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Report of Independent Registered Public Accounting
Firm

Audit Committee, Board of
Directors and Stockholders 
Princeton National Bancorp, Inc.
Princeton, Illinois

We have audited the
accompanying consolidated balance sheets of Princeton National Bancorp, Inc. as
of December 31, 2008 and 2007, and the related consolidated statements of
income, stockholders equity and cash flows for each of the years in the
three-year period ended December 31, 2008. The Companys management is
responsible for these financial statements. Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in
accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. Our audits included examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and 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 Princeton National Bancorp, Inc.
as of December 31, 2008
and 2007, and the results of its operations and its cash flows for each of the
three years in the period ended December 31, 2008, in conformity with accounting
principles generally accepted in the United States of America.

We also have audited, in
accordance with the standards of the Public Company Accounting Oversight Board
(United States), Princeton National Bancorp, Inc.s internal control over
financial reporting as of December 31, 2008,
based on criteria established in Internal
Control-Integrated Frameworkissued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO) and our report dated March
9, 2009 expressed an unqualified opinion on the effectiveness of the Companys
internal control over financial reporting.

As discussed in Note 16, in
2008 the Company changed its
method of accounting for fair value measurements in accordance with Statement
of Financial Accounting Standards No. 157.

As discussed in Note 15, in
2008 the Company changed its method of accounting for split dollar life
insurance policies in accordance with Emerging Issues Task Force Issue No.
06-4.

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|-s- BKD, LLP      
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|Decatur,
 Illinois
|March 9, 2009     

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