Cisco prov id es a reconciliation
b etw een G A A P and non-G A A P financial information on our w eb site at
w w w . cisco. com und er “A b out Cisco” in the “I nv estor R elations” section.
http: / / inv estor. cisco. com/ results. cfm

F ORW ARD -LOOK ING S TATEM ENTS

T his presentation contains proj ections and other forw ard -look ing statements
regard ing future ev ents or the future financial performance of Cisco, includ ing
future operating results. T hese proj ections and statements are only pred ictions.
A ctual ev ents or results may d iffer materially from those in the proj ections or
other forw ard -look ing statements. P lease see Cisco’s filings w ith the S E C,
includ ing its most recent filings on F orms 1 0 -K and 1 0 -Q , for a d iscussion of
important risk factors that could cause actual ev ents or results to d iffer materially
from those in the proj ections or other forw ard -look ing statements.

2 2
 Opening Remarks
F inanc ial Ov erv iew
B u siness Ov erv iew and
S t rat egy
I nno v at io n
G u id anc e
S u mmary C o mment s

3 3
 Q3 FY’0 8 H i g h l i g h t s

Financial Summary

Revenue of approx. $9.8B; up 10.4% y/y

P rod uc t b ook t o b i l l w as g reat er t h an 1

N on-G A A P N et I nc om e of $2 .3 B; up approx. 9% y/y

G A A P N et I nc om e of $1.8B; d ow n 5 % y/y 1

N on-G A A P E P S of $0.3 8; up 12 % y/y

G A A P E P S of $0.2 9; d ow n 3 % y/y 1

O t h e r Financial H ig h lig h t s

C as h fl ow from operat i ons of $3 .0B

$2 .0B of c om m on s t oc k repurc h as ed

$2 4.4B i n c as h , c as h eq ui val ent s , and i nves t m ent s

1. In c lu d e s $ 2 4 6 M o r $ 0 .0 4 p e r d i l u t e d s h a r e c h a r g e r e l a t e d t o o u r i n t e n t t o a c q u i r e t h e r e m a i n d e r o f N u o v a
S y s te m s

4
Q3 FY’0 8 H i g h l i g h t s
Key Takeaways

U niq u e b al anc e in terms of business models

A bility to d ev el o p a v isio n for h ow th ese ma rk et
tra nsitions w ill p la y out for th e industry a nd p osition
C isc o in terms of our susta ina ble differentia tion a nd
industry lea dersh ip

P h ase I I o f t h e I nt ernet driv en by c olla bora tion
ena bled by netw ork ed W eb 2 . 0 tec h nolog ies

C isc o ’s inno v at io n l ead ersh ip

5
Q3 FY’0 8 P r o d u c t & S e r v ic e H ig h lig h ts

Product Revenue

Routing revenue up 14% y/y

S w itc h ing revenue up 3 % y/y

T ota l A d va nc ed T ec h nol ogies revenue up a pprox . 17 % y/y
S ervi ces Revenue

S ervic es revenue grow th up m id -teens y/y

6
Q3 FY’0 8 P r o d u c t H i g h l i g h t s

Product Revenue H i g h l i g h ts

C RS -1 grew a pprox . 15 0 % y/y

U nif ied C om m unic a tions inc l ud ing W eb E x grew
a pprox im a tel y 45 % y/y

F ix ed s w itc h ing grew 11% y/y

S ec urity inc l ud ing I ronP ort grew in l ow -d oub l e d igits y/y

H igh -end routers in tota l grew a pprox . 2 5 % y/y

A ppl ic a tion N etw ork ing grew a pprox . 3 0 % y/y

T el eP res enc e ord ers grew a pprox . 10 0 0 %

7
Q3 FY’0 8 G e o g r a p h i c H i g h l i g h t s

G eog ra p h i c H i g h l i g h ts

A s ia P a c if ic ord er grow th up h igh teens y/y

J a pa n ord er grow th up m id -2 0 s y/y

E urope ord er grow th up a pprox . 14% y/y

U . S . ord er grow th up m id -s ingl e d igits y/y

E m erging M a rk ets ord er grow th up 10 % y/y

8
Q3 FY’0 8 M a r k e t S e g m e n t H i g h l i g h t s

G l ob a l C us tom er S eg m ents

C om m erc ia l — ord ers up a pprox . 18 % y/y

E nterpris e – ord ers up a pprox . 9 % y/y

S ervic e P rovid er — ord ers up a pprox . 6 % y/y

C ons um er / L ink s ys – ord ers up a pprox . 13 % y/y

9
 Opening Remarks
F inanc ial Ov erv iew
B u siness Ov erv iew and
S t rat egy
I nno v at io n
G u id anc e
S u mmary C o mment s

