This document provides an overview of Nelnet's business segments and financial performance. The key points are: - Nelnet has four business segments: NDS (loan origination and servicing software), NBS (education planning and payment software), AGM (student loan asset management), and ALLO (fiber optic network provider). - Over the past decade, Nelnet has diversified its business and grown revenues across all segments. Adjusted net income has increased from $41 million in 2007 to over $200 million in recent years. - Nelnet services over $195 billion in student loans for nearly 10 million borrowers. Its student loan portfolio is expected to generate $2.07 billion in future cash

1. MISSION: Why we exist
To build a more educated and fiscally responsible world
VISION: What we want to be
The premier education, finance, software, and services provider
VALUES: What we believe in and how we behave
• Provide superior customer experiences
• Create an awesome work environment
• Pursue opportunities for diversification and growth
• Communicate openly and honestly
• Give back to the communities in which we live and work
CORPORATE OBJECTIVES
• Enhance customer experiences
• Grow our core
• Diversify our products and services
• Energize our associates
• Exceed our financial targets
• Reposition the company for the long-term

2. NDS
•FFELP, ED, consumer loan origination and
servicing software
• Primary markets: Government and lenders
• Service $195 billion in total loan volume for
9.9 million borrowers
NBS
• Tuition payment plans, school information
system software, online payment processing
• Primary markets: Private K–12 schools and
higher education institutions
• Serves 13,500 K–12 schools
• Works with 970 colleges and universities
AGM
• Manages $25 billion in net student loan assets
• Portfolio expected to generate $2.07 billion in
future cash flows
CORPORATE AND OTHER ACTIVITIES
• Investment activities
• Unsecured debt
• Other products and services including
investment advisory services
ALLO
• Provides end-to-end fiber optic network to
businesses and residences
• Offers ultra-fast broadband, internet, phone,
and television services
• Focused on underserved market opportunities
• Aims to outmatch competitors by providing a
superior product, price simplicity, and excellent
customer service
Nelnet's Core

3. Operating Revenue/Adjusted Operating Expenses (in millions) Net Margins
Net Margin: ($43) ($33) $45 $48 $68 $71 $120 $99 $65 $60
Operating
Margin: (12%) (12%) 14% 14% 19% 18% 28% 22% 15% 14%
2007 2008 2009 2010 2011 2012
Operating Revenue Operating Expenses
$200
$250
$300
$350
$400
$450
$398
$355
$276
$309
$275
$320
$300
$348
$296
$365
$321 $310
$430
$392
2013
$454
$355
2014 2015
$500
$445
$380
2016
$150
$442
$382
Fee-Based Businesses Corporate Activity
Consolidated Adjusted EPS
$0
$1.00
-$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
2007 2008 2009 20102004 2005 2006 2011 2012 2013 2014
$7.00
$0.92
($0.31)
$1.37 $1.13
($0.36)
($0.54)
$1.31
$1.24
($0.41)
$0.83
$0.67
$3.59
$4.88
$2.23
$0.75 $1.07
$2.51
$4.47
$1.17
$1.94
$3.72
$2.42
$4.38
$5.85
($0.17)
Fee-Based and Corporate Activity EPSEPS Normalized EPS
2015
$6.12
$3.67
$1.69
$5.50
$2.91
$1.04
2016
$4.97
$2.76
$1.10
ALLO
($0.14)

