HTL Heartland Prtns Lp

As Heartland Partners Winds Down Operations CFO Resigns and President to Resign CHICAGO, Dec. 30 /PRNewswire-FirstCall/ -- Heartland Partners, L.P. (AMEX:HTL) today reported Daniel Bernardi, the partnership's Chief Financial Officer has resigned to take a similar position with a Houston, Texas-based homebuilder. Heartland has engaged RSM McGladrey to provide accounting services. Richard Brandstatter has advised the company that he is resigning as President of CMC Heartland, a subsidiary of Heartland Partners, effective January 1, 2005. Mr. Brandstatter will be joining Wellington Partners, an Arlington Heights, Illinois real estate developer. He will continue to serve on CMC's Board of Managers and will also have a consulting arrangement with the partnership. "The company does not expect to reassign the positions," said Lawrence Adelson, chief executive officer. "We continue to wind down operations and have reduced our number of employees to two." About Heartland Heartland Partners is a Chicago-based real estate partnership with properties primarily in the upper Midwest United States. CMC Heartland is a subsidiary of Heartland Partners, L.P. CMC is the successor to the Milwaukee Road Railroad, founded in 1847. This news release may contain certain statements that constitute "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievement of results to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, real estate market conditions, changing demographic conditions, adverse weather conditions and natural disasters, delays in construction schedules, cost overruns, changes in government regulations or requirements, increases in real estate taxes and other local government fees, access to financing, the unpredictability of the timing of real estate sales and the cost of land, materials and labor. DATASOURCE: Heartland Partners, L.P. CONTACT: Lawrence Adelson, Chief Executive Officer of Heartland Partners, L.P., +1-312-575-0400; Brien Gately of The Investor Relations Co. for Heartland Partners, L.P., +1-847-296-4200

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