X0306 4 2020-06-10 0001258602 NELNET INC NNI 0001269812 MUHLEISEN ANGIE C/O FARMERS & MERCHANTS INVESTMENT INC. 6801 SOUTH 27TH STREET LINCOLN NE 68512 1 0001754038 Muhleisen Dan D 6321 DOECREEK CIRCLE LINCOLN NE 68516 1 Class A Common Stock 2020-06-10 5 G 0 10000 0 D 180109 D Class A Common Stock 2020-06-10 5 G 0 10000 0 A 10000 I By 2020 Dynasty Trust Class A Common Stock 2020-06-10 5 G 0 10000 0 D 2097362 D Class A Common Stock 2020-06-10 5 G 0 10000 0 A 10000 I By 2020 Dynasty Trust Class A Common Stock 52344 D Class A Common Stock 692885 I By adult daughter Class A Common Stock 681538 I By adult son Class A Common Stock 276000 I By Dynasty Trust Class A Common Stock 276000 I By Dynasty Trust Class A Common Stock 88070 I By trust Class A Common Stock 88070 I By trust Class A Common Stock 88020 I By trust Class A Common Stock 88010 I By trust Class A Common Stock 60000 I By GRAT Class A Common Stock 60000 I By GRAT Class A Common Stock 60000 I By GRAT Class A Common Stock 60000 I By GRAT Class A Common Stock 40000 I By GRAT Class A Common Stock 40000 I By GRAT Class A Common Stock 40000 I By GRAT Class A Common Stock 40000 I By GRAT Class A Common Stock 40000 I By GRAT Class A Common Stock 40000 I By GRAT The shares involved in this transaction were gifted by Angela L. Muhleisen to a Dynasty Trust established by Ms. Muhleisen in 2020, of which the adult daughter and the adult son of the reporting persons are the initial beneficiaries. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. These shares are held by Angela L. Muhleisen, and the number of shares reflects the change in the form of beneficial ownership of 240,000 shares on June 10, 2020 through the contribution of a total of 240,000 shares to grantor retained annuity trusts established by Ms. Muhleisen on June 10, 2020, as discussed in footnotes (18) through (23) and set forth in the line items corresponding thereto. Shares gifted to and held by a Dynasty Trust established by Ms. Muhleisen in 2020, of which the adult daughter and the adult son of the reporting persons are the initial beneficiaries. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. The shares involved in this transaction were gifted by Dan D. Muhleisen, who is the spouse of Angela L. Muhleisen, to a Dynasty Trust established by Mr. Muhleisen in 2020, of which the adult daughter and the adult son of the reporting persons are the initial beneficiaries. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. These shares are held by Dan D. Muhleisen, and the number of shares reflects the change in the form of beneficial ownership of 240,000 shares on June 10, 2020 through the contribution of a total of 240,000 shares to grantor retained annuity trusts established by Mr. Muhleisen on June 10, 2020, as discussed in footnotes (14) through (17) and set forth in the line items corresponding thereto. Shares gifted to and held by a Dynasty Trust established by Mr. Muhleisen in 2020, of which the adult daughter and the adult son of the reporting persons are the initial beneficiaries. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. These shares are held jointly by Angela L. Muhleisen and Dan D. Muhleisen. Shares gifted to and held by a Dynasty Trust established by the reporting persons in 2012, of which the adult daughter of the reporting persons is the initial beneficiary. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. Shares gifted to and held by a Dynasty Trust established by the reporting persons in 2012, of which the adult son of the reporting persons is the initial beneficiary. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. Shares held by the Alicia L. Muhleisen Irrevocable Trust dated 8/29/2003, of which the adult daughter of the reporting persons is the beneficiary. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. Shares held by the D. Muhleisen Post-Annuity Irrevocable Trust dated 8/29/2003, of which the adult daughter of the reporting persons is the beneficiary. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. Shares held by the A. Muhleisen Post-Annuity Irrevocable Trust dated 8/29/2003, of which the adult son of the reporting persons is the beneficiary. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. Shares held by the Jason D. Muhleisen Irrevocable Trust dated 8/29/2003, of which the adult son of the reporting persons is the beneficiary. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. On June 10, 2020, Dan D. Muhleisen contributed 60,000 shares to a Dan D. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. On June 10, 2020, Dan D. Muhleisen contributed 60,000 shares to a separate Dan D. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. On June 10, 2020, Dan D. Muhleisen contributed 60,000 shares to a separate Dan D. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. On June 10, 2020, Dan D. Muhleisen contributed 60,000 shares to a separate Dan D. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. On June 10, 2020, Angela L. Muhleisen contributed 40,000 shares to an Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. On June 10, 2020, Angela L. Muhleisen contributed 40,000 shares to a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. On June 10, 2020, Angela L. Muhleisen contributed 40,000 shares to a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. On June 10, 2020, Angela L. Muhleisen contributed 40,000 shares to a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. On June 10, 2020, Angela L. Muhleisen contributed 40,000 shares to a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. On June 10, 2020, Angela L. Muhleisen contributed 40,000 shares to a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein. /s/ Audra Hoffschneider, Attorney-in-Fact for Angela L. Muhleisen 2020-06-11 /s/ Audra Hoffschneider, Attorney-in-Fact for Dan D. Muhleisen 2020-06-11