1 0 1 1
 C is c o S h o w s C o n tin u e d
R e v e n u e G ro w th
Ye a r / Ye a r
G ro w th
Q3 FY’0 8
T o ta l R e v e n u e
$ 9 .8 B Q 3 F Y ’0 8 To t al R ev en u e 1 0 .4 %

1 1
 Q3 FY’0 8 R e v e n u e I n c r e a s e d 1 0 % y /y

Y e a r /Y e a r
Q 3 F Y ’0 8
G ro w th

R o u te rs $ 2 .0 B 14 %
S w itc h e s $ 3 .2 B 3 %
A d v a n c e d T e c h n o lo g ie s $ 2 .4 B 17 %
O th e r $ 0 .6 B 3 %
S e r v ic e s $ 1. 6 B 15%
T o ta l $ 9 .8 B 10 %

1 2
 Q3 FY’0 8 R e v e n u e b y G e o g r a p h y

Y e a r /Y e a r
Q 3 F Y ’0 8 1

G ro w th 2

U .S . & C a n a d a $ 5. 1B 5%
E u ro p e $ 2 . 1B 9 %
E m e r g in g M a r k e ts $ 1. 1B 4 4 %
A s ia P a c ific $ 1. 0 B 13 %
J a p a n $ 0 .4 B 11%
T o ta l $ 9 .8 B 1
10 %

1. A s a r e s u l t o f r o u n d i n g , f i g u r e s m a y n o t t o t a l . F o r d e t a i l e d r e s u l t s , p l e a s e s e e C i s c o ’s I n v e s t o r R e l a t i o n s
W e b s i t e a t http://i n v e s to r . c i s c o . c o m /r e s u l ts . c f m
2 . A s a r e m in d e r , r e v e n u e m a y la g o r d e r s d u e to a n u m b e r o f fa c to r s in c lu d in g s h ip m e n t le v e ls a n d th e
r e q u ir e m e n t to s a tis fy c o m p le x r e v e n u e r e c o g n itio n c r ite r ia .

1 3
 Q3 FY’0 8 N o n -G A A P
G r o s s M a r g in o f 6 5 .4 %

Q 2 F Y ’0 8 Q 3 F Y ’0 8

To t a l No n -GAAP Gr o s s M a r g i n 6 5 .5 % 6 5 .4 %

Pr o d u c t No n -GAAP Gr o s s M a r g i n 6 5 .9 % 6 5 .9 %

S e r v i c e No n -GAAP Gr o s s M a r g i n 6 3 .5 % 6 2 .7 %

-- Q 3 F Y ’0 8 G A A P T o t a l G r o s s M a r g i n o f 6 4 . 4 %
-- Q 3 F Y ’0 8 G A A P P r o d u c t G r o s s M a r g i n o f 6 5 . 1 %
-- Q 3 F Y ’0 8 G A A P S e r v i c e G r o s s M a r g i n o f 6 1 . 0 %
1 4
 Q3 FY’0 8 N o n -G A A P G r o s s M a r g i n b y
G e o g ra p h y
G r o s s M a r g i n %1

U .S . & C a n a d a 6 4 .8 %
E u ro p e 6 6 .6 %
E m e r g in g M a r k e ts 6 3 .7 %
A s ia P a c ific 6 5. 8 %
J a p a n 7 0 . 1%
T o ta l 6 5. 4 %

1. G r o s s m a r g in b y g e o g r a p h y m a y flu c tu a te fr o m p e r io d to p e r io d .T h e s e flu c tu a tio n s m a y b e d u e to

fa c to r s o th e r th a n u n d e r ly in g b u s in e s s tr e n d s .

