X0306 4 2020-03-10 0001258602 NELNET INC NNI 0001593432 Kruger James D 121 SOUTH 13TH STREET SUITE 100 LINCOLN NE 68508 1 Chief Financial Officer Class A Common Stock 2020-03-10 4 F 0 250 50.33 D 153864 D Class A Common Stock 2020-03-10 4 A 0 8064 0 A 161928 D Class A Common Stock 2020-03-10 4 F 0 2367 52.20 D 159561 D These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d). Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares on March 10, 2020. Includes 2,672 shares issued pursuant to the issuer's Employee Share Purchase Plan, which number of shares reflects the acquisition of a total of 442 shares under the issuer's Employee Share Purchase Plan since March 12, 2019. Issued pursuant to the issuer's Restricted Stock Plan, as the annual personal performance-based incentive bonus compensation for 2019 paid in stock, which the reporting person became entitled to receive on March 10, 2020. Shares that were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the March 10, 2020 award by the issuer of 8,064 shares of bonus compensation stock. Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the average market closing price of the shares for February 28, 2020 through March 5, 2020. /s/ Audra Hoffschneider, Attorney-in-Fact for James D. Kruger 2020-03-12