This document summarizes Cisco's Q2 FY 2017 conference call. Some key highlights include: - Total revenue was $11.6 billion, down 2% year-over-year. Non-GAAP EPS was flat at $0.57. - Cisco continues shifting toward software and recurring revenue, with 51% year-over-year growth in product deferred revenue related to recurring software/subscriptions. - Cisco delivered strong innovation in key areas like security, collaboration, and next-gen data center. - Cisco continues returning value to shareholders, including a 12% dividend increase to $0.29 per share. Cisco also announced its intent to acquire AppDynamics to provide customers with deep analytics across networks

1. February 15, 2017
Q2 Fiscal Year 2017
Conference Call

2. FORWARD-LOOKING STATEMENTS
This 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 RECONCILIATION
During 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

3.  Business Momentum & Key Trends
 Financial Overview
 Business Outlook
 Q&A

4. Q2 FY 2017 Highlights
• Delivered a solid quarter with total revenue of $11.6B, down 2% y/y* and non-GAAP EPS
of $0.57, flat y/y
• Continuing our shift towards software and recurring revenue...51% y/y growth in our product
deferred revenue related to our recurring software and subscriptions
• Delivered strong innovation in key areas such as Security, Collaboration and Next Generation
Data Center as we continue to drive innovation in our Core
• Continuing to deliver value for our shareholders…including a $0.03 dividend increase to $0.29
per share, an increase of 12%
• Announced intent to acquire AppDynamics…a continuation of our strategy to provide customers
with deep analytics and insights across the data center, the network and their applications to
improve business performance
* Year-over-year change normalized to exclude the SP Video CPE Business for Q2 FY 2016, which was divested during Q2 FY 2016 on November 20, 2015.

5.  Business Momentum & Key Trends
 Financial Overview
 Business Outlook
 Q&A

6. $M
Y/Y %
Change*
Switching $3,305 (5%)
NGN Routing 1,817 (10%)
Collaboration 1,062 4%
Data Center 790 (4%)
Wireless 632 3%
Security 528 14%
Service Provider Video 241 (41%)
Other Products 116 53%
Service 3,089 5%
Total Cisco $11,580 (2%)
Q2 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%
16%
9%
7%
5%
5%
2%
1%
27%
Switching
NGN Routing
Collaboration
Data Center
Wireless
Security
SP Video
Other
Service
Revenue % of Total
Percentages may not sum to 100% due to rounding
* Year-over-year change normalized to exclude the SP Video CPE Business for Q2 FY 2016, which was divested during Q2 FY 2016 on November 20, 2015.
SP Video CPE Business revenue was $93M for Q2 FY 2016.

7. Q2 FY 2017 Product Orders: Geographic Regions & Customer
Segments
Geographic Region Y/Y % Change*
Americas 4%
EMEA (4%)
APJC (5%)
Total Cisco 0%
Product Book to Bill Greater than 1
Customer Segment Y/Y % Change*
Enterprise 1%
Public Sector (6%)
Commercial 3%
Service Provider (1%)
Total Cisco 0%
* Year-over-year change is normalized to exclude the SP Video CPE Business for Q2 FY 2016, which was divested during Q2 FY 2016 on November 20, 2015.

8. Q2 FY 2017 Q2 FY 2016
Y/Y Change
Excluding SP
Video CPE
Business
$M (except per-share amounts and percentages)
Total Cisco Total Cisco SP Video
CPE
Business
Excluding SP
Video CPE
Business
Revenue $11,580 $11,927 $93 $11,834 (2%)
Gross Margin 64.1% 63.8% 14.2% 64.2% - 0.1 pts
Operating Expenses $3,826 $3,913 $11 $3,902 (2%)
OPEX (% of Revenue) 33.0% 32.8% 11.7% 33.0% 0.0 pts
Operating Income $3,595 $3,693 $2 $3,691 (3%)
Operating Income (% of Revenue) 31.0% 31.0% 2.5% 31.2% - 0.2 pts
Net Income $2,859 $2,929 $2 $2,927 (2%)
EPS (diluted) $0.57 $0.57 $0.00 $0.57 0%
Q2 FY 2017 Non-GAAP Income Statement Details
Amounts may not sum due to rounding.

9. Q2 FY 2017 GAAP Income Statement Highlights
$M (except per-share amounts and percentages) Q2 FY 2016 Q1 FY 2017 Q2 FY 2017
Revenue* $11,927 $12,352 $11,580
Product
Service
$8,983
$2,944
$9,302
$3,050
$8,491
$3,089
Gross Margin 62.3% 63.8% 62.8%
Product Gross Margin
Service Gross Margin
61.3%
65.5%
63.4%
65.1%
61.1%
67.7%
Operating Expenses $4,138 $5,007 $4,383
OPEX (% of Revenue) 34.7% 40.5% 37.8%
Operating Income (% of Revenue) 27.6% 23.3% 25.0%
Net Income $3,147 $2,322 $2,348
Year/Year Change 31% (4%) (25%)
EPS (diluted) $0.62 $0.46 $0.47
Year/Year Change 35% (4%) (24%)
*Includes SP Video CPE Business revenue for Q2 FY 2016 of $93M. The SP Video CPE Business was divested during Q2 FY 2016 on November 20, 2015.

