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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>AS
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL&nbsp;12, 2006</B></U><BR>
Registration No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;

</DIV>

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>REGISTRATION STATEMENT UNDER</B><BR>
<U><B>THE SECURITIES ACT OF 1933</B></U></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CRESCENT REAL ESTATE EQUITIES COMPANY</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B><U>TEXAS</U></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><u>52-1862813</u></B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of<BR>
Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>777 MAIN STREET, SUITE 2100</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom" style="font-size: 1px">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>FORT WORTH, TEXAS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>76102</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Individual Unit Option Agreements</B><BR>
<U>(Full Title of the Plan)</U></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>JOHN C. GOFF<BR>
CHIEF EXECUTIVE OFFICER<BR>
CRESCENT REAL ESTATE EQUITIES COMPANY<BR>
777 MAIN STREET, SUITE 2100<BR>
FORT WORTH, TEXAS 76102</B><BR>
(Name and Address of Agent for Service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Copies to:</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">William L. Horton, Esq.<BR>
Pillsbury Winthrop Shaw Pittman LLP<BR>
2300 N Street, N.W.<BR>
Washington, D.C. 20037
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">David M. Dean, Esq.<BR>
Managing Director, Law and Secretary<BR>
Crescent Real Estate Equities Company<BR>
777 Main Street, Suite&nbsp;2100<BR>
Fort Worth, Texas 76102</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount Of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title of Securities To Be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount To Be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Offering Price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Aggregate Offering</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Registration</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Registered(1)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Per Share</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Price(2)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Fee</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD align="center" valign="top" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Stock, par
value $.01
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" valign="bottom" style="border-top: 2px solid #000000">640,170</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="right" valign="bottom" style="border-top: 2px solid #000000">(2</TD>

<TD nowrap valign="bottom" style="border-top: 2px solid #000000">)</TD>

<TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" valign="bottom" style="border-top: 2px solid #000000">$</TD>

<TD nowrap valign="bottom" style="border-top: 2px solid #000000">11,125,373.00</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" valign="bottom" style="border-top: 2px solid #000000">$</TD>

<TD nowrap valign="bottom" style="border-top: 2px solid #000000">1,190.42</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Common Shares
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">(1)&nbsp;This Registration Statement shall also cover any additional common shares which
become issuable under the Plan by reason of any stock dividend, stock split, recapitalization
or other similar transaction effected without the receipt of consideration which results in
an increase in the number of the Registrant&#146;s outstanding common shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">(2)&nbsp;Estimated solely for the purpose of computing the registration fee. Pursuant to Rule
457(h), the calculation of the registration fee is based on the prices at which outstanding
options may be exercised. Such prices range from $14.97 to $20.33.
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">ITEM 4. DESCRIPTION OF SECURITIES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">ITEM 8. EXHIBITS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">ITEM 9. UNDERTAKINGS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="d34986exv5w01.htm">Opinion/Consent of Pillsbury Winthrop Shaw Pittman LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="d34986exv23w01.htm">Consent of Ernst & Young LLP</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "PART I " -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The information specified in Item&nbsp;1 and Item&nbsp;2 of Part&nbsp;I of the Registration Statement on Form S-8
(the &#147;Registration Statement&#148;) is omitted from this filing in accordance with the provisions of
Rule&nbsp;428 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) and the introductory
note to Part&nbsp;I of the Registration Statement. The documents containing the information specified in
Part&nbsp;I will be delivered to the participants in the plan covered by this Registration Statement as
required by Rule&nbsp;428(b)(1).
</DIV>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following documents filed with the Securities and Exchange Commission (the &#147;Commission&#148;) by
Crescent Real Estate Equities Company (the &#147;Company&#148; or the &#147;Registrant&#148;) pursuant to the
Securities Act and the Securities and Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) are
hereby incorporated by reference in this Registration Statement:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Annual Report on Form 10-K for the year ended
December&nbsp;31, 2005 filed with the Commission on March&nbsp;13,
2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Company&#146;s common stock contained in
the Company&#146;s Registration Statement on Form S-4
(Registration No.&nbsp;102541) filed with the Commission on
January&nbsp;16, 2003.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All documents that the Company subsequently files pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of
a post-effective amendment to this Registration Statement indicating that all securities offered
have been sold or which deregisters all securities then remaining unsold shall be deemed to be
incorporated by reference into this Registration Statement and to be a part hereof from the date of
filing of such documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any statement contained in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for purposes of this Registration Statement to the
extent that a statement contained herein or in any other subsequently filed document which also is
or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such
statement so modified or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.
