2 0 0 7 A N N U A L R E P O R T

111 N. Washington Street / PO Box 23900 / Green Bay, WI 54305-3900 / 920-430-1400 / 1-800-369-0226

www.nicoletbank.com

BOB ATWELLChairman, President & CEONicolet Bankshares

M I S S I O N

WE ARE A RELATIONSHIP FOCUSED

ORGANIZATION DELIVERING

EXCEPTIONAL SERVICE THROUGHOUT

OUR COMMUNITY RESULTING IN

SUSTAINED VALUE CREATION FOR

CUSTOMERS AND SHAREHOLDERS.

LETTER TO O U R SHA REHO LDERS

MIKE & BOB

Dear Shareholders,

We are very pleased to report a strong year of progress in 2007. Total earnings increased

19.8% to $4.5MM. Earnings per share increased 20.5% to $1.53. Industry conditions

deteriorated significantly in the second half of 2007. Despite this softness our asset quality

remained strong, earnings increased nicely and we experienced strong growth in all three

business lines—commercial, retail and wealth management.

The industry issues which surfaced in mid-2007 have clearly intensified in early 2008.

The Federal Reserve cut rates 75 basis points in an emergency meeting on January 22nd and

quickly followed with another 50 basis points. This action immediately lowers our asset yield.

More importantly it reflects the depth of the central bank’s concern about economic conditions.

We are confident that we will continue to substantially outperform our industry, but we do

breathe the same air as our competitors. Soundness, profit and growth are the three priorities

of any healthy bank. In these conditions we will keep soundness our first priority. We do

expect that there will be extraordinary opportunity for profitable growth as these challenges

are resolved.

Our planning and our execution begin and end with you. When we effectively serve our

customers, our shareholders do well. These are times when it really matters to bank with a

strong, progressive bank. Many of our customers will experience extraordinary challenges

and opportunities this year. Because we have strong capital, strong earnings and good asset

quality, we can stay focused on our customers and our markets. We remain grateful for the

opportunity to serve. Thank you for your investment and for the business we do. We look

forward to growing together.

Bob Atwell Mike DanielsChairman, President & President & ChiefChief Executive Officer Operating OfficerNicolet Bankshares Nicolet National Bank

B O A R D O F D I R E C T O R S

Robert B. Atwell

Chairman, President & Chief Executive OfficerNicolet Bankshares

Michael E. Daniels

President & ChiefOperating OfficerNicolet National Bank

Daniel T. Ariens

President & CEOAriens Company

John N. Dykema

President & CEOCampbell Wrapper Corp.& Circle PackagingMachinery, Inc.

Gary L. Fairchild

President, OwnerYale Materials Handling

Michael F. Felhofer

OwnerCandleworks of DoorCounty, Inc.

Andrew F. Hetzel, Jr.

PresidentNational PackagingServices, Inc.

Donald J. Long, Jr.

Owner & CEOCentury Drill & Tool Co., Inc.

Benjamin J. Meeuwsen

President, OwnerFourinox, Inc.

Susan L. Merkatoris

Certified PublicAccountant

Wade T. Micoley

OwnerMicoley & Co. Realty

Ronald C. Miller

Retired OwnerFour Corporation

Sandra A. Renard

President, OwnerRenco Machine Co., Inc.

Robert J. Weyers

OwnerCommercial Horizons, Inc.

Wendell E. Ellsworth

Advisory DirectorFormer Owner & CEOAlgoma Hardwoods, Inc.

Deanna L. Favre

Advisory DirectorCEOFavre FourwardFoundationHOPE Foundation

James M. Halron

Advisory DirectorCo-OwnerHalron Lubricants, Inc.

