Document:

EX-4.2

 EXHIBIT 4.2 

NIKE, Inc., 
 as Issuer 

and 
 Deutsche Bank Trust Company
Americas, 
 as Trustee 
 THIRD
SUPPLEMENTAL INDENTURE 
 Dated as of October 21, 2016 

$1,000,000,000 of 2.375% Notes due 2026 

and 
 $500,000,000 of 3.375% Notes
due 2046 

 THIS THIRD SUPPLEMENTAL INDENTURE (the “Third Supplemental Indenture”) is dated
as of October 21, 2016 between NIKE, Inc., an Oregon corporation (the “Company”), and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee (the “Trustee”). 

RECITALS 
 A. The Company and the
Trustee executed and delivered an Indenture, dated as of April 26, 2013 (the “Base Indenture” and, as supplemented by this Third Supplemental Indenture, the “Indenture”), which provides for the issuance by the
Company from time to time of senior debt securities evidencing its unsecured indebtedness. 
 B. Pursuant to a Board Resolution and set
forth in an Officer’s Certificate, the Company has authorized the issuance of $1,000,000,000 aggregate principal amount of 2.375% Notes due 2026 (the “2026 Notes”) and $500,000,000 aggregate principal amount of 3.375% Notes due
2046 (the “2046 Notes” and, together with the 2026 Notes, the “Notes”). 
 C. The entry into this Third
Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the Base Indenture. 
 D. The Company
desires to enter into this Third Supplemental Indenture pursuant to Section 9.01 of the Base Indenture to establish the terms of the Notes in accordance with Section 2.01 of the Base Indenture and to establish the form of the Notes in
accordance with Sections 2.01(a)(11) and 2.02 of the Base Indenture. 
 E. All things necessary to make this Third Supplemental Indenture a
valid and legally binding agreement according to its terms have been done. 
 NOW, THEREFORE, for and in consideration of the foregoing
premises, the Company and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Notes as follows: 

ARTICLE I 
 Section 1.1 Terms of the
Notes. 
 The following terms relate to the Notes: 

(1) The 2026 Notes shall constitute a series of Securities having the title “2.375% Notes due 2026” and the 2046 Notes shall
constitute a separate series of Securities having the title “3.375% Notes due 2046.” 

 (2) The aggregate principal amount of the 2026 Notes (the “Initial 2026
Notes”) and of the 2046 Notes (the “Initial 2046 Notes” and, together with the Initial 2026 Notes, the “Initial Notes”) that may be initially authenticated and delivered under the Indenture shall be
$1,000,000,000 and $500,000,000, respectively. The Company may from time to time, without the consent of the Holders of Notes, issue additional 2026 Notes (in any such case, “Additional 2026 Notes”) or additional 2046 Notes (in any
such case, “Additional 2046 Notes”) having the same ranking and the same interest rate, maturity and other terms as the Initial 2026 Notes or the Initial 2046 Notes, as the case may be. Any Additional 2026 Notes and the Initial 2026
Notes, on the one hand, and any Additional 2046 Notes and the Initial 2046 Notes, on the other hand, shall in each case constitute a single series under the Indenture. All references to the 2026 Notes shall include the Initial 2026 Notes and any
Additional 2026 Notes and all references to the 2046 Notes shall include the Initial 2046 Notes and any Additional 2046 Notes, unless the context otherwise requires; provided that if such Additional 2026 Notes or Additional 2046 Notes are not
fungible with the Initial 2026 Notes or Initial 2046 Notes, respectively, for U.S. federal income tax purposes, the applicable Additional 2026 Notes or Additional 2046 Notes, as the case may be, will have a separate CUSIP number. The aggregate
principal amount of each of the Additional 2026 Notes and Additional 2046 Notes shall be unlimited. 
 (3) The entire Outstanding
principal of the 2026 Notes and 2046 Notes shall be payable on November 1, 2026 and on November 1, 2046, respectively. 

(4) The rate at which the Notes shall bear interest shall be 2.375% per year for the 2026 Notes and 3.375% per year for the
2046 Notes. The date from which interest shall accrue on the Notes shall be the most recent Interest Payment Date to which interest has been paid or provided for or, if no interest has been paid, from October 21, 2016. The Interest Payment
Dates for the Notes shall be May 1 and November 1 of each year, beginning May 1, 2017. Interest shall be payable on each Interest Payment Date to the Holders of record at the close of business on the April 15 and October 15
prior to each Interest Payment Date (in connection with the Notes, a “regular record date”). The basis upon which interest shall be calculated shall be that of a 360-day year consisting of twelve 30-day months. All dollar amounts
resulting from the calculation of interest shall be rounded to the nearest cent.  
 (5) The Notes shall be issuable in whole in the
form of one or more registered Global Securities, and the Depository for such Global Securities shall be The Depository Trust Company, New York, New York. The Notes shall be substantially in the form attached hereto as Exhibit A, the terms of which
are herein incorporated by reference. The Notes shall be issuable in denominations of $2,000 or any integral multiple of $1,000 in excess thereof. 

(6) The Notes may be redeemed at the option of the Company prior to the Stated Maturity, as provided in Section 1.3 of this Third
Supplemental Indenture. 
 (7) The Notes will not have the benefit of any sinking fund. 

  
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 (8) Except as provided herein, the Holders of the Notes shall have no special rights in addition
to those provided in the Base Indenture upon the occurrence of any particular events. 
 (9) The Notes will be senior unsecured obligations
of the Company and will rank equal in right of payment to all of the Company’s other existing and future senior unsecured indebtedness and among themselves. 

(10) The Notes are not convertible into shares of common stock or other securities of the Company. 

Section 1.2 Additional Defined Terms. 

As used herein, the following defined terms shall have the following meanings with respect to the Notes only: 

“2026 Par Call Date” means August 1, 2026. 

“2046 Par Call Date” means May 1, 2046. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
an actual or interpolated maturity comparable to the remaining term of the applicable Notes to be redeemed, calculated as if the Stated Maturity of such Notes was the 2026 Par Call Date (in the case of the 2026 Notes) (the “2026 Remaining
Life”) or the 2046 Par Call Date (in the case of the 2046 Notes) (the “2046 Remaining Life” and together with the 2026 Remaining Life, the “Remaining Life”), that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the applicable Remaining Life of such Notes being redeemed. 

