August 16, 2017

Conference CallQ4 Fiscal Year 2017

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Forward-Looking StatementsThis presentation contains projections and other forward-looking statements regarding future events or the future financial performance of Cisco, including future operating results. These projections and statements are only predictions. Actual events or results may differ materially from those in the projections or other forward-looking statements. Please see Cisco’s filings with the SEC, including its most recent filings on Forms 10-K and 10-Q, for a discussion of important risk factors that could cause actual events or results to differ materially from those in the projections or other forward-looking statements.

GAAP ReconciliationDuring this presentation references to financial measures of Cisco will include references to non-GAAP financial measures. Cisco provides a reconciliation between GAAP and non-GAAP financial information on our website at www.cisco.com under “Financial Info” in the “Investor Relations” section.http://investor.cisco.com/investor-relations/financial-information/Financial-Results/default.aspx

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Business Momentum & Key Trends

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$12.1B (4%) y/y Total Revenue

$0.61 (3%) y/y Non-GAAP EPS

63.7% / 31.5%Non-GAAP Gross / Operating Margin

$4.0B 5% y/y Operating Cash Flow

• Solid execution against strategic priorities

• Launch in June of ‘The Network. Intuitive.’ intent-based networking platform…during first four weeks, pipeline and product orders were strong

• Extension of strategic partnerships with Apple, IBM & Microsoft

• Expansion of leadership position in network security

• Strong performance of multi-cloud infrastructure portfolio…ACI revenue growth of 38% y/y

• Delivering the right consumption models…50% revenue growth y/y in deferred product revenue related to software and subscriptions

• Innovation strong…focus on accelerating our core networking, security, software and cloud-based businesses

Q4 FY2017 Highlights

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* Year-over-year change normalized to exclude the SP Video CPE Business for FY 2016, which was divested during Q2 FY 2016 on November 20, 2015.

$48.0B (2%) y/y* Total Revenue

FY 2017 Key Highlights

64.3% / 31.6%Non-GAAP Gross / Operating Margin

$2.39 1% y/yNon-GAAP EPS

$13.9B 2% y/yOperating Cash Flow

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Financial Overview

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Product Category $M Y/Y % Change

Switching $3,439 (9%)

NGN Routing 1,893 (9%)

Collaboration 1,113 (3%)

Data Center 837 (4%)

Wireless 799 5%

Security 558 3%

Service Provider Video 227 (10%)

Other Products 161 31%

Services 3,106 1%

Total Cisco $12,133 (4%)

Switching28%

NGN Routing

16%

Collaboration9%

Data Center7%

Wireless7%

Security5%

SP Video2%

Other 1%

Services26%

Revenue Mix %

Q4 FY 2017 Revenue Highlights

Percentages may not sum to 100% due to rounding

Certain reclassifications have been made to the amounts for prior periods in order to conform to the current period’s presentation. Historical revenue by product category and service is available on our website at http://investor.cisco.com under “Financial Info” in the “Investor Relations” section.

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31%+4 pts y/y

Q4 FY2017 Business Transition Highlights

Recurring Revenue as a % of

Total Revenue

Deferred Product Revenue from

Recurring Software & Subscriptions

Subscriptions as a % of

Software Revenue

51% $5.0B+50% y/y

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Comfortably Above 1

Product Book-to-Bill

0% y/y

Total Cisco

Enterprise(1%) y/y

Public Sector2% y/y

Commercial4% y/y

Service Provider(7%) y/y

Americas(2%) y/y

EMEA3% y/y

APJC2% y/y

Q4 FY 2017 Product Orders

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Q4 FY 2017 Non-GAAP Income Statement Highlights$M (except per-share amounts and percentages) Q4 FY 2016 Q3 FY 2017 Q4 FY 2017Revenue $12,638 $11,940 $12,133

Year/Year ChangeProductService

(2%)$9,552$3,086

(1%)$8,885$3,055

(4%)$9,027$3,106

Gross Margin 64.6% 64.4% 63.7%

Product Gross MarginService Gross Margin

63.9%67.0%

63.2%67.8%

61.9%68.8%

Operating Expenses $4,202 $3,828 $3,906

OPEX (% of Revenue)Operating Income (% of Revenue)

33.2%31.4%

32.1%32.3%

32.2%31.5%

Net Income $3,189 $3,026 $3,081

Year/Year Change 6% 5% (3%)EPS (diluted) $0.63 $0.60 $0.61

Year/Year Change 7% 5% (3%)

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Q4 FY 2017 GAAP Income Statement Highlights$M (except per-share amounts and percentages) Q4 FY 2016 Q3 FY 2017 Q4 FY 2017Revenue $12,638 $11,940 $12,133

Year/Year ChangeProductService

(2%)$9,552$3,086

(1%)$8,885$3,055

(4%)$9,027$3,106

Gross Margin 63.1% 63.0% 62.2%

Product Gross MarginService Gross Margin

62.2%66.0%

61.7%66.7%

60.3%67.8%

Operating Expenses $4,672 $4,349 $4,512

OPEX (% of Revenue)Operating Income (% of Revenue)

