X0202 4 2005-06-10 0000918958 CRESCENT REAL ESTATE EQUITIES CO CEI 0000904422 FRANK ANTHONY M ONE MARITIME PLAZA SUITE 825 SAN FRANCISCO CA 94111 1 0 0 0 Stock Option (Right to Buy) 18.65 2005-06-10 4 A 0 14000 0 A 2015-06-09 Common Shares 14000 14000 D Annual Grant to Independent Directors pursuant to terms of Issuer's Third Amended and Restated 1995 Stock Incentive Plan, as amended. Grant made on June 10, 2005. Option becomes exercisable in 20% increments on the first, second, third, fourth and fifth anniversaries of the grant. Not applicable. David M. Dean, as Attorney-in-Fact on behalf of Reporting Person 2005-06-14