Terrence J. Lemerond

Advisory DirectorPresident, OwnerEuro Pharma, Inc.Terry Naturally

Philip J. Hendrickson

Advisory DirectorRetired Chairman, CEO& PresidentKI Krueger International

Eugene C. Sit

Advisory DirectorChairman & CEOSit Investment Associates

Bob Atwell

Chairman, PresidentChief Executive Officer

Mike Daniels

Executive Vice PresidentSecretary

Jacqui Engebos

Vice PresidentChief Financial Officer

NICOLET BANKSHARES INC. OFFICERS

NICOLET NATIONAL BANK OFFICERS

Stephen AlbersSenior Vice PresidentTrust and InvestmentManagement

Robert AtwellChairmanChief Executive Officer

Jo BenoVice PresidentPrivate Banking

Jon BisknerAssistant Vice PresidentInformation Technology

Sharla BorgVice PresidentOperations/IT Manager

Lynn CaelwaertsExecutive AdministrativeAssistant

Jeanie DanielakTrust Officer

Michael DanielsPresidentChief Operating Officer

Charles DolskyVice PresidentEmployee BenefitsManager

Jacqui EngebosVice PresidentChief Financial Officer

Jean FranzenVice PresidentOffice Manager

Deborah FrederiksenAssistant Vice PresidentAssistant Office Manager

Jeff GahnzVice President Marketing, PublicRelations

Brad HutjensCommercial Banker

Peggy JenkinsAssistant Vice PresidentOffice Manager

Nancy JohnshoyVice PresidentSenior Market Manager

Scott KingSenior Vice PresidentCommercial BankingManager

Karen LampereurVice PresidentOffice Manager

Katherine LombardiHuman ResourcesDirector

David MaguireVice PresidentTrust Officer

Gerald Mortell IIISenior Vice PresidentPrivate Banking

Anita ReschVice PresidentTrust Officer

Daniel Reynolds, Jr.Vice PresidentTrust Operations andCompliance Manager

Dawn RostAssistant Vice PresidentController

Kathy Simon-KasteinEmployee Benefits TrustOfficer

Eric SiudzinskiVice PresidentCommercial Banker

Eric TrousilVice PresidentTrust Officer

Kirk UslabarAssistant Vice PresidentSr. Credit Analyst/Compliance Officer

Michael Van ErmenVice PresidentRetail Banker

Michael VogelVice PresidentCommercial Banker

Peter WarmenhovenVice PresidentCredit AdministrationManager

Eric WitczakSenior Vice PresidentRetail Banking Manager

Timothy ZeskeCommunity MarketPresident

C O M M E R C I A L B A N K I N G

Scott King – Senior Vice President, Commercial Banking Manager [ 920-617-5313 ]Eric Siudzinski – Vice President, Commercial Banker [ 920-430-7339 ]Mike Vogel – Vice President, Commercial Banker [ 920-430-7348 ]Brad Hutjens – Commercial Banker [ 920-617-5335 ]Jerry Mortell – Senior Vice President, Private Banking [ 920-617-5323 ]Tim Zeske – Community Market President, Marinette/Menominee [ 715-732-2698 ]

NICOLET TEAM MEMBERS:

SCOTT KINGSenior VP, Commercial Banking Manager

JO BENOVice President, Private Banking

JAMES MCGINNITYPresident & Chief Executive Officer

JAMES MCGINNITYPresident & Chief Executive Officer

GREG ARCHAMBAULTVice President, Sales & Marketing

TIM ZESKECommunity Market President

BRIAN HESPRICHController

“It’s the ease of working with Nicolet, the professional nature of the bank.”

“I don’t look over their shoulders. I trust them.”

CLIENT: FOX RIVER FIBER

Commercial Banking can be complex. Understanding financial markets, business pressures,

economic events and forces outside of our control can be daunting. But the process of

how our commercial bank runs is pretty simple. It can be summed up in the following

few phrases:

Focus on the client first

Hire good people and make them accountable

Give clients and employees the tools to be successful

At Nicolet Bank, we’ve been obsessive in our simplicity when it comes to commercial banking.

All banking decisions are made locally. No customer service centers in remote parts of the

country. No unfamiliar banking representatives. No phone bank. We hire people who want

to be accountable for helping their clients succeed. People who get to know their client’s

business as well as ours. People who know the value of trusting relationships.

It’s all part of the reason why we’ve been one of the fastest growing banks in the history of

the state. Good people, building trusting relationships. Seems simple doesn’t it?

R E TA I L B A N K I N G

Eric Witczak – Senior Vice President, Retail Banking Manager – 920-430-7328Mike Van Ermen – Vice President, Retail Banker – 920-617-5324Scott Jacobson – Retail Banker – 920-617-5368Jo Beno – Vice President, Private Banking – 920-617-5370

NICOLET TEAM MEMBERS:

“We know that our questions will be answeredquickly, by someone who can make decisions.”

“We want people to look outfor us, and Nicolet does that.”

CLIENTS: REBECCA AND ERIC VAN MILLER

Why do we treat every customer like they are our best customer? Because at Nicolet

Bank, they are. We know that there are many banking options available to choose from.

