MISSION
Creating opportunities for people where they live, learn, and work
VISION
To empower our customers to achieve their dreams
VALUES
• 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

NDS
•FFEL Program, ED, consumer loan origination and
servicing software
• Primary markets: Government and lenders
• Service $211 billion in total loan volume for
10.6 million borrowers
• Acquired Great Lakes Educational Loan Services, Inc. (Great
Lakes) on February 7, 2018. As of December 31, 2017,
Great Lakes serviced $244 billion in total loan
volume for 8.4 million borrowers.
NBS
• Tuition payment plans, school information system soft-
ware, online payment processing
• Primary markets: Private K–12 schools and higher edu-
cation institutions
• Serves 11,500 K–12 schools
• Works with 970 colleges and universities
AGM
• Manages almost $22 billion in net loan assets
• Portfolio expected to generate $1.92 billion in future
cash flows
CORPORATE AND OTHER ACTIVITIES
• Investment activities
• Unsecured debt
• Other products and services including investment advi-
sory 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

Operating Revenue/Adjusted Operating Expenses (in millions) and Net Margins
Net Margin: ($43) ($33) $45 $48 $68 $71 $120 $99 $65 $60 $45
Operating
Margin: (12%) (12%) 14% 14% 19% 18% 28% 22% 15% 14% 10%
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
2017
$464
$419
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)
2017
$4.43
$2.69
$1.45
($0.40)

Results of Operations by Segment
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 (42,694) (29,080) (18,566) (31,756) (64,763) - (186,861)
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)
Net (income) loss from NCI - - - - (750) - (750)
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
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 (59,730) (24,153) - (35,296) (102,124) - (221,303)
Internal Activity (29,706) (8,617) - (50,899) 38,868 50,354 -
Income Tax (25,153) (11,838) - (124,180) 19,677 - (141,493)
Net (income) loss from NCI 20 - - - (305) - (285)
Adj. NI $41,057 $19,312 - $202,612 $(12,768) - $250,215
After Tax-EPS $0.90 $0.42 $0.00 $4.45 ($0.28) - $5.50
NDS NBS ALLO AGM
Corporate and
Other Activities Eliminations Consol.
2017
(in thousands)
Total Revenue $265,184 $145,768 $20,276 $298,824 $53,256 $(41,674) $741,634
People Costs (156,256) (69,500) (14,947) (1,548) (59,633) - (301,885)
Other Expenses (41,990) (28,562) (29,859) (26,634) (66,799) - (193,844)
Internal Activity (31,871) (9,079) (2,101) (42,830) 44,208 41,674 -
Income Tax (18,128) (14,678) 10,120 (86,569) 37,088 - (72,167)
Net (income) loss from NCI 12,640 - - - (1,295) - 11,345
$29,579 $23,949 $(16,511) $141,243 $6,825 - $185,083
After Tax-EPS $0.71 $0.57 ($0.40) $3.38 $0.17 - $4.43

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
Dec
2017
Capital Ratio 2.3% 3.0% 3.5% 4.1% 4.4% 5.2% 5.7% 6.2% 7.6% 9.0%
Debt to Equity 150.4% 96.7% 49.6% 9.5% 13.2% 9.8% 4.2% 8.3% 3.0% 1.4%
BV/Share $13.05 $15.73 $18.75 $22.62 $25.00 $31.13 $37.31 $42.87 $48.96 $52.67
Cash Provided By
(in thousands)
Dec
2008
Dec
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
2014
Dec
2015
Dec
2016
Dec
2017
Operating Activities $321,103 $324,706 $194,868 $310,862 $299,318 $387,180 $357,449 $391,365 $325,257 $227,508
Balance Sheet
(in millions)
Dec
2008
Dec
2009
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Dec
2014
Dec
2015
Dec
2016
Dec
2017
Total Assets $27,855 $25,876 $25,894 $25,852 $26,544 $27,704 $30,028 $30,419 $27,193 $23,964
Total Liabilities $27,212 $25,092 $24,987 $24,786 $25,379 $26,260 $28,303 $28,527 $25,122 $21,799
Shareholders’ Equity $643 $784 $907 $1,066 $1,165 $1,444 $1,725 $1,884 $2,062 $2,149
Non-Controlling Interest $0 $0 $0 $0 $0 $0 $0 $8 $9 $16
Total Liabilities and
Shareholders’ Equity
$27,855 $25,876 $25,894 $25,852 $26,544 $27,704 $30,028 $30,419 $27,193 $23,964

