Cabela's To Present At The Seventh Annual ICR XChange Conference.

SIDNEY, Neb. -- Cabela's Incorporated (NYSE:CAB), the World's Foremost Outfitter of hunting, fishing, and outdoor gear, announced today that management will present on January 13, 2005 at the Seventh Annual ICR XChange conference at the La Costa Resort & Spa in Carlsbad, California.

A live webcast of Cabela's presentation will begin at 11:05 a.m. PT on January 13, 2005, and can be accessed through the "Investor Relations" page of Cabela's Web site at www.cabelas.com or at www.icr-online.com/conference. Those interested in listening to the presentation should log on five minutes prior to the scheduled start time. An archived replay of the presentation will be available shortly after the live presentation.

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, Web site 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 and the related webcast (other than historical information) may contain "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 prospectus, which is available at the Company's Web site at www.cabelas.com and the SEC's Web site 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.