</DIV>

<!-- link2 "ITEM 4. DESCRIPTION OF SECURITIES" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 4. DESCRIPTION OF SECURITIES.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>

<!-- link2 "ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>

<!-- link2 "ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS " -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registrant&#146;s declaration of trust provides that the trust managers and officers shall be
indemnified to the maximum extent permitted by Texas law. Under current Texas law, the trust will
indemnify a person who was, is, or is threatened to be made a named defendant or respondent in a
proceeding because the person is or was a trust manager or officer if it is determined that the
person (i)&nbsp;conducted himself in good faith; (ii)&nbsp;reasonably believed: (a)&nbsp;in the case of conduct in
his official capacity as a trust manager or officer of the real estate investment trust, that his
conduct was in the real estate investment trust&#146;s best interests; and (b)&nbsp;in all other cases, that
his conduct was at least not opposed to the real estate investment trust&#146;s best interests; and
(iii)&nbsp;in the case of any criminal proceeding, had no reasonable cause to believe that his conduct
was unlawful. Except to the extent provided in the following sentence, a trust manager or officer
may not be indemnified in respect of a proceeding (i)&nbsp;in which the person is found liable on the
basis that personal benefit was improperly received by him, whether or not the benefit resulted
from an action taken in the person&#146;s official capacity; or (ii)&nbsp;in which the person is found liable
to the real estate investment trust. Notwithstanding the foregoing, a person may be indemnified
against judgments, penalties (including excise and similar taxes), fines, settlements, and
reasonable expenses actually incurred by the
</DIV>


<P align="center" style="font-size: 10pt">2
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">person in connection with the proceeding; provided that if the person is found liable to the
real estate investment trust or is found liable on the basis that personal benefit was improperly
received by the person, the indemnification (i)&nbsp;is limited to reasonable expenses actually incurred
by the person in connection with the proceeding, and (ii)&nbsp;shall not be made in respect of any
proceeding in which the person shall have been found liable for willful or intentional
misconduct in the performance of his duty to the real estate
investment trust. In addition, the Registrant&#146;s declaration of trust and bylaws require it to pay or reimburse, in
advance of the final disposition of a proceeding, reasonable expenses incurred by a present or
former trust manager or officer made a party to a proceeding by reason of his status as a trust
manager or officer, provided that the Registrant shall have received (i)&nbsp;a written affirmation by
the trust manager or officer of his good faith belief that he has met the standard of conduct
necessary for indemnification by the Registrant as authorized by the bylaws and (ii)&nbsp;a written
undertaking by or on his behalf to repay the amount paid or reimbursed by the Registrant if it
shall ultimately be determined that the standard of conduct was not met. The Registrant&#146;s
declaration of trust and bylaws also permit the Registrant to provide indemnification, payment or
reimbursement of expenses to any employee or agent of the Registrant in such capacity. The
Registrant&#146;s declaration of trust and bylaws also permit the Registrant to indemnify a person who
was or who agreed to appear as a witness or other participant in a proceeding at a time when he is
not named a defendant or respondent in the proceeding. Any indemnification, payment or
reimbursement of the expenses permitted by the declaration of trust and bylaws shall be furnished
in accordance with the procedures provided for indemnification and payment or reimbursement of
expenses under the Texas Real Estate Investment Trust Act and the Texas Business Corporation Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The limited partnership agreement of the operating partnership of the Registrant contains
indemnification provisions comparable to those contained in the declaration of trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registrant carries insurance that purports to insure officers and trust managers of the
Registrant against certain liabilities incurred by them in the discharge of their official
functions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registrant has entered into indemnification agreements with each of its executive officers and
trust managers. The indemnification agreements require, among other things, that the Registrant
indemnify such officers and trust managers to the fullest extent permitted by law, and advance to
the officers and directors all related expenses, subject to reimbursement if it is subsequently
determined that indemnification is not permitted. The Registrant also must indemnify and advance
expenses incurred by officers and directors seeking to enforce their rights under the
indemnification agreements and cover officers and directors under the Registrant&#146;s directors&#146; and
officers&#146; liability insurance, if any. Although the indemnification agreements offer substantially
the same scope of coverage afforded by provisions in the declaration of trust and the Registrant&#146;s
bylaws, they provide greater assurance to directors and executive officers that indemnification
will be available, because, as contracts, they cannot be modified unilaterally in the future by the
Board of Trust Managers or by the stockholders to alter, limit or eliminate the rights they
provide.