1 5
Q3 FY’0 8 N o n -G A A P
In c o m e S ta te m e n t H ig h lig h ts
Q3 FY’0 8 N o n -G A A P E P S g r o w t h o f 1 2 % y /y

$ M ( e x c e p t p e r -s h a r e a m o u n t s a n d p e r c e n t a g e s ) Q 3 F Y ’0 7 Q 2 F Y ’0 8 Q 3 F Y ’0 8
N e t S a le s 8 ,8 6 6 9 ,8 3 1 9 ,7 9 1
G r o s s M a r g in 6 4 . 5% 6 5. 5% 6 5. 4 %
O p e r a tin g E x p e n s e s 3 , 12 5 3 , 54 6 3 , 52 9
O p e x (% of Revenue) 3 5. 2 % 3 6 . 1% 3 6 .0 %
O p e r a t i n g I n c o m e (% of Revenue) 2 9 .2 % 2 9 . 5% 2 9 .3 %
N e t In c o m e 2 , 111 2 ,3 7 9 2 ,3 0 9
N e t In c o m e (% of Revenue) 2 3 .8 % 2 4 .2 % 2 3 .6 %
E P S (d i l ut ed ) $ 0 .3 4 $ 0 .3 8 $ 0 .3 8

1 6
 Q3 FY’0 8 G A A P
In c o m e S ta te m e n t H ig h lig h ts
Q3 FY’0 8 G A A P E P S o f $ 0 . 2 9

$ M ( e x c e p t p e r -s h a r e a m o u n t s a n d p e r c e n t a g e s ) Q 3 F Y ’0 7 Q 2 F Y ’0 8 Q 3 F Y ’0 8
N e t S a le s 8 ,8 6 6 9 ,8 3 1 9 ,7 9 1
G r o s s M a r g in 6 3 .7 % 6 4 . 5% 6 4 .4 %
O p e r a tin g E x p e n s e s 3 , 4 50 3 ,9 3 6 4 , 16 4 1

O p e x (% of Revenue) 3 8 .9 % 4 0 .0 % 4 2 . 5%1
O p e r a tin g In c o m e (% of Revenue) 2 4 .8 % 2 4 . 5% 2 1. 9 %
N e t In c o m e 1, 8 7 4 2 ,0 6 0 1, 7 7 3 1

N e t In c o m e (% of Revenue) 2 1. 1% 2 1. 0 % 18 . 1%
E P S (d i l ut ed ) $ 0 .3 0 $ 0 .3 3 $ 0 .2 9 1

1. In c lu d e s $ 2 4 6 M o r $ 0 .0 4 p e r d i l u t e d s h a r e c h a r g e r e la te d to o u r in te n t to a c q u ir e th e r e m a in d e r o f N u o v a
S y s te m s

1 7
 Q3 FY’0 8 K e y Fi n a n c i a l M e a s u r e s
Q 3 F Y ’0 7 Q 4 F Y ’0 7 Q 1 F Y ’0 8 Q 2 F Y ’0 8 Q 3 F Y ’08

C a s h a n d C a s h E q u iv a le n ts 22,336 22,26 6 24,6 7 9 22,6 9 3 24 ,4 33

a n d In v e s tm e n ts ($ M )
O p e r a tin g C a s h F lo w ($ M ) 2,437 2,7 38 3,0 8 9 2,443 3,028

S h a r e Re p u r c h a s e Pr o g r a m A moun t
P urc h a s ed (M)
Number of
S h a res (M)
A v g P ri c e P er
S h a re

Q 3 F Y ’08 P u r c h a s e s $ 2,000 83 $ 24 . 04

F Y ’08 Y T D $ 9 ,000 31 8 $ 28. 25

C u m u la tiv e P r o g r a m P u rc h a s e s * $ 5 2,229 2,5 4 6 $ 20. 5 1

*Since program inception in FY’0 2

1 8
 Q3 FY’0 8 K e y Fi n a n c i a l M e a s u r e s
Q 3 F Y ’0 7 Q 4 F Y ’0 7 Q 1 F Y ’0 8 Q 2 F Y ’0 8 Q 3 F Y ’0 8

A c c o u n ts R e c e iv a b le ($ M ) 3,238 3,9 8 9 3,41 8 4,1 6 5 4,1 8 3

D a y s S a le s O u ts ta n d in g 33 38 33 39 39

In v e n to r y ($ M ) 1 ,28 9 1 ,322 1 ,31 5 1 ,26 7 1 ,27 9

N o n -G A A P I n v e n t o r y T u r n s 8 .6 1 0 .1 1 0 .0 1 0 .5 1 0 .7

P u r c h a s e C o m m itm e n ts ($ M ) 2,5 5 4 2,5 8 1 2,49 7 2,7 41 2,6 9 2

D e fe rre d R e v e n u e ($ M ) 6 ,339 7 ,0 37 7 ,1 0 7 7 ,9 8 3 8 ,5 9 0
H e a d c o u n t 5 6 ,7 9 0 6 1 ,5 35 6 3,0 5 0 6 4,0 8 7 6 5 ,225

