THE CORPORATE LIBRARY

Related Party Transactions and Outside Related Director Information

Cabela's Incorporated (CAB)

3/27/2006 Proxy Information

Mr. J. Cabela is the brother of Mr. R. Cabela.

The Company entered into an Employee Lease Agreement with an affiliate of the Company’s Board Chairman dated January 1, 2005, pursuant to which such affiliate leases the services of certain of our employees. The amount of the lease payments paid under such Employee Lease Agreement in 2005 was $297,000, which we believe is comparable to terms obtainable from unaffiliated third parties.

A son-in-law of Dennis Highby was employed by us throughout fiscal 2005 and paid an aggregate salary and bonus of $85,996 during fiscal 2005 for his services. A son of Dennis Highby was employed by us throughout fiscal 2005 and paid an aggregate salary and bonus of $94,749 during fiscal 2005 for his services. We believe the compensation paid to each of the individuals disclosed in this paragraph is comparable to compensation paid to unrelated third parties for similar services.

4/5/2005 Proxy Information

Mr. McCarthy has served as Chairman of McCarthy Group, Inc. (a private equity investment and merchant banking firm) since 1986. McCarthy Group, Inc., or MGI, beneficially owns 1,820,437 shares of non-voting common stock, which represents 22.55% of our issued and outstanding non-voting common stock.

Mr. J. Cabela is the brother of Mr. R. Cabela

On January 2, 2004, Cabela’s Wholesale, Inc., one of our wholly-owned subsidiaries, purchased certain real property owned by Deuel County Insurance Company, a general partnership owned by Mr. R. Cabela and Mr. J. Cabela, for a negotiated purchase price of $5,000,000. The purchase price and other terms of the transaction were determined through arms-length negotiations between Cabela’s Wholesale, Inc. and Deuel County Insurance Company, and were approved by our disinterested directors.

We entered into an Employee and Office Space Lease Agreement with Mr. R. Cabela, dated effective January 1, 2004, pursuant to which Mr. R. Cabela leases the services of certain of our employees and the office space associated with such employees from us. The amount of the lease payments paid by Mr. R. Cabela under such Agreement in 2004 was $221,000, which we believe is comparable to terms obtainable from unaffiliated third parties.

Gerald E. Matzke, a member of our board of directors, is a partner of the law firm of Matzke, Mattoon & Miller. We have retained the law firm of Matzke, Mattoon & Miller to provide legal services to us. Fees paid to this firm totaled $56,000 during fiscal 2004 and we believe are comparable to fees obtainable from unaffiliated third parties.

A son of Mr. R. Cabela was employed by us throughout fiscal 2004 and paid an aggregate salary and bonus of $81,530 during fiscal 2004 for his services. A son-in-law of Dennis Highby was employed by us throughout fiscal 2004 and paid an aggregate salary and bonus of $78,755 during fiscal 2004 for his services. A son of Dennis Highby was employed by us throughout fiscal 2004 and paid an aggregate salary and bonus of $82,803 during fiscal 2004 for his services. We believe the compensation paid to each of the individuals disclosed in this paragraph is comparable to compensation paid to unrelated third parties for similar services.

A company owned by a son of Mr. R. Cabela is a subcontractor on our retail store being constructed in Buda, Texas. This company’s contract was awarded through competitive bidding in 2004 by a subcontractor of our general contractor and provides for the payment of $137,194 upon the completion of the work in 2005.