Every day, we work hard to build trust and earn your business.

Take a look at how we deal with “special rate” offers. We don’t have any. If you read the

fine print, often these specials are for new-money-to-the-bank only. Why would you treat

your new customers better than you treat your current customers?! We don’t believe that

makes any sense. We offer market rates to all of our customers, all the time.

Market rates to all customers. Not working on commissions. Offering trustworthy, honest

advice. Proactively calling when better financial options become available. These are just a

few ways to show that our focus is on our client’s needs.

Think switching banks is too difficult? Think again. Our experienced bankers will do whatever

they can to make the switch convenient and stress-free. The time has come to experience

the Nicolet difference.

REBECCA VAN MILLERDentist, MAC Dental

ERIC VAN MILLERDentist, Park-West Pediatric Dental

ERIC WITCZAKSenior VP, Retail Banking Manager

P R I VAT E B A N K I N G

Jerry Mortell – Senior Vice President, Private Banking [ 920-617-5323 ]Jo Beno – Vice President, Private Banking [ 920-617-5370 ]

NICOLET TEAM MEMBERS:

While it may have its place in business, bigger is not always better.

That’s a belief that resonates among our Private Bankers and our clients alike. Our Private

Bankers embrace a focused, intimate approach to banking , delivering on what our customers

want most—Responsiveness. Responsibility. Relationships.

Our Private Bankers are empowered to make decisions. As a matter-of-fact, all decisions are

made locally. Clients can pick up the phone and get answers quickly. If being responsive

requires a drive to the customer’s home after hours to refinance a mortgage, we’ll be there.

If it means sharing a home phone number so clients can reach us for an important conversation,

so be it. At Nicolet Bank, we realize that relationships extend beyond 8 to 5.

As important, our Private Bankers take accountability for understanding the complete financial

picture of a client. We Ask, We Advise, We never Assume. It’s this connection that our clients

trust when they have banking decisions that are, at their root, life decisions.

No matter what the need, our clients are confident that someone always has their best interests

at heart—a Nicolet Private Banker.

“I would recommend Nicolet,and I have already.”

“I believe they have my best interestsin mind.”

CLIENT: BRIAN HESPRICH

JO BENOVice President, Private Banking

BRIAN HESPRICHController, Fox River Fiber

TRUST & INVESTMENT MANAGEMENT

Stephen Albers – Senior Vice President [ 715-732-2695 ]Jeanie Danielak – Trust Officer [ 715-735-6613 ]Nancy Johnshoy – Vice President, Senior Market Manager [ 920-224-1401 ]David Maguire – Vice President, Trust Officer [ 715-732-2661 ]Anita Resch – Vice President, Trust Officer [ 920-617-5569 ] Jason Smerchek – Trust Account Manager [ 715-732-3582 ]Eric Trousil – Vice President, Trust Officer [ 920-224-1402 ]

NICOLET TEAM MEMBERS:

At Nicolet Bank, our Trust and Investment Management team is designed to match the

individual needs of our clients. At the heart of every decision is the recognition that each

client’s financial situation deserves customized solutions.

In today’s marketplace, the investment choices can seem overwhelming. At Nicolet, we bring

the expertise of Wall Street to our clients by partnering with industry leaders to provide

investment resources. We couple that with our talented local professionals who average

18 years of industry-related experience.

Relationships are the foundation of Nicolet, and trust is the foundation of each relationship.

We earn that trust by offering our clients personalized service, extensive experience and

knowledge, solid performance and no conflicts of interest. No conflicts means no proprietary

funds, no hidden fees and no incentives to focus on anything but the client.

Whether you want to live a dream or leave a legacy, we can help.

“I want to work with someone who has the resourcesand ability to get things done.”

“To trust someone is the mostimportant part.”

CLIENT: SHERRY DONOVAN-AHLMAN

SHERRY DONOVAN-AHLMAN

NANCY JOHNSHOYVice President, Senior Market Manager

R E T I R E M E N T P L A N S E R V I C E S

Chuck Dolsky – Vice President, Employee Benefits Manager [ 920-617-5331 ]Kathy Simon-Kastein – Employee Benefits Trust Officer [ 715-421-2210 ]Dan Reynolds – Vice President, Trust Operations and Compliance Manager [ 920-617-5361 ]

NICOLET TEAM MEMBERS:

“We value their opinion.” Hearing this from one of our clients brings a smile to our face.

