Cabela's has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed secondary public offering of 12 million shares of its common stock. All of the shares in the proposed offering will be offered by selling stockholders. Certain of the selling stockholders also expect to grant the underwriters an option to purchase up to an additional 1.8 million shares of common stock to cover over-allotments, if any. Cabela's will not receive any of the proceeds of the proposed offering.

Credit Suisse First Boston and JPMorgan will act as joint book-runners with Wachovia Securities, Stephens Inc. and William Blair & Company serving as co-managers for the proposed offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.