37.0%26.1%

36.4%26.5%

37.2%25.0%

Net Income $2,813 $2,515 $2,424

Year/Year Change 21% 7% (14%)EPS (diluted) $0.56 $0.50 $0.48

Year/Year Change 24% 9% (14%)

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$M (except non-GAAP inventory turns) Q4 FY 2016 Q3 FY 2017 Q4 FY 2017Cash, Cash Equivalents and Investments $65,756 $67,974 $70,492

Operating Cash Flow* $3,818 $3,373 $4,001

Accounts Receivable $5,847 $4,635 $5,146

Inventory $1,217 $1,366 $1,616

Non-GAAP Inventory Turns 14.0 12.9 11.8

Inventory Purchase Commitments $3,896 $4,720 $4,640

Deferred Revenue $16,472 $17,322 $18,494

Service Deferred Revenue $10,621 $10,532 $11,302

Product Deferred Revenue

Deferred revenue related to recurring software and subscription businesses $3,308 $4,352 $4,971Other product deferred revenue $2,543 $2,438 $2,221

Total Product Deferred Revenue $5,851 $6,790 $7,192

Q4 FY 2017 Key Financial Measures

* Operating cash flows were $13,876M and $13,570M for FY17 and FY16, respectively.

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$M Q1 FY 2017 Q2 FY 2017 Q3 FY 2017 Q4 FY 2017 FY 2017

Share Repurchases $1,001 $1,001 $503 $1,201 $3,706

Dividends Paid 1,308 1,304 1,451 1,448 5,511

Total $2,309 $2,305 $1,954 $2,649 $9,217

Capital Allocation

Q1 FY 2017 Q2 FY 2017 Q3 FY 2017 Q4 FY 2017 FY 2017

Dividends Per Share $0.26 $0.26 $0.29 $0.29 $1.10

Share Repurchase Program* Amount Purchased ($M) Number of Shares (M) Avg. Price Per Share

Q4 FY 2017 Purchases $1,201 38 $31.61

FY 2017 Purchases $3,706 118 $31.38

* Approximately $11.7B remaining authorized funds in repurchase program as of the end of Q4 FY 2017

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Business Outlook

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Cisco expects to achieve the following results for the first quarter of fiscal 2018:

Cisco estimates that GAAP EPS will be $0.48 to $0.53 which is lower than non-GAAP EPS by $0.08 to $0.11 per share in the first quarter of fiscal 2018.

A reconciliation between the Business Outlook for Q1 FY 2018 on a GAAP and non-GAAP basis is provided in the slide entitled "GAAP to Non-GAAP Business Outlook for Q1 FY 2018" under the Supplemental Materials.

Business Outlook for Q1 FY 2018

Q1 FY 2018 OutlookRevenue (3%) – (1%) decline Y/Y

Non-GAAP Gross Margin Rate 63% - 64%

Non-GAAP Operating Margin Rate 29.5% - 30.5%

Non-GAAP Tax Provision Rate 22%

Non-GAAP EPS $0.59 - $0.61

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• Working on a multi-year transition…confident with our progress, more to do

• Well positioned to succeed in a cloud and digital-ready world where the network is one of the most strategic assets for our customers

• In FY2018 you can expect us to:o Execute against strategy and invest in priority areaso Leverage the power of the networko Drive relentless focus on innovation creating continuous customer valueo Drive the right consumption models for our customers and accelerate

our shift towards more software and subscription revenue

Key Takeaways

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Q&A

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FORWARD-LOOKING STATEMENTSThese presentation slides and the related conference call contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events (such as our progress transitioning our business to more software and recurring revenue, our ability to accelerate innovation in our core and across the portfolio and to build the network of the future, our ability to deliver on our strategic growth priorities, our ability to offer the most innovative technologies to our customers in the way they want to consume it, and our continued ability to deliver value to our shareholders) and the future financial performance of Cisco that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including: business and economic conditions and growth trends in the networking industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; the growth and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including sales to the service provider market and other customer markets; the return on our investments in certain priorities, key growth areas, and in certain geographical locations, as well as maintaining leadership in routing, switching and services; the timing of orders and manufacturing and customer lead times; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; our ability to achieve expected benefits of our partnerships; increased competition in our product and service markets, including the data center market; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, intellectual property, antitrust, shareholder and other matters, and governmental investigations; our ability to achieve the benefits of the announced restructuring and possible changes in the size and timing of the related charges; man-made problems such as cyber-attacks, data protection breaches, computer viruses or terrorism; natural catastrophic events; a pandemic or epidemic; our ability to achieve the benefits anticipated from our investments in sales, engineering, service, marketing and manufacturing activities; our ability to recruit and retain key personnel; our ability to manage financial risk, and to manage expenses during economic downturns; risks related to the global nature of our operations, including our operations in emerging markets, currency fluctuations and other international factors; changes in provision for income taxes, including changes in tax laws and regulations or adverse outcomes resulting from examinations of our income tax returns; potential volatility in operating results; and other factors listed in Cisco’s most recent reports on Forms 10-Q and 10-K filed on May 23, 2017 and September 8, 2016, respectively. The financial information contained in these presentation slides and the related conference call should be read in conjunction with the consolidated financial statements and notes thereto included in Cisco’s most recent reports on Forms 10-Q and 10-K as each may be amended from time to time. Cisco’s results of operations for the three months and the year ended July 29, 2017 are not necessarily indicative of Cisco’s operating results for any future periods. Any projections in these presentation slides and the related conference call are based on limited information currently available to Cisco, which is subject to change. Although any such projections and the factors influencing them will likely change, Cisco will not necessarily update the information, since Cisco will only provide guidance at certain points during the year. Such information speaks only as of the date of these presentation slides and the related conference call.