“Comparable Treasury Price” means, with respect to any Optional Redemption Date, (1) if the Company obtains four or more
Reference Treasury Dealer Quotations, the arithmetic average of the Reference Treasury Dealer Quotations for such Optional Redemption Date after excluding the highest and lowest Reference Treasury Dealer Quotations, (2) if the Company obtains
fewer than four but more than one Reference Treasury Dealer Quotation, the arithmetic average of such Reference Treasury Dealer Quotations for such Optional Redemption Date, or (3) if the Company only obtains one Reference Treasury Dealer
Quotation, such Reference Treasury Dealer Quotation. 
 “Independent Investment Banker” means one of the Reference Treasury
Dealers, or their respective successors, as may be appointed from time to time by the Company; provided, however, that if the foregoing ceases to be a primary U.S. Government securities dealer in the United States (a “primary treasury
dealer”), the Company will substitute another primary treasury dealer. 

  
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 “Optional Redemption Date” when used with respect to any Note to be redeemed at
the Company’s option, means the date fixed for such redemption by or pursuant to Section 1.3 of this Third Supplemental Indenture. 

“Optional Redemption Price” when used with respect to any Note to be redeemed at the Company’s option, means the price
at which it is to be redeemed pursuant to Section 1.3 of this Third Supplemental Indenture. 
 “Reference Treasury
Dealer” means Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and each of their respective successors and any other primary treasury dealers selected by the Company.

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Optional Redemption
Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference
Treasury Dealer as of 5:00 p.m., New York City time, on the third Business Day preceding such Optional Redemption Date. 

“Remaining Scheduled Payments” means, with respect to any Note to be redeemed, the remaining scheduled payments of the
principal thereof and interest thereon that would be due after the related Optional Redemption Date but for such redemption as if such Note matured on the 2026 Par Call Date (in the case of the 2026 Notes) or on the 2046 Par Call Date (in the case
of the 2046 Notes); provided, however, that, if such Optional Redemption Date is not an Interest Payment Date with respect to such Note, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued
thereon to such Optional Redemption Date. 
 “Treasury Rate” means, with respect to any Optional Redemption Date, the rate
per annum equal to the semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding that Optional Redemption Date) of the applicable Comparable Treasury Issue. In determining this rate, the Company will
assume a price for the applicable Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for such Optional Redemption Date. 

Section 1.3 Optional Redemption. 

(a) The provisions of Article III of the Base Indenture, as amended by the provisions of this Third Supplemental Indenture, shall apply to the
Notes with respect to this Section 1.3. 
 (b) The 2026 Notes and the 2046 Notes shall be redeemable, in each case, in whole at any
time or in part from time to time, at the Company’s option. Upon redemption of the Notes prior to the 2026 Par Call Date, in the case of the 2026 Notes, or prior to the 2046 Par Call Date, in the case of the 2046 Notes, the Company shall pay an
Optional Redemption Price equal to the greater of: 

  
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 (i) 100% of the aggregate principal amount of the 2026 Notes or the 2046 Notes to be redeemed,
as the case may be, and 
 (ii) the sum of the present values of the Remaining Scheduled Payments of the 2026 Notes or the 2046 Notes to be
redeemed, as the case may be, discounted to the Optional Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 10 basis points in the case of the
2026 Notes or 15 basis points in the case of the 2046 Notes, 
 plus, in addition to such Optional Redemption Price, in each case,
accrued and unpaid interest thereon to, but excluding, the Optional Redemption Date (such excess, if any, of (ii) over (i) with respect to 2026 Notes, the “2026 Notes Make-Whole Premium” and such excess, if any, of
(ii) over (i) with respect to 2046 Notes, the “2046 Notes Make-Whole Premium”, and together with the 2026 Notes Make-Whole Premium, the “Make-Whole Premium”). 

(c) Upon redemption of the 2026 Notes on or after the 2026 Par Call Date and the 2046 Notes on or after the 2046 Par Call Date, the Company
shall pay an Optional Redemption Price equal to 100% of the aggregate principal amount of the 2026 Notes or the 2046 Notes, as the case may be, being redeemed, plus accrued and unpaid interest thereon to, but excluding, the Optional Redemption Date.

 Notwithstanding the foregoing, installments of interest whose Stated Maturity is on or prior to the Optional Redemption Date shall be
payable on the applicable Interest Payment Date to the Securityholders of such Notes registered as such at the close of business on the applicable record date pursuant to the Notes and the Indenture. 

(d) On and after the Optional Redemption Date for the Notes, interest shall cease to accrue on the Notes or any portion thereof called for
redemption, unless the Company defaults in the payment of the Optional Redemption Price and accrued interest, if any. On or before 11:30 a.m., New York City time, on the Optional Redemption Date for the Notes, the Company shall deposit with the
Trustee or a paying agent, funds sufficient to pay the Optional Redemption Price of the Notes to be redeemed on the Optional Redemption Date, and (except if the date fixed for redemption shall be an Interest Payment Date) accrued interest, if any.
If less than all of the Notes are to be redeemed, the Notes shall be redeemed in accordance with Section 3.02 of the Base Indenture. 

(e) Notice of any redemption shall be delivered at least 15 days but not more than 60 days before the Optional Redemption Date to each Holder
of the Notes to be redeemed; provided, however, that the Company shall notify the Trustee of the Optional Redemption Date at least 5 Business Days prior to the date of the giving of such notice (unless a shorter notice shall be satisfactory to the
Trustee). Such notice shall be provided in accordance with Section 3.02 of the Base Indenture. If the Optional Redemption Price cannot be determined at the time such notice is to be given, the actual Optional Redemption Price, calculated as
described above in clause (b), shall be set forth in an Officer’s Certificate of the Company delivered to the Trustee no later than two (2) Business Days prior to the Optional Redemption Date. Notice of redemption having been given as
provided in the Indenture, the Notes called for redemption shall, on the Optional Redemption Date, become due and payable at the Optional Redemption Price, and accrued and unpaid interest, if any, to, but excluding, the Optional Redemption Date.

  
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 (f) Any redemption or notice of redemption may, at the Company’s discretion, be subject to
one or more conditions precedent. Any such conditions shall be described in the applicable notice of redemption, and if any condition precedent with respect to the Notes to be redeemed is not satisfied, the redemption notice will be of no effect and
the Company will not be obligated to redeem such Notes. 
 (g) For the avoidance of doubt, the requirement to pay any Make-Whole Premium
shall only arise in connection with the Company’s voluntary election, if any, to redeem Notes pursuant to the provisions of Article III of the Base Indenture, as amended by the provisions of this Third Supplemental Indenture, and not in
connection with any other payment, distribution, recovery or satisfaction of the Notes. 
 Section 1.4 Limitation on Suits. 

Solely with respect to the Notes, Section 6.04 of the Base Indenture shall be amended and restated in its entirety by inserting the
following in lieu thereof: 
 “Section 6.04. Limitation on Suits. 

