SAN JOSE, Calif., September 13, 2001 - Cisco Systems today announced that its board of directors has authorized a stock repurchase program of up to $3 billion over the next two years. The program is effective immediately.

"We have tremendous confidence in the financial systems of our country, in our industry and in our market-leading position both today and into the future," said John Chambers, president and CEO of Cisco Systems. "We believe that this stock repurchase program is in the best interests of our shareholders."

Any purchases under Cisco's stock repurchase program may be made, from time-to-time, in the open market, through block trades or otherwise. Depending on market conditions and other factors, these purchases may be commenced or suspended at any time or from time-to-time without prior notice. As of September 13, 2001, Cisco has approximately 7.3 billion shares outstanding.