</DIV>
<!-- link2 "ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>
<!-- link2 "ITEM 8. EXHIBITS" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 8. EXHIBITS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following exhibits are filed as part of this Registration Statement.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"> Description of Exhibit</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.01
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Common Share Certificate (filed as Exhibit&nbsp;No.&nbsp;4.03 to the Registrant&#146;s Registration Statement
on Form&nbsp;S-3 (File No.&nbsp;333-21905) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.02
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Designation of 6-3/4% Series&nbsp;A Convertible Cumulative Preferred Shares of Crescent
Real Estate Equities Company dated February&nbsp;13, 1998 (filed as Exhibit&nbsp;No.&nbsp;4.07 to the
Registrant&#146;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 1997 and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.03
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Certificate of 6-3/4% Series&nbsp;A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company (filed as Exhibit&nbsp;No.&nbsp;4 to the Registrant&#146;s Registration Statement on Form
8-A/A filed on February&nbsp;18,1998 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.04
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Designation of 6-3/4% Series&nbsp;A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company dated April&nbsp;25, 2002 (filed as Exhibit&nbsp;No.&nbsp;4.1 to the Registrant&#146;s Current
Report on Form&nbsp;8-K filed April&nbsp;25, 2002 and incorporated herein by reference).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">3
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"> Description of Exhibit</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.05
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Designation of 6-3/4% Series&nbsp;A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company dated January&nbsp;14, 2004 (filed as Exhibit&nbsp;No.&nbsp;4.1 to the Registrant&#146;s Current
Report on Form&nbsp;8-K filed January&nbsp;15, 2004 (the &#147;January&nbsp;2004 8-K&#148;) and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.06
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Global Certificate of 6-3/4% Series&nbsp;A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company (filed as Exhibit&nbsp;No.&nbsp;4.2 to the January&nbsp;2004 8-K and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.07
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Designation of 9.50% Series&nbsp;B Cumulative Redeemable Preferred Shares of
Crescent Real Estate Equities Company dated May&nbsp;13, 2002 (filed as Exhibit&nbsp;No.&nbsp;2 to the Registrant&#146;s Form&nbsp;8-A<BR>
dated May&nbsp;14, 2002 (the &#147;Form&nbsp;8-A&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.08
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Certificate of 9.50% Series&nbsp;B Cumulative Redeemable Preferred Shares of Crescent Real Estate
Equities Company (filed as Exhibit&nbsp;No.&nbsp;4 to the Form&nbsp;8-A and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pursuant to Regulation&nbsp;S-K Item&nbsp;601(b)(4)(iii), the Registrant by this filing agrees, upon request, to
furnish to the Securities and Exchange Commission a copy of other instruments defining the rights of
holders of long-term debt of the Registrant.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.01
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Pillsbury Winthrop Shaw Pittman LLP with respect to legality of the Common
Shares registered hereunder (filed herewith).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.01
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP (filed herewith).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.02
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Pillsbury Winthrop Shaw Pittman LLP (included in its opinion filed as Exhibit&nbsp;5.01 hereto).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.01
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included in signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "ITEM 9. UNDERTAKINGS" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 9. UNDERTAKINGS.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events arising after the effective date
of the Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in
the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than 20&nbsp;percent change in the maximum
aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
Registration Statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information in
the Registration Statement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration
Statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic reports filed with or
furnished to the Commission by the registrant pursuant to Section&nbsp;13 or 15(d) of the Exchange Act
that are incorporated by reference in the Registration Statement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">4
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the securities
being registered hereby which remain unsold at the termination of the offering.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intentionally omitted;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining liability under the Securities Act of 1933 to any
purchaser:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the registrant is relying on Rule&nbsp;430B:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(3) shall be deemed to
be part of the Registration Statement as of the date the filed prospectus was deemed part
of and included in the Registration Statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or
(b)(7) as part of a Registration Statement in reliance on Rule&nbsp;430B relating to an
offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing
the information required by section 10(a) of the Securities Act of 1933 shall be deemed
to be part of an included in the Registration Statement as of the earlier of the date
such form of prospectus is first used after effectiveness or the date of the first
contract of sale of securities in the offering described in the prospectus. As
