<SEC-DOCUMENT>0001214659-21-008929.txt : 20210824
<SEC-HEADER>0001214659-21-008929.hdr.sgml : 20210824
<ACCEPTANCE-DATETIME>20210823211643
ACCESSION NUMBER:		0001214659-21-008929
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210824
DATE AS OF CHANGE:		20210823
EFFECTIVENESS DATE:		20210824

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NIKE, Inc.
		CENTRAL INDEX KEY:			0000320187
		STANDARD INDUSTRIAL CLASSIFICATION:	RUBBER & PLASTICS FOOTWEAR [3021]
		IRS NUMBER:				930584541
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10635
		FILM NUMBER:		211198321

	BUSINESS ADDRESS:	
		STREET 1:		ONE BOWERMAN DR
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97005-6453
		BUSINESS PHONE:		5036713173

	MAIL ADDRESS:	
		STREET 1:		ONE BOWERMAN DR
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97005-6453

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NIKE INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>r823210px14a6g.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D">Main Post Office, P.O. Box 751&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D">Berkeley, CA 94701</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"> &nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE
1992</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant:&nbsp;&nbsp;Nike Inc. (NKE)<BR>
Name of persons relying on exemption: <I>As You Sow</I><BR>
Address of persons relying on exemption: <FONT STYLE="background-color: white">Main Post Office, P.O. Box 751, Berkeley, CA 94701</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule, but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NIKE INC<BR>
Vote Yes: PROPOSAL NUMBER 7 &ndash; TO CONSIDER A SHAREHOLDER PROPOSAL REGARDING DIVERSITY AND INCLUSION EFFORTS REPORTING</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Annual Meeting:
October 6, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;CONTACT: Meredith Benton, Benton@whistlestop.capital</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: #B8CCE4">THE RESOLUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: #B8CCE4"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">Resolved: <FONT STYLE="font-weight: normal">Shareholders
request that Nike Inc. (&quot;Nike&quot;) publish, at reasonable expense and excluding proprietary information, annual reporting assessing
the Company's diversity and inclusion efforts. At a minimum reporting should include:</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD><FONT STYLE="font-weight: normal">the Board process for assessing the effectiveness of its diversity, equity, and inclusion programs</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD><FONT STYLE="font-weight: normal">the Board's assessment of program effectiveness, as reflected in any goals, metrics, and trends
related to its promotion, recruitment, and retention of protected classes of employees.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">Supporting Statement<FONT STYLE="font-weight: normal">:
Investors seek quantitative, comparable data to understand the effectiveness of diversity, equity, and inclusion programs within and between
companies.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Diversity, equity and inclusion (DEI) programs are associated with
share outperformance across a number of measures. Investors are seeking decision-useful information to assess whether a company&rsquo;s
programs are effective in supporting shareholder value. This data has not yet been shared by Nike.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nike has published well-composed and evocative content on its commitment
to DEI, yet it has failed to disclose whether its programs and commitments translate into the needed outcome of hiring, retaining and
advancing a diverse workforce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This proposal requests that Nike publish an annual report assessing
the effectiveness of the Company&rsquo;s DEI efforts including the process that the Board follows for ascertaining the effectiveness of
its diversity and inclusion programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2021
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Nike, Inc | Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The resolution explains that investors are seeking quantitative, comparable
data in order to understand the effectiveness of Nike&rsquo;s DEI programs. In particular, the proposal notes concerns that the Company&rsquo;s
extensive statements related to diversity and inclusion may be considered &ldquo;corporate puffery&rdquo; by stakeholders if the company
does not provide meaningful reporting on the effectiveness of its workplace equity practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The resolution also cites to studies which show that significant barriers
exist for diverse employees advancing within their careers, as well as studies demonstrating the corporate benefits of a diverse workforce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE FOR A YES
