NIKE : Q3FY22 EARNINGS CALL UNOFFICIAL TRANSCRIPT

PREPARED REMARKS / UNOFFICIAL TRANSCRIPT - Q3FY22 NIKE, Inc.

March 21, 2022

The following material represents prepared remarks for NIKE, Inc.'s earning conference call and is not an official transcript. These remarks are provided only for reference purposes until an official transcript is made available. These prepared remarks do not reflect questions asked by participants in the conference call or responses from NIKE, Inc. management, and information presented by NIKE, Inc. during the conference call may differ materially from these prepared remarks. Information contained in these remarks was current only as of the date of the conference call and may have subsequently changed materially. NIKE, Inc. does not update or delete outdated information contained in these prepared remarks and disclaims any obligation to do so.

Operator:

Good afternoon, everyone. Welcome to NIKE, Inc.'s fiscal 2022 third quarter conference call. For those who want to reference today's press release you'll find it at http://investors.nike.com. Leading today's call is Paul Trussell, VP of Investor Relations and Strategic Finance. Before I turn the call over to Mr. Trussell, let me remind you that participants on this call will make forward-looking statements based on current expectations and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in the reports filed with the SEC including the annual report filed on Form 10-K.

Some forward-looking statements may concern expectations of future revenue growth or gross margin. In addition, participants may discuss non-GAAP financial measures, including references to constant-dollar revenue. References to constant-dollar revenue are intended to provide context as to the performance of the business eliminating foreign exchange fluctuations. Participants may also make references to other non- public financial and statistical information and non-GAAP financial measures. To the extent non-public financial and statistical information is discussed, presentations of comparable GAAP measures and quantitative reconciliations will be made available at NIKE's website, http://investors.nike.com.

Now I would like to turn the call over to Paul Trussell.

Paul Trussell:

Thank you, operator.

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PREPARED REMARKS / UNOFFICIAL TRANSCRIPT - Q3FY22 NIKE, Inc.

March 21, 2022

The following material represents prepared remarks for NIKE, Inc.'s earning conference call and is not an official transcript. These remarks are provided only for reference purposes until an official transcript is made available. These prepared remarks do not reflect questions asked by participants in the conference call or responses from NIKE, Inc. management, and information presented by NIKE, Inc. during the conference call may differ materially from these prepared remarks. Information contained in these remarks was current only as of the date of the conference call and may have subsequently changed materially. NIKE, Inc. does not update or delete outdated information contained in these prepared remarks and disclaims any obligation to do so.

Hello everyone and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2022 third quarter results.

As the operator indicated, participants on today's call may discuss non-GAAP financial measures. You will find the appropriate reconciliations in our press release, which was issued about an hour ago, or at our website: investors.nike.com.

Joining us on today's call will be NIKE, Inc. President and CEO John Donahoe, and our Chief Financial Officer, Matt Friend.

Following their prepared remarks, we will take your questions. We would like to allow as many of you to ask questions as possible in our allotted time. So, we would appreciate you limiting your initial question to one. Thanks for your cooperation on this.

I'll now turn the call over to NIKE, Inc. President and CEO John Donahoe.

John Donahoe:

Thank you, Paul, and hello to everyone on today's call.

I first want to acknowledge the deeply troubling crisis still unfolding in Ukraine. It is a time of great concern for all of us, and it is simply devastating to see the impact it is having on the lives of so many people. As always, our primary focus is the safety and wellbeing ofour teammates and their communities, and we remain hopeful for a peaceful resolution, soon.

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PREPARED REMARKS / UNOFFICIAL TRANSCRIPT - Q3FY22 NIKE, Inc.

March 21, 2022

The following material represents prepared remarks for NIKE, Inc.'s earning conference call and is not an official transcript. These remarks are provided only for reference purposes until an official transcript is made available. These prepared remarks do not reflect questions asked by participants in the conference call or responses from NIKE, Inc. management, and information presented by NIKE, Inc. during the conference call may differ materially from these prepared remarks. Information contained in these remarks was current only as of the date of the conference call and may have subsequently changed materially. NIKE, Inc. does not update or delete outdated information contained in these prepared remarks and disclaims any obligation to do so.

Now turning to our Q3 performance… More than two years since the start of the pandemic, our teams continue to prove their ability to operate through volatility, while alsostaying focused on the long-term … and we once again demonstrated that agility in Q3.

It's clear that business results that reflect our deep connection to consumers around the world. Thanks to our brand momentum, culture ofinnovation and proven operational playbook, we stay in the lead and continue to drive further competitive separation.

I'm proud of our results this quarter. We met … and even exceeded … what we said wewould deliver 90 days ago. For Q3, our revenue growth was 5%, led by double- digit growth in Nike Direct.

This success, amidst a dynamic macroeconomic environment, is what continues to giveus confidence in our long-term outlook. It's why I wouldn't trade our position with anyone. The power of Nike is our consistency and the strength of our global portfolio. Our investments are making us stronger, and we're excited by what we see as weexecute against our growth opportunities.

