Complete horizontal analysis of each statement comparing 2015 and 2016 and a vertical analysis of each statement for 2016 using excel. If possible use good form including excel equations for calculations

NIKE, Inc. Consolidated Statements of Income $ in million, except per show data) Revenues Cost of sales Gross profit Demand creation expense Operating overhead expense Total selling and administrative expense Interest expense (income), net Other income) expense, not Income before income taxes Income tax expense NET INCOME Year Ended May 31, 2016 2015 32,376 $ 30,601 $ 17,405 16,534 14,971 14,067 3,278 3,213 7.191 6,679 10,469 9,892 19 28 (140) 4,623 4,205 863 932 3.760 $ 3,273 $ 2014 27,799 15,359 12,446 3,031 5,735 8,766 33 103 3,544 851 2,693 $ Earnings per common share: Basic Diluted $ $ 2.21 $ 2.16 $ 1.90 $ 1.85 $ 1.52 1.49 $ 0.62 $ 0.54 $ 0.47 Dividends declared per common share The companying Notes to the Consolidated Financial Statements are an integral part of this statement FORM 10-K PART II NIKE, Inc. Consolidated Statements of Comprehensive Income Year Ended May 31, 2016 2015 2014 3,760 $ 3,273 $ 2,693 $ 32) An milions) Net income Other comprehensive income (ss), net of taxe: Change in net foreign currency translation adjustment!! Change in not gains (losses) on cash flow hodges Change in net gains (losses) on other Total other comprehensive income foss), net of tax TOTAL COMPREHENSIVE INCOME (176) (757) 5 (20) 1,183 (161) 1,161 4,434 $ (189) 2,604 $ 2,832 $ Nerof tax benefit expense of milion $0 mionando milion, respectidy Nerof tax benefit (pense of $35 milion $31) milionand $18 milion, respectively Metod to benefit fexpense of milion 30 milion and $0 milion, respectively The accompanying Martes to the Consolidated Financial Statements are an integral part of this statement NIKE, Inc. Consolidated Balance Sheets May 31, 2016 2015 $ 3,138 $ 2.319 3,241 4,838 1,480 15,025 3,520 281 131 2,439 21,396 $ 3,852 2.072 3,358 4,337 1,968 15,587 3,011 281 131 2,587 21,597 $ $ in millions) ASSETS Current assets Cash and equivalents Short-term investments Accounts receivable, net Inventorios Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Identifiable intangible assets, net Goodwill Deferred income taxes and other assets TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt Notes payablo Accounts payable Accrued liabilities Income taxes payable Total current liabilities Long-term debt Deferred income taxes and other liabilities Commitments and contingencies Redeemablo proferred stock Shareholders' equity: Common stock at stated value: Class A convertible - 353 and 355 shares outstanding Class B - 1,329 and 1,357 shares outstanding Capital in excess of statod value Accumulated other comprehensive income Retained earnings Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 44 $ 1 2,191 3,037 85 5,358 2,010 1,770 107 74 2,131 3,949 71 6.332 1,079 1,479 FORM 10-K 3 7,786 318 4,151 12,258 21,396 $ 3 6,773 1,246 4,685 12,707 21,597 $ The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement NIKE, Inc. Consolidated Statements of Cash Flows Year Ended May 31, 2015 2016 2014 $ 3.760 $ 3,273 $ 2,693 649 518 236 13 98 606 (113) 191 43 424 177 68 56 216) (621) 60 (590) (161) (889) 3,096 (298) (505) (210) 525 3,013 1237 4,680 15,386) 3,932 1,126 An milions) Cash provided by operations: Net income Incorne charges (credits) not affecting cash: Depreciation Deferred income taxes Stock-based compensation Amortization and other Not foreign currency adjustments Changes in certain working capital components and other assets and liabilities: Decrease increase) in accounts receivable (Increase in inventories (Increase) in prepaid expenses and other current assets Decrease increase in accounts payable, accrued abilities and income taxes payable Cash provided by operations Cash used by investing activities: Purchases of short term investments Maturities of short-term investments Sales of short-term investments Investments in reverse repurchase agreements Additions to property, plant and equipment Disposals of proporty, plant and equipment Decrease increase in other assets, net of other liabilities Cash used by investing activities Cash used by financing activities: Net proceeds from long-term debt issuance Long-term dobt paymonts, including current portion (Decrease) increase in notes payable Payments on capital lease obligations Proceeds from exercise of stock options and other stock issuances Excess tax benefits from share based payment arrangements Repurchase of common stock Dividends - common and preferred Cash used by financing activities Effect of exchange rate changes on cash and equivalents Net (decrease) increase in cash and equivalents Cash and equivalents, beginning of year CASH AND EQUIVALENTS, END OF YEAR Supplemental disclosure of cash flow information: Cash paid during the year for Interest, net of capitalzed interest Income taxes Non-cash additions to property, plant and equipment Dividends declared and not paid The accompanying Markes to the Consolidated Francid Skaterents are an integral part of this statement. 