VOTE</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Companies benefit from diverse and inclusive workplaces</B></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Insufficient DEI programs undermine a company&rsquo;s success </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Nike&rsquo;s business relies on the successful implementation of its DEI programs</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Nike&rsquo;s current DEI reporting is insufficient</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><B>Nike&rsquo;s DEI reporting lags that of other companies</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD><B>Investors have been consistent in requesting this data<BR>
<BR>
</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
              </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Companies benefit from diverse and inclusive workplaces</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Research indicates that companies with diverse teams offer better management,
have stronger long-term growth prospects, and improved share value. These studies include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>BCG found that innovation revenue was 19 percent higher in companies with above-average leadership diversity. In addition, companies
with above-average diversity had EBIT margins nine percentage points higher.<SUP>1</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>Credit Suisse, in a study of over 3,000 companies, found that companies with women representing more than 20 percent of managers have
had greater share price increases over the past decade than those companies with lower representations of women in management.<SUP>2</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>A McKinsey study found that companies in the top quartile for gender diversity in corporate leadership had a 21 percent likelihood
of outperforming bottom-quartile industry peers on profitability. Similarly, leaders in racial and ethnic diversity were 33 percent more
likely to outperform peers on profitability.<SUP>3</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>A 2019 study of the S&amp;P 500 by the Wall Street Journal found that the 20 most diverse companies had an average annual five year
stock return that was 5.8 percent higher than the 20 least-diverse companies.<SUP>4</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="font-size: 9pt">https://www.bcg.com/en-us/publications/2018/how-diverse-leadership-teams-boost-innovation.aspx</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="font-size: 9pt">https://www.credit-suisse.com/about-us-news/en/articles/news-and-expertise/cs-gender-3000-report-2019-201910.html</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="font-size: 9pt">https://www.mckinsey.com/business-functions/organization/our-insights/delivering-through-diversity</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <FONT STYLE="font-size: 9pt">https://www.wsj.com/articles/the-business-case-for-more-diversity-11572091200</FONT></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2021
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Nike, Inc | Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #00813B"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>Stanford&nbsp;Graduate&nbsp;School&nbsp;of&nbsp;Business&nbsp;researchers found that share prices increased when companies reported
better than anticipated gender diversity. This was particularly true when the company had better diversity than the industry leader.<SUP>5</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Researchers have identified the benefits of diverse and inclusive teams
including: access to top talent, better understanding of consumer preferences, a stronger mix of leadership skills, informed strategy
discussions, and improved risk management. Diversity, and the different perspectives it encourages, has also been shown to encourage more
creative and innovative workplace environments.<SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given these benefits, investors are incentivized to ensure that the
companies they hold are proactive and intentional in addressing their workplace diversity and inclusion programs. Nike&rsquo;s lack of
transparent diversity and inclusion metrics undermines investors&rsquo; ability to assess and benchmark the company&rsquo;s DEI program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Insufficient DEI programs undermine a company&rsquo;s success </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In contrast, companies where harassment and discrimination exist may
experience reduced employee morale and productivity, increased absenteeism, challenges in attracting talent and difficulties in retaining
talent. Employees directly experiencing workplace discrimination are also more likely to experience anxiety and depression, potentially
hindering their ability to contribute in the workplace.<SUP>7</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The implications of a non-inclusive workplace go beyond directly impacted
employees; in a Deloitte study, 80 percent of surveyed full-time employees said that inclusion was an important factor in their employer
choice. Seventy-two percent said that they would consider leaving an employer for a more inclusive work environment.<SUP>8</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>3. Nike&rsquo;s business relies on the successful
implementation of its DEI programs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The case for investor concern over the lack of measurable DEI data
is particularly acute at Nike. Nike does not offer products marketed for their technical superiority; its brand and reputation is paramount.