No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any
suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or such series of Security or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously
shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default; (ii) the holders of not less than 25% in aggregate principal
amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as trustee hereunder; (iii) such holder or holders shall have offered to the
Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity, shall have failed
to institute any such action, suit or proceeding; and (v) during such 60 day period, the holders of a majority in principal amount of such series of Securities then Outstanding do not give the Trustee a direction inconsistent with the request.

 Notwithstanding anything contained herein to the contrary, the right of any holder of any Security to receive payment of the principal
of, and premium, if any, and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such
payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder. By accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of
every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right 

  
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in any manner whatsoever by virtue or by availing of any provision of this Indenture or such Securities to affect, disturb or prejudice the rights of the holders of any other of Securities of
such series, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture or Securities of such series, except in the manner herein provided and for the equal, ratable and common
benefit of all holders of Securities of such series, it being understood that the Trustee shall have no responsibility to determine if any action or inaction by a holder is prejudicial to the other holders. For the protection and enforcement of the
provisions of this Section 6.04, each Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.” 

Section 1.5 Rights and Remedies. 

For the avoidance of doubt and notwithstanding anything to the contrary in the Base Indenture, including Section 6.05(a) of the Base
Indenture, the Make-Whole Premium will not be due, or available as a remedy, in connection with (1) any Event of Default or (2) any acceleration (other than an acceleration in respect of an Event of Default for failing to pay the Optional
Redemption Price (and any accrued and unpaid interest to, but not including the related Optional Redemption Date) when due following the Company’s voluntary election, if any, to redeem Notes in accordance with the provisions of the Indenture to
the extent any Make-Whole Premium is due in connection therewith), whether by reason of a voluntary, involuntary, or automatic acceleration of all, or any portion of, the Notes of a series. 

ARTICLE II 
 MISCELLANEOUS 

Section 2.1 Definitions. 

Capitalized terms used but not defined in this Third Supplemental Indenture shall have the meanings ascribed thereto in the Base Indenture.

 Section 2.2 Confirmation of Indenture. 

The Base Indenture, as supplemented and amended by this Third Supplemental Indenture, is in all respects ratified and confirmed, and the Base
Indenture, this Third Supplemental Indenture and all indentures supplemental to the Indenture shall be read, taken and construed as one and the same instrument. 

Section 2.3 Concerning the Trustee. 

In carrying out the Trustee’s responsibilities hereunder, the Trustee shall have all of the rights, protections and immunities which it
possesses under the Indenture. The recitals contained 

  
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herein and in the Notes, except the Trustee’s certificate of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Third Supplemental Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. 

Section 2.4 Governing Law. 
 This
Third Supplemental Indenture and the Notes shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State. 

Section 2.5 Separability. 
 In case
any provision in this Third Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby. 
 Section 2.6 Counterparts. 

This Third Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Third
Supplemental Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 Section 2.7 Conflicts with Base Indenture. 

In the event that any provision of this Third Supplemental Indenture limits, qualifies or conflicts with a provision of the Base Indenture,
such provision of the Third Supplemental Indenture will control. 
 Section 2.8 No Benefit. 

Nothing in this Third Supplemental Indenture, express or implied, shall give to any Person other than the parties hereto and their successors
or assigns, and the Holders of the Notes, any benefit or legal or equitable rights, remedy or claim under this Third Supplemental Indenture or the Base Indenture. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly
executed all as of the day and year first above written. 
  

					
	NIKE, Inc.
		
	By: 	 	/s/ David Hackett
		 	Name: 	 	David Hackett
		 	Title:	 	Vice President and Assistant Treasurer
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS
  

as Trustee

		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	/s/ Irina Golovashchuk
		 	Name:	 	Irina Golovashchuk
		 	Title:	 	Vice President
		
	By:	 	/s/ Jeffrey Schoenfeld
		 	Name:	 	Jeffrey Schoenfeld
		 	Title:	 	Vice President

 EXHIBIT A 

FORM OF [        ]% NOTES DUE 20[    ] 

[Insert the Global Security legend, if applicable] 

NIKE, Inc. 

[        ]% NOTES DUE 20[    ] 

 

			
	 No. [    ]
	 	$[            ]
	 CUSIP
No.    [            ]
	 	
	 ISIN
No.    [            ]
	 	

 NIKE, Inc., an Oregon corporation (the “Company”), promises to pay to
[            ] or registered assigns, the principal sum of [            ] Dollars on November 1,
20[    ]. 
 Interest Payment Dates: May 1 and November 1 

Record Dates: April 15 and October 15 

Each holder of this Security (as defined below), by accepting the same, agrees to and shall be bound by the provisions hereof and of the
Indenture described herein, and authorizes and directs the Trustee described herein on such holder’s behalf to be bound by such provisions. Each holder of this Security hereby waives all notice of the acceptance of the provisions contained
herein and in the Indenture and waives reliance by such holder upon said provisions. 
 This Security shall not be entitled to any benefit
under the Indenture, or be valid or become obligatory for any purpose, until the Certificate of Authentication hereon shall have been manually signed by or on behalf of the Trustee. The provisions of this Security are continued on the reverse side
hereof, and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 

  
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 IN WITNESS WHEREOF, the Company has caused this instrument to be signed in accordance with
Section 2.04 of the Base Indenture. 
  

			
	NIKE, Inc.
	
	  

	Name:	 	
	Title:	 	

  
 A-2 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Date: [                ] 

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS
	
	as Trustee
		
	By: 	 	Deutsche Bank National Trust Company
		
	By:	 	 
		 	Authorized Signatory

  
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 (Reverse of Note) 

NIKE, Inc. 

[        ]% Notes due 20[    ] 

This security is one of a duly authorized series of debt securities of NIKE, Inc., an Oregon corporation (the “Company”), issued or to be
issued in one or more series under and pursuant to an Indenture for the Company’s senior debt securities, dated as of April 26, 2013 (the “Base Indenture”), duly executed and delivered by and between the Company and
Deutsche Bank Trust Company Americas (the “Trustee”), as supplemented by the Third Supplemental Indenture, dated as of October 21, 2016 (the “Third Supplemental Indenture”), by and between the Company and the
Trustee. The Base Indenture as supplemented and amended by the Third Supplemental Indenture is referred to herein as the “Indenture.” By the terms of the Base Indenture, the debt securities issuable thereunder are issuable in series
that may vary as to amount, date of maturity, rate of interest and in other respects as provided in the Base Indenture. This security is one of the series designated on the face hereof (individually, a “Security,” and collectively,
the “Securities”), and reference is hereby made to the Indenture for a description of the rights, limitations of rights, obligations, duties and immunities of the Trustee, the Company and the holders of the Securities (the
“Securityholders”). Capitalized terms used herein and not otherwise defined shall have the meanings given them in the Base Indenture or the Third Supplemental Indenture, as applicable. 