15,367 2.924 2,386 150 (1,143) 10 6 (1,034) (4,936) 3,655 2,216 (150) 1963) 3 (880) 3 (2) (1,207) (175) 981 (106) (67) 507 281 13,238) (1.022) 2.671) (105 (714) 3,852 3,138 $ (7) (63) (19) 514 218 2,534) egg (2,790) (60) 75 (17) 383 132 12,628) 799) 12,914 19 (1.117 3,337 2,220 $ 2220 3,852 $ $ 70 $ 748 252 271 53 $ 1,262 206 240 53 856 167 209 NIKE, Inc. Consolidated Statements of Shareholders' Equity Common Stock Capital in Accumulated Class A Class B Excess Other of Stated Comprehensive Retained An maliars, except par sharo data) Shares Amount Shares Amount Value Income Earnings Total Balance at May 31, 2013 356 $ 1,433 $ 3 $ 5,184 S 274 $ 5,620 $ 11,081 Stock options exercised 22 445 445 Conversion to Class B Common Stock (1) 1 Repurchase of Class B Common Stock (73) (11) 12,617) (2,628) Dividends on common stock (S0.47 per share) (821) (821) Issuance of shares to employees 3 78 78 Stock-based compensation 177 177 Forfeiture of shares from employees (1) (4) (12) Net income 2,693 Other comprehensive income loss) (189) Balance at May 31, 2014 355 $ 1,385 $ 3 $ 5,865 $ 85 $ 4,871 $ 10,824 Stock options exercised 27 639 639 Repurchase of Class B Common Stock (58) 9 (2,525) 2,534) Dividends on common stock ($0,54 per share) (931) (931) Issuance of shares to employees 3 92 Stock-based compensation 191 191 Forfeiture of shares from employees (3) (8) Net income 3,273 3,273 Other comprehensive income foss) 1.161 1,161 Balance at May 31, 2015 365 $ 1,357 $ 3 $ 6,773 $ 1,246 $ 4,685 $ 12,707 Stock options exorcised 22 680 680 Conversion to Class B Common Stock 2) 2 Repurchase of Class B Common Stock (56) (8) 13.230) 13,238) Dividends on common stock (S0.62 per share) (1,063) (1,063 Issuance of shares to employees 3 115 115 Stock based compensation 236 236 Forfeiture of shares from employees (10) (11) (21) Not income 3,760 3,760 Other comprehensive income (los) 1928 Balance at May 31, 2016 353 $ 1,329 $ 3 $ 7,786 $ 318 $ 4,151 $ 12,258 The accompanying Mates to the Consolidated Financial Statements are an inderd part of this statement FORM 10-K

NIKE, Inc. Consolidated Statements of Income $ in millones, except per shwe data) Revenues Cost of sales Gross profit Demand creation expense Operating cwerhead expense Total selling and administrative expense Interest expense (income), net Other income) expense, not Income before income taxes Income tax expens NET INCOME Year Ended May 31, 2016 2015 32,376 $ 30,601 $ 17,405 16,534 14,971 14,067 3,278 3,213 7.191 6,679 10,469 9,892 19 28 (140) 4,623 4,205 863 932 3.760 $ 3,273 $ 2014 27,799 15,359 12,446 3,031 5,735 8,766 33 103 3,544 851 2,693 $ Earnings per common share: Basic Diluted $ $ 2.21 $ 2.16 $ 1.90 $ 1.85 $ 1.52 1.49 $ 0.62 $ 0.54 $ 0.47 Dividends declared per common share The companying Notes to the Consolidated Financial Statements are an integral part of this statement FORM 10-K PART II NIKE, Inc. Consolidated Statements of Comprehensive Income Year Ended May 31, 2016 2015 2014 3,760 $ 3,273 $ 2,693 $ 32) An milions) Net income Other comprehensive income (ss), net of taxe: Change in net foreign currency translation adjustment!! Change in not gains (losses) on cash flow hodges Change in net gains (losses) on other Total other comprehensive income foss), net of tax TOTAL COMPREHENSIVE INCOME (176) (757) 5 (20) 1,183 (161) 1,161 4,434 $ (189) 2,604 $ 2,832 $ Nerof tax benefit expense of milion $0 mionando milion, respectidy Nerof tax benefit (pense of $35 milion $31) milionand $18 milion, respectively Metod to benefit fexpense of milion 30 milion and $0 milion, respectively The accompanying Martes to the Consolidated Financial Statements are an integral part of this statement NIKE, Inc. Consolidated Balance Sheets May 31, 2016 2015 $ 3,138 $ 2.319 3,241 4,838 1,480 15,025 3,520 281 131 2,439 21,396 $ 3,852 2.072 3,358 4,337 1,968 15,587 3,011 281 131 2,587 21,597 $ $ in millions) ASSETS Current assets Cash and equivalents Short-term investments Accounts receivable, net Inventorios Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Identifiable intangible assets, net Goodwill Deferred income taxes and other assets TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt Notes payablo Accounts payable Accrued liabilities Income taxes payable Total current liabilities Long-term debt Deferred income taxes and