It&rsquo;s emblematic swoosh logo must continue to be something that consumers are eager to wear on their own bodies. BrandFinance estimates
that the Company has the world&rsquo;s most valuable apparel brand, calculated at a value of $30.4 billion.<SUP>9</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> <FONT STYLE="font-size: 9pt">https://www.bloomberg.com/news/articles/2019-09-17/when-companies-improve-their-diversity-stock-prices-get-a-boost)</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> <FONT STYLE="font-size: 9pt">https://images.forbes.com/forbesinsights/StudyPDFs/Innovation_Through_Diversity.pdf</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> <FONT STYLE="font-size: 9pt">https://www.apa.org/news/press/releases/stress/2015/impact</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> <FONT STYLE="font-size: 9pt">https://www2.deloitte.com/us/en/pages/about-deloitte/articles/covering-in-the-workplace.html</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> <FONT STYLE="font-size: 9pt">https://brandfinance.com/press-releases/nike-does-it-again-claiming-title-of-worlds-most-valuable-apparel-brand-for-7th-consecutive-year</FONT></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2021
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Nike, Inc | Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An important portion of Nike&rsquo;s marketing focuses on indicating
allyship with the Black community, including a partnership with Colin Kaepernick. Advertisements released just after George Floyd&rsquo;s
death<SUP>10</SUP> focused on racial justice, and Nike&rsquo;s &ldquo;We Play Real&rdquo; campaign focused on Black female athletes.<SUP>11</SUP>
The Company has acknowledged that its business success is reliant on Black culture and support. Nike&rsquo;s CEO, John Donahoe has stated,
&ldquo;Our brand would not be what it is today without the powerful contributions of Black athletes and Black culture.&rdquo;<SUP>12</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Significantly, Black employees have raised concerns about the company&rsquo;s
treatment of diverse employees and Nike&rsquo;s race-focused advertising has been released over the objections of its Black employees.<SUP>13</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Understanding Nike&rsquo;s crucial tie to diversity, investors seek
data demonstrating that something more than corporate puffery or marketing (often referred to as performative allyship or &ldquo;woke-washing&rdquo;)
is happening. If Nike is not integrating best practices into its own operations it may erode the trust and brand loyalty of key consumer
demographics and employees. Nike, to be credible with investors and other external stakeholders should allow external parties to review
the data demonstrating the effectiveness of its workplace programs to ensure fair and equitable treatment of the organization&rsquo;s
diverse employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nike&rsquo;s shareholder are right to be concerned, as the company
has had a number of serious missteps related to diversity and inclusion within the last five years. This includes serious and well substantiated
allegations of a pervasive culture of sexual harassment and discrimination at the company. These allegations, published in 2018, led to
nearly a dozen of Nike&rsquo;s employees leaving the company, this included top executives as well as Trevor Edwards, President of the
Nike brands and a leading candidate to succeed the current CEO.<SUP>14</SUP><BR>
<BR>
The allegations, which came from an employee-led survey and were reported in a <I>New York Times</I> expose, included that Nike:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Marginalized women in meetings</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Excluded women from crucial divisions</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Enabled a culture where discussions of strip clubs and female anatomy was common</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>Had an HR department that was ineffective, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>Employees feared negative repercussions for speaking up.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company has also been accused of routinely paying women less than
men for similar work.<SUP>15</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nike&rsquo;s apparent challenges with diversity and inclusion have
already caused palpable harm to the brand. Nike lost track and field champion Allyson Felix as a spokesperson because, when she was pregnant,
Nike had sought to significantly reduce her compensation. Ms. Felix is the most decorated American track and field Olympian ever, holding
11 medals. She has since partnered with Gap-owned Athleta and started her own sneaker brand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">As <FONT STYLE="font-size: 10pt">Allyson
Felix wrote in a <I>New York Times</I> Op-ed in 2019:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.youtube.com/watch?v=drcO2V2m7lw</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.youtube.com/watch?v=SY4Pl75BJPQ</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://purpose.nike.com/ceo-letter</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.ft.com/content/e8b4a2e3-e0cf-467a-890b-b64db664778a</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.nytimes.com/2018/04/28/business/nike-women.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.bloomberg.com/news/articles/2019-02-27/nike-loses-initial-challenge-to-gender-bias-class-action-lawsuit</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2021
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                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Nike, Inc | Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #00813B"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 0.75in; text-align: justify">I felt pressure to return to form
as soon as possible after the birth of my daughter in November 2018, even though I ultimately had to undergo an emergency C-section at
32 weeks because of severe pre-eclampsia that threatened the lives of me and my baby. Meanwhile, negotiations were not going well. Despite
all my victories, Nike wanted to pay me 70 percent less than before. If that&rsquo;s what they think I&rsquo;m worth now, I accept that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 0.75in; text-align: justify">What I&rsquo;m not willing to accept
is the enduring status quo around maternity. I asked Nike to contractually guarantee that I wouldn&rsquo;t be punished if I didn&rsquo;t
perform at my best in the months surrounding childbirth. I wanted to set a new standard. If I, one of Nike&rsquo;s most widely marketed
athletes, couldn&rsquo;t secure these protections, who could?<SUP>16</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shortly after Ms. Felix left Nike, Simone Biles also left the company.