provided in Rule&nbsp;430B, for liability purposes of the issuer and any person that is at
the date an underwriter, such date shall be deemed to be a new effective date of the
Registration Statement relating to the securities in the Registration Statement to
which that prospectus relates, and the offering of such securities at that time shall
be deemed to be initial <I>bona fide </I>offering thereof. Provided, however, that no
statement made in a Registration Statement or prospectus that is part of the
Registration Statement or made in a document incorporated or deemed incorporated by
reference into the Registration Statement or prospectus that is part of the
Registration Statement will, as to a purchaser with a time of contract of sale prior to
such effective date, supersede or modify any statement that was made in the
Registration Statement or prospectus that was part of the Registration Statement or
made in any such document immediately prior to such effective date; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the registrant is subject to Rule&nbsp;430C, each prospectus filed pursuant to Rule 424(b)
as part of a Registration Statement relating to an offering, other than Registration Statements
relying on Rule&nbsp;430B or other than prospectuses filed in reliance on Rule&nbsp;430A, shall be deemed to
be part of and included in the Registration Statement as of the date it is first used after
effectiveness. Provided, however, that no statement made in a Registration Statement or prospectus
that is part of the Registration Statement or made in a document incorporated or deemed
incorporated by reference into the Registration Statement or prospectus that is part of the
Registration Statement will, as to a purchaser with a time of contract of sale prior to such first
use, supersede or modify any statement that was made in the Registration Statement or prospectus
that was part of the Registration Statement or made in any such document immediately prior to such
date of first use.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining liability of the registrant under the Securities Act
of 1933 to any purchaser in the initial distribution of the securities:</TD>
</TR>

</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant undertakes that in a primary offering of securities of the undersigned
registrant pursuant to this registration statement, regardless of the underwriting method used to
sell the securities to the purchaser, if the securities are offered or sold to such purchaser by
means of any of the following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such purchaser:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any preliminary prospectus or prospectus of the undersigned registrant relating to the
offering required to be filed pursuant to Rule&nbsp;424;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any free writing prospectus relating to the offering prepared by or on behalf of the
undersigned registrant or used or referred to by the undersigned registrant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The portion of any other free writing prospectus relating to the offering containing
material information about the undersigned registrant or its securities provided by or on behalf of
the undersigned registrant; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other communication that is an offer in the offering made by the undersigned
registrant to the purchaser.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant&#146;s annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each
</DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">filing of an employee benefit plan&#146;s annual report pursuant to section 15(d) of the Exchange Act) that is
incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the
securities offered herein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(h)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act, and
is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Fort Worth, Texas, on April 12, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%"><B>CRESCENT REAL ESTATE EQUITIES COMPANY,</B><BR>
a Texas real estate investment trust (Registrant)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John&nbsp;C. Goff</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Name: John C. Goff</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Title: Chief Executive Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes
and appoints each of John C. Goff and David M. Dean, and each of them, with full power to act
without the other, his true and lawful attorney-in-fact and agent, each with full and several power
of substitution for him and in his name, place and stead, in any and all capacities, to sign any
and all registration statements relating to Common Shares of Crescent Real Estate Equities Company
(the &#147;Registrant&#148;) to be issued under the Individual Unit Option Agreements and any amendments,
including both pre-effective and post-effective amendments and supplements to such registration
statements, and to file the same, with all exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact
and agent full power and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and purposes as each said
attorney-in-fact and agent might or could do in person, hereby ratifying and confirming all that
each said attorney-in-fact and agent, or any of them, or any substitute or substitutes for any of
them, may lawfully do or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement
has been signed by the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top">/s/ Richard E. Rainwater<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Richard E. Rainwater</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Trust Manager and Chairman of the Board
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 10, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ John C. Goff
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
John C. Goff</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Trust Manager and Chief Executive Officer
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 12, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Jerry R. Crenshaw, Jr.<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Jerry R. Crenshaw, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Managing Director, Chief Financial Officer
