Annual Shareholder Meeting May 13 2019 Robert Atwell

Annual Shareholder Meeting May 13, 2019

Robert Atwell Chairman, President & CEO Nicolet Bankshares, Inc.

Introductions Legal Counsel – Bryan Cave LLP • Rob Klingler • Kevin Strachan Independent Accountants – Porter Keadle Moore, LLC • Phil Moore 3

Senior Management Team Name Role Age Years with Nicolet Founder, Chairman, President & CEO 61 19 Mike Daniels Founder, President & CEO, NNB 54 19 Ann Lawson Chief Financial Officer 58 10 Eric Witczak Executive Vice President 48 19 Brad Hutjens EVP, Chief Credit Officer, Risk Manager 38 16 Mike Vogel SVP, Commercial Banking 51 16 PJ Madson SVP, Wealth Management 39 3 Mike Steppe SVP, Chief Investment Officer 60 11 Chris Dimmer SVP, Retail & Private Banking Manager 46 1 Kate Lombardi VP, Human Resources 52 15 VP, IT Manager 48 19 VP, Operations Manager 45 7 Corporate Development Officer 41 4 Bob Atwell Jon Biskner Kristi Hansen Eric Radzak

Business Portion of Meeting • Call Meeting to Order • Purpose of Meeting – Election of Directors – Ratify the appointment of independent accounting firm for the annual audit of 2019 – Approve share amendment to Nicolet Bankshares, Inc. 2011 Long-Term Incentive Plan – Advisory vote on named executive officer compensation – Advisory vote on frequency of the compensation advisory vote • Quorum • Approve Minutes from May 8, 2018 Meeting 5

Board of Directors Robert B. Atwell Rachel Campos-Duffy Michael E. Daniels John N. Dykema Terrence R. Fulwiler Christopher J. Ghidorzi Andrew F. Hetzel, Jr. 6 Donald “DJ” Long, Jr. Dustin J. Mc. Clone Susan L. Merkatoris Randy J. Rose Oliver Pierce Smith Robert J. Weyers

Director Changes With sincere appreciation for the service of Bob, Tom, and Mike, who have served as Directors since 2016, and prior to that as directors or executives of predecessor bank, Baylake. Bob Agnew Tom Herlache Welcoming new director Rachel Campos-Duffy 7 Mike Gilson

Business Portion (continued) • Election of Directors • Ratification of Porter Keadle Moore, LLC for the 2019 year • Amendment to 2011 Long-Term Incentive Plan • Advisory Vote on NEO Compensation • Advisory Vote on frequency of the compensation advisory vote • Adjourn Business Portion of Meeting 8

Remaining Agenda • Financial Overview Ann Lawson, CFO • Perspectives on our Markets Bob Atwell, Chairman, President, and CEO of Nicolet Bankshares • Q&A Mike Daniels, President and CEO of Nicolet National Bank 9

Financial Overview Ann Lawson – Chief Financial Officer 2018 Financial Results 1 st Quarter 2019 Results

Forward Looking Statements “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995. This presentation contains forward-looking statements within the meaning of federal securities law. Such statements that are not strictly historical are forward-looking and based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as “will, ” “expect, ” “believe, ” “prospects” or other words of similar meaning, involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statement made herein. These risks and uncertainties include, but are not limited to, general economic trends and changes in interest rates, increased competition, regulatory or legislative developments affecting the financial industry generally or Nicolet specifically, the interpretations of tax legislation, changes in consumer demand for financial services, the possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations and market disruptions. Nicolet Bankshares, Inc. undertakes no obligation to release revisions to these forward-looking statements publicly to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission. 11

Return on Average Assets 12 Return on Average Tangible Common Equity

Total Assets Total Deposits Total Loans 6% 6% 4% 13 Note: $ in billions

Nonperforming Assets as a % of Total Assets Nicolet vs. Wisconsin Banks vs. Midwest Banks with assets between $750 million and $3. 0 billion 14 Note: Peer groups include aggregate NPAs as a percentage of aggregate assets Source: S&P Global Market Intelligence

Equity & Regulatory Capital Ratios $387 million Total Equity at December 31, 2018 15 “Well capitalized” minimum regulatory capital levels noted by black dotted lines in the graph above.

Net Income 24% 16 Note: $ in millions Diluted Earnings per Share 24%

2018 Revenues = $146 million (10% increase over 2017) 34% Trust & Brokerage 14% Higher Average Interest Earning Assets at a 4. 04% Net Interest Margin Net Interest Income; 73% Noninterest Income; 27% Deposit Service Charges & Interchange 16% Mortgage, net 23% Other 17

Where $1 of our Revenue goes $0. 62 in Expenses ($0. 34 personnel) 18 $0. 09 in Taxes $0. 01 for Loan Loss Provisions $0. 28 in Net Income

Stock Performance $ 65. 00 11% decrease between Year End 2017 and 2018 26% increase since January 1, 2019 $ 60. 00 $61. 55 @ 5/7/19 $ 55. 00 $54. 74 @ 1/1/2018 $ 50. 00 $48. 80 @ 12/31/18 $ 45. 00 19 Note: Closing prices shown for January 1, 2018 to May 7, 2019 Source: S&P Global Market Intelligence M ay -1 9 9 r-1 Ap 9 -1 M ar 19 b. Fe 19 n. Ja 18 c. De 18 v. No 8 -1 Oc t 18 p. Se 18 g. Au 8 l-1 Ju 18 n. Ju ay -1 8 8 M r-1 Ap 8 -1 M ar 18 b. Fe Ja n- 18 $ 40. 00

