Thomas E. Henning – Director Thomas E. Henning, 51, has served as a member of the Board of Directors since August 2003. Mr. Henning brings significant financial knowledge and background to Nelnet. He serves as the Chairman, President, and Chief Executive Officer of Security Mutual Life Nebraska and of its wholly owned subsidiary, Security Financial Life Insurance Company. Mr. Henning has over 30 years of financial experience and holds the Chartered Life Underwriter (CLU) and Chartered Financial Analyst (CFA) designations. Mr. Henning serves on the Audit Committee and the Nominating and Corporate Governance Committee. Arturo R. Moreno – Director Arturo R. Moreno, 58, has served as a member of the Board of Directors since August 2003 and has over 20 years business experience, serving as President, Chief Operating Officer, and a Director of Outdoor Systems, Inc., until 1999. In June 2003, Mr. Moreno purchased the Anaheim Angels professional baseball team and currently serves as its President. As founder of The Moreno Family Foundation, Mr. Moreno is deeply involved with issues related to children and education and brings that passion to the Nelnet Board of Directors. Mr. Moreno serves on the Compensation Committee. Brian J. O'Connor – Director Brian J. O'Connor, 49, has been a member of Nelnet's Board of Directors since August 2003. In addition, in the past he served as a member of the Boards of Directors of Nelnet subsidiaries Nelnet Education Loan Funding, Inc., since 1998 and Nelnet Private Student Loan Corporation-I, since 2001. Mr. O'Connor brings a vast capital markets background to the board. He is currently Senior Vice President at Hutchinson, Shockey, Erley & Co., which underwrites and trades securities for various local governments in Arizona and the western United States. Previously, he held senior positions with Alden Capital Markets, Inc., Capital Markets Corporation, and Security Pacific Merchant Bank in Phoenix. Mr. O'Connor serves on the Audit Committee and the Nominating and Corporate Governance Committee, as well as on the Executive Committee. Michael D. Reardon – Director Michael D. Reardon, 51, has served as a member of the Board of Directors since December 2003 and previously served since 2001 as a Director for MELMAC, LLC, a Nelnet subsidiary. Mr. Reardon is currently the President and CEO of ProVision Communications, a telecommunications consulting firm. He continues his role as Chairman of Hyper Flo, a manufacturer of precision cleaning equipment, since 1997. Previously, he was the co-founder of Choice Cellular of Phoenix. Mr. Reardon is also the former Senior Vice President and Managing Director of Franchise Finance Corporation of America. Mr. Reardon"s entrepreneurial spirit, business acumen, and experience in technology and development are valuable additions to Nelnet. Mr. Reardon serves on the Audit, Compensation, and Nominating and Corporate Governance Committees. James H. Van Horn – Director James H. Van Horn, 52, has served as a member of Nelnet's Board of Directors since March 2001. Mr. Van Horn brings significant student loan industry experience to the Nelnet Board of Directors. His experience includes currently serving as President and Chief Executive Officer of InTuition Development Holdings, LLC. Previous to this position, Mr. Van Horn served as the Executive Director of Nelnet Loan Generation and President of InTuition, Inc. He has over 30 years of operational business experience. 12 Nelnet 2004 annual report fundamentals + values = growth

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