(Principal Financial and Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 12, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Anthony M. Frank
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Anthony M. Frank</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Trust Manger
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 10, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ William F. Quinn
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
William F. Quinn</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Manager</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 10, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Paul E. Rowsey, III
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Paul E. Rowsey, III</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Manager</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 12, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Dennis H. Alberts
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Dennis H. Alberts</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Trust Manager
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 12, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Robert W. Stallings
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Robert W. Stallings</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Trust Manager
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 12, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Terry N. Worrell
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Terry N. Worrell</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Manager </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 12, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">8
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Description of Exhibit</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.01
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Common Share Certificate (filed as Exhibit&nbsp;No.&nbsp;4.03 to the Registrant&#146;s Registration Statement
on Form&nbsp;S-3 (File No.&nbsp;333-21905) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.02
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Designation of 6-3/4% Series&nbsp;A Convertible Cumulative Preferred Shares of Crescent
Real Estate Equities Company dated February&nbsp;13, 1998 (filed as Exhibit&nbsp;No.&nbsp;4.07 to the
Registrant&#146;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 1997 and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.03
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Certificate of 6-3/4% Series&nbsp;A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company (filed as Exhibit&nbsp;No.&nbsp;4 to the Registrant&#146;s Registration Statement on Form
8-A/A filed on February&nbsp;18,1998 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.04
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Designation of 6-3/4% Series&nbsp;A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company dated April&nbsp;25, 2002 (filed as Exhibit&nbsp;No.&nbsp;4.1 to the Registrant&#146;s Current
Report on Form&nbsp;8-K filed April&nbsp;25, 2002 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.05
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Designation of 6-3/4% Series&nbsp;A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company dated January&nbsp;14, 2004 (filed as Exhibit&nbsp;No.&nbsp;4.1 to the Registrant&#146;s Current
Report on Form&nbsp;8-K filed January&nbsp;15, 2004 (the &#147;January&nbsp;2004 8-K&#148;) and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.06
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Global Certificate of 6-3/4% Series&nbsp;A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company (filed as Exhibit&nbsp;No.&nbsp;4.2 to the January&nbsp;2004 8-K and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.07
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Designation of 9.50% Series&nbsp;B Cumulative Redeemable Preferred Shares of
Crescent Real Estate Equities Company dated May&nbsp;13, 2002 (filed as Exhibit&nbsp;No.&nbsp;2 to the Registrant&#146;s Form&nbsp;8-A<BR>
dated May&nbsp;14, 2002 (the &#147;Form&nbsp;8-A&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.08
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Certificate of 9.50% Series&nbsp;B Cumulative Redeemable Preferred Shares of Crescent Real Estate
Equities Company (filed as Exhibit&nbsp;No.&nbsp;4 to the Form&nbsp;8-A and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pursuant to Regulation&nbsp;S-K Item&nbsp;601(b)(4)(iii), the Registrant by this filing agrees, upon request, to
furnish to the Securities and Exchange Commission a copy of other instruments defining the rights of
holders of long-term debt of the Registrant.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.01
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Pillsbury Winthrop Shaw Pittman LLP with respect to legality of the Common
Shares registered hereunder (filed herewith).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.01
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP (filed herewith).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.02
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Pillsbury Winthrop Shaw Pittman LLP (included in its opinion filed as Exhibit&nbsp;5.01 hereto).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.01
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included in signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">9
</DIV>

</BODY>
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sv8
Table of Contents
AS
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 12, 2006
Registration No. 333-
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
CRESCENT REAL ESTATE EQUITIES COMPANY
(Exact Name of Registrant as Specified in Its Charter)
TEXAS
52-1862813
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
777 MAIN STREET, SUITE 2100
FORT WORTH, TEXAS
76102
(Address of Principal Executive Offices)
(Zip Code)
Individual Unit Option Agreements
(Full Title of the Plan)
JOHN C. GOFF
CHIEF EXECUTIVE OFFICER
CRESCENT REAL ESTATE EQUITIES COMPANY
777 MAIN STREET, SUITE 2100
FORT WORTH, TEXAS 76102
(Name and Address of Agent for Service)
Copies to:
William L. Horton, Esq.