It means that we are succeeding at our ultimate goal—creating value for our clients.

It is our commitment to provide valued solutions, through investments, employee assistance

and fiduciary services. These solutions are provided with a focus that is unfiltered by

commissions. Unfiltered by external sales promotions. Completely focused on performance

for the client.

Every day, we work hard to be the information source creating positive results and peace of

mind for our clients. “Working with Nicolet National Bank on our retirement plan has not

only helped us in reaching our goals, but also to feel good about how we are doing this.”

Music to our ears.

“We out-small the bigs and out-big the smalls, just like Nicolet.”

“Chuck is not here to sell us a product,he’s here to help GNC.”

CLIENT: GREAT NORTHERN CORPORATION

TERRY ABRAHAMChief Financial Officer

CHUCK DOLSKYVice President, Employee Benefits Manager

BRIAN DIERMEIERDirector of Human Resources

N I C O L E T F I N A N C I A L S E R V I C E S

NICOLET TEAM MEMBERS:

COREY SHERFFinancial Consultant

LAURA BILOTTIDirector of Junior Achievement

“I like that Corey doesn’t workon commissions.”

“I am getting advice that is inmy best interests.”

There aren’t many places you can turn to nowadays for unbiased advice. However, clients at

Nicolet National Bank can count on just that when they work with our dedicated financial consultant.

Perhaps the most telling factor in how unbiased Nicolet is can be seen in our commission

policy. Or should we say lack thereof. We don’t work on commissions. Our clients quickly

realize that our consultant makes recommendations in their best interests, not his own.

That sounds so elementary, but it’s not the norm in financial services.

Our approach to commissions is just one of the reasons our clients find us—and financial

planning—approachable, rather than intimidating or overwhelming. Because we are allowed

to focus on the client first, we are able to listen without bias. We are able to hear dreams

and ideas, rather than think about our dollars. We are able to build honest relationships,

not superficial ones.

Whether you are a seasoned or new investor, we can help you to reach your financial goals.

No surprises. Transparency. Unbiased Advice. It just seems to make sense.

Corey Sherf is a Registered Representative of INVEST Financial Corporation (INVEST), memberFINRA, SIPC, a registered broker dealer and registered investment adviser, is not affiliatedwith Nicolet Financial Services and/or Nicolet National Bank. Securities, advisory services andinsurance products are offered through INVEST and affiliated insurance agencies and are:

NOT FDIC INSURED May lose value No Bank Guarantee

Laura’s testimony may not be representative of experience of other clients and is not beingcompensated for her testimony. Testimonial is not indicative of future performance or success.

Corey Sherf – Financial Consultant [ 920-430-7347 ]Ann Kasten – Investment Operations Manager [ 920-617-5302 ]

C O M M U N I T YB R A N C H O F F I C E S

From the beginning, Nicolet Bank had one priority. Grow and expand around good people,

not physical location. After all, the building is the easy part. We’ve been told that our employees

are more recognizable than our buildings. Perfect.

Our goal has never been to be the biggest, only the best. We don’t believe bigger means more

convenient. We would rather define convenience as smart, experienced bankers who can make

decisions rather than defining convenience as an address. Do you really have time to wait for a

committee, or would you like an answer immediately? Here are pictures of our locations, so you

can get to know them as well as our people.

APPLETON, WI

Nancy Johnshoy

Vice President,Senior Market Manager[ 920-224-1401 ]

GREEN BAY, WI

Eric Witczak

Senior Vice President,Retail Banking Manager[ 920-430-7328 ]

CRIVITZ, WI

Jean Franzen

Vice President,Manager[ 715-854-7413 ]

DE PERE, WI

Karen Lampereur

Vice President,Manager[ 920-425-1415 ]

MARINETTE, WI

Tim Zeske

Community Market President,[ 715-732-2698 ]

Debbie Frederiksen

Assistant Vice President[ 715-735-6615 ]

MENOMINEE, MI

Tim Zeske

Community Market President,[ 715-732-2698 ]

Peggy Jenkins

Assistant Vice President, Manager[ 908-863-8863 ]

COMMUNITY INVOLVEMENT

Nicolet Board of Directorsmember Deanna Favre talks tothe audience during a recentbanking conference.

A Miracle League slugger gets a lesson fromNicolet employee Jon Biskner.

