Market Overview

Bass Pro Shops Completes Acquisition of Cabela's


Combined Company to Offer Enhanced Experiences for Outdoor
Enthusiasts with Complementary Product Offerings and Geographic

Bass Pro Shops and Cabela's Incorporated (NYSE:CAB), two iconic American
outdoor companies, today announced they have successfully completed the
transaction in which Bass Pro Shops acquired Cabela's for $61.50 per
share in cash, representing an aggregate transaction value of
approximately $5.0 billion. As a result of the completion of this
transaction, Cabela's common stock will no longer be listed for trading
on the New York Stock Exchange.

The completion of this transaction formally brings together three of the
nation's premier sporting brands: Bass Pro Shops, a leader in fishing;
Cabela's, a leader in hunting; and White River Marine Group, a leader in
boating, which is part of Bass Pro Shops. The combined company will now
offer expanded product line and geographic footprint, creating enhanced
benefits for outdoor enthusiasts.

The completion of this transaction marks a historic moment for American
outdoor enthusiasts. The combination brings together three companies
that share humble origins, an abiding love for the outdoors and a
passion for supporting conservation and serving sportsmen and

"We look forward to growing and celebrating conservation as we work to
provide our combined customer base with enhanced product offerings,
unique outdoor experiences and unrivaled services," said Johnny Morris,
founder and CEO of Bass Pro Shops.

In connection with the transaction, Synovus Bank, a wholly owned
subsidiary of Synovus Financial Corp. (NYSE:SNV) completed its
acquisition of certain assets and liabilities of World's Foremost Bank
("WFB"), a wholly owned subsidiary of Cabela's Incorporated for
approximately $1.2 billion. Synovus also completed the sale of WFB's
credit card assets and related liabilities to Capital One Bank (USA),
National Association ("Capital One"), a wholly owned subsidiary of
Capital One Financial Corporation (NYSE:COF). Capital One will be the
exclusive issuing partner of Cabela's branded CLUB Visa program pursuant
to a 10-year program agreement.

Bass Pro Shops is a leading destination retailer offering outdoor gear
and apparel in an immersive setting. Founded in 1972 when avid young
angler Johnny Morris began selling tackle out of his father's liquor
store in Springfield, Missouri, today the company consists of more than
100 retail and marine centers along with world-class resort destinations
like Big Cedar Lodge, America's Premier Wilderness Resort. White River
Marine Group, also founded by Morris, is the largest manufacturer of
boats in the world, offering an unsurpassed collection of
industry-leading boat brands including TRACKER®, SUN TRACKER®, NITRO®,
others. Cabela's dates back to 1961 when Dick, Mary and Jim Cabela began
a mail order service for outdoor products around their kitchen table in
Chappell, Nebraska and today operates 89 stores. Under the conservation
leadership of Johnny Morris, Bass Pro Shops is known as a national
leader in protecting habitat and introducing families to the outdoors
and has been named by Forbes as "one of America's Best Employers."

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