Pillsbury Winthrop Shaw Pittman LLP
2300 N Street, N.W.
Washington, D.C. 20037
David M. Dean, Esq.
Managing Director, Law and Secretary
Crescent Real Estate Equities Company
777 Main Street, Suite 2100
Fort Worth, Texas 76102
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Amount Of
Title of Securities To Be
Amount To Be
Offering Price
Aggregate Offering
Registration
Registered
Registered(1)
Per Share
Price(2)
Fee
Common Stock, par
value $.01
640,170
(2
)
$
11,125,373.00
$
1,190.42
Common Shares
(1) This Registration Statement shall also cover any additional common shares which
become issuable under the Plan by reason of any stock dividend, stock split, recapitalization
or other similar transaction effected without the receipt of consideration which results in
an increase in the number of the Registrant's outstanding common shares.
(2) Estimated solely for the purpose of computing the registration fee. Pursuant to Rule
457(h), the calculation of the registration fee is based on the prices at which outstanding
options may be exercised. Such prices range from $14.97 to $20.33.
TABLE OF CONTENTS
PART I
PART II
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
ITEM 4. DESCRIPTION OF SECURITIES
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
ITEM 8. EXHIBITS
ITEM 9. UNDERTAKINGS
SIGNATURES
EXHIBIT INDEX
Opinion/Consent of Pillsbury Winthrop Shaw Pittman LLP
Consent of Ernst & Young LLP
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The information specified in Item 1 and Item 2 of Part I of the Registration Statement on Form S-8
(the "Registration Statement") is omitted from this filing in accordance with the provisions of
Rule 428 under the Securities Act of 1933, as amended (the "Securities Act") and the introductory
note to Part I of the Registration Statement. The documents containing the information specified in
Part I will be delivered to the participants in the plan covered by this Registration Statement as
required by Rule 428(b)(1).
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents filed with the Securities and Exchange Commission (the "Commission") by
Crescent Real Estate Equities Company (the "Company" or the "Registrant") pursuant to the
Securities Act and the Securities and Exchange Act of 1934, as amended (the "Exchange Act") are
hereby incorporated by reference in this Registration Statement:
(a)
The Company's Annual Report on Form 10-K for the year ended
December 31, 2005 filed with the Commission on March 13,
2006.
(b)
The description of the Company's common stock contained in
the Company's Registration Statement on Form S-4
(Registration No. 102541) filed with the Commission on
January 16, 2003.
All documents that the Company subsequently files pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of
a post-effective amendment to this Registration Statement indicating that all securities offered
have been sold or which deregisters all securities then remaining unsold shall be deemed to be
incorporated by reference into this Registration Statement and to be a part hereof from the date of
filing of such documents.
Any statement contained in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for purposes of this Registration Statement to the
extent that a statement contained herein or in any other subsequently filed document which also is
or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such
statement so modified or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.
ITEM 4. DESCRIPTION OF SECURITIES.