A humbling award for a verydeserving cause.

American Cancer Society

Boys & Girls Club of Green Bay

Brett Favre Fourward Foundation

Brian LaViolette Scholarship Foundation

Cerebral Palsy Inc.

Deanna Favre HOPE Foundation

Green Bay Area Chamber of Commerce

M&M Community Foundation

Mayor's Neighborhood Leadership Council

Menominee Business Development Corp.

Meyer Theater

Miracle League of Green Bay

N.E.W. Curative Rehabilitation

Neighborhood Housing Services

NEW Community Shelter

New North Inc.

Teeth, Healthy Kids

St Mary's Hospital Medical Center

St. Norbert College Athletics

The Salvation Army – Kroc Center

Syble Hopp Programs

Titletown Bike Tour

Unity Hospice

UWGB Athletic Center

UWGB Founders Association

YMCA

YWCA

…and many others.

Nicolet is a contributing partner to the following organizations:

A C C O U N TA N T ’ S L E T T E RF I N A N C I A L H I G H L I G H T S

Chart data represents figures in millions

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

To the Stockholders and Board of Directors

Nicolet Bankshares, Inc.

Green Bay, Wisconsin

We have audited the accompanying consolidated balance sheets of Nicolet Bankshares, Inc. and

subsidiaries as of December 31, 2007 and 2006 and the related consolidated statements of income,

changes in stockholders’ equity, and cash flows for each of the three years in the period ended

December 31, 2007. These financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States

of America. Those standards require that we plan and perform the audit to obtain reasonable assurance

about whether the consolidated financial statements are free of material misstatement. An audit includes

examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial

statements. An audit also includes assessing the accounting principles used and significant estimates

made by management, as well as evaluating the overall financial statement presentation. We believe

that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material

respects, the financial position of Nicolet Bankshares, Inc. and subsidiaries as of December 31, 2007

and 2006, and the results of their operations and their cash flows for each of the three years in the

period ended December 31, 2007 in conformity with accounting principles generally accepted in the

United States of America.

Atlanta, Georgia

March 14, 2008

C E R T I F I E D P U B L I C A C C O U N T A N T S

Total Assets Total Loans Total Deposits Net Income Non-InterestRevenue

2000 $44,731,285 $25,581,806 $27,196,659 ($1,182,175) $3,4252001 171,612,404 126,467,874 150,066,195 70,186 673,1522002 250,005,385 215,390,807 206,731,332 58,248 1,575,3442003 337,394,748 263,593,863 289,079,762 977,969 3,198,2132004 389,902,885 312,113,685 332,804,934 1,347,204 3,467,6382005 470,517,140 347,274,820 408,018,302 3,021,038 4,423,1332006 514,464,060 396,795,780 389,915,003 3,797,684 5,006,3032007 561,555,651 446,122,255 450,921,396 4,547,457 6,311,831

600

500

400

300

200

100

TOTAL ASSETS

50045040035030025020015010050

TOTAL LOANS

50045040035030025020015010050

TOTAL DEPOSITS

‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07

‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07

4.64.44.24.03.83.63.43.23.02.82.62.42.22.01.81.61.41.21.00.80.60.40.2

-0.2-0.4-0.6-0.8-1.0-1.2

NET INCOME

650060005500500045004000350030002500200015001000500

NON-INTEREST REVENUE

OTHER REVENUE

SECONDARY MARKET MORTGAGE REVENUE

ASSET MANAGEMENT REVENUE

in thousands

CONSOLIDATED INCOME STATEMENTCONSOLIDATED BALANCE SHEET

2007 2006

Assets

Cash and due from banks $15,173,674 $11,965,208

Interest-bearing deposits 4,779,845 659,040

Federal funds sold 279,000 -

Cash and cash equivalents 20,232,519 12,624,248

Securities available for sale 55,755,635 67,119,435

Other investments 4,868,480 3,489,800

Loans held for sale 3,765,340 5,151,500

Loans, net 436,974,172 386,690,506

Premises and equipment, net 20,875,314 21,430,929

Bank owned life insurance 11,913,544 11,327,624

Accrued interest receivable and other assets 7,169,647 6,630,018

$561,554,651 $514,464,060

Liabilities and Stockholders' Equity

Liabilities:

Deposits:

