May 17, 2017

Q3 Fiscal Year 2017Conference Call

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

▪ Business Momentum & Key Trends

▪ Financial Overview

▪ Business Outlook

▪ Q&A

Q3 FY 2017 Highlights

• Results demonstrate we are delivering against our strategic priorities and realizing the benefits of our investments to transform our business and drive long-term shareholder value

• Delivered a solid quarter with total revenue of $11.9B, down 1% y/y, and non-GAAP EPS of $0.60, up 5% y/y

• Managing the business well through a multi-year transformation…reflected in strong non-GAAP gross margin of 64.4% and operating cash flow up 10% y/y to $3.4B

• Continue to innovate across our networking portfolio, with analytics a key element …completed acquisition of AppDynamics and announced intent to acquire Viptela and MindMeld…aligned to our strategy of investing to drive long-term growth and transition to more recurring software and subscription revenue

• Re-making Cisco to succeed in a dramatically changing marketplace…laser focused on delivering innovation as well as aggressively managing the business to optimize profitability, cash flows and value for shareholders

▪ Business Momentum & Key Trends

▪ Financial Overview

▪ Business Outlook

▪ Q&A

$M

Y/Y %

Change

Switching $3,489 2%

NGN Routing 2,032 (2%)

Collaboration 1,022 (4%)

Data Center 767 (5%)

Wireless 703 13%

Security 527 9%

Service Provider Video 207 (30%)

Other Products 138 57%

Service 3,055 (2%)

Total Cisco $11,940 (1%)

Q3 FY 2017 – Revenue Highlights

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.

29%

17%

9%6%

6%

4%

2%1%

26% Switching

NGN Routing

Collaboration

Data Center

Wireless

Security

SP Video

Other

Service

Revenue % of Total

Percentages may not sum to 100% due to rounding

Q3 FY 2017 Product Orders: Geographic Regions & Customer Segments

Geographic Region Y/Y % Change

Americas (4%)

EMEA (6%)

APJC 2%

Total Cisco (4%)

Product Book to Bill Greater than 1

Customer Segment Y/Y % Change

Enterprise (2%)

Public Sector (4%)

Commercial 1%

Service Provider (10%)

Total Cisco (4%)

Q3 FY 2017 Non-GAAP Income Statement Highlights$M (except per-share amounts and percentages) Q3 FY 2016 Q2 FY 2017 Q3 FY 2017

Revenue $12,000 $11,580 $11,940

Year/Year Change

Product

Service

(1%)

$8,875

$3,125

(3%)

$8,491

$3,089

(1%)

$8,885

$3,055

Gross Margin 65.2% 64.1% 64.4%

Product Gross Margin

Service Gross Margin 64.5%

67.1%

62.4%

68.8%

63.2%

67.8%

Operating Expenses $4,226 $3,826 $3,828

Operating Expenses as a % of Revenue 35.2% 33.0% 32.1%

Operating Income as a % of Revenue 30.0% 31.0% 32.3%

Net Income $2,880 $2,859 $3,026

Year/Year Change 3% (2%) 5%

EPS (diluted) $0.57 $0.57 $0.60

Year/Year Change 6% 0% 5%

Q3 FY 2017 GAAP Income Statement Highlights

$M (except per-share amounts and percentages) Q3 FY 2016 Q2 FY 2017 Q3 FY 2017

Revenue $12,000 $11,580 $11,940

Product

Service

$8,875

$3,125

$8,491

$3,089

$8,885

$3,055

Gross Margin 64.3% 62.8% 63.0%

Product Gross Margin

Service Gross Margin 63.8%

65.9%

61.1%

67.7%

61.7%

66.7%

Operating Expenses $4,737 $4,383 $4,349

Operating Expenses as a % of Revenue 39.5% 37.8% 36.4%

Operating Income as a % of Revenue 24.9% 25.0% 26.5%

Net Income $2,349 $2,348 $2,515

Year/Year Change (4%) (25%) 7%

EPS (diluted) $0.46 $0.47 $0.50

Year/Year Change (2%) (24%) 9%

Q3 FY 2017 Key Financial Measures

$M (except non-GAAP inventory turns) Q3 FY 2016 Q2 FY 2017 Q3 FY 2017

Cash and Cash Equivalents and Investments $63,512 $71,845 $67,974

Operating Cash Flow $3,064 $3,772 $3,373

Accounts Receivable $4,047 $4,458 $4,635

Inventory $1,343 $1,264 $1,366

Non-GAAP Inventory Turns 11.7 13.6 12.9

Purchase Commitments $3,794 $4,402 $4,720

Deferred Revenue $15,272 $17,086 $17,322

Service Deferred Revenue $9,866 $10,525 $10,532

Product Deferred Revenue

Deferred Revenue Related to Recurring Software

and Subscription Businesses $2,771 $3,997 $4,352

Deferred Revenue Related to Two-tier Distributors $419 $401 $311

Other Product Deferred Revenue $2,216 $2,163 $2,127

Total Product Deferred Revenue $5,406 $6,561 $6,790

Capital Allocation

$M Q3 FY 2016 Q4 FY 2016 Q1 FY 2017 Q2 FY 2017 Q3 FY 2017

Share Repurchases $649 $800 $1,001 $1,001 $503

Dividends Paid 1,308 1,309 1,308 1,304 1,451

Total $1,957 $2,109 $2,309 $2,305 $1,954

Share Repurchase Program*

Amount Purchased

($M)

Number of Shares

(M)

Avg. Price Per

Share

Q3 FY 2017 Purchases $503 15 $33.71

Q3 FY 2016 Q4 FY 2016 Q1 FY 2017 Q2 FY 2017 Q3 FY 2017

Dividends per Share $0.26 $0.26 $0.26 $0.26 $0.29

*Approximately $12.9B remaining authorized funds in repurchase program as of the end of Q3 FY 2017.

▪ Business Momentum & Key Trends

▪ Financial Overview

▪ Business Outlook

▪ Q&A

• Delivered another solid quarter and executing well

• Confident in our strategy for long-term growth and profitability

• Believe the network will become increasingly important in solving our customers’ most complex business problems, and helping them get secure and stay secure

• Believe we will continue to see strong momentum in our shift towards more software and subscription revenue…reflects the success of the investments we are making in these areas, together with the flexible consumption and buying models we offer customers

Key Takeaways

▪ Business Momentum & Key Trends

▪ Financial Overview

▪ Business Outlook

▪ Q&A

Q&A

FORWARD-LOOKING STATEMENTS

These 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 on the multi-year transformation of our business, our ability to deliver value to our customers through highly secure, software-defined, automated and intelligent infrastructure, our ability to deliver on our strategic priorities, our investment in growth areas, the transition of our business to software and recurring revenues, and our ability to continue to execute well and return value to our shareholders) and the future financial performance of Cisco (including the business outlook for Q4 FY 2017) that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differmaterially 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; variabil ity 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 February 21, 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 and nine months ended April 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.

Supplemental Materials

Q3 FY 2017 Geographic Revenue and Total Gross Margin

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 Percentage

$M (except percentages)

Q3

FY’16

Q2

FY’17

Q3

FY’17

Q3

FY’16

Q2

FY’17

Q3

FY’17

Americas $7,056 $6,660 $7,046 66.3% 64.4% 64.6%

EMEA 3,006 3,065 2,999 65.5% 65.6% 65.5%

APJC 1,938 1,855 1,895 60.5% 60.4% 61.8%

Geographic Total $12,000 $11,580 $11,940 65.2% 64.1% 64.4%