Not applicable.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
Not applicable.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
The Registrant's declaration of trust provides that the trust managers and officers shall be
indemnified to the maximum extent permitted by Texas law. Under current Texas law, the trust will
indemnify a person who was, is, or is threatened to be made a named defendant or respondent in a
proceeding because the person is or was a trust manager or officer if it is determined that the
person (i) conducted himself in good faith; (ii) reasonably believed: (a) in the case of conduct in
his official capacity as a trust manager or officer of the real estate investment trust, that his
conduct was in the real estate investment trust's best interests; and (b) in all other cases, that
his conduct was at least not opposed to the real estate investment trust's best interests; and
(iii) in the case of any criminal proceeding, had no reasonable cause to believe that his conduct
was unlawful. Except to the extent provided in the following sentence, a trust manager or officer
may not be indemnified in respect of a proceeding (i) in which the person is found liable on the
basis that personal benefit was improperly received by him, whether or not the benefit resulted
from an action taken in the person's official capacity; or (ii) in which the person is found liable
to the real estate investment trust. Notwithstanding the foregoing, a person may be indemnified
against judgments, penalties (including excise and similar taxes), fines, settlements, and
reasonable expenses actually incurred by the
2
Table of Contents
person in connection with the proceeding; provided that if the person is found liable to the
real estate investment trust or is found liable on the basis that personal benefit was improperly
received by the person, the indemnification (i) is limited to reasonable expenses actually incurred
by the person in connection with the proceeding, and (ii) shall not be made in respect of any
proceeding in which the person shall have been found liable for willful or intentional
misconduct in the performance of his duty to the real estate
investment trust. In addition, the Registrant's declaration of trust and bylaws require it to pay or reimburse, in
advance of the final disposition of a proceeding, reasonable expenses incurred by a present or
former trust manager or officer made a party to a proceeding by reason of his status as a trust
manager or officer, provided that the Registrant shall have received (i) a written affirmation by
the trust manager or officer of his good faith belief that he has met the standard of conduct
necessary for indemnification by the Registrant as authorized by the bylaws and (ii) a written
undertaking by or on his behalf to repay the amount paid or reimbursed by the Registrant if it
shall ultimately be determined that the standard of conduct was not met. The Registrant's
declaration of trust and bylaws also permit the Registrant to provide indemnification, payment or
reimbursement of expenses to any employee or agent of the Registrant in such capacity. The
Registrant's declaration of trust and bylaws also permit the Registrant to indemnify a person who
was or who agreed to appear as a witness or other participant in a proceeding at a time when he is
not named a defendant or respondent in the proceeding. Any indemnification, payment or
reimbursement of the expenses permitted by the declaration of trust and bylaws shall be furnished
in accordance with the procedures provided for indemnification and payment or reimbursement of
expenses under the Texas Real Estate Investment Trust Act and the Texas Business Corporation Act.
The limited partnership agreement of the operating partnership of the Registrant contains
indemnification provisions comparable to those contained in the declaration of trust.
The Registrant carries insurance that purports to insure officers and trust managers of the
Registrant against certain liabilities incurred by them in the discharge of their official
functions.
The Registrant has entered into indemnification agreements with each of its executive officers and
trust managers. The indemnification agreements require, among other things, that the Registrant
indemnify such officers and trust managers to the fullest extent permitted by law, and advance to
the officers and directors all related expenses, subject to reimbursement if it is subsequently
determined that indemnification is not permitted. The Registrant also must indemnify and advance
expenses incurred by officers and directors seeking to enforce their rights under the
indemnification agreements and cover officers and directors under the Registrant's directors' and
officers' liability insurance, if any. Although the indemnification agreements offer substantially
the same scope of coverage afforded by provisions in the declaration of trust and the Registrant's
bylaws, they provide greater assurance to directors and executive officers that indemnification
will be available, because, as contracts, they cannot be modified unilaterally in the future by the
Board of Trust Managers or by the stockholders to alter, limit or eliminate the rights they
provide.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
ITEM 8. EXHIBITS.
The following exhibits are filed as part of this Registration Statement.
Exhibit
Number
Description of Exhibit
4.01
Form of Common Share Certificate (filed as Exhibit No. 4.03 to the Registrant's Registration Statement
on Form S-3 (File No. 333-21905) and incorporated herein by reference).
