Report of Independent Auditors
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF CISCO SYSTEMS, INC.:
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations and
shareholders' equity and of cash flows present fairly, in all material respects, the financial position of Cisco Systems,
Inc. and its subsidiaries at July 26, 2003 and July 27, 2002, and the results of their operations and their cash flows
for each of the three years in the period ended July 26, 2003 in conformity with accounting principles generally accepted
in the United States of America. These financial statements are the responsibility of the Company's management; our
responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of
these statements in accordance with auditing standards generally accepted in the United States of America, which require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
PricewaterhouseCoopers LLP
San Jose, California
August 5, 2003
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