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Supplemental Materials

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Certain reclassifications have been made to the amounts for prior periods in order to conform to the current period’s presentation. Historical revenue and gross margin by segment is available on our website at http://investor.cisco.com under “Financial Info” in the “Investor Relations” section.

Revenue Total Gross Margin %

$M (except percentages)

Q4 FY’16 Q3 FY’17 Q4 FY’17 Q4 FY’16 Q3 FY’17 Q4 FY’17

Americas $7,633 $7,046 $7,202 64.9% 64.6% 64.0%

EMEA 3,109 2,999 2,927 65.2% 65.5% 63.8%

APJC 1,896 1,895 2,004 62.5% 61.8% 62.1%

Geographic Total $12,638 $11,940 $12,133 64.6% 64.4% 63.7%

Q4 FY 2017 Geographic Revenue and Total Gross Margin

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GAAP to Non-GAAP Business Outlook for Q1 FY 2018

Q1 FY 2018Gross Margin

RateOperating

Margin RateTax

Provision Rate

Earnings Per Share (2)

GAAP 61.5% - 62.5% 23.5% - 24.5% 18% $0.48 - $0.53

Estimated adjustments for:

Share-based compensation expense 0.5% 3.0% $0.04 - $0.05

Amortization of purchased intangible assets and other acquisition-related/divestiture costs 1.0% 2.0% $0.03 - $0.04

Restructuring and other charges (1) — 1.0% $0.01 - $0.02

Income tax effect of non-GAAP adjustments — — 4%

Non-GAAP 63% - 64% 29.5% - 30.5% 22% $0.59 - $0.61

(1) In August 2016, we began taking action under a restructuring plan in order to reinvest in our key priority areas in which up to 6,600 employees would be impacted, with estimated pretax charges of approximately $850 million. During fiscal 2017, we have recognized pretax charges of $756 million to our GAAP financial results in relation to this restructuring plan. We expect this plan to be substantially completed by the end of the first quarter of fiscal 2018.(2) Estimated adjustments to GAAP earnings per share are shown after income tax effects.

Except as noted above, this business outlook does not include the effects of any future acquisitions/divestitures, asset impairments, restructurings and significant tax matters or other events, which may or may not be significant unless specifically stated.

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FY 2017 Non-GAAP Income Statement Highlights$M (except per-share amounts and percentages) FY 2016 FY 2017Revenue* $49,247 $48,005

Year/Year ChangeProductService

0%$37,254$11,993

(3%)$35,705$12,300

Gross Margin 64.2% 64.3%

Product Gross MarginService Gross Margin

63.3%66.8%

63.1%67.9%

Operating Expenses $16,482 $15,710

OPEX (% of Revenue)Operating Income (% of Revenue)

33.5%30.7%

32.7%31.6%

Net Income $12,022 $12,067

Year/Year Change 6% 0%EPS (diluted) $2.36 $2.39

Year/Year Change 7% 1%

*Includes SP Video CPE Business revenue for FY 2016 of $504M. The SP Video CPE Business was divested during Q2 FY 2016 on November 20, 2015.

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FY 2017 GAAP Income Statement Highlights$M (except per-share amounts and percentages) FY 2016 FY 2017Revenue* $49,247 $48,005

Year/Year ChangeProductService

0%$37,254$11,993

(3%)$35,705$12,300

Gross Margin 62.9% 63.0%

Product Gross MarginService Gross Margin

62.0%65.6%

61.6%66.8%

Operating Expenses $18,300 $18,251

OPEX (% of Revenue)Operating Income (% of Revenue)

37.2%25.7%

38.0%24.9%

Net Income $10,739 $9,609

Year/Year Change 20% (11%)EPS (diluted) $2.11 $1.90

Year/Year Change 21% (10%)

*Includes SP Video CPE Business revenue for FY 2016 of $504M. The SP Video CPE Business was divested during Q2 FY 2016 on November 20, 2015.