Ms. Biles is a widely admired gymnast and is also a media darling and cultural icon. She, too, left Nike for Athleta. In her announcement,
she cited diversity and inclusion and support of women as key components in her decision. In explaining her decision to join Athleta,
she stated, &quot;I felt like it wasn't just about my achievements, it's what I stood for and how they were going to help me use my voice
and also be a voice for females and kids.&quot; She also contrasted her experience with Nike by saying &quot;Athleta is committed to diversity
and inclusion, of all women, backgrounds, ages, sizes, abilities, and races.&quot;<SUP>17</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Nike&rsquo;s current DEI reporting is insufficient</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For many years prior to the harassment and discrimination allegations
of 2018, Nike had published statements of allyship and support for diverse employees, similar to those it publishes now. For example,
in Nike&rsquo;s <I>FY 14/15 Sustainable Business Report</I> the company states, &ldquo;We seek to attract, develop and retain the most
capable and diverse talent, and to inspire the type of performance and innovation that spurs growth in our business &hellip; Investing
in our employees and unleashing their potential translate into a pipeline of new ideas, methods and products that drive the future of
sport.<SUP>18</SUP> This report also shares workforce composition data by gender, race and ethnicity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nike&rsquo;s FY20 Impact Report contains an eight-page discussion of
its efforts to attract and develop a diverse, engaged, and healthy workforce. These are important steps. This extensive reporting of efforts,
however, cannot stand in place of also reporting the <I>outcomes</I> of these programs, which is at the crux of the proposal&rsquo;s request.
A laundry list of actions, and the entry-level hiring of diverse employees is n<FONT STYLE="font-size: 10pt">ot decision useful for investors.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.nytimes.com/2019/05/22/opinion/allyson-felix-pregnancy-nike.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.insider.com/simone-biles-dumps-nike-for-athleta-hints-brand-not-supportive-2021-4</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://purpose-cms-production01.s3.amazonaws.com/wp-content/uploads/2018/05/14214951/NIKE_FY14-15_Sustainable_Business_Report.pdf</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

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    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2021
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                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Nike, Inc | Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Diverse hiring does not represent program success</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #00813B"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NIKE&rsquo;s FY2020 Impact Report includes targets for its DEI programs
and metrics on the Company&rsquo;s workforce diversity numbers. It has also committed to releasing its consolidated EEO-1 form, which
provides a standardized format of the company&rsquo;s employees by career stage, gender, race and ethnicity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The EEO-1 form provides standardized workforce composition statistics
in line with the requirements of the Equal Employment Opportunity Commission and Nike has committed to release it within the 2021 calendar
year. Unfortunately, as the job categories on the EEO-1 form are standardized across all US companies, this form is not a strong reflection
of Nike&rsquo;s own operations. The EEO-1 numbers, once provided, will be unable to show investors if Nike&rsquo;s workforce diversity
are a result of its retention of employees or if significant resources were needed to recruit new employees in the face of high employee
turnover. For investors seeking to understand the effectiveness of a company&rsquo;s DEI program, this is essential information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unfortunately, workforce diversity numbers are not, by themselves,
sufficient indication of program success. If an employee is not retained over time due to a failure of equitable and inclusive policies,
a company will not benefit from their skills and knowledge. As stated by a Harvard Business Review article <I>Diversity Doesn&rsquo;t
Stick Without Inclusion: </I>&ldquo;In the context of the workplace, diversity equals representation. <I>Without inclusion, however, the
crucial connections that attract diverse talent, encourage their participation, foster innovation, and lead to business growth won&rsquo;t
happen.</I>&rdquo; (emphasis added).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Companies that recruit without attention to equity and inclusion risk
organizational tensions, frustrated employees, potential negative reputational concerns, and increased human capital expense as employees
cycle in and out of the company. Such companies will not be able to realize the benefits of diverse hires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Researchers have found that &ldquo;thirty-seven percent of African-Americans
and Hispanics and forty-five percent of Asians say they &ldquo;need to compromise their authenticity&rdquo; to conform to their company&rsquo;s
standards of demeanor or style.&rdquo;<SUP>19</SUP> Given this known problem, the resolution is explicit in its request for reporting
on the <I>effectiveness</I> of equity and inclusion programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>The Importance of inclusion data &ndash; recruitment, retention
and promotion </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The resolved clause explicitly asks for &ldquo;the Board&rsquo;s assessment
