X0306 4 2020-03-10 0001258602 NELNET INC NNI 0001294176 Munn William J 3015 SOUTH PARKER ROAD SUITE 400 AURORA CO 80014 1 Secy/Chief Legal Off/Gen Coun Class A Common Stock 2020-03-10 4 F 0 158 50.33 D 26187 D Class A Common Stock 2020-03-10 4 F 0 121 50.33 D 26066 D Class A Common Stock 2020-03-10 4 F 0 125 50.33 D 25941 D Class A Common Stock 2020-03-10 4 F 0 107 50.33 D 25834 D Class A Common Stock 2020-03-10 4 F 0 108 50.33 D 25726 D Class A Common Stock 2020-03-10 4 A 0 2395 0 A 28121 D Class A Common Stock 2020-03-10 4 A 0 1653 0 A 29774 D Class A Common Stock 2020-03-10 4 F 0 486 52.20 D 29288 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 500 shares held jointly with spouse. These shares were issued to the reporting person pursuant to the issuer's Restricted Stock Plan. The shares vest equally over a five-year period, with one-fifth of the amount vesting annually on March 10 of each year. These shares were issued to the reporting person 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. These shares 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 1,653 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 William J. Munn 2020-03-12