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The Hallwood Group Incorporated (the "Company") is a holding company that that has a 100% consolidated investment in its textile products subsidiary and a 25% equity investment in its private energy affiliate, Hallwood Energy, L.P.

The Company's textile products subsidiary, Brookwood Companies Incorporated ("Brookwood"), is an integrated textile company focused on woven textile products.

Hallwood Energy is an upstream energy partnership engaging in the acquisition, development, exploration, production, and sale of hydrocarbons, with a primary focus on natural gas assets.

The Company's common shares are traded on the American Stock Exchange under the symbol HWG. The Company's preferred shares are not publicly traded.

Textile Products

Brookwood conducts its converting, design, marketing and administrative operations at its New York City offices. Through its Rhode Island dyeing and finishing plant and laminating plant in Connecticut, Brookwood develops and produces innovative woven fabrics and related products through specialized finishing, treating and coating processes.

Brookwood is a market leader in its industry and is seeking to expand its high tech textiles business to drive sales and profits. It produces laminated fabrics using its own branded, breathable film, including "StormTech", "Assault", "Barrier Assault Textile Technology" and "X-202 U.S.A.". In addition, Brookwood markets other consumer branded fibers and fabrics, such as "Cordura" and "Supplex". Brookwood is also a supplier of specialized fabric to United States military contractors.

Energy

Hallwood Energy's activities are focused in three areas:

Central Eastern Arkansas - Hallwood Energy holds leases over approximately 460,000 net acres. The primary objective formation is the Fayetteville Shale, which appears to range in depth from approximately 2,700 to 9,400 feet and to have a thickness of 300 to 700 feet.

South Louisiana - Hallwood Energy holds options to acquire leases over approximately 17,000 acres to exploit a salt dome oil and gas opportunity in St. James, Ascension and Assumption parishes. Based on the results of the 3-D seismic data that has been analyzed, approximately 4,000 to 8,000 acres are expected to be retained for further development.

West Texas - Hallwood Energy holds leases over approximately 17,300 acres, which represents a 40% working interest in approximately 43,000 total acres. Chesapeake Energy Corporation owns a 60% interest and is the operator for these properties.

Please refer to the Company's filings with the Securities and Exchange Commission for a further description of the Company's textile and energy activities.

Executive Offices

3710 Rawlins, Suite 1500
Dallas, Texas 75219-4236

Telephone:214/528-5588, 800/225-0135
Facsimile: 214/522-9254

Common Stock Listing

American Stock Exchange (symbol: HWG)

Directors

Anthony J. Gumbiner
Chairman & Chief Executive Officer

Charles A. Crocco, Jr
Attorney

A. Peter Landolfo
Consultant

J. Thomas Talbot
The Talbot Company (Investment Management)

W. Garrett Smith
General Partner
Spinnerhawk Natural Resources Fund, L.P.

Officers