of program effectiveness, as reflected in any goals, metrics, and trends related to its promotion, recruitment, and retention of protected
classes of employees.&rdquo; Recruitment, retention and promotion are considered inclusion factors. That is, they indicate the opportunity
set for employees within a company. The company currently publishes limited, passing re<FONT STYLE="font-size: 10pt">ferences to these
data sets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #00813B"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Recruitment</I><BR>
Nike&rsquo;s discussion of its recruitment programs includes mention of a Serena Williams apprenticeship with ten participants, a two-year
Women in Nike program that has 15 participants, and an internship program that has 310 interns, 55 percent of whom were women and 49 percent
of whom were racial and ethnic minorities. It also references an increase in recruitment from Historically Black Colleges and Universities,
moving from 8 percent in 2019 to 18 percent in 2020. However, the company does not provide a baseline against which to measure these programs&rsquo;
success. The company does not share what its total recruitment number is relative to the entry level positions being filled by its programs,
leaving the reader unable to ascertain how meaningful these programs are relative to the company&rsquo;s overall hiring and diversity
needs. Nor does the report share the Board&rsquo;s assessment of the effectiveness of these programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>_____________________________</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://hbr.org/2017/02/diversity-doesnt-stick-without-inclusion</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

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    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2021
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Nike, Inc | Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>
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<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Retention</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Relative to the need for retention data, Arthur Woods of the diversity
recruiting platform Mathison, has said &ldquo;We see organizations that have instituted plans for diversity hiring actually failing to
retain and advance those very job seekers.&rdquo;<SUP>20</SUP> Companies with diverse employees in their headcount may still struggle
with unwelcoming and discriminatory cultures. This is not a theoretical concern. As an example, Whistle Stop Capital and <I>As You Sow</I>
staff have had a company explicitly tell them that recruitment was not a challenge and that it had strong diverse representation. This
same company stated that it was unwilling to share its retention data because its turnover of diverse employees would be concerning to
investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The strongest qualitative statement found in Nike&rsquo;s reporting
was &ldquo;Retention remains high, but we know we need to stay engaged to avoid eroding our progress in hiring and promoting women globally
and U.S. racial and ethnic minorities.&rdquo; The hiring and promotion data to support this statement of &ldquo;progress&rdquo; is not
shared publicly. Nor does the report share the Board&rsquo;s assessment of its retention policies or their effectiveness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Promotion</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Studies show extensive bias in promotion, referred to as the &ldquo;promotion
gap&rdquo; or &ldquo;broken rung.&rdquo; McKinsey found that, in 2019, for every 100 men promoted, only 85 women were promoted. The promotion
gap increased if a woman was a racial minority, with only 71 Latinas and 58 Black women promoted for every 100 men.<SUP>21</SUP> Men are
also more likely to promote other men and women more likely to be the promoters of other women.<SUP>22</SUP> This promotion bias reinforces
career immobility, as more men are in positions where they choose whom to promote. Women are also required to be more qualified: Globally,
44.3 percent of female managers have university degrees, as compared to only 38.3 percent of male managers.<SUP>23</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, studies from Stanford<SUP>24</SUP> show that merit reviews,
which allow for bias, conflict with impartial rankings of employees. That is, when a system allows for subjective employee reviews, bias
is more likely to oc<FONT STYLE="font-size: 10pt">cur in the assessment of a diverse employee&rsquo;s contribution. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.marketplace.org/2020/07/17/diversity-recruitment-retention-workplace-discrimination/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.mckinsey.com/featured-insights/diversity-and-inclusion/women-in-the-workplace</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.payscale.com/career-news/2018/05/new-research-promotion-gap</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> ILO, &ldquo;A Quantum Leap for Gender Equality&rdquo;
&lt;https://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/---publ/documents/publication/wcms_674831.pdf&gt;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> As presented by Lori Nishiura Mackenzie, co-founder ,
Stanford VMware Women&rsquo;s Leadership Innovation Lab, at the CalPERS &amp; CalSTRS Diversity Forum on June 6, 2019</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2021
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Nike, Inc | Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Relative to promotion, the strongest data found in Nike&rsquo;s reporting
was &ldquo;We introduced an onboarding and coaching program for new Vice Presidents to support their transition and developed high-potential