2018 Summary • Solid growth in loans and deposits • Capital and asset quality remain strong • Core revenue growth with improving diversity • Focus on operating efficiencies • High performer 20

First Quarter 2019 • Net income of $10. 3 million – 7% over 1 Q 18 • Earnings per share of $1. 05 - 12% over 1 Q 18 • 1. 37% ROA and 15. 59% ROTCE (annualized) • 26% increase in the share price year-to-date • Total assets $3. 0 billion, Deposits $2. 5 billion and Loans $2. 2 billion • 103, 000 shares repurchased at an average price of $54. 56 21

Perspectives on our Markets Bob Atwell – Chairman, President & CEO

• Economic Outlook • Impact on our Local Markets • Future of Community Banking • Nicolet’s Future 23

Nicolet Then and Now Nicolet Then • $18. 4 million in capital raised in November 2000 • Founded by a group of Green Bay bankers that thought they could do banking better • Focus was on loan generation Nicolet Now • $3. 1 billion in total assets (3 rd largest in Wisconsin) • 38 branch locations throughout Northern Wisconsin • $575 million market capitalization • Member of the Russell 2000 index • Never have completed a traditional IPO or public capital raise 24

Our Mission to Live the “Three Circles” We know that we exist to serve our customers and that our presence makes a real difference in the community Customers Employees Shareholders 25 The purpose of our organization is to serve the customer

Continued History of Superior Returns Source: S&P Global Market Intelligence; As of May 7, 2019

2018 Accolades for Financial Performance • Ranked #19 on S&P Global’s “Best Performing Community Banks of 2018” with $3 billion to $10 billion in assets • Recipient of the “ 2018 Raymond James Bankers Cup” for financial performance (back to back years) 27

Economic Growth Remains Strong In July 2019, we will have seen the longest economic recovery on record… 106 Months 92 Months 120 Months 28 119+ Months

Wisconsin’s Labor Market Remains Tight Source: University of Madison’s Center for Research On the Wisconsin Economy (CROWE) 29

And our Population is Aging 32% 30% 28% 26% 24% 22% 20% 30 Source: University of Madison’s Center for Research On the Wisconsin Economy (CROWE)

And Aging even more so in our Rural Markets Source: Claritas / S&P Global Market Intelligence 31

Migration Remains a Significant Challenge Source: Applied Population Lab at UW-Madison (http: //netmigration. wisc. edu) 32

How Can We Take Action • Tell politicians and economic development professionals to stop talking about job creation • Take real stock of the lifestyle reasons people choose to live and work here • Give people opportunities to be more productive and better compensated • Get our fair share from Madison 33

Future of Community Banking • Loss of Deposit Market Share • Need for Efficiency • Consolidation will Continue 34

And Big just Keeps Getting Bigger 1998 Deposit Market Share 2018 Big 4 Banks (JPMorgan Chase, Bank of America, Wells Fargo, Citibank) Regional Banks (Over $10 billion in Assets) Community Banks (Less than $10 billion in Assets) 35 Source: S&P Global Market Intelligence

Why Consolidation? • Capital Subsidy • Deposit Subsidy • Leadership Deficit • And of course…… 36

The Solution…. Nicolet has, and will continue to invest in the communities it serves: • We employ more than 580 people that live in our communities • Almost 30, 000 volunteer hours by Nicolet employees in 2018 • More than $1. 4 million in donations given to over 500 local non-profit organizations in 2018 to the communities we serve • Continued investment in our branches, including a brand new location in Rhinelander in 2018, a new branch opening in summer 2019 in Sturgeon Bay, and more plans on the way • We lend and take deposits in our own communities. Over 93% of deposits and 92% of loans we make come from local communities in Northeast and Northcentral Wisconsin “We know we exist to serve our customers and that our presence makes a real difference in the community” 37 Source: Internal company reports; donations include those made directly by Nicolet National Bank and by the Nicolet Foundation, which includes employee donations

An Example of Living the Three Circles Source: FDIC / S&P Global Market Intelligence; data as of year-end 2008 and 2010 “Blue Bank” was acquired by BMO Harris Bank in 2011 38

Long Term Strategy “Be a profitably focused bank doubling in size over 5 years through targeted acquisition growth and smart organic growth across all our revenue lines, while remaining committed to share price return and active supportive capital management. ” How do we get there? 39 1) Organic loan growth Target mid-single digits in core markets 2) Wealth management revenue growth Continued investment, strategic hires, and improved margins with additional scale 3) Capital management and efficiencies Primarily through share buybacks and growth opportunities 4) Strategic M&A Continue to look for fill-in and market expansion opportunities that are earnings accretive, allow for “lead local” positioning, and are of a relevant size 5) Investment in Innovation Supports each of the above through new product offerings, greater engagement between customers and employees, and being a leader among community banks in Wisconsin

Q&A Bob Atwell – Chairman, President & CEO Mike Daniels – Bank President & CEO Ann Lawson – Chief Financial Officer 40