10. Capital Allocation
$M Q2 FY 2016 Q3 FY 2016 Q4 FY 2016 Q1 FY 2017 Q2 FY 2017
Share Repurchases $1,262 $649 $800 $1,001 $1,001
Dividends Paid 1,065 1,308 1,309 1,308 1,304
Total $2,327 $1,957 $2,109 $2,309 $2,305
Share Repurchase Program*
Amount Purchased
($M)
Number of Shares
(M)
Avg. Price Per
Share
Q2 FY 2017 Purchases $1,001 33 $30.33
Q2 FY 2016 Q3 FY 2016 Q4 FY 2016 Q1 FY 2017 Q2 FY 2017
Dividends per Share $0.21 $0.26 $0.26 $0.26 $0.26
*Approximately $13.4B remaining authorized funds in repurchase program as of the end of Q2 FY 2017.

11.  Business Momentum & Key Trends
 Financial Overview
 Business Outlook
 Q&A

12.  Business Momentum & Key Trends
 Financial Overview
 Business Outlook
 Q&A

13. Q&A

14. 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
continued customer momentum, our ability to accelerate innovation across our portfolio, our ability to successfully close the acquisition of AppDynamics and to
achieve the expected benefits of the acquisition, growth in key business areas of collaboration, security and services, the transformation of our business to
software and recurring revenues, and our ability to execute well and return 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 November 22, 2016 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 six months
ended January 28, 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.

15. Supplemental Materials

16. Performance Against Q2 FY 2017 Guidance
$M (except percentages) Q2 FY 2017 Guidance Q2 FY 2017 Actual
Revenue $11,580
Year/Year Change* (2%) to (4%) decline (2%) decline
Non-GAAP Gross Margin 63% - 64% 64.1%
Non-GAAP Earnings per Share $0.55 - $0.57 $0.57
* Year over year change normalized to exclude SP Video CPE Business for Q2 FY 2016, which was divested during Q2 FY 2016 on November 20, 2015.

17. Q2 FY 2017 Non-GAAP Income Statement Highlights
$M (except per-share amounts and percentages) Q2 FY 2016 Q1 FY 2017 Q2 FY 2017
Revenue* $11,927 $12,352 $11,580
Year/Year Change
Product
Service
0%
$8,983
$2,944
(3%)
$9,302
$3,050
(3%)
$8,491
$3,089
Gross Margin 63.8% 65.2% 64.1%
Product Gross Margin
Service Gross Margin
62.8%
66.7%
64.8%
66.2%
62.4%
68.8%
Operating Expenses $3,913 $4,150 $3,826
OPEX (% of Revenue) 32.8% 33.6% 33.0%
Operating Income (% of Revenue) 31.0% 31.6% 31.0%
Net Income $2,929 $3,101 $2,859
Year/Year Change 7% 3% (2%)
EPS (diluted) $0.57 $0.61 $0.57
Year/Year Change 8% 3% 0%
*Includes SP Video CPE Business revenue for Q2 FY 2016 of $93M. The SP Video CPE Business was divested during Q2 FY 2016 on November 20, 2015.

18. Q2 FY 2017 Key Financial Measures
$M (except non-GAAP inventory turns and headcount) Q2 FY 2016 Q1 FY 2017 Q2 FY 2017
Cash and Cash Equivalents and
Investments $60,375 $70,968 $71,845
Operating Cash Flow $3,922 $2,730 $3,772
Accounts Receivable $4,302 $4,805 $4,458
Inventory $1,362 $1,176 $1,264
Non-GAAP Inventory Turns 12.2 14.4 13.6
Purchase Commitments $3,435 $3,920 $4,402
Deferred Revenue $15,185 $16,951 $17,086
Product Deferred Revenue $5,528 $6,527 $6,561
Service Deferred Revenue $9,657 $10,424 $10,525
Headcount 71,657 72,385 71,959

19. $M (except per-share amounts)
Q1
FY 2015
Q2
FY 2015
Q3
FY 2015
Q4
FY 2015
Q1
FY 2016
Q2
FY 2016**
Revenue $479 $361 $519 $487 $411 $93
Gross Margin $96 $66 $84 $83 $43 $13
Operating Expenses $38 $35 $37 $37 $32 $11
Operating Income $58 $31 $47 $46 $11 $2
Net Income $45 $24 $36 $37 $8 $2
EPS (diluted) $0.01 — $0.01 $0.01 — —
SP Video CPE Business
Historical Financial Information*
* Stand-alone financial information is unaudited.
** Represents one month of results as the SP Video CPE Business was divested during Q2 FY 2016 on November 20, 2015.

20. Q2 FY 2017 Geographic Revenue and Total Gross Margin
Excluding SP Video CPE Business
Revenue Total Gross Margin Percentage
$M (except percentages) Q2 FY 2016 Q1 FY 2017 Q2 FY 2017 Q2 FY 2016 Q1 FY 2017 Q2 FY 2017
Americas $6,845 $7,443 $6,660 64.3% 64.9% 64.4%
EMEA 3,070 3,013 3,065 65.5% 66.8% 65.6%
APJC 1,919 1,896 1,855 61.7% 63.5% 60.4%
Geographic Total $11,834 $12,352 $11,580 64.2% 65.2% 64.1%
Including SP Video CPE Business
Revenue* Total Gross Margin Percentage
$M (except percentages) Q2 FY 2016 Q1 FY 2017 Q2 FY 2017 Q2 FY 2016 Q1 FY 2017 Q2 FY 2017
Americas $6,911 $7,443 $6,660 63.8% 64.9% 64.4%
EMEA 3,093 3,013 3,065 65.0% 66.8% 65.6%
APJC 1,923 1,896 1,855 61.6% 63.5% 60.4%
Geographic Total $11,927 $12,352 $11,580 63.8% 65.2% 64.1%
*Includes SP Video CPE Business revenue for Q2 FY 2016 of $93M. The SP Video CPE Business was divested during Q2 FY 2016 on November 20, 2015.
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.