1. Interest. The Company promises to pay interest on the principal amount of this Security at an annual rate of
[        ]%. The Company will pay interest semi-annually on May 1 and November 1 of each year (each such day, an “Interest Payment Date”). If any Interest Payment Date, redemption
date or the Stated Maturity of this Security is not a Business Day, then payment of interest or principal (and premium, if any) shall be made on the next succeeding Business Day with the same force and effect as if made on the date such payment was
due, and no interest shall accrue for the period after such date to the date of such payment on the next succeeding Business Day. Interest on the Securities will accrue from the most recent date to which interest has been paid or duly provided for
or, if no interest has been paid, from the date of issuance; provided that, if there is no existing Default in the payment of interest, and if this Security is authenticated between a regular record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; and provided, further, that the first Interest Payment Date shall be May 1, 2017. Interest will be calculated on the basis of a 360-day
year of twelve 30-day months. All dollar amounts resulting from this calculation shall be rounded to the nearest cent. 
 2.
Method of Payment. The Company will pay interest on the Securities, if any, to the Persons in whose name such Securities are registered at the close of business on the regular record date referred to on the facing page of this Security for
such interest installment. In the event that the Securities or a portion thereof are called for redemption and the Optional Redemption Date is 

  
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subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Securities will instead be paid upon presentation and
surrender of such Securities as provided in the Indenture. The principal of and the interest on the Securities shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at
the office or agency of the Company maintained for that purpose in accordance with the Indenture. If any of the Notes are no longer represented by a Global Security, payment of interest on certificated Notes in definitive form may, at the option of
Company, be made by (i) check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register, or (ii) upon request of any Holder of at least $5,000,000 principal amount of Securities, wire
transfer to an account located in the United States maintained by the such payee. 
 3. Paying Agent and Registrar. Initially,
Deutsche Bank Trust Company Americas will act as paying agent and Security Registrar. The Company may change or appoint any paying agent or Security Registrar without notice to any Securityholder. The Company or any of its Subsidiaries may act in
any such capacity. 
 4. Indenture. The terms of the Securities include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939 (“TIA”) as in effect on the date the Indenture is qualified. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and TIA for a
statement of such terms. The Securities are unsecured general obligations of the Company and constitute the series designated on the face hereof as the “[        ]% Notes due
20[    ]”, initially limited to $[            ] in aggregate principal amount. The Company will furnish to any Securityholder upon written request and without
charge a copy of the Base Indenture and the Third Supplemental Indenture. Requests may be made to: NIKE, Inc., One Bowerman Drive, Beaverton, Oregon, 97005, Attention: General Counsel. 

5. Redemption. The Securities may be redeemed at the option of the Company prior to the Stated Maturity, as provided in
Section 1.3 of the Third Supplemental Indenture. 
 The Company shall not be required to make sinking fund payments with respect to the
Securities. 
 6. Denominations, Transfer, Exchange. The Securities are in registered form without coupons in the denominations of
$2,000 or any integral multiple of $1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Securities may be presented for exchange or for registration of transfer
(duly endorsed or with the form of transfer endorsed thereon duly executed if so required by the Company or the Security Registrar) at the office of the Security Registrar or at the office of any transfer agent designated by the Company for such
purpose. No service charge will be made for any registration of transfer or exchange, but a Securityholder may be required to pay any applicable taxes or other governmental charges. If the Securities are to be redeemed, the Company will not be
required to: (i) issue, register the transfer of, or exchange any Security during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of less than all of the

  
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Outstanding Securities of the same series and ending at the close of business on the day of such mailing; (ii) register the transfer of or exchange any Security of any series or portions
thereof selected for redemption, in whole or in part, except the unredeemed portion of any such Security being redeemed in part; nor (iii) register the transfer of or exchange of a Security of any series between the applicable record date and
the next succeeding Interest Payment Date. 
 7. Persons Deemed Owners. The registered Securityholder may be treated as its owner for
all purposes. 
 8. Repayment to the Company. Any funds or Governmental Obligations deposited with any paying agent or the Trustee,
or then held by the Company, in trust for payment of principal of, premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the Holders of such Securities for at least two years after the
date upon which the principal of, premium, if any, or interest on such Securities shall have respectively become due and payable, shall, upon request of the Company, be repaid to the Company, or (if then held by the Company) shall be discharged from
such trust. After return to the Company, Holders entitled to the money or securities must look to the Company, as applicable, for payment as unsecured general creditors. 

9. Amendments, Supplements and Waivers. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority
in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Security. 
 10. Defaults and Remedies. If an Event of Default with respect to the securities of
a series issued pursuant to the Third Supplemental Indenture occurs and is continuing (other than certain events of bankruptcy, insolvency or reorganization of the Company), the Trustee or the holders of at least 25% in aggregate principal amount of
the Securities of such series then Outstanding, by notice in writing to the Company (and to the Trustee if notice is given by such holders), may declare the unpaid principal of, premium, if any, and accrued interest, if any, due and payable
immediately. In the case of certain events of bankruptcy, insolvency or reorganization of the Company, the principal and accrued and unpaid interest, if any, on all outstanding Securities will become and be immediately due and payable. Subject to
the terms of the Indenture, if an Event of Default under the Indenture shall occur and be continuing, the Trustee will be under no obligation to 

  
 A-6 

 
exercise any of its rights or powers under the Indenture at the request or direction of any of the holders, unless such holders have offered the Trustee indemnity satisfactory to it. Upon
satisfaction of certain conditions set forth in the Indenture, the holders of a majority in principal amount of the Outstanding securities of a series issued pursuant to the Third Supplemental Indenture will have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the securities of such series. For the avoidance of doubt and notwithstanding anything to the
contrary in this Security and the Base Indenture, including Section 6.05(a) of the Base Indenture, the Make-Whole Premium will not be due, or available as a remedy, in connection with (1) any Event of Default or (2) any acceleration
(other than an acceleration in respect of an Event of Default for failing to pay the Optional Redemption Price (and any accrued and unpaid interest to, but not including the related Optional Redemption Date) when due following the Company’s
voluntary election, if any, to redeem a Security in accordance with the provisions of the Indenture to the extent any Make-Whole Premium is due in connection therewith), whether by reason of a voluntary, involuntary, or automatic acceleration of
all, or any portion of, the Securities. 
 11. Trustee, Paying Agent and Security Registrar May Hold Securities. The Trustee, subject
to certain limitations imposed by the TIA, or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or
Security Registrar. 
 12. No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement of the
Indenture, or of any Security, or for any claim based thereon or otherwise in respect hereof or thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor
or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it
being expressly understood that the Indenture and the obligations issued hereunder and thereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators,
stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness authorized by the Indenture, or under or by reason of the obligations, covenants
or agreements contained in the Indenture or in the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such
rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness authorized by the Indenture, or under or by reason of the obligations, covenants or agreements contained in the
Indenture or in the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the acceptance of the Securities. 

