Bass Pro Shops 2500 E. Kearney Street Springfield, MO 65898

417-873-5000 Fax 417-831-2802    MEMO  TO:       All  Bass  Pro  Shops,  White  River,  Big  Cedar  Team  Members,  Important  

Vendors  and  Significant  Conservation  Partners    

FROM:       Johnny  Morris    DATE:     October  3,  2016    SUBJECT:       Uniting  with  Cabela’s      I  write  this  letter  with  the  belief  that  it  represents  the  most  important  expression  of  deeply  held  convictions  regarding  the  future  of  our  company  that  I  may  ever  have  the  opportunity  to  convey.  There  is  no  way  I  can  begin  without  first  saying,  THANK  YOU  TO  EACH  AND  EVERY  ONE  OF  YOU!  Your  hard  work,  passion  and  dedication  to  applying  your  extraordinary  talents  have  made  possible  the  exciting  announcement  we’re  making  today.      This  morning  it  is  with  tremendous  pride  and  humility  that  I  share  with  you  the  great  news  that  Bass  Pro  Shops  and  Cabela’s  have  agreed  to  combine  our  two  legendary  brands  to  create  a  truly  premier  retailer  in  outdoor  sporting  goods.  This  merger  of  resources,  experience  and  passion  for  the  outdoors  represents  a  unique  opportunity  for  both  organizations  and  their  respective  team  members.    For  many  years  I  have  believed  there  is  a  remarkable  strategic  fit  between  our  companies.  The  prospect  of  bringing  together  our  time-­‐tested,  iconic  outdoor  brands:  Cabela’s  -­‐  a  leader  in  hunting,  Bass  Pro  Shops  -­‐  a  leader  in  fishing,  and  White  River  Marine  Group  -­‐  a  worldwide  leader  in  boating,  is  very  exciting!    In  my  view  this  really  is  a  “once  in  a  lifetime”  opportunity  for  both  of  our  companies  and  clearly  provides  the  foundation  to  create  a  “best  of  the  best”  shopping  experience  for  all  outdoor  enthusiasts  worldwide  for  generations  to  come.  I  truly  believe  combining  our  two  companies  in  this  transaction  will  benefit  our  collective  associates  and  our  vendors  while  enabling  us  to  enhance  our  service  and  expand  our  products  to  better  serve  our  valued  customers.    I  have  enormous  admiration  for  Cabela’s  and  the  remarkable  brand  and  business  they  have  built.  Cabela’s  is  a  great  American  success  story.  Dick,  Mary  and  Jim  Cabela  started  the  company  at  the  family  kitchen  table  when  Dick  decided  to  place  an  ad  to  sell  fishing  flies.  From  that  humble  start,  the  Cabela’s  family,  along  with  a  remarkable  team  of  “outfitters”  has  grown  to  become  one  of  the  premier  specialty  retail  companies.  Today  Cabela’s  nearly  19,000  outfitters  operate  85  stores  across  the  United  States  and  Canada,  offering  merchandise  and  equipment  for  hunting,  fishing,  marine  use,  camping  and  many  other  outdoor  activities  as  well  as  a  best  in  class  direct  and  e-­‐commerce  business.    Both  of  our  companies  share  a  remarkably  similar  heritage,  each  starting  very  small  and  growing  over  time  thanks  to  the  hard  work  and  passion  of  many  remarkable  team  members.  The  combination  of  our  two  companies  will  honor  and  build  upon  this  legacy.  Bass  Pro  Shops  has  every  intention  of  celebrating  and  growing  the  Cabela’s  brand.  We  will  work  hard  to  foster  the  qualities  that  customers  love  most  about  both  Bass  Pro  Shops  and  Cabela’s.  The  spirit  of  this  agreement  is  about  adding  to  our  great  brands  and  creating  increased  stability  and  opportunities  for  our  team  members.  

 We  also  believe  this  new  combined  company  and  its  significant  outdoor  database  of  sportsmen  and  women  will  be  of  great  support  to  White  River  Marine  Group  and  our  hospitality  division  which  includes  Big  Cedar  Lodge,  Big  Cypress  Lodge  and  Wilderness  Club  Vacations.  It  will  also  benefit  our  conservation  attractions  including  Dogwood  Canyon  Nature  Park  and  the  Wonders  of  Wildlife  National  Museum  and  Aquarium  soon  to  open  in  Springfield.    As  you  know,  conservation  is  at  the  heart  and  soul  of  Bass  Pro  Shops.  Cabela’s  has  an  admirable  legacy  in  conservation  as  well.  We  share  a  steadfast  belief  that  the  future  of  our  industry,  and  the  outdoor  sports  we  all  love,  depends  -­‐  more  than  anything  else  -­‐  on  how  we  manage  our  natural  resources.  By  combining  our  efforts  with  Cabela’s  it  is  my  personal  belief  we  can  have  a  profound  positive  impact  on  the  conservation  challenges  of  our  day  and  help  foster  the  next  generation  of  outdoor  enthusiasts.    Under  this  agreement  our  company  will  remain  private  with  a  long-­‐term  view  to  do  what  is  best  for  our  people,  our  customers  and  to  maintain  our  steadfast  support  for  conservation.      While  we  are  excited  to  align  forces  with  Cabela’s,  it  must  be  noted  that  today's  announcement  is  only  the  first  step  in  the  process.  The  transaction  is  expected  to  close  in  the  first  half  of  2017,  subject  to  the  customary  conditions  and  reviews.  Until  that  time  both  businesses  will  continue  to  operate  as  separate,  independent  companies.      Throughout  this  process  our  commitment  to  serving  our  customers  needs  to  be  our  number  one  priority.  As  we  move  forward,  I  will  update  you  on  our  progress.      A  proud  past  –  a  bright  future  together!    Yesterday  afternoon  at  our  company  picnic  I  had  the  opportunity  to  visit  with  quite  a  few  of  you  including  several  who  have  been  an  important  part  of  our  company  for  many  years  now.  Knowing  what  might  happen  today  I  couldn’t  help  but  think  of  where  we  have  come  from  together  as  a  team.  It  has  been  a  truly  remarkable  journey  that  we  have  shared.  I  reminded  myself  that  it  has  no  doubt  been  much  the  same  for  the  fine  folks  at  Cabela’s.  Just  like  us,  they  started  their  business  from  scratch  and  worked  hard  to  see  their  company  grow.      We  can  all  take  much  pride  in  knowing  the  wonderful  outdoor  memories  we  have  helped  to  create  for  so  many.  It  is  even  more  exciting  to  think  about  the  remarkable  possibilities  that  lie  ahead  and  our  bright  new  future  together!