Cabela's Incorporated Prices Secondary Public Offering of Common Stock at $22.50 Per Share.

SIDNEY, Neb. -- Cabela's Incorporated (NYSE: CAB) announced today the public offering of 10.5 million of its shares of common stock, all being sold by selling stockholders. The shares were priced for offering at $22.50 per share.

The underwriters have an option to purchase up to an additional 1.5 million shares, to cover over-allotments, if any, from the selling stockholders. Cabela's will not receive any of the proceeds from the sale of the shares.

Credit Suisse First Boston and JPMorgan are acting as joint book-running managers with Wachovia Securities, Stephens Inc. and William Blair & Company serving as co-managers for the offering.

A prospectus relating to the offering may be obtained from Credit Suisse First Boston LLC, Prospectus Department, One Madison Avenue, level 1B, New York, N.Y. 10010 (telephone number: 212-325-2580); or J.P. Morgan Securities Inc., Prospectus Department, One Chase Manhattan Plaza, New York, N.Y. 10081 (telephone number: 212-552-5164).

About Cabela's Incorporated

Cabela's Incorporated, headquartered in Sidney, Nebraska, is the nation'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 has grown to become one of the most well known outdoor recreation brands in the United States, and has long been recognized as the World's Foremost Outfitter(R). Through Cabela's 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 operates as an integrated multi-channel retailer, offering its customers a seamless shopping experience through its catalogs, website and destination retail stores. Cabela's also issues the Cabela's Club(R) VISA credit card through which it offers a related customer loyalty rewards program as a vehicle for strengthening its customer relationships.

CAUTIONARY STATEMENT FOR THE PURPOSE OF THE SAFE HARBOR PROVISIONS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release (other than historical information) contains "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. 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 lease and economic development arrangements; expansion into new markets; market saturation due to new destination 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 interruptions; adverse weather conditions; fluctuations in operating results; adverse economic conditions; increased fuel prices; labor shortages or increased labor costs; changes in consumer preferences and demographic trends; increased government regulation; inadequate protection of the Company's intellectual property; other factors that the Company may not have currently identified or quantified; and other risks, relevant factors and uncertainties identified in the "Risk Factors" section of the Company's most recently filed S-1, which is available at the Company's website at www.cabelas.com and the SEC's website at www.sec.gov. The words "believe," "may," "should," "anticipate," "estimate," "expect," "intend," "objective," "seek," "plan," "will" and similar statements are intended to identify forward-looking statements. 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.