13. Discharge of Indenture. The Indenture contains certain provisions pertaining to discharge and defeasance, which provisions shall
for all purposes have the same effect as if set forth herein; provided that the Opinion of Counsel provisions in Section 11.03(iv) and (v) shall be amended such that the term “beneficial owners” shall replace the term
“Holders.” 

  
 A-7 

 14. Authentication. This Security shall not be valid until the Trustee manually signs the
certificate of authentication attached to the other side of this Security. 
 15. Abbreviations. Customary abbreviations may be used
in the name of a Securityholder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act). 
 16. Governing Law. The Base Indenture, the Third Supplemental Indenture and this Security shall be
deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State. 

  
 A-8 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                          agent to transfer this Security on the books of the Company. The agent may substitute another
to act for him. 

Date:                         
  
  

	
	Your Signature:
	
	   

	(Sign exactly as your name appears on the face of this Security)

 Signature
Guarantee:                                       
                        

  
 A-9Blueprint

 

TRADUCCIÓN PÚBLICA 

SWORN TRANSLATION 

 

 

EIGHTH AGREEMENT FOR THE IMPLEMENTATION OF

AMENDMENTS

TO THE CORPORATE SERVICES MASTER AGREEMENT

 

[Except
for the signature page, all the pages that make up the source
document in Spanish carry six illegible initials.]

 

Agreement
made in the Autonomous City of Buenos Aires on the 12th day of November of
2015 by and between:

 

(i)
CRESUD S.A.C.I.F. y A.,
domiciled at Moreno 877, Piso 23 in the Autonomous City of Buenos
Aires, represented hereat by the undersigned attorneys-in-fact
(hereinafter “CRESUD”) as party of the one
part;

 

(ii)
IRSA Propiedades Comerciales
S.A., domiciled at Moreno 877, Piso 22 in the Autonomous
City of Buenos Aires, represented hereat by the undersigned
attorneys-in-fact (hereinafter “IRSAPC”), as party of
the second part, and

 

(iii)
IRSA Inversiones y Representaciones
Sociedad Anónima, domiciled at Bolívar 108, Piso
1o in the Autonomous City of Buenos Aires and having
established domicile for purposes hereof at Moreno 877, Piso 22 in
the Autonomous City of Buenos Aires, represented hereat by the
undersigned attorneys-in-fact, as party of the third part
(hereinafter “IRSA” and collectively with CRESUD and
IRSAPC designated as “THE PARTIES”).

 

WHEREAS: 

 

(i) On
June 30, 2004 THE PARTIES executed a Master Agreement for the
Exchange of Corporate Services (hereinafter “the Master
Agreement”);

 

(ii) On
August 23, 2007 THE PARTIES executed the first Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “First Agreement”), whereby
certain amendments were introduced to the Areas of Exchange of
Corporate Services and the Cost Distribution Bases, and new
Individually Responsible Persons were appointed;

 

(iii)
On August 14, 2008 and November 27, 2009, THE PARTIES executed the
Second Agreement for the Implementation of Amendments to the
Corporate Services Master Agreement (hereinafter the "Second
Agreement”) and the Third Agreement for the Implementation of
Amendments to the Corporate Services Master Agreement (hereinafter
the “Third Agreement”), respectively, whereby new
amendments were introduced to the Areas of Exchange of Corporate
Services and the Cost Distribution Bases;

 

(iv) On
March 12, 2010, THE PARTIES executed an Addendum to the Master
Agreement for the Exchange of Corporate Services (hereinafter the
“Addendum”) whereby THE PARTIES agree to unify in
CRESUD the services of the Areas of Exchange of Corporate Services,
to the effect of which the employment agreements of most of the
employees of such areas were transferred and the procedure to
allocate the costs of potential labor expenses arising from
retirement of employees was established;

 

(v) On
July 11, 2011, THE PARTIES executed the Fourth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the "Fourth Agreement”), on October
15, 2012, THE PARTIES executed the Fifth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the "Fifth Agreement"), on November 12,
2013, THE PARTIES executed the Sixth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Sixth Agreement”) and on
February 18, 2015, THE PARTIES executed the Seventh Agreement for
the Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Seventh Agreement” and
together with the First Agreement, the Second Agreement, the Third
Agreement, the Fourth Agreement, the Fifth Agreement and the Sixth
Agreement, the “Agreements”), whereby new amendments
were introduced to the Areas of Exchange of Corporate Services and
the Cost Distribution Bases;

 

(vi)
Pursuant to the structuring process of a new organizational model
of division of areas by business, an agreement was reached to
transfer to IRSA and/or IRSAPC the employment agreements of those
employees who render services related to the Technical,
Infrastructure and Services, Purchases, Architecture and Design and
Works Development Area, Real Estate Business Management, Real
Estate Business Human Resources, Safety and Real Estate Areas, all
of them related to the real estate business. On February 24, 2014
THE PARTIES executed a Second Addendum to the Master Agreement for
the Exchange of Corporate Services (hereinafter the “Second
Addendum”) whereby the mechanisms to be used for the
allocation of the costs of potential labor expenses that such
process would involve were established.

 

(vii)
THE PARTIES have implemented the Master Agreement based on an
Implementation Manual updated by Deloitte & Co. S.R.L.,
(hereinafter “Deloitte”) on February 11,
2008;

 

(viii)
In accordance with the recommendations made by Deloitte on its
semi-annual reports, new operational changes have been implemented
in the Areas of Exchange of Corporate Services and the Cost
Distribution Bases starting on June 11, 2015, which THE PARTIES
wish to acknowledge in writing;

 

(ix)
THE PARTIES have disclosed the content of the EIGHTH AGREEMENT FOR THE IMPLEMENTATION OF
AMENDMENTS TO THE CORPORATE SERVICES MASTER AGREEMENT
(hereinafter the “Eighth Agreement”) to their
respective Audit Committees; and

 

(x) The
Board of Directors of IRSAPC, CRESUD and IRSA approved the Eighth
Agreement at the meeting held on November 12, 2015;

 

NOW IN CONSIDERATION OF THE FOREGOING, THE PARTIES hereby
agree to execute this Eighth Agreement subject to the following
terms and conditions:

 

ONE: THE PARTIES ratify that the Areas (as defined in the
Master Agreement) and the calculation method applicable to the
Exchange of Operational Services (also as defined in the Master
Agreement) have been changed as from the dates listed below,
amending therefore Exhibits I and II, as amended by the Agreements,
to the Master Agreement as per the following detail:

 

(i)
Starting in July 2014, in relation to the Finance Area, a decision
was made (a) to exclude the Planning Department for it to be
incorporated into the Areas of Exchanges; and (b) to modify its
distribution method, thereby introducing changes into Exhibit I and
Exhibit II in a manner such that as from July 2014 the components
of said method shall be as detailed in new Exhibit I and Exhibit
II.

