NELNET INC

Ticker: NNI CUSIP: 64031N108 Class: Common Stock

SHEPHERD KAPLAN KROCHUK, LLC's Holding History (CIK: 0001218583)

Note: Option positions (PUT/CALL) are excluded.

Q4 2013

Shares 6,513 Value ($000) $274 Avg Close $42.18 Range $38.00 - $45.49

Q3 2013

Shares 6,178 Value ($000) $238 Avg Close $38.64 Range $36.06 - $41.74

Q2 2013

Shares 6,178 Value ($000) $223 Avg Close $35.78 Range $31.56 - $39.98

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2013	6,513	$274	$42.18	$38.00 - $45.49
Q3 2013	6,178	$238	$38.64	$36.06 - $41.74
Q2 2013	6,178	$223	$35.78	$31.56 - $39.98