Cabela's Inc. Receives $53 Million From Refinancing of Economic Development Bonds Surrounding Wheeling, West Virginia Location.

SIDNEY, Neb. -- Cabela's Incorporated (NYSE: CAB), the World's Foremost Outfitter(R) of hunting, fishing, and outdoor gear, announced the refinancing of a portion of its economic development bonds related to the Company's Wheeling, West Virginia location. As a result, the Company has received roughly $53 million dollars from the retirement of certain of those bonds.

Cabela's uses a multi-channel retailing model to offer the widest and most distinctive selection of high quality outdoor products in the outdoor recreation market. An important part of our multi-channel strategy is our destination retail stores. These exciting destination retail stores are tourist destinations that introduce new customers to our brand and reinforce our outdoor lifestyle image with existing customers.

Due to their tourist destination attributes, part of our strategy is to negotiate economic development arrangements with local and state governments in connection with the development of our destination retail stores. Frequently, these economic development arrangements result in Cabela's owning economic development bonds which represent the present value of the future taxes generated by our store or a district around our store. Monetizing these economic development bonds will enhance the individual store return as well as provide cash for future store locations.

Cabela's views the monetization of the economic development bonds in Wheeling as an important validation of our strategy. It proves that Cabela's can monetize these bonds for their carrying value and recycle this cash into future store locations.

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 destination 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 statements regarding the receipt of future economic development incentives, including the issuance of economic development bonds, the expected repayment of economic development bonds, the possible monetization or refinancing of economic development bonds, and the continued roll-out of the Company's destination retail stores. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the expectations of future results 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 destination retail store locations; increasing competition in the outdoor segment of the sporting goods industry; supply and delivery shortages or interruptions; delays in traffic planning and/or road construction around new destination retail stores; the ability to secure required governmental permits and approvals, adverse weather conditions; adverse economic conditions causing a decline in discretionary consumer spending; labor shortages or increased labor costs; the cost of fuel increasing; increased government regulation; 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 31, 2005), 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.