This Annual Report contains forward-looking statements regarding future events and the future results of Cisco that are based on current expectations, estimates, forecasts, and projections about the industries in which Cisco operates, and the beliefs and assumptions of the management of Cisco. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statement. Readers are referred to the documents filed by Cisco with the Securities and Exchange Commission, specifically the most recent reports on Forms 10-K, 10-Q and 8-K, each as it may be amended from time to time, which identify important risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, including: economic and market conditions; overall information technology spending; fluctuations in customer demand for products and services; the timing and size of orders and manufacturing lead times; difficulty in predicting our revenues; maintaining appropriate levels of inventory and purchase commitments; variations in the mix of products and services sold; ability to achieve targeted costs reductions; increased competition in the networking and communications industries; ability to introduce and achieve market acceptance of new technologies, products and standards; rapid changes in technology and the markets; disruption of or changes in the product distribution model or customer base; product defects and returns; availability of components and manufacturing capacity; entrance into new or developing markets; ability to integrate and operate acquired businesses and technologies; increasing customer credit risk; rate of growth of the Internet and Internet-based systems; factors arising from international operations, including currency fluctuations; timing and amount of employer payroll tax to be paid on employees' gains on stock options exercised; changes in accounting rules; protection and validity of patents and other intellectual property rights; litigation involving securities, intellectual property and other matters; and ability to retain and recruit key personnel, among others. Cisco undertakes no obligation to revise or update publicly any forward-looking statements for any reason.