ICAHN ANNOUNCES EXTENSION OF EXPIRATION DATE OF
                     TENDER OFFER FOR HALLWOOD REALTY UNITS


     New York,  New York,  August 8, 2003.  High River Limited  Partnership,  an
affiliate of Carl C. Icahn,  today announced that it is extending the expiration
date of its tender  offer for any and all of the  partnership  units of Hallwood
Realty Partners,  L.P. (AMEX: HRY) until 5:00 pm, New York City time, on Friday,
September  5,  2003,  unless  the Offer is  extended  to a later  date and time.
Approximately 59,665 units have been tendered pursuant to the tender offer as of
the close of business on August 7, 2003.