1 9
 Opening Remarks
F inanc ial Ov erv iew
B u siness Ov erv iew and
S t rat egy
I nno v at io n
G u id anc e
S u mmary C o mment s

20 21
 Q3 FY’0 8 G e o g r a p h i c R e v i e w

A sia P ac if ic – y / y order g row th in h ig h teens

J apan – y / y order g row th in mid-2 0 s

E u ro pe – y / y order g row th in mid-teens

U . S . – y / y order g row th of a p p rox . 5 %
– C o m m e r c ia l o rd e r g ro w th in lo w -t e e n s y /y
– E n te r p r is e ( e x c lu d in g F e d e r a l) o rd e r g r o w t h i n m i d -s i n g l e d i g i t s y / y
– F e d e ra l o rd e r g ro w th o f a p p ro x . 2 0 % y /y
– U .S . S e r v ic e P r o v id e r o rd e rs d o w n a p p ro x . 3 % y /y

E merging M arket s – y / y order g row th of
a p p rox . 1 0 %

21
Q3 FY’0 8 P r o d u c t S e g m e n t R e v i e w

Ro u t ing rev enue g rew 1 4 % y / y w ith ma j ority of

streng th in th e h ig h -end routers

S w it c h ing rev enues w ere mix ed

F irst w av e o f A d v anc ed T ec h no l o gies – G ood
ba la nc e
– S e c u r ity in c lu d in g Iro n P o rt re v e n u e g ro w th o f 1 1 % y /y
– U n ifie d C o m m u n ic a tio n s ( in c lu d in g W e b E x ) y /y r e v e n u e g r o w th
o f a p p ro x . 4 6 %
– W ir e le s s r e v e n u e g ro w th o f a p p ro x . 7 % y /y
– S to ra g e re v e n u e g ro w th o f a p p ro x . 5 % y /y
– N e tw o rk e d H o m e re v e n u e g ro w th o f a p p ro x . 4 % y /y

S ec o nd w av e o f A d v anc ed T ec h no l o gies
rev enue g row th 1 2 % y / y
– A p p lic a tio n N e tw o r k in g S e r v ic e s u p a p p r o x . 3 0 % y /y
– V id e o S y s te m s g r o w th o f a p p r o x . 9 % y /y
22
V is io n , S tr a te g y a n d E x e c u tio n

Our vision o f h o w t h e i n d us t ry i s g o i n g t o e v o l v e a p p e a rs
t o b e p l a y i n g o ut v e ry m uc h a s w e e x p e c t e d

W e b e l i e v e o ur d i f f e re n t i a t e d st r a t e g y i s a l s o a c h i e v i n g
t h e b e n e f i t s t o b o t h C i s c o a n d o ur c us t o m e rs t h a t w e
t h o ug h t w e re p o s s i b l e

Our e x e c u t ion i s o n t a rg e t in te rm s o f re s ul t s
a s m e a s ure d f ro m a c us t o m e rp a rt n e rs h i p
p e rs p e c t i v e , m a rk e t s h a re , a n d s h a re o f
o ur c us t o m e rs ’ t o t a l c o m m un i c a tio n s a n d
I T e x p e n d i t ure s , a s t h e n e t w o rk b e c o m e s
t h e p l a t f o rm f o r d e l i v e ri n g th e s e c a p a b ilitie s

23
 Opening Remarks
F inanc ial Ov erv iew
B u siness Ov erv iew and
S t rat egy
I nno v at io n
G u id anc e
S u mmary C o mment s

24 25
A r e a s o f In n o v a tio n

Product Innovation – t r a d i t i o n a l

N e w B us ine s s M ode l s – e n a b l i n g i n n o v a t i o n

M ark e t T rans itions – o n w h i c h i n n o v a t i o n s h o u ld b e b a s e d

T e ch nol og y A rch ite cture s – t h e n e t w o r k b e c o m e s th e p la tfo r m

B us ine s s A rch ite cture s – f o c u s t o a c h i e v e t o p c u s to m e r s ’p r io r itie s