4. Results of Operations by Segment
2015
(in thousands)
Total Revenue $290,261 $119,443 - $415,159 $86,701 $(50,354) $861,210
People Costs (134,635) (55,523) - (2,172) (55,585) - (247,914)
Other Expenses (59,710) (24,153) - (35,296) (102,429) - (221,588)
Internal Activity (29,706) (8,617) - (50,899) 38,868 50,354 -
Income Tax (25,153) (11,838) - (124,180) 19,677 - (141,493)
Adj. NI $41,057 $19,312 - $202,612 ($12,768) - $250,215
After Tax-EPS $0.90 $0.42 - $4.45 ($0.28) - $5.50
2014
(in thousands)
Total Revenue $295,583 $99,430 - $423,497 $120,955 $(55,139) $884,326
People Costs (125,844) (48,453) - (2,316) (51,466) - (228,079)
Other Expenses (61,255) (21,175) - (33,611) (110,061) - (226,102)
Internal Activity (31,956) (4,769) - (56,325) 37,912 55,139 -
Income Tax (29,081) (9,513) - (125,873) 18,555 - (145,911)
Adj. NI $47,447 $15,520 - $205,372 $15,895 - $284,234
After Tax-EPS $1.02 $0.33 - $4.42 $0.34 - $6.12
NDS NBS ALLO AGM
Corporate and
Other Activities Eliminations Consol.
2016
(in thousands)
Total Revenue $260,338 $132,739 $17,659 $355,896 $48,604 $(45,381) $769,855
People Costs (132,072) (62,329) (7,649) (1,985) (51,889) - (255,924)
Other Expenses (42,695) (29,081) (18,566) (31,755) (65,514) - (187,611)
Internal Activity (24,204) (6,615) (958) (46,494) 32,889 45,381 -
Income Tax (23,319) (13,191) 3,615 (104,752) 23,598 - (114,050)
Adj. NI $38,048 $21,523 ($5,899) $170,910 ($12,312) - $212,270
After Tax-EPS $0.89 $0.50 ($0.14) $4.01 ($0.29) $4.97

5. Balance Sheet, Ratios, and Cash Flow
Financial Ratios
Dec
2008
Dec
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
2014
Dec
2015
Dec
2016
Capital Ratio 2.3% 3.0% 3.5% 4.1% 4.4% 5.2% 5.7% 6.2% 7.6%
Debt to Equity 150.4% 96.7% 49.6% 9.5% 13.2% 9.8% 4.2% 8.3% 3.0%
BV/Share $13.05 $15.73 $18.75 $22.62 $25.00 $31.13 $37.31 $42.87 $48.96
Cash Provided By
(in thousands)
Dec
2008
Dec
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
2014
Dec
2015
Dec
2016
Operating Activities $321,103 $324,706 $194,868 $310,862 $299,318 $387,180 $357,449 $391,365 $325,257
Balance Sheet
(in millions)
Dec
2008
Dec
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
2014
Dec
2015
Dec
2016
Total Assets $27,855 $25,876 $25,894 $25,852 $26,544 $27,704 $30,028 $30,419 $27,180
Total Liabilities $27,212 $25,092 $24,987 $24,786 $25,379 $26,260 $28,303 $28,527 $25,109
Shareholders’ Equity $643 $784 $907 $1,066 $1,165 $1,444 $1,725 $1,884 $2,062
Non-Controlling Interest $0 $0 $0 $0 $0 $0 $0 $8 $9
Total Liabilities and
Shareholders’ Equity
$27,855 $25,876 $25,894 $25,852 $26,544 $27,704 $30,028 $30,419 $27,180

6. LoanServicing Volume
Government Servicing Consumer Servicing FFELP Servicing
$0
$25
$50
$75
2009 2010
$100
$38
$61
$76
$97
$138
20122011 20152013
$125
$150
$175
$162
2014
$176
$200
2016
$195
Loan Servicing Volume (in billions)
Number of Borrowers 2016
ED Servicing - Including TPD 5,972,619
Remote Hosting - Other 2,230,019
FFELP Servicing 1,312,192
Consumer Servicing 355,096
Total 9,869,926

7. NBS Segment Scorecard
Number of Schools
6,000
5,000
7,000
4,000
3,000
2,000
1,000
2009 2010 2011 2012
0
8,000
2013 2014
Note: Based on academic year
643 683 702 724
5,069 5,414 5,618
6,149
748 746
6,664
9,140
733
6,482
2008 2015
800
9,4009,000
10,000
11,000
Higher EdK–12
12,000
13,000
2016
13,500
970
Operating Revenue/Adjusted Operating Expenses Net Margins (in millions)
2007 2008 2009 2010 2011 2012 2013
Operating
Expenses
Operating
Revenue
$30
$40
$50
$60
$70
$80
$47
$36
$42
$50
$45
$52
$47
$60
$50
$67
$57 $57
$74
$81
$99
$74
2014 2015
$90
$100
$110
$120
2016
$119
$88
$130
$133
$98
Net Margin
(in millions): $12 $8 $9 $12 $17 $17 $24 $24 $25 $35
Pre-Tax
Operating Margin: 25% 16% 16% 21% 25% 23% 27% 25% 26% 26%