 

(ii)
Starting in July 2014, a decision was made to exclude the Shared
Services Center Department from the Administration and Control Area
and for the Shared Services Center Department to become covered by
the Areas of Exchange. In addition, as from July 2014 a decision
was made to change the distribution method of the Master Data
Sector.

 

In
January 2015 and in connection with the Shared Services Center
Area, there were two additions, namely: (a) the Back Office sector
was added and (b) the General Services sector was
added.

 

As a
result of the decision adopted in this clause, it was further
decided to modify Exhibit I and Exhibit II such that as from
January 2015 they shall be made up as detailed in the new Exhibit I
and Exhibit II.

 

(iii)
Starting in July 2014 and in connection with the Administration and
Control Area, a decision was made to (a) modify the distribution
method applicable to the Accounting and Reporting Department; (b)
modify the distribution method applicable to the Global Budget and
Management Control Department; and (c) modify the distribution
method applicable to the SOX Regulation Department thereby
modifying Exhibit II which as from that date shall be made up as
detailed in the new Exhibit II.

 

(iv)
Starting in July 2014, a decision was made to exclude the
Governmental Affairs Department from the Real Estate Area, to
incorporate the Governmental Affairs Department into the Areas of
Exchange and to modify its distribution method. Therefore, Exhibit
I and Exhibit II were amended accordingly so that as from such
date, they shall be made up as detailed in the new Exhibit I and
Exhibit II.

 

(v)
Starting in July 2014, a decision was made to incorporate the Real
Estate Accounting and Reporting Department into the Real Estate
Management Area. Therefore, Exhibit I and Exhibit II were amended
accordingly so that as from such date, they shall be made up as
detailed in the new Exhibit I and Exhibit II.

 

(vi)
Starting in July 2014 and in connection with the Human Resources
Area, a decision was made to (a) change the name of the department
known as “Project Management Department”, which shall
from now bear the following designation “Human Resources
Management Department”; (b) change the name of the department
known as “Safety and Hygiene Department”, which shall
from now on bear the following designation “Administration
and Labor Relations Department” and; (c) change the name of
the department known as Project Quality Department, which shall
from now on bear the following designation “Culture
Management Department”. Therefore, Exhibit II was amended
accordingly so that as from such date, it shall be made up as
detailed in the new Exhibit II.

 

In
consideration of the foregoing, the PARTIES hereby put on record
that, subject to the clarifications detailed in the preceding
clauses and for purposes of updating Exhibits I and II, they shall
read as hereto attached for the periods and as from the dates
indicated.

 

TWO: THE PARTIES agree that the costs related to the
employees acting in the new Areas included pursuant to this Eighth
Agreement, shall be governed in accordance with the terms and
conditions set forth in the Master Agreement, the Addendum and the
Second Addendum.

 

THREE: THE PARTIES represent that all the sections of the
Master Agreement, the Agreements, the Addendum and the Second
Addendum that have not been amended pursuant to this Eighth
Agreement continue to be fully in force.

 

In
witness whereof, this Agreement is executed in three (3) copies of
the same tenor and to a single effect in the place and on the date
first written.

 

 

CRESUD S.A.C.I.F.y A. 

 

[illegible
signature] [Seal:] Carlos Mariano Garriga - Attorney-in-fact /
[illegible signature] [Seal:] CRESUD S.A.C.I.F. y A. Agronomic
Engineer Alejandro G. Casaretto - Attorney-in-fact

 

IRSA Inversiones y Representaciones Sociedad
Anónima 

 

[illegible
signature] [Seal:] José Luis Rinaldini –
Attorney-in-fact / [illegible signature] Gastón
Lernoud

 

IRSA Propiedades Comerciales S.A. 

 

[illegible
signature] [Seal:] David A. Perednik Attorney-in-fact / [illegible
signature][Seal:] Mariano Mitelman, Attorney-in-fact.

 

 

 

 

Exhibit I 

 

Description of Corporate Services Areas of
Exchanges 

 

Human Resources 

 

The Human Resources sector renders to the Parties the service
consisting in Human Resources Administration; Human Resources
Management, and Organizational Culture Management. Within the main
activities of the sector we may mention labor relationships,
selection of managerial positions, leadership training and
interpersonal skills, remunerations and benefits, internal
communication, etc.

 

Finance 

 

The Finance sector renders to THE PARTIES the service consisting in
Investor Relations, Capital Markets, Financial Risk, Management of
Financial Transactions, Financial Analysis.

 

Planning 

 

The Planning area is responsible for medium- and long-term
planning, for aligning the PARTIES’ objectives and individual
goals, for coordinating the PARTIES’ investment analysis and
for coordinating all the management information flowing through the
businesses and submitted to the respective Boards of
Directors.

 

Institutional Relations 

 

The Institutional Relations sector renders to THE PARTIES the
service consisting in the development and control of advertising,
broadcasting and marketing actions, relations with the media,
preparation of articles, brochures and related
activities.

 

Administration and Control 

 

The Administration and Control sector is responsible for the
PARTIES’ management control, budget of structure expenses,
and SOX controls.

 

Shared Services Center 

 

The Shared Services Center provides THE PARTIES with all the
transactional and operational services associated to income and
expense management, to the services inherent in managing human
resources benefits and payroll processing, in commercial contract
management, in errand running services and in general services. And
it is equally responsible for managing, maintaining and providing
support to systems, technology and processes.

 

Insurance 

 

The Insurance sector is in charge of managing THE PARTIES’
assets’ coverage by negotiating, acquiring and monitoring
insurance policies, dealing with claims in terms of coverage,
collection, etc.

 

Safety 

 

The Safety sector renders to THE PARTIES the surveillance
service. 

 

Contracts 

 

The Contracts sector renders to THE PARTIES the service consisting
in aid to the preparation, analysis and response to legal briefs,
agreements, official letters, etc.

 

Technical, Infrastructure and Services, Architecture and Design,
and Works Development

 

The Technical, Infrastructure and Services, Architecture and
Design, and Works Development sector renders to THE PARTIES the
services consisting in operational coordination of the following
sectors: Architecture and Design; Works Development; and Technical,
Infrastructure and Services.

