Gander Mountain Company's Initial Public Offering Priced at $16.00 Per Share MINNEAPOLIS, April 21 /PRNewswire-FirstCall/ -- Gander Mountain Company today announced the pricing of its initial public offering of 5,725,000 shares of its common stock at a price of $16.00 per share. All of the shares are being sold by Gander Mountain. In addition, Gander Mountain has granted the underwriters a 30-day option to purchase up to an additional 858,750 shares at the initial public offering price to cover over-allotments, if any. Gander Mountain's common stock will be quoted on the Nasdaq National Market under the symbol "GMTN" beginning on April 21, 2004. Banc of America Securities LLC and William Blair & Company, L.L.C. are acting as joint book-running managers and Piper Jaffray & Co. is acting as co-manager. The offering is expected to close on April 26, 2004. Gander Mountain will use the net proceeds of the offering to repay outstanding indebtedness. A final prospectus for the offering may be obtained when available from Banc of America Securities LLC, Capital Markets Operations (Prospectus Fulfillment Department), 9 West 57th Street, New York, New York 10019, or by facsimile request at 212-230-8540. A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on April 20, 2004. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Gander Mountain Company Gander Mountain Company, headquartered in Minneapolis, Minnesota, is a leading specialty retailer that caters to the needs of outdoor lifestyle enthusiasts, with a particular focus on hunting, fishing and camping. Gander Mountain stores offer competitively priced national, regional and owned brand outdoor equipment, accessories, related technical apparel and footwear. There are currently 66 Gander Mountain outdoor lifestyle stores in nine states -- Illinois, Indiana, Iowa, Michigan, Minnesota, New York, Ohio, Pennsylvania and Wisconsin. DATASOURCE: Gander Mountain Company CONTACT: Sharon K. Link, Senior Vice President, Finance and Administration of Gander Mountain Company, +1-952-830-8000; or Bob Burton of IR Squared, +1-678-576-2991 Web site: http://www.gandermountain.com/

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