8. ALLO Financial and Operating Data
2013 2014 2015 2016
Residential revenue $3,988 $6,155 $8,665 $10,480
Business revenue $5,541 $6,163 $6,940 $6,362
Other revenue - - - $817
Total revenue $9,529 $12,318 $15,605 $17,659
Net income (loss) (1,034) (499) (600) (5,899)
EBITDA $1,715 $3,000 $4,274 ($2,184)
Capital expenditures $6,775 $4,522 $6,678 $38,817
Revenue contribution:
Internet 31.8% 33.3% 36.1% 38.8%
Telephone 42.1% 34.9% 29.9% 26.5%
Television 24.7% 29.4% 32.6% 32.1%
Other 1.4% 2.4% 1.4% 2.6%
100% 100% 100% 100%
Residential customer information:
Households served 3,905 5,794 7,600 9,814
Households passed 16,054 16,433 21,274 30,962
Total households in current markets 19,592 19,592 28,874 137,500
*Dollars in thousands
Pre-Aquisition

9. Student Loan Spread
Q1 ‘14 Q2 ‘14 Q3 ‘14 Q4 ‘14 Q1 ‘15
0.80%
1.00%
1.20%
1.40%
0.60%
Core Asset/Liability Base Rate SpreadVariable
1.60%
1.44% 1.46%
1.53%
1.49%
1.41%
0.10%
0.20%
0.30%
0.40%
0.00%
0.50%
0.85% 0.84% 0.86%
0.81%
0.79%
0.07% 0.07% 0.06% 0.07% 0.07%
1.41%
1.45%
0.75% 0.77%
0.06%
0.05%
Q2 ‘15 Q3 ‘15 Q4 ‘15
0.07%
0.83%
1.45%
Q1 ‘16
1.29%
0.71%
0.13%
Q2 ‘16
1.34%
0.76%
0.07%
Q3 ‘16 Q4 ‘16
0.71%
0.11%
1.26% 1.24%
0.15%
0.68%

10. Future Cash Flow of Loan Portfolio
$260
$200 $200
$0
$100
$200
$300
2017 2018 2019 2020 2021
$400
$225
2022 2023
$505
$350
$180
2024+
$150
$2.07 BILLION
Asset-Backed Securitization Cash Flow Forecast (in millions)
• $356 million in 2016
• $4.0 billion in 2015
• $6.1 billion in 2014
• $4.1 billion in 2013
• $3.9 billion in 2012
• $2.8 billion in 2011
• $3.4 billion in 2010
Loan Purchases
*The forward-looking information includes expectations for future financial conditions, results of operations,
or economic performance that is based on assumptions and analyses made by management in light of
management’s experience and its perception of historical trends, current conditions, expected future
developments, and other factors that management believes are appropriate under the circumstances.

11. 11
Nelnet’s Corporate Performance vs. the SP 500
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Trailing 12 mo P/E n/a 20.5 22.5 23.5 11.9 7.1 3.0 3.8 5.2 5.7 7.2 7.6 6.1 10.2
Nelnet Market Cap to Book Value (in millions)
$500
$0
$1,000
$1,500
$2,000
$2,500
$1,201
$1,445
$2,197
$1,438
$629 $706
$860
$1,145 $1,153
$1,165
20042003 2005 2006 2007 2008 2009 2010 20122011 20152013 2014
Book ValueMarket Cap
$305 $456
$649 $672 $609 $643
$784
$907
$1,066
$1,389
$1,444
$1,725
$1,884
$1,476
$1,954
$2,142
2016
$2,137
$2,062
Dividends Paid and Stock Repurchased (in millions)
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total
Dividends Paid - - - - $13.8 $3.5 $3.5 $34.1 $17.8 $66.2 $18.6 $18.5 $19.0 $21.2 $216.2
Stock Repurchased - - - $62.4 $82.0 $1.5 $0.4 $39.8 $ 27.1 $22.8 $13.1 $15.7 $96.2 $69.1 $430.1
Annual Percentage Change
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 CAGR
Per-Share Book Value
with Dividends included 49.2 41.5 6.3 (1.6) 6.6 21.0 23.7 22.6 16.7 26.1 21.1 16.0 15.4 19.7%
SP 500
with Dividends included 10.9 4.9 15.8 5.5 (37.0) 26.5 15.1 2.1 16.0 32.4 13.7 1.4 12.0 7.7%
Relative Results 38.3 36.6 (9.5) (7.1) 43.6 (5.5) 8.6 20.5 0.7 (6.3) 7.4 14.6 3.4 12.0%