 

Purchases and Hirings 

 

The Purchases and Hirings sector bears the responsibility of
obtaining the most appropriate goods and/or services for the
purpose for which they will be used. Quality, costs and terms of
delivery are essential when taking the decision to hire. In
addition, this sector deals with the necessary means to obtain
appropriate funding of the purchases from suppliers.

 

Environment and Quality 

 

The Environment and Quality sector renders to the PARTIES the
services consisting in management of national and municipal permits
and licenses before the controlling entities. In addition, it
assesses the environmental impact of projects and activities in
order to define preventive and corrective actions for minimizing
such impacts, following the working methodology set forth in an
Environmental Management System.

 

Real Estate 

 

The Real Estate sector renders to THE PARTIES the services
consisting in sales and acquisitions of real estate, except for
real estate assigned to the agricultural business.

 

Governmental Affairs 

 

The Governmental Affairs sector takes part in the businesses
arising from governmental grants (exploitation concessions and
private initiatives).

 

Hotels 

 

The Hotels sector renders to THE PARTIES the services consisting in
the integration of the different areas of hotels along with their
business relations. It carries out activities to optimize and
control hotels’ management and organization.

 

Board of Directors to be Distributed 

 

The Board of Directors to be Distributed sector includes the
employees performing activities of support and assistance to the
Parties’ Board of Directors.

 

Real Estate Business Board of Directors to be
Distributed 

 

The Real Estate Business Board of Directors to be Distributed
sector includes the employees performing activities of support and
assistance to the Board of Directors of IRSA and
IRSAPC.

 

General Management Department to be Distributed 

 

The General Management Department to be Distributed sector includes
employees performing activities of support and assistance to the
Parties’ General Management Departments.

 

Board of Directors’ Safety 

 

The Board of Directors’ Safety sector renders to the Parties
the service consisting in comprehensive safety for the main
officers acting in their Board of Directors.

 

Audit Committee 

 

The Audit Committee sector includes the employees performing tasks
of support and assistance to THE PARTIES' Audit
Committees.

 

Real Estate Business Management 

 

The Real Estate Business Management sector renders the following
services to IRSA and IRSAPC: budget and control management,
accounting and reporting, analysis of new businesses, analysis of
the business clients’ credit risk, IT support to shopping
centers, marketing and leadership agreements for the business legal
aspects.

 

Real Estate Business HHRR 

 

The Real Estate Business HHRR sector renders to IRSA and IRSAPC the
service consisting in Human Resource Administration; Human Resource
Management; Workplace Safety, Hygiene and Environment;
Organizational Culture Management and Project Management. The main
sector activities include, among others: personnel management,
recruitment and training, compensation and benefits, internal
communication, third party control, etc.

 

Fraud Prevention 

 

The Fraud Prevention sector renders to THE PARTIES corporate Fraud
Prevention services.

 

Internal Audit 

 

The Internal Audit sector renders to THE PARTIES internal audit
services. 

 

 

 

 

Exhibit II 

Cost Distribution Bases 

 

	

 

 

Corporate
Departments

 

	

 

 

Department

 

	

 

 

Division
/ Subdivision

 

	

 

 

Distribution
Method

 

	

 

 

Human Resources

 

	

 

 

Human
Resources Management

 

	
 

	

 

 

By
headcount (non-corporate personnel) and weighting the percentages
of other areas (corporate personnel).

 

	
 

	

 

 

Culture
Management

 

	
 

	
 

	

 

 

Administration
and Labor Relations

 

	
 

	

 

 

Finance

 

 

	

 

 

Capital
Markets

 

	
 

	

Weighting
is as follows:

Capital
Markets 25%

Relations
with Investors 25%

Financial
Analysis 12.5%

Financial
Risk 12.5%

Financial
Administration 25%

 

Investors Relations: Number of business highlights during
the semester, number of result announcements, number of meetings
with investors (current or potential) to discuss the
companies’ business and strategy, number of active coverages,
number of result conferences, the complexity of the website of each
company, number of relevant facts published in the Argentine
Securities and Exchange Commission and the US Securities and
Exchange Commission, and number of Roadshows (Deal or Non-Deal). All items involved are weighted in equal
parts. 

Capital Markets: Amount of financial transactions conducted
in the period weighted at 70% and the remaining 30% corresponds to
updates of offering memoranda and “horizontal” works
(20F, annual reports, Press Release, etc.)

Financial Risk: Time invested in the duties
performed.

Financial Administration: Total assets weighted at 40% and
total liabilities weighted at 60%. The resulting percentage shall
be weighted at 80% over the total. The remaining 20% will
correspond to the percentage that each company consummates over the
total inquiries for special transactions.

Financial Analysis: Time devoted to the tasks
performed.

 

	

 

 

Relations
with Investors

 

	
 

	

 

 

Financial
Risk

 

	
 

	

 

 

Financial
Administration

 

	
 

	

 

 

Financial
Analysis

 

	
 

	

 

 

Planning

 

	
 

	
 

	

 

 

Proportional
among the three companies.

 

	

 

 

Institutional Relations

 

	
 

	
 

	

 

 

Tasks
performed and the time spent in each.

 

 

 

	

 

 

Administration and Control Each one of the sectors
comprising the Department is weighted.

 

	

 

 

Accounting
and Reporting

 

	
 

	

 

 

Tasks
conducted and hours spent in each task

 

	

 

 

Taxes

 

	
 

	

 

 

Salaries
are weighted according to the position and tasks performed (per
company and in equal shares)

 

	

 

 

Budget
and Global Management Control

 

	
 

	

 

 

The
preceding half year’s structure expenses are
pro-rated.

 

	

 

 

SOX
Regulation

 

	
 

	

 

 

Distribution
of key control % per front / company

 

	

 

 

Shared Services Center (CSC)

(The
percentages of all the sectors reporting to the CSC are weighted
according to projected salaries of the sector in question over CSC
total salaries).

 

	

 

 

Expenses
Administration

 

	
 

	

 

 

Number
of Expense Transactions performed by each Company + Direct
Allocation of Resources

 

	

 

 

Revenues
Administration

 

	
 

	

 

 

Number
of Revenue Transactions performed by each Company + Direct
Allocation of Resources

 

	

 

 

Customer
Administration

 

	
 

	

 

 

Direct
Allocation of Resources

 

	
 

	

 

 

Collections
Administration

 

	
 

	

 

 

Direct
Allocation of Resources

 

	
 

	

 

 

Treasury
Administration

 

 

	
 

	

 

 

Number
of Treasury Transactions performed by each Company.

