SILVERLEAF GROWS AND GROWS

Source:Silverleaf Resorts, Inc.

February 8, 1999
Silverleaf Resorts, Inc. started 1999 by doubling the size of the sales center at its Oak 'n Spruce resort in the Berkshire Mountains, opening the sales office for its Apple Mountain Resort outside of Atlanta, and breaking ground on its newest destination resort on the Texas Gulf Coast in historic Galveston, Texas.

Robert E. Mead, Silverleaf's Chairman and CEO, stated last month that their growth plan "...includes expanding our existing resorts, opening new resorts and providing upgrade opportunities for our membership. Additionally, we are strategically diversifying our operations into new geographic areas."

The sales center for Silverleaf's Apple Mountain Resort opened Jan. 7, 1999. Apple Mountain is a drive-to resort located within an easy drive of Atlanta in Clarkesville, Ga. Among its many amenities and activities, Apple Mountain Resort has an established 18-hole golf course that hosted approximately 30,000 rounds of golf in 1998.

In addition, Silverleaf has yielded to market forces by expanding the sales center at the Oak 'n Spruce resort on Jan. 13 of last year. They needed the additional space to accommodate the demand at that sales center. The new sales center is Silverleaf's second super sales center, the first being at the Fox River Resort outside of Chicago where they opened their first super sales center last May. These super sales centers accommodate roughly twice the tour flow of a typical drive-to resort sales center.

A formal groundbreaking ceremony was held on Jan. 26, 1999, for the Silverleaf Seaside Resort in the popular Gulf Coast resort town of Galveston, Texas. This is Silverleaf's newest destination resort property, and will be sold to Silverleaf's 75,000 members as an upgrade to their existing vacation ownership. In addition to Silverleaf's two-bedroom, two-bath units, the property will include upscale President's View units overlooking the Gulf.

Based in Dallas, Silverleaf Resorts, Inc. currently owns and/or operates 20 resorts in various stages of development. These resorts offer a wide array of country club-like amenities, such as golf, swimming, horseback riding, boating and many organized activities for children and adults. Silverleaf represents an ownership base of approximately 75,000.