X0306 4 2021-06-16 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 2021-06-16 5 G 0 1000000 0 D 1134994 D Class A Common Stock 2021-06-16 5 G 0 1000000 0 A 1194063 D 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 52049 I By GRAT Class A Common Stock 54784 I By GRAT Class A Common Stock 46553 I By GRAT Class A Common Stock 48982 I By GRAT Class A Common Stock 34693 I By GRAT Class A Common Stock 36516 I By GRAT Class A Common Stock 37441 I By GRAT Class A Common Stock 39173 I By GRAT Class A Common Stock 38357 I By GRAT Class A Common Stock 39866 I By GRAT Class A Common Stock 10000 I By 2020 Dynasty Trust Class A Common Stock 10000 I By 2020 Dynasty Trust On June 16, 2021, Dan D. Muhleisen gifted 1,000,000 shares to his spouse Angela L. Muhleisen. Such gift was made for estate planning purposes. These shares are held by Dan D. Muhleisen, and include shares distributed to Mr. Muhleisen by grantor retained annuity trusts as discussed in footnotes (11) through (14) below. These shares are held by Angela L. Muhleisen, and include shares distributed to Ms. Muhleisen by grantor retained annuity trusts as discussed in footnotes (15) through (20) below. 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. Shares held by a Dan D. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Mr. Muhleisen of 7,951 shares on June 10, 2021. 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 a separate Dan D. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Mr. Muhleisen of 5,216 shares on June 10, 2021. 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 a separate Dan D. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Mr. Muhleisen of 13,447 shares on June 10, 2021. 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 a separate Dan D. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Mr. Muhleisen of 11,018 shares on June 10, 2021. 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 an Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Ms. Muhleisen of 5,307 shares on June 10, 2021. 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 a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Ms. Muhleisen of 3,484 shares on June 10, 2021. 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 a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Ms. Muhleisen of 2,559 shares on June 10, 2021. 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 a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Ms. Muhleisen of 827 shares on June 10, 2021. 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 a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Ms. Muhleisen of 1,643 shares on June 10, 2021. 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 a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Ms. Muhleisen of 134 shares on June 10, 2021. 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 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. Shares 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. /s/ Audra Hoffschneider, Attorney-in-Fact for Angela L. Muhleisen 2021-06-22 /s/ Audra Hoffschneider, Attorney-in-Fact for Dan D. Muhleisen 2021-06-22