 

	
 

	

 

 

Own
Account Administration

 

	
 

	

 

 

Number
of Transactions performed by each Company.

 

	
 

	

 

 

Technology

 

	
 

	

 

 

Weighting
of time spent in each task (related to the services).

 

	
 

	

 

 

IT
Services

 

	
 

	

 

 

Number
of CASTI incidents processed for each Company.

 

	
 

	

 

 

Master
Data

 

	
 

	

 

 

Number
of Transactions processed by each Company.

 

	
 

	

 

 

Maintenance
Systems

 

	
 

	

 

 

Hours
devoted to each task.

 

	
 

	

 

 

Project
Systems

 

	
 

	

 

 

Hours
devoted to each task.

 

	
 

	

 

 

Commercial
Transactions

 

	
 

	

 

 

Hours
devoted to each task.

 

	
 

	

 

 

IT
Security

 

	
 

	

 

 

Weighting
of time spent in each task.

 

	
 

	

 

 

Process
Quality

 

	
 

	

 

 

Weighting
of time spent in each task.

 

	
 

	

 

 

CSC
Human Resources

 

	
 

	

 

 

50%
weighting of % of CSC sectors; 50% weighting of Corporate
sectors.

 

	
 

	

 

 

Errand
Running Service

 

	
 

	

 

 

Number
of errands run.

 

	
 

	

 

 

Back
office

 

	
 

	

 

 

Hours
spent in each task.

 

	
 

	

 

 

General
Services

 

	
 

	

 

 

Hours
spent in each task.

 

	

 

 

Real Estate Business Management

(each
of the Departments comprising the Area are weighted. It does not
render services to Cresud)

 

 

	

 

 

Real
Estate IT Services

 

	
 

	

 

 

70%
IRSAPC, 30% to be distributed IRSAPC and IRSA based on supervised
projects.

 

	

 

 

Real
Estate Business Analysis

 

	
 

	

 

 

Hours
devoted to reviewed projects as applicable to IRSA PC or
IRSA.

 

	

 

 

Real
Estate Credit Risk

 

	
 

	

 

 

Hours
worked for each company.

 

	

 

 

Real
Estate Legal Affairs

 

	
 

	

 

 

Weighting
of hours and salaries.

 

	

 

 

Real
Estate Budget and Management Control

 

	
 

	

 

 

Actual
revenues per company.

 

	
 

	

 

 

Real
Estate Business Accounting and Reporting

 

	
 

	

 

 

Real
Estate Business accounting voucher weighting.

 

	

 

 

Real Estate Business Board of Directors to be
Distributed

 

	
 

	
 

	

 

 

Proportional
between IRSA and IRSAPC. Excludes Cresud.

 

	

 

 

Real Estate Business HHRR

 

	
 

	
 

	

 

 

Based
on payroll.

 

	

 

 

Insurance

 

	
 

	
 

	

 

 

Based
on the amount of premiums under the annual insurance
program.

 

	

 

 

Safety

 

	
 

	
 

	

 

 

Per
hour

 

	

 

 

Contract Department

 

	

 

 

Contracts

 

	
 

	

 

 

Number
of contracts executed.

 

	

 

 

Technical, Infrastructure and Services, Architecture and Design,
and Works Development Department

 

An
average is obtained from the Departments reporting to
it

 

	

 

 

Technical,
Infrastructure and Services

 

(IRSAPC
– IRSA: Weighted average from the Departments reporting to it
less the percentage allocated to CRESUD. CRESUD: a percentage is
calculated based on the hours spent in the tasks
performed/planned)

 

	

 

 

Planning
and Control

 

	

 

 

Weighted
average of the areas under the supervision of the TIS Department of
IRSA and IRSAPC, excluding CRESUD.

 

	

 

 

Logistics

 

	

 

 

Weighted
between directly assigned personnel and centralized personnel
distributed per square meter of the real property (IRSA and IRSAPC)
and time spent in tasks (CRESUD).

 

	

 

 

Distributed
Operations

 

	

 

 

Square
meters of real property held, operated and to which maintenance
services are provided (IRSA and IRSAPC) and time spent in tasks
(CRESUD).

 

	

 

 

Architecture

 

	

 

 

IRSA/IRSAPC:
Personnel distributed per surface area and number of
stores.

 

	

 

 

Third
parties' services

 

	

 

 

Distribution
of resource allocation.

 

	

 

 

Traveling
Personnel

 

	

 

 

Maintenance
hours (IRSA and IRSAPC) and time spent in tasks
(CRESUD).

 

	

 

 

Engineering
and Maintenance

 

	

 

 

Square
meters of real property held, to which maintenance, engineering and
other services are provided (IRSA and IRSAPC) and time spent in
tasks (CRESUD).

 

	

 

 

Works
Development

 

	
 

	

 

 

Tasks
performed and time spent in each.

 

	

 

 

Architecture
and Design

 

	
 

	

 

 

Completed
projects.

 

	

 

 

Purchases and Hirings

 

	
 

	
 

	

 

 

Weighted
volume and amounts of purchase orders.

 

	

 

 

Environment and Quality

 

	
 

	
 

	

 

 

The
distribution of corporate costs of the Environment, Farming Quality
and Standardization area will be made according to the hours
devoted to each global topic by person and company during the
period.

 

	

 

 

Real Estate

 

	
 

	
 

	

 

 

Tasks
performed and time spent in each.

 

	

 

 

Governmental Affairs

 

	
 

	
 

	

 

 

Weighting
of allocated projects.

 

	

 

 

Hotels

 

	
 

	
 

	

 

 

100%
IRSA.

 

	

 

 

Internal Audit

 

	
 

	
 

	

 

 

Times
estimated/forecast in the annual plan.

 

	

 

 

Fraud Prevention

 

	
 

	
 

	

Proportional
among the three companies

	

 

 

Board of Directors to be Distributed

 

	
 

	
 

	

Proportional
among the three companies

	

 

 

Audit Committee

 

	
 

	
 

	

 

 

Weighting
of tasks performed.

 

	

 

 

General Management Department to be Distributed

 

	
 

	
 

	

 

 

Proportional
among the three companies

 

	

 

 

Board of Directors’ Safety

 

	
 

	
 

	

 

 

Proportional
among the three companies

 

 

THIS DOCUMENT IS A TRUE AND
ACCURATE TRANSLATION into English of the document in Spanish
I have had before me in Buenos Aires, on this 27th day of September,
2016.

 

[For authentication purposes
only:]                                                                                                                              

ES TRADUCCIÓN FIEL al
inglés del documento adjunto redactado en idioma castellano
que he tenido ante mí y al cual me remito en Buenos Aires, a
los 27 días de setiembre de 2016.

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