Cabela's Announces the Closing of $500 Million Securitization.

SIDNEY, Neb. -- Cabela's Incorporated (NYSE: CAB), the World's Foremost Outfitter[R] of hunting, fishing and outdoor gear, announced today that Cabela's Credit Card Master Note Trust successfully completed the sale of $500 million in Asset-Backed Notes, Series 2008-I.

The securitization transaction included the issuance of six classes of notes:

* $202,650,000 of Class A-1 Notes, which accrue interest at a fixed rate of 4.31% per year;

* $229,850,000 of Class A-2 Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 0.85% per year;

* $29,000,000 of Class B-1 Notes, which accrue interest at a fixed rate of 5.24% per year;

* $6,000,000 of Class B-2 Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 1.80% per year;

* $21,250,000 of Class C-2 Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 2.75% per year; and

* $11,250,000 of Class D Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 6.00% per year.

In connection with the securitization transaction, the note trust entered into an interest rate swap with a notional amount equal to the Class A-2 Note principal balance and a fixed interest rate of 4.322%. Each class of notes has an expected life of approximately three years, with a legal maturity of approximately six years.

This securitization refinances an existing $300 million securitization that matured January 2008 with a fixed interest rate of 3.933%, with the remainder funding continued growth of World's Foremost Bank's credit card portfolio.

"We are very pleased to have completed this securitization," said Joe Friebe, President and Chief Executive Officer of World's Foremost Bank. "Despite recent turmoil in the credit markets, we were able to receive very favorable terms for World's Foremost Bank. Based upon the demand for the notes, we were able to upsize the transaction by $50 million. We believe this demonstrates the confidence investors have in the high-quality portfolio World's Foremost Bank has generated with the Cabela's CLUB Visa card."

This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The notes have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.

About Cabela's Incorporated

Cabela's Incorporated, headquartered in Sidney, Nebraska, is the world's largest direct marketer, and a leading specialty retailer, of hunting, fishing, camping and related outdoor merchandise. Since the Company's founding in 1961, Cabela's[R] has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World's Foremost Outfitter[R]. Through Cabela's well-established direct business and its growing number of retail stores, it offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela's also issues the Cabela's CLUB[R] Visa credit card, which serves as its primary customer loyalty rewards program.

Caution Concerning Forward-Looking Statements 

Statements in this press release that are not historical or current fact are "forward-looking statements" that are based on the Company's beliefs, assumptions and expectations of future events, taking into account the information currently available to the Company. Such forward-looking statements include, but are not limited to, the Company's statement regarding the continued growth of World's Foremost Bank's credit card portfolio. Forward-looking statements involve risks and uncertainties that may cause the Company's actual results, performance or financial condition to differ materially from the expectations of future results, performance or financial condition that the Company expresses or implies in any forward-looking statements. These risks and uncertainties include, but are not limited to: the ability to negotiate favorable purchase, lease and/or economic development arrangements for new retail store locations; expansion into new markets; market saturation due to new retail store openings; the acceleration of new retail store openings; the rate of growth of general and administrative expenses associated with building a strengthened corporate infrastructure to support the Company's growth initiatives; increasing competition in the outdoor segment of the sporting goods industry; the cost of the Company's products; supply and delivery shortages or interruptions caused by system changes or other factors; adverse weather conditions; unseasonal weather conditions which impact the demand for the Company's products; fluctuations in operating results; adverse economic conditions causing a decline in discretionary consumer spending; the cost of fuel increasing; delays in road construction and/or traffic planning around the Company's new retail stores; road construction around the Company's existing retail stores; labor shortages or increased labor costs; changes in consumer preferences and demographic trends; increased government regulation; inadequate protection of the Company's intellectual property; decreased interchange fees received by the Company's financial services business as a result of credit card industry litigation; other factors that the Company may not have currently identified or quantified; and other risks, relevant factors and uncertainties identified in the Company's filings with the SEC (including the information set forth in the "Risk Factors" section of the Company's Form 10-K for the fiscal year ended December 30, 2006, and Form 10-Q for the fiscal quarter ended March 31, 2007), which filings are available at the Company's website at www.cabelas.com and the SEC's website at www.sec.gov. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. The Company's forward-looking statements speak only as of the date they are made. Other than as required by law, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.