Cisco Systems Inc at Barclays Americas Select Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: James Wolff - Barclays - Analyst : I'm sure that's on the list. Sure. Let me take a couple of questions from the audience and I've got a couple more of my own. Unidentified Audience Member Yes, I wanted to go back to the service provider [offering]. Sorry -- service provider. In terms of fundamental drivers for that business outside of your superior security features or anything else we could put on the software, is there still a driver simple such as data growth because that pause in data spending, especially in the US has been quite a long one and the data traffic is still growing. So how long can it stay at that level until you actually need to start ramping up your network to match the utilization? I don't know where it is now. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 19, 2015 / 10:10AM, CSCO.OQ - Cisco Systems Inc at Barclays Americas Select Conference

Question: James Wolff - Barclays - Analyst : Are there any other questions? I've got a couple more. I'll use this moment to see if anyone else wants to ask anything. Unidentified Audience Member How do you think the Company will benefit from the Internet of Things? In a practical way, what are the kinds of applications you are going to try to manage for companies and --? Thank you.

Question: James Wolff - Barclays - Analyst : Perhaps one from me, and then I'll open it back up to the room. If we can talk to Cisco's M&A agenda. If you want to maybe help us all with what the broad focus is as it stands at the moment, and to what extent the current market multiples are a hindrance in executing on it?

Question: James Wolff - Barclays - Analyst : Then I guess on the capital allocation, it's another topic that comes up a lot. Investors are often asked, is there scope to go beyond the current 50% proportion of free cash flow paid out. If you want to perhaps remind us of the [core of the] strategy there? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 19, 2015 / 10:10AM, CSCO.OQ - Cisco Systems Inc at Barclays Americas Select Conference

Question: James Wolff - Barclays - Analyst : So let me -- yes, we've got another one. Let me open it up to the room. Unidentified Audience Member Could you talk a little bit about the government spend across the world, specifically the federal government in the US and Southern Europe?

Question: James Wolff - Barclays - Analyst : I think we've got time for one more, if there's any more from the room. Otherwise, if not, it remains for me to say, Chris, thank you very much.