NIKE : Q3FY21 EARNINGS CALL UNOFFICIAL TRANSCRIPT

PREPARED REMARKS / UNOFFICIAL TRANSCRIPT - Q3FY21 NIKE, Inc.

March18, 2021

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 NIKE, Inc. does not update or delete outdated information contained in these prepared remarks and disclaims any obligation to do so.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 2021 third quarter conference call. For those who want to reference today's press release you'll find it athttp://investors.nike.com.

Leading today's call is Andy Muir, VP, Investor Relations. Before I turn the call over to Ms. Muir, 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 Andy Muir, VP, Investor Relations.

Andy Muir:

Thank you, operator.

Hello everyone and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2021 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 1

PREPARED REMARKS / UNOFFICIAL TRANSCRIPT - Q3FY21 NIKE, Inc.

March18, 2021

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.

initial questions to one. In the event you have additional questions that are not covered by others, please feel free to re-queue and we will do our best to come back to you. 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, Andy, and hello to everyone on today's call.

First and foremost, like all companies around the world, we're pleased by the recent positive news of the vaccine rollout. We remain optimistic … though we're prepared to operate through continued volatility until the virus is fully contained. Our teams have proven their agility to operate through uncertainty, while also staying focused on the long-term … and we once again demonstrated that agility in Q3.

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. Throughout the pandemic, we have stayed focused on our unique advantages. We've been resolute in fueling innovation, and our brand is as strong as ever.

I'm proud of our results this quarter. Q3 saw us continue to deliver consumers new products, new campaigns, the energy from our roster of athletes, and more. Our strategy puts the member at the center and keeps us in the lead - and will continue to drive even further competitive separation.

And still, we push our own expectations of ourselves. Last week, we released our 2020 Impact Report and announced our new 2025 Purpose Targets. Our new five-year purpose targets offer a roadmap to 2025 … outlining clear goals, action plans and accountability. That accountability for the first time now includes linking executive compensation to our purpose goals. Our 2025 Targets will keep us focused on accelerating our efforts on a wide range of priorities: from sustainability to representation to investing in the future of sport in communities around the world. I encourage everyone to take a look at the report at purpose.nike.com. Ultimately, this isn't just the right thing to do - it makes great business sense. Setting purpose targets

PREPARED REMARKS / UNOFFICIAL TRANSCRIPT - Q3FY21 NIKE, Inc.

March18, 2021

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.

for ourselves creates long-term value, raises the bar for our industry and redefines our own potential for positive impact in the world.

Our commitment to constant improvement is why I continue to be so amazed by this team. I've never been more confident in our leadership and teams around the world as we stay on the offense, accelerating against our long-term strategy. As I said, this continues to be a dynamic external environment, but I'm proud how adaptable Nike is. No matter what happens - COVID spikes forcing store closures, port congestion on the West Coast - this team responds with solutions. We adjust, and we win.

Our brand continues to deeply connect all over the world. We remain consumers' #1 favorite brand in all 12 of our key cities, in both Men's and Women's businesses. We're also seeing particularly strong connections in Greater China, where our strong portfolio of brands, including Jordan and Converse, is helping extend our leadership position. All over the world, the relationships we have with consumers cannot easily be replicated.

Our brand differentiates us, driven by the unique competitive advantages we enjoy.

First, Nike's connections with consumers are driven by sport and cultural authenticity. Our roster of athletes is the greatest in the world. Naomi Osaka continues to emerge as a truly global sport icon, having won four Grand Slam titles at only 23 years old. Kylian Mbappé became the youngest footballer ever to score 25 Champions League goals, leading Paris Saint-Germain into the quarterfinals. The NBA All-Star Game was proof yet again of our dominance in basketball with LeBron's team taking on KD's, Giannis winning MVP, and a young core of Jordan Brand superstars, led by Zion and Luka. And today the energy of March Madness tips off with Nike and

Jordan schools making up 10 of the top 16 Women's teams and 15 of the top 16 Men's teams.

No brand connects consumers with the power and culture of sport like Nike, and we pride ourselves on our leadership role to drive hope and inspiration around the world.

Second, our brand is powered by our global scale. This is a particularly critical advantage as we continue to fuel our digital transformation. We've had tremendous success in digital … quickly pivoting to serve consumers as they shift to digital channels. But even as this consumer shift is felt across industries, Nike's digital transformation remains a unique advantage. Scale matters. The strength of our brand allows us to stay personal at scale with consumers in all our geographies. More than ever, the portfolio effect of being a truly global brand is powerful.

PREPARED REMARKS / UNOFFICIAL TRANSCRIPT - Q3FY21 NIKE, Inc.

March18, 2021

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.

Third, we stay at the front of the pack thanks to our compelling consumer experiences. Last quarter, we announced the launch of SNKRS Live, our first product drop via livestreaming. In Q3, we doubled the number of countries with livestreaming, adding Japan, Germany, and Italy. We are seeing phenomenal engagement for this live interaction with average viewing duration doubling to over 15 minutes, well above industry norms. We're also creating content to connect members to the sport and sneaker community, content that drives the highest engagement on SNKRS. Whether through the SNKRS app, our activity apps, platforms like TikTok and more, we continue to find compelling ways to deliver an authentic Nike experience in Digital.

And fourth, the Jordan Brand had a very strong quarter, growing double digits in Q3. This growth was broad-based, led by our biggest growth opportunities: Digital, International,

Apparel and Women's. In fact, Jordan's Women's business was up nearly triple digits - a strong statement of how the brand continues to serve a broader set of consumers. Q3 also saw the launch of the Air Jordan 11 Jubilee, one of the largest and most successful footwear launches ever, with more than $175 million in revenue. We are incredibly confident about the continued growth opportunity for the Jordan Brand moving forward.

As always, our brand is propelled by our unmatched innovation investment and pipeline.

Innovation is at our core, reflecting not just our foundational values but the values we share with consumers. We don't just innovate for the elite athlete … we use innovation and design to solve problems for all consumers, no matter their sport or style of play. And we consistently bring fresh, new product to market, supported by compelling storytelling that helps drive consumer demand.

At the core of our innovation engine is our edge in performance. We continue to evolve some of our most popular products for everyday runners. This quarter, we focused on a key problem for runners with new footwear that continues our mission to unlock injury prevention. The ZoomX Invincible Run offers a brand-new look for Nike Running with increased foam in the midsole. This creates a soft ride that makes running feel easy with incredible energy return … and is designed to help reduce running-related injuries. We also just launched the React Escape, a shoe

specifically designed for the female runner. The React Escape's silhouette, materials and design details are all aimed at new runners, and it's seeing great sell-through as it encourages more

women to pick up the sport.