X0201 4 2004-03-12 0 0001013794 ARDEN REALTY INC ARI 0001120823 FLAX LARRY S 11601 WILSHIRE BOULEVARD 4TH FLOOR LOS ANGELES CA 90025-1740 1 0 0 0 Common stock 2004-03-12 4 M 0 50000.0000 25.5000 A 65000.0000 D Common stock 2004-03-12 4 S 0 50000.0000 31.8460 D 15000.0000 D Common stock 2004-03-12 4 M 0 32300.0000 22.5000 A 47300.0000 D Common stock 2004-03-12 4 S 0 32300.0000 31.8460 D 15000.0000 D Common stock 2004-03-15 4 M 0 7700.0000 22.5000 A 22700.0000 D Common stock 2004-03-15 4 S 0 7700.0000 31.9000 D 15000.0000 D Stock option (right to buy) 25.5000 2004-03-12 4 M 0 50000.0000 0 D 2001-07-27 2010-07-27 common stock 50000.0000 0 D Stock option (right to buy) 22.5000 2004-03-12 4 M 0 32300.0000 0 D 1999-12-15 2008-12-15 common stock 32300.0000 7700.0000 D Stock option (right to buy) 22.5000 2004-03-15 4 M 0 7700.0000 0 D 1999-12-15 2008-12-15 common stock 7700.0000 0 D Option vests in three (3) equal annual installments commencing July 27, 2001 Option vests in three (3) equal annual installments commencing December 15, 1999 By: David A. Swartz POA for Larry S. Flax 2004-03-16