As a team, we're driven by our shared purpose to move the world forward through the power of sport. Earlier this month, we released our fiscal 21 Impact Report. This report,which marks our 20th year reporting on our environmental and social impact, is our first since we set new quantifiable ESG targets last year. We're focused on a wide range of priorities, from building a diverse, inclusive team and culture, to meeting thechallenges of climate change, to helping kids access the joy of play and movement. Iencourage everyone to learn more about the measurable progress we've made at purpose.nike.com, as we continue to create long-term value by shaping a better future through sport.

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PREPARED REMARKS / UNOFFICIAL TRANSCRIPT - Q3FY22 NIKE, Inc.

March 21, 2022

The following material represents prepared remarks for NIKE, Inc.'s earning conference call and is not an official transcript. These remarks are provided only for reference purposes until an official transcript is made available. These prepared remarks do not reflect questions asked by participants in the conference call or responses from NIKE, Inc. management, and information presented by NIKE, Inc. during the conference call may differ materially from these prepared remarks. Information contained in these remarks was current only as of the date of the conference call and may have subsequently changed materially. NIKE, Inc. does not update or delete outdated information contained in these prepared remarks and disclaims any obligation to do so.

Of course, 2022 isn't just an anniversary for our Impact Report - it's also a big year for Nike itself. This May, Nike will be celebrating our 50th anniversary as a company. Fifty years ago, our journey began with a dream to serve athletes. Today, we're humbled by what we've achieved, and thrilled and excited by what's to come.

Looking at Q3, Nike's growth was, and will continue to be, the result of three areas I'lltouch on today:

• First, connecting with consumers through our strong portfolio of brands,
• Second, driving a relentless flow of new product innovation,
• And third, expanding our Digital advantage to create the marketplace of the future.

Let's start with Nike's strong brand and our connection to sport, which differentiates usall over the world.

Nike's connections with consumers are driven by sport and cultural authenticity. Our roster of athletes is second to none.

• Rafael Nadal made history by becoming the first male tennis player to win 21 majors with his victory at the Australian Open, and he now stands alone at the top ofthe men's game.
• Aaron Donald, Cooper Kupp and Odell Beckham Jr. led the LA Rams to a thrilling Super Bowl victory.
• And in the NBA All-Star Game, a face-off between Team LeBron and Team KD ended with LeBron hitting the game-winner. I was able to attend the game and loved getting to see the league's showcase of its 75th anniversary team. It was just an awesome reminder of the power of sport and what sport has meant to so many of us over the years.

The quarter also saw the Winter Olympics and Paralympics produce some

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PREPARED REMARKS / UNOFFICIAL TRANSCRIPT - Q3FY22 NIKE, Inc.

March 21, 2022

The following material represents prepared remarks for NIKE, Inc.'s earning conference call and is not an official transcript. These remarks are provided only for reference purposes until an official transcript is made available. These prepared remarks do not reflect questions asked by participants in the conference call or responses from NIKE, Inc. management, and information presented by NIKE, Inc. during the conference call may differ materially from these prepared remarks. Information contained in these remarks was current only as of the date of the conference call and may have subsequently changed materially. NIKE, Inc. does not update or delete outdated information contained in these prepared remarks and disclaims any obligation to do so.

extraordinaryathletic performances. Nathan Chen won gold for the U.S. in Men's singles figure skating … with Chloe Kim won gold for the U.S. in the halfpipe, making her the first woman to win two gold medals in the event. And throughout the Olympics, our "Never Done" brand campaign … which in Greater China featured snowboarder Cai Xuetong … saw an incredible response with 6.1 billion impressions in the geo.

We're in the middle of an amazing March Madness, with NIKE Inc. having more teams still alive across the Men's and Women's brackets than all other brands combined. But there's one familiar face to the Sweet Sixteen I wanted to acknowledge. As you know, Mike Krzyzewski is coaching in his final season at Duke, having already announced his retirement as the winningest coach in NCAA men's basketball history. Coach K has been a member of the Nike family for nearly 30 years, and his leadership and clear set of values have meant so much to this company, and to me personally. My leadership role models have always been head coaches … leaders that serve their players, serve their programs, and serve a broader cause … and Coach K has been right up there at the top ofthat list. So, from the entire Nike family, happy retirement, Coach.

This was also a quarter where the world was reminded of how the Nike brand drives theculture around sport. In January, Sotheby's auctioned off 200 pairs of the Louis Vuitton/Air Force 1 by Virgil Abloh … and reported that it set the record for most valuable "sneaker and fashion" auction ever, at more than $25 million, with all proceedsgoing to the Virgil Abloh "Post-Modern" Scholarship Fund. The auction drew the most bidders of any auction in Sotheby's history and was their most valuable charity auction over the past decade. It's simply another reminder of how the Nike Brand, our most iconic product franchises and our partnerships can come together for the kind of power and cultural energy and excitement that only Nike can create.

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