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Report of Independent Accountants
48 Cisco Systems, Inc. 2002 Annual Report
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 27, 2002 and July 28, 2001, and the results of their operations and their cash flows for each of the three years in the period
ended July 27, 2002 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.
As discussed in Note 2 to the consolidated financial statements, effective July 29, 2001, the Company changed its method
of accounting for goodwill in accordance with Statement of Financial Accounting Standards No. 142, “Goodwill and Other
Intangible Assets.”
San Jose, California
August 6, 2002, except for Note 14, as to which the date is August 19, 2002