other liabilities Commitments and contingencies Redeemablo proferred stock Shareholders' equity: Common stock at stated value: Class A convertible - 353 and 355 shares outstanding Class B - 1,329 and 1,357 shares outstanding Capital in excess of statod value Accumulated other comprehensive income Retained earnings Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 44 $ 1 2,191 3,037 85 5,358 2,010 1,770 107 74 2,131 3,949 71 6.332 1,079 1,479 FORM 10-K 3 7,786 318 4,151 12,258 21,396 $ 3 6,773 1,246 4,685 12,707 21,597 $ The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement NIKE, Inc. Consolidated Statements of Cash Flows Year Ended May 31, 2015 2016 2014 $ 3.760 $ 3,273 $ 2,693 649 518 236 13 98 606 (113) 191 43 424 177 68 56 216) (621) 60 (590) (161) (889) 3,096 (298) (505) (210) 525 3,013 1237 4,680 15,386) 3,932 1,126 An milions) Cash provided by operations: Net income Incorne charges (credits) not affecting cash: Depreciation Deferred income taxes Stock-based compensation Amortization and other Not foreign currency adjustments Changes in certain working capital components and other assets and liabilities: Decrease increase) in accounts receivable (Increase in inventories (Increase) in prepaid expenses and other current assets Decrease increase in accounts payable, accrued abilities and income taxes payable Cash provided by operations Cash used by investing activities: Purchases of short term investments Maturities of short-term investments Sales of short-term investments Investments in reverse repurchase agreements Additions to property, plant and equipment Disposals of proporty, plant and equipment Decrease increase in other assets, net of other liabilities Cash used by investing activities Cash used by financing activities: Net proceeds from long-term debt issuance Long-term dobt paymonts, including current portion (Decrease) increase in notes payable Payments on capital lease obligations Proceeds from exercise of stock options and other stock issuances Excess tax benefits from share based payment arrangements Repurchase of common stock Dividends - common and preferred Cash used by financing activities Effect of exchange rate changes on cash and equivalents Net (decrease) increase in cash and equivalents Cash and equivalents, beginning of year CASH AND EQUIVALENTS, END OF YEAR Supplemental disclosure of cash flow information: Cash paid during the year for Interest, net of capitalzed interest Income taxes Non-cash additions to property, plant and equipment Dividends declared and not paid The accompanying Markes to the Consolidated Francid Skaterents are an integral part of this statement. 15,367 2.924 2,386 150 (1,143) 10 6 (1,034) (4,936) 3,655 2,216 (150) 1963) 3 (880) 3 (2) (1,207) (175) 981 (106) (67) 507 281 13,238) (1.022) 2.671) (105 (714) 3,852 3,138 $ (7) (63) (19) 514 218 2,534) egg (2,790) (60) 75 (17) 383 132 12,628) 799) 12,914 19 (1.117 3,337 2,220 $ 2220 3,852 $ $ 70 $ 748 252 271 53 $ 1,262 206 240 53 856 167 209 NIKE, Inc. Consolidated Statements of Shareholders' Equity Common Stock Capital in Accumulated Class A Class B Excess Other of Stated Comprehensive Retained An maliars, except par sharo data) Shares Amount Shares Amount Value Income Earnings Total Balance at May 31, 2013 356 $ 1,433 $ 3 $ 5,184 S 274 $ 5,620 $ 11,081 Stock options exercised 22 445 445 Conversion to Class B Common Stock (1) 1 Repurchase of Class B Common Stock (73) (11) 12,617) (2,628) Dividends on common stock (S0.47 per share) (821) (821) Issuance of shares to employees 3 78 78 Stock-based compensation 177 177 Forfeiture of shares from employees (1) (4) (12) Net income 2,693 Other comprehensive income loss) (189) Balance at May 31, 2014 355 $ 1,385 $ 3 $ 5,865 $ 85 $ 4,871 $ 10,824 Stock options exercised 27 639 639 Repurchase of Class B Common Stock (58) 9 (2,525) 2,534) Dividends on common stock ($0,54 per share) (931) (931) Issuance of shares to employees 3 92 Stock-based compensation 191 191 Forfeiture of shares from employees (3) (8) Net income 3,273 3,273 Other comprehensive income foss) 1.161 1,161 Balance at May 31, 2015 365 $ 1,357 $ 3 $ 6,773 $ 1,246 $ 4,685 $ 12,707 Stock options exorcised 22 680 680 Conversion to Class B Common Stock 2) 2 Repurchase of Class B Common Stock (56) (8) 13.230) 13,238) Dividends on common stock (S0.62 per share) (1,063) (1,063 Issuance of shares to employees 3 115 115 Stock based compensation 236 236 Forfeiture of shares from employees (10) (11) (21) Not income 3,760 3,760 Other comprehensive income (los) 1928 Balance at May 31, 2016 353 $ 1,329 $ 3 $ 7,786 $ 318 $ 4,151 $ 12,258 The accompanying Mates to the Consolidated Financial Statements are an inderd part of this statement FORM 10-K