Cabela’s Appoints New CEO for Credit Card Division

Joseph M. Friebe has been named Chief Executive Officer of World's Foremost Bank, Cabela's wholly-owned credit card bank subsidiary. Friebe, a 10-year Cabela's veteran, has served as Cabela's Vice President of Direct Marketing since July 2003. From March 1996 to July 2003, he was Cabela's Director of Marketing. Prior to joining Cabela's, Friebe worked for 13 years in the direct marketing business, most recently serving as a Vice President of The Sportman's Guide. He began his career at Grant Thornton as a certified public accountant. Friebe will assume his position as Chief Executive Officer of World's Foremost Bank effective June 1, 2006.

“Cabela's is very fortunate to have a long-term member of its management team with Joe's capabilities and experience ready to lead World's Foremost Bank,” said Dennis Highby, Cabela's President and Chief Executive Officer. “Joe's direct marketing experience and financial expertise make him ideally suited for this position, and he will be an invaluable asset as World's Foremost Bank continues to focus on new account growth and profitability. I have every confidence in Joe's ability to guide World's Foremost Bank in the years ahead.”

Ralph Castner, Cabela's Vice President and Chief Financial Officer, and current interim Chief Executive Officer of World's Foremost Bank, has been named Chairman of the Board of World's Foremost Bank. Castner has been a member of the Board of Directors of World's Foremost Bank since its formation in 2001 and served as Treasurer and Secretary of World's Foremost Bank from 2001 to 2003. Orrin Wilson, who served as interim Chairman of the Board of World's Foremost Bank since January 2006, will continue to serve as a member of the Board of Directors. “We would like to thank Orrin for his service as interim Chairman,” Highby said. “His vast banking experience will continue to be a significant asset to World's Foremost Bank.”

Tom Boatman, World's Foremost Bank's Chief Operating Officer and Secretary, and current interim President, has been named President of World's Foremost Bank on a permanent basis. Boatman has been a member of the Board of Directors of World's Foremost Bank since its formation in 2001 and has served as interim President of World's Foremost Bank since January 2006. “We are looking forward to continuing to take advantage of Tom's more than 25 years of credit card experience as we grow World's Foremost Bank into one of the country's leading credit card issuers,” Highby said.

Kevin Werts, World's Foremost Bank's Chief Financial Officer and Treasurer, has been named to the additional position of Chief Marketing Officer of World's Foremost Bank. Werts has served as Chief Financial Officer and Treasurer of World's Foremost Bank since June 2003.