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Press release from Business Wire

Cabela's Inc. Announces Plans for Transition of Joseph M. Friebe

Monday, June 11, 2012

Cabela's Inc. Announces Plans for Transition of Joseph M. Friebe16:00 EDT Monday, June 11, 2012 SIDNEY, Neb. (Business Wire) -- Cabela's Incorporated (NYSE:CAB) announced today that, effective January 1, 2013, Joseph M. Friebe, Executive Vice President, and President and Chief Executive Officer of World's Foremost Bank, will transition from his current positions and will become a special advisor to the Chief Executive Officer of World's Foremost Bank. This transition is occurring at Mr. Friebe's request, and he has agreed to serve as a special advisor to the Chief Executive Officer of World's Foremost Bank through 2014, when he plans to retire. Mr. Friebe will continue to serve on the Board of Directors of World's Foremost Bank through 2013. Mr. Friebe began his career with Cabela's in 1996 as the Director of Marketing and was promoted to Vice President of Direct Marketing in July 2003. He has been the Chief Executive Officer of World's Foremost Bank since June 2006 and an Executive Vice President of Cabela's since January 2010. “Under Joe's leadership, the Cabela's CLUB® Visa program has posted industry-leading results, which have contributed greatly to our strategic growth,” said Tommy Millner, Cabela's Chief Executive Officer. “We are excited that Joe has agreed to continue to support World's Foremost Bank in an advisory capacity, as he has a wealth of knowledge regarding our customer loyalty rewards program and credit card operations.” The Company plans to announce the appointment of a new President and Chief Executive Officer of World's Foremost Bank prior to Mr. Friebe's planned transition. Mr. Friebe will continue to support World Foremost Bank's operations through the transition. About Cabela's Incorporated Cabela's Incorporated, headquartered in Sidney, Nebraska, is a leading specialty retailer, and the world's largest direct marketer, 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 growing number of retail stores and its well-established direct business, 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. Cabela's stock is traded on the New York Stock Exchange under the symbol “CAB”. Investor Contact:Cabela's IncorporatedChris Gay, 308-255-2905orMedia Contact:Cabela's IncorporatedJoe Arterburn, 308-255-1204