Cabela's Incorporated

SIDNEY, Neb.--Cabela's Incorporated (NYSE: CAB), the World's Foremost Outfitter® of hunting, fishing and outdoor gear, yesterday announced it is filing a preliminary prospectus supplement with the Securities and Exchange Commission with respect to an underwritten public offering of 4,119,016 shares of its common stock.

All of the shares of common stock are being offered by stockholders affiliated with J.P. Morgan Partners, LLC (which is advised by CCMP Capital Advisors, LLC) and Fulcrum Growth Partners, L.L.C., pursuant to an effective registration statement previously filed by the Company with the Securities and Exchange Commission. The selling stockholders also have granted to the underwriter an option to purchase up to an additional 617,852 shares to cover over-allotments, if any. The public offering price has not yet been determined. The Company will not receive any proceeds from this sale of its common shares.

Wachovia Securities is serving as sole book-running manager and sole underwriter of the offering. Copies of the preliminary prospectus supplement relating to the offering may be obtained by contacting:

Wachovia Securities
Attn: Equity Capital Markets
375 Park Avenue, New York, NY 10152
Email at equity.syndicate@wachovia.com

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® 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®. 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® Visa credit card, which serves as its primary customer loyalty rewards program.

About J.P. Morgan Partners

J.P. Morgan Partners, LLC ("JPMP") is a private equity division of JPMorgan Chase & Co. (NYSE: JPM), one of the largest financial institutions in the United States. JPMP has invested more than $15 billion worldwide in consumer, media, energy, industrial, financial services, healthcare and technology companies since its inception in 1984.

As of August 1, 2006, the investment professionals of JPMP formed entities independent of JPMorgan Chase. The buyout and growth equity professionals formed CCMP Capital Advisors, LLC, which focuses exclusively on buyout and growth equity investments primarily in five targeted industry sectors in the U.S. and Europe. The venture team formed Panorama Capital, LLC, and continues to focus on technology and life sciences investments. CCMP Capital and Panorama continue to manage the JPMP investments pursuant to a management agreement with JPMorgan Chase & Co.

JPMP is a registered investment adviser with the Securities and Exchange Commission.

About CCMP Capital

CCMP Capital Advisors, LLC ("CCMP Capital") is a leading private equity firm formed in August 2006 by the former buyout/growth equity investment team of JPMorgan Partners, a private equity division of JPMorgan Chase. CCMP Capital's investment team has invested more than $10 billion in over 375 buyout and growth equity transactions since 1984. The foundation of CCMP Capital's investment approach is to leverage the combined strengths of its deep industry expertise and proprietary global network of relationships by focusing on five targeted industries: Consumer, Retail and Services; Energy; Healthcare Infrastructure; Industrials; and Media and Telecom. CCMP Capital's proprietary global network includes its affiliates in London and Asia.

CCMP Capital is a registered investment adviser with the Securities and Exchange Commission.

This 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 in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.