X0306 4 2020-03-16 0001258602 NELNET INC NNI 0001269804 HEIMES TERRY J 121 SOUTH 13TH STREET SUITE 100 LINCOLN NE 68508 1 Chief Operating Officer Class A Common Stock 2020-03-16 5 G 0 5000 0 D 158459 D Class A Common Stock 2020-03-16 5 G 0 5000 0 A 5000 I By trust Class A Common Stock 2020-03-16 5 G 0 5000 0 D 153459 D Class A Common Stock 2020-03-16 5 G 0 5000 0 A 5000 I By trust Class A Common Stock 2020-03-16 5 G 0 5000 0 D 148459 D Class A Common Stock 2020-03-16 5 G 0 5000 0 A 5000 I By trust Class A Common Stock 2020-03-16 5 G 0 5000 0 D 133459 D Class A Common Stock 2020-03-16 5 G 0 5000 0 A 5000 I By trust Class A Common Stock 2020-03-16 5 G 0 10000 0 D 123459 D Class A Common Stock 2020-03-16 5 G 0 10000 0 A 50087 I By spouse Class A Common Stock 10000 I By GRAT Class A Common Stock 10000 I By GRAT Shares gifted to a trust for the benefit of a son of the reporting person. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein. Shares gifted to a separate trust for the benefit of another son of the reporting person. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein. Reflects the contribution of 10,000 shares to the grantor retained annuity trust established by the reporting person on March 11, 2020, as discussed in footnote (6) below. Shares gifted to a separate trust for the benefit of the daughter of the reporting person. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein. Reflects the contribution of 10,000 shares to the grantor retained annuity trust established by the reporting person's spouse on March 11, 2020, as discussed in footnote (7) below. On March 16, 2020, the reporting person contributed 10,000 shares to a grantor retained annuity trust dated March 11, 2020. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein. On March 16, 2020, the reporting person's spouse contributed 10,000 shares to a grantor retained annuity trust dated March 11, 2020. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein. /s/ Audra Hoffschneider, Attorney-in-Fact for Terry J. Heimes 2020-03-23