LoanServicing Volume
Government Servicing Consumer Servicing FFEL Program
$0
$25
$50
$75
2009 2010
$100
$38
$61
$76
$97
$138
20122011 20152013
$125
$150
$175
$162
2014
$176
$200
2016
$195
2017
$211
Loan Servicing Volume (in billions)
Number of Borrowers 2017
ED Servicing - Including TPD 5,877,414
Remote Hosting - Other 2,812,713
FFEL Program 1,420,311
Consumer Servicing 502,114
Total 10,612,552

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
11,000
970
2017
11,500
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
2017
$146
$107
$140
$150
Net Margin
(in millions): $12 $8 $9 $12 $17 $17 $24 $24 $25 $35 $39
Pre-Tax
Operating Mar-
gin: 25% 16% 16% 21% 25% 23% 27% 25% 26% 26% 27%

ALLO Financial and Operating Data
2013 2014 2015 2016 2017
Residential revenue $3,988 $6,155 $8,665 $10,480 $17,705
Business revenue $5,541 $6,163 $6,940 $6,362 $7,735
Other revenue - - - $817 $260
Total revenue $9,529 $12,318 $15,605 $17,659 $25,700
Net income (loss) ($1,034) ($499) ($600) ($5,899) ($16,511)
EBITDA $1,715 $3,000 $4,274 ($2,184) ($9,372)
Capital expenditures $6,775 $4,522 $6,678 $38,817 $115,102
Revenue contribution:
Internet 31.8% 33.3% 36.1% 38.8% 45.8%
Telephone 42.1% 34.9% 29.9% 26.5% 30.7%
Television 24.7% 29.4% 32.6% 32.1% 21.5%
Other 1.4% 2.4% 1.4% 2.6% 2.0%
100% 100% 100% 100% 100%
Residential customer information:
Households served 3,905 5,794 7,600 9,814 20,428
Households passed 16,054 16,433 21,274 30,962 71,426
Total households in current markets 19,592 19,592 28,874 137,500 137,500
*Dollars in thousands
Pre-Aquisition

Student Loan Spread
.70%
.60%
.80%
.90%
1.00%
1.10%
Q2 15Q1 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q2 17Q1 17 Q3 17 Q4 17
1.20%
1.30%
1.40%
1.50%
1.60%
Core Asset/Liability Base Rate Special Variable
Asset/LiabilityBaseRateSpread
-0.10%
0.00%
0.10%
0.20%
0.30%
0.40%
CoreandVariableLoanSpreads
1.41% 1.41%
1.45% 1.45%
1.34%
1.29%
1.26%
1.24% 1.23%
1.27%
1.17%
1.26%
0.07%
0.06% 0.07%
0.05%
0.07%
0.13%
0.11%
0.15%
0.10%
0.01%
0.04%
0.03%
0.75% 0.77%
0.79%
0.83% 0.76%
1.41% 0.71%
0.68% 0.71%
0.77%
0.68%
0.78%

Future Cash Flow of Loan Portfolio
$255
$210
$260
$0
$100
$200
$300
2018 2019 2020 2021 2022
$400
$75
2023 2024
$440
$300$310
2025+
$70
$1.92 BILLION
Asset-Backed Securitization Cash Flow Forecast (in millions)
• $330 million in 2017
• $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.

Nelnet’s Corporate Performance vs. the SP 500
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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 12.4
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
2017
$2,150
$2,236
Dividends Paid and Stock Repurchased (in millions)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total
Dividends Paid - - - $13.8 $3.5 $3.5 $34.1 $17.8 $66.2 $18.6 $18.5 $19.0 $21.2 $24.1 $240.3
Stock Repurchased - - $62.4 $82.0 $1.5 $0.4 $39.8 $ 27.1 $22.8 $13.1 $15.7 $96.2 $69.1 $68.9 $499.0
Annual Percentage Change
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 8.8% 18.9%
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 21.8% 8.7%
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 (13.0%) 10.2%