Productivity Innovation – d r i v e n b y W e b 2 . 0

E nte rtainm e nt Innovation – b a s e d o n V i s u a l N e tw o r k in g

O rg aniz ation E vol ution – m o s t f u n d a m e n t a l f o r m o f in n o v a tio n

25
T w o A r e a s o f L e a d e r s h ip in In n o v a tio n :
Product Innovations

N e w p ro d u c t i n n o v a t i o n s i n Q3
– A S R 1 0 0 0
– N e x u s 7 0 0 0
– N e x u s 5 0 0 0
– A X P –A p p lic a tio n E x te n s io n P la tfo r m
– B 2 B T e le P re s e n c e
– W e b E x in n o v a tio n s

26
T w o A r e a s o f L e a d e r s h ip in In n o v a tio n :
N e w B u s i n e s s M ode l I n n o v a t i o n s

E n a b le d b y c o lla b o r a t io n a n d n e tw o r k e d W e b 2 .0
– E x a m p l e : C i s c o ’s s e r v i c e s d e l i v e r y m o d e l i n w h i c h B a n g a l o r e
d e liv e r s s e r v ic e s v ir tu a lly a r o u n d th e w o r ld

C r o s s fu n c t io n a l b u s in e s s / s o c ia l n e tw o r k in g
c o m m u n itie s d r iv e p r o d u c tiv ity b e n e fits
– A l l o w s C i s c o t o g o f r o m o n e t o t w o m a j o r c r o s s -f u n c t i o n a l
p r i o r i t i e s t o t o d a y ’s t w e n t y t w o

27
 Opening Remarks
F inanc ial Ov erv iew
B u siness Ov erv iew and
S t rat egy
I nno v at io n
G u id anc e
S u mmary C o mment s

28 32
S u m m a ry C o m m e n ts

M om e ntum continue s to b e s trong i n a r e a s w e c a n

c o n tr o l o r in flu e n c e , e s p e c ia lly in th e a r e a s o f p r o d u c t
le a d e r s h ip , in n o v a tio n , a n d th o u g h t le a d e r s h ip

B al ance continue s to b e re as onab l y g ood a c r o s s o u r
g e o g r a p h ie s , p r o d u c ts , s e r v ic e s , a n d c u s to m e r s e g m e n ts

W e c le a r ly c o n tin u e to s e e th e s a m e th in g s e a c h o f y o u
s e e i n t e r m s o f op p ortunitie s and conce rns i n t h e U . S .
m a r k e t …a n d c o n c e r n s a b o u t i t e x p a n d i n g t o o t h e r
g e o g r a p h ie s

I f t h e m a r k e t d o e s c o n t i n u e t o s l o w , w e b e l ie ve th is w il l
not dram atical l y ch ang e our l ong -te rm op p ortunitie s

I t i s o u r i n t e n t t o e x p and our s h are of cus tom e r s p e nd
d u r in g th e c o r r e c tio n s a s w e h a v e d o n e in th e p a s t

29
 S u m m a ry C o m m e n ts

W e w i l l c o n t i n u e t o inve s t ag g re s s ive l y w h e r e a p p r o p r i a t e
w h i l e m aintaining our f ocus on our f inancial m ode l s

W e continue to b e op tim is tic a b o u t t h e m a j o r i t y o f t h e
g lo b a l e c o n o m ie s o u ts id e o f th e U .S .

J ap an ap p e ars to b e in g row th m ode a g a i n f o r C i s c o

F r o m a U .S . p e r s p e c tiv e , th e m a r k e t d id s o fte n

I n o u r o p i n i o n , t h e r e a r e m any e x citing th ing s ab out th e
s e cond p h as e of th e Inte rne t.t A t t h e t o p o f t h e l i s t i s b o t h
t h e s p e e d and e f f e ctive ne s s w i t h w h i c h t h e s e c h a n g e s
c a n b e i m p l e m e n t e d acros s al l cus tom e r s e g m e nts

30
 S u m m a ry C o m m e n ts

W e b e l i e v e t h a t w e a r e e x p anding our th oug h t l e ade rs h ip

and our arch ite ctural l e ade rs h ip

O u r b al ance d p roduct m om e ntum a c r o s s o u r c o r e
te c h n o lo g ie s a n d a d v a n c e d te c h n o lo g ie s c o n tin u e s to b e s o lid