future leaders at Senior Director and Director level, through a combination of 360 assessment, coaching, and career experiences. Through
these programs, our high-potential talent has not only been exposed to impactful learning experiences, we&rsquo;ve seen it pull through
in our promotion data as well, as 56 percent of the 2020 program participants were promoted to new roles.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fact that 56 percent of 2020 participants were promoted to new
roles sounds promising, but one needs to understand the number of participants enrolled in the first instance and the promotion rates
of non-participants to actually understand what was accomplished. The number of high-potential employees that started or made it through
Nike&rsquo;s program is not stated, nor is it clear what a &ldquo;combination of 360 assessment, coaching, and career experiences&rdquo;
actually means. Again, the report does not share the Board&rsquo;s assessment of the effectiveness of these programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><B>Nike&rsquo;s DEI reporting lags that of other companies</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many companies have provided significantly more diversity and inclusion
data than Nike. Below are examples of inclusion factor data that Nike&rsquo;s peers are disclosing, or have committed to disclose, as
of August 10, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>128 companies in the S&amp;P 500 release or have committed to release, their recruitment rates of female employees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>68 companies in the S&amp;P 500 release or have committed to release, their retention rates of female employees.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>39 companies in the S&amp;P 500 release or have committed to release, their promotion rate of female employees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>163 companies within the S&amp;P 500 report or have committed to report, at least one inclusion factor related to race or ethnicity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Companies including 3M Co, Alphabet Inc, Altria Group Inc, Apple Inc,
Bank of New York Mellon Corp, BlackRock Inc, Citigroup Inc, CVS Health Corp, General Motors Co, Goldman Sachs Group Inc, Intel Corp, JPMorgan
Chase &amp; Co, Lockheed Martin Corp, McDonald's Corp, MetLife Inc, Microsoft Corp, Oracle Corp, Procter &amp; Gamble Co, Progressive
Corp, PVH Corp, Twitter Inc, Walmart Inc, have all released, or committed to release, more detailed inclusion data than Nike.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD><B>Investors have been consistent in requesting this data</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">That these issues are important to investors&rsquo; assessment of companies
is underscored by earlier shareholder votes on this issue. The same proposal submitted to Nike here has earned high levels of support
at companies with similar, or higher levels, of DEI reporting than Nike, including at American Express where this resolution was supported
by 60 percent of shareholders; International Business Machines (IBM) where this resolution was supported by 94 percent of shareholders;
Procter &amp; Gamble (P&amp;G) where this resolution was supported by 37 percent of shareholders; and Union Pacific where this resolution
was supported by 81 percent of shareholders. At the time of shareholder votes at both IBM and P&amp;G, each company had released significantly
more DEI data than Nike.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2021
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Nike, Inc | Shareholder Proposal on Board Assessment of Diversity and Inclusion Efforts</FONT></P>
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</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">NOTES ON NIKE&rsquo;S
BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its opposition statement, Nike argues that it has made a commitment
to advancing diversity, equity and inclusion at the company and it has increased its resources to recruit, develop, and retain diverse
talent. Over three pages, it cites a large number of programs intended to support its DEI programs in some way. Nike does not, however,
share the data that would demonstrate the success of its recruitment, development, or retention of diverse employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nike also states that its Board monitors the effectiveness of its DEI
programs and policies. The company, however, does not tell us what metrics are used to determine program effectiveness, nor what the data
is relative to those metrics. If the programs cited are sufficiently effective in supporting Nike&rsquo;s stated diversity and inclusion
goals, it is challenging to understand why Nike is not leading the field in proudly sharing its recruitment, retention, or promotion data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A &ldquo;Yes&rdquo; vote is warranted. The Board has released insufficient
information to assure investors that it is providing effective oversight of diversity, equity, and inclusion programs at Nike. The resistance
to providing investors with metrics supporting the company&rsquo;s statements on the effectiveness of its DEI programs is concerning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal 7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For questions regarding Proposal 7 at Nike, please contact Meredith
Benton, <I>As You Sow </I>Workplace Equity Program Manager and Principal at Whistle Stop Capital, benton@whistlestop.capital, (415) 384-9895.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY,
PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<BR>&nbsp;</P>

<P STYLE="text-align: right; margin: 0">9</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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