X0202 4 2007-02-13 0 0001258602 NELNET INC NNI 0001269793 BUTTERFIELD STEPHEN F 121 S. 13TH STREET, SUITE 201 LINCOLN NE 68508 1 1 0 0 Vice Chair/Co-CEO Class B Common Stock 2007-02-13 4 M 0 2000000 0.00 D 1868083 D Class A Common Stock 2007-02-13 4 M 0 2000000 0.00 A 3868083 D Class A Common Stock 2007-02-13 4 D 0 2000000 24.4896 D 1868083 D Transaction relates to conversion of Class B Common Stock into Class A Common Stock (one-for-one). Shares reported as directly owned are held by the Reporting Person's Revocable Living Trust. Shares were acquired from the Reporting Person by the Issuer in a private transaction pursuant to the Issuer's stock repurchase program. The Reporting Person also may be deemed to have indirect beneficial ownership of 1,586,691 shares of Class B Common Stock held by Union Financial Services, Inc., and 508,025 shares of Class B Common Stock held by the Stephen F. Butterfield GRAT. The Reporting Person disclaims beneficial ownership of the shares held by Union Financial Services, Inc. except to the extent of his pecuniary interest in the holder thereof, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. /William J. Munn, Attorney in Fact for Stephen F. Butterfield/ 2007-02-15