O u r p ip e l ine of p ote ntial ne w core routing and s w itch ing
p roducts c o n t i n u e s t o l o o k v e r y g o o d

B e g i n n i n g t o p l a n t a p ote ntial th ird w ave of advance d
te ch nol og ie s w i t h o u r n e x t g e n e r a t i o n o f e a r l y s t a g e
e m e r g in g te c h n o lo g ie s

31
Forward-L ook i n g S t at e m e n t s
These presentation slides and the related conference call contain forw ard-look ing statem ents,
w hich are su b j ect to the safe harb or prov isions of the P riv ate S ecu rities L itig ation R eform A ct of
1 9 9 5 . These forw ard-look ing statem ents inclu de, am ong other thing s, statem ents reg arding
fu tu re ev ents ( su ch as ou r v ision of the netw ork , ou r entry into new and adj acent m ark ets, ou r
strateg y , ou r innov ation, streng thening or ex panding ou r positions in larg e, estab lished m ark ets,
and the pow er of ou r b u siness m odel) and the fu tu re financial perform ance of C isco that inv olv e
risk s and u ncertainties. R eaders are cau tioned that these forw ard-look ing statem ents are only
predictions and m ay differ m aterially from actu al fu tu re ev ents or resu lts du e to a v ariety of
factors, inclu ding : b u siness and econom ic conditions and g row th trends in the netw ork ing
indu stry , ou r cu stom er m ark ets and v ariou s g eog raphic reg ions; g lob al econom ic conditions and
u ncertainties in the g eopolitical env ironm ent; ov erall inform ation technolog y spending ; the g row th
and ev olu tion of the I nternet and lev els of capital spending on I nternet-b ased sy stem s; v ariations
in cu stom er dem and for produ cts and serv ices, inclu ding sales to the serv ice prov ider m ark et
and other cu stom er m ark ets; the tim ing of orders and m anu factu ring and cu stom er lead tim es;
chang es in cu stom er order patterns or cu stom er m ix ; insu fficient, ex cess or ob solete inv entory ;
v ariab ility of com ponent costs; v ariations in sales channels, produ ct costs or m ix of produ cts
sold; ou r ab ility to su ccessfu lly acq u ire b u sinesses and technolog ies and to su ccessfu lly
integ rate and operate these acq u ired b u sinesses and technolog ies; increased com petition in ou r
produ ct and serv ice m ark ets; dependence on the introdu ction and m ark et acceptance of new
produ ct offering s and standards; rapid technolog ical and m ark et chang e; m anu factu ring and
sou rcing risk s, inclu ding risk s related to ou r lean m anu factu ring m odel; produ ct defects and
retu rns; litig ation inv olv ing patents, intellectu al property , antitru st, shareholder and other m atters,
and g ov ernm ental inv estig ations; natu ral catastrophic ev ents; a pandem ic or epidem ic; ou r ab ility
to achiev e the b enefits anticipated from ou r inv estm ents in sales and eng ineering activ ities; ou r
ab ility to recru it and retain k ey personnel; ou r ab ility to m anag e financial risk ; risk s related to the
g lob al natu re of ou r operations, inclu ding ou r operations in em erg ing m ark ets, cu rrency
flu ctu ations and other international factors; potential v olatility in operating resu lts; and other
factors listed in C isco’s m ost recent reports on F orm s 1 0 -K and 1 0 -Q . The financial inform ation
contained in these presentation slides and the related conference call shou ld b e read in
conj u nction w ith the consolidated financial statem ents and notes thereto inclu ded in C isco’s m ost
recent reports on F orm s 1 0 -K and 1 0 -Q , as each m ay b e am ended from tim e to tim e. C isco’s
resu lts of operations for the three and nine m onths ended A pril 2 6 , 2 0 0 8 are not necessarily
indicativ e of C isco’s operating resu lts for any fu tu re periods. A ny proj ections in these
presentation slides and the related conference call are b ased on lim ited inform ation cu rrently
av ailab le to C isco, w hich is su b j ect to chang e. A lthou g h any su ch proj ections and the factors
influ encing them w ill lik ely chang e, C isco w ill not necessarily u pdate the inform ation, since C isco
w ill only prov ide g u idance at certain points du ring the y ear. S u ch inform ation speak s only as of
the date of these presentation slides and the related conference call.

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