NELNET INC

Ticker: NNI CUSIP: 64031N108 Class: Common Stock

Pine River Capital Management L.P.'s Holding History (CIK: 0001288136)

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

Q4 2016

Shares 6,759 Value ($000) $343 Avg Close $46.03 Range $37.86 - $55.01

Q3 2016

Shares 22,105 Value ($000) $892 Avg Close $37.28 Range $33.58 - $40.82

Q2 2016

Shares 24,445 Value ($000) $849 Avg Close $37.33 Range $31.49 - $42.65

Q1 2016

Shares 24,445 Value ($000) $962 Avg Close $34.95 Range $27.80 - $40.85

Q4 2015

Shares 34,519 Value ($000) $1,159 Avg Close $33.50 Range $30.55 - $36.97

Q3 2015

Shares 34,519 Value ($000) $1,195 Avg Close $39.38 Range $34.26 - $44.92

Q2 2015

Shares 37,235 Value ($000) $1,612 Avg Close $43.92 Range $40.81 - $48.69

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2016	6,759	$343	$46.03	$37.86 - $55.01
Q3 2016	22,105	$892	$37.28	$33.58 - $40.82
Q2 2016	24,445	$849	$37.33	$31.49 - $42.65
Q1 2016	24,445	$962	$34.95	$27.80 - $40.85
Q4 2015	34,519	$1,159	$33.50	$30.55 - $36.97
Q3 2015	34,519	$1,195	$39.38	$34.26 - $44.92
Q2 2015	37,235	$1,612	$43.92	$40.81 - $48.69