Demand $54,010,412 $49,206,638

Money market and NOW accounts 113,071,199 82,350,014

Savings 7,220,779 6,716,997

Time 276,619,006 251,641,354

Total deposits 450,921,396 389,915,003

Federal funds purchased - 28,193,000

Securities sold under agreements to repurchase 18,727,013 18,441,274

Notes payable 41,242,434 27,341,220

Junior subordinated debentures 6,185,568 6,185,568

Accrued interest payable and other liabilities 5,272,423 4,025,419

Total liabilities 522,348,834 474,101,484

Minority interest in joint venture 11,896 67,314

Commitments and Contingencies

Stockholders' Equity:

Common stock, $0.01 par value, 30,000,000 shares

authorized; 2,995,000 and 3,021,473 shares issued 29,550 30,215

Additional paid-in capital 28,864,487 32,629,577

Treasury stock, at cost (105,700 and 7,500 shares) (2,424,200) (165,000)

Retained earnings 12,637,611 8,090,154

Accumulated comprehensive income (loss) 86,473 (289,684)

Total stockholders' equity 39,193,921 40,295,262

$561,554,651 $514,464,060

2007 2006 2005Interest income:Loans, including loan fees $33,797,548 $27,880,391 $22,016,836 Investment securities:

Taxable 1,050,736 931,875 907,714 Non-taxable 1,074,158 774,254 419,268 Other investments 78,752 82,887 91,086

Federal funds sold 380,357 333,930 643,735 Other interest income 81,824 56,895 33,787 Total interest income 36,463,375 30,060,232 24,112,426 Interest expense:Money market and NOW accounts 3,599,021 2,912,616 1,644,616 Savings and time deposits 13,571,447 11,161,575 9,037,899 Fed funds purchased 362,763 322,710 7,067 Securities sold under agreements to repurchase 481,085 396,170 89,483 Junior subordinated debentures 501,718 501,718 501,718 Notes payable 1,713,521 928,049 332,948 Other - 1,277 776 Total interest expense 20,229,555 16,224,115 11,614,507 Net interest income 16,233,820 13,836,117 12,497,919 Provision for loan losses 1,160,000 840,000 1,680,000 Net interest income after provision for loan losses 15,073,820 12,996,117 10,817,919 Other income:Service charges on deposit accounts 515,706 440,879 421,292 Fees from trust services 3,082,361 2,403,072 1,726,964 Mortgage fee income 986,892 788,524 1,083,441 Brokerage fee income 183,724 190,051 322,710 Gain (loss) on sales of assets, net (246,983) (27,258) 78,988 Bank owned life insurance income 585,920 475,231 397,124 Rent income 1,005,960 571,237 - Other 198,251 164,567 392,614 Total other income 6,311,831 5,006,303 4,423,133 Other expenses:Salaries and employee benefits 8,025,301 6,545,057 5,940,218 Occupancy and equipment 3,092,042 2,392,827 1,472,750 Business development 1,091,289 1,004,872 879,037 Data processing 952,600 840,522 805,657 Other operating 1,651,834 1,729,475 1,615,882 Total other expenses 14,813,066 12,512,753 10,713,544 Minority interest in joint venture loss (80,418) (325,038) (107,647)Income before income tax expense 6,653,003 5,814,705 4,635,155 Income tax expense 2,105,546 2,017,021 1,614,117 Net income $4,547,457 $3,797,684 $3,021,038 Net earnings per share $1.53 $1.27 $1.04 Diluted earnings per share $1.41 $1.20 $0.98 Weighted average shares outstanding 2,970,466 2,980,422 2,913,267

Nicolet Bankshares, Inc. and Subsidiaries (December 31, 2007 and 2006) Nicolet Bankshares, Inc. and Subsidiaries (Years ended December 31, 2007, 2006 and 2005)

MIKE DANIELSPresident & Chief Operating OfficerNicolet National Bank

S H A R E H O L D E R I N F O R M AT I O N

Annual Meeting

Shareholders’ Meeting

Tuesday, May 6, 2008

Meyer Theatre

117 South Washington Street

Green Bay, Wisconsin 54301

Independent Auditor

Porter Keadle Moore, LLP

235 Peachtree Street , NE

Suite 1800

Atlanta, Georgia 30303

Legal Counsel

Godfrey & Kahn, S.C.

780 North Water Street

Milwaukee, Wisconsin 53202-3590

Transfer Agent

Computershare

2 North La Salle Street

Chicago, Illinois 60602