4.02
Statement of Designation of 6-3/4% Series A Convertible Cumulative Preferred Shares of Crescent
Real Estate Equities Company dated February 13, 1998 (filed as Exhibit No. 4.07 to the
Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1997 and
incorporated herein by reference).
4.03
Form of Certificate of 6-3/4% Series A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company (filed as Exhibit No. 4 to the Registrant's Registration Statement on Form
8-A/A filed on February 18,1998 and incorporated herein by reference).
4.04
Statement of Designation of 6-3/4% Series A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company dated April 25, 2002 (filed as Exhibit No. 4.1 to the Registrant's Current
Report on Form 8-K filed April 25, 2002 and incorporated herein by reference).
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Exhibit
Number
Description of Exhibit
4.05
Statement of Designation of 6-3/4% Series A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company dated January 14, 2004 (filed as Exhibit No. 4.1 to the Registrant's Current
Report on Form 8-K filed January 15, 2004 (the "January 2004 8-K") and incorporated herein by
reference).
4.06
Form of Global Certificate of 6-3/4% Series A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company (filed as Exhibit No. 4.2 to the January 2004 8-K and
incorporated herein by reference).
4.07
Statement of Designation of 9.50% Series B Cumulative Redeemable Preferred Shares of
Crescent Real Estate Equities Company dated May 13, 2002 (filed as Exhibit No. 2 to the Registrant's Form 8-A
dated May 14, 2002 (the "Form 8-A") and incorporated herein by reference).
4.08
Form of Certificate of 9.50% Series B Cumulative Redeemable Preferred Shares of Crescent Real Estate
Equities Company (filed as Exhibit No. 4 to the Form 8-A and incorporated herein by reference).
4
Pursuant to Regulation S-K Item 601(b)(4)(iii), the Registrant by this filing agrees, upon request, to
furnish to the Securities and Exchange Commission a copy of other instruments defining the rights of
holders of long-term debt of the Registrant.
5.01
Opinion of Pillsbury Winthrop Shaw Pittman LLP with respect to legality of the Common
Shares registered hereunder (filed herewith).
23.01
Consent of Ernst & Young LLP (filed herewith).
23.02
Consent of Pillsbury Winthrop Shaw Pittman LLP (included in its opinion filed as Exhibit 5.01 hereto).
24.01
Power of Attorney (included in signature page).
ITEM 9. UNDERTAKINGS.
(a)
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act.
(ii)
To reflect in the prospectus any facts or events arising after the effective date
of the Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in
the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than 20 percent change in the maximum
aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective
Registration Statement.
(iii)
To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information in
the Registration Statement;
Provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration
Statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic reports filed with or
furnished to the Commission by the registrant pursuant to Section 13 or 15(d) of the Exchange Act
that are incorporated by reference in the Registration Statement.
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
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(3)
To remove from registration by means of a post-effective amendment any of the securities
being registered hereby which remain unsold at the termination of the offering.
(4)
Intentionally omitted;
(5)
That, for the purpose of determining liability under the Securities Act of 1933 to any
purchaser:
(i)
If the registrant is relying on Rule 430B:
A.
Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to
be part of the Registration Statement as of the date the filed prospectus was deemed part
of and included in the Registration Statement; and
B.
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or
(b)(7) as part of a Registration Statement in reliance on Rule 430B relating to an
offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing
the information required by section 10(a) of the Securities Act of 1933 shall be deemed
to be part of an included in the Registration Statement as of the earlier of the date
such form of prospectus is first used after effectiveness or the date of the first
contract of sale of securities in the offering described in the prospectus. As
provided in Rule 430B, for liability purposes of the issuer and any person that is at
the date an underwriter, such date shall be deemed to be a new effective date of the
Registration Statement relating to the securities in the Registration Statement to
which that prospectus relates, and the offering of such securities at that time shall
be deemed to be initial
bona fide
offering thereof. Provided, however, that no
statement made in a Registration Statement or prospectus that is part of the
Registration Statement or made in a document incorporated or deemed incorporated by
reference into the Registration Statement or prospectus that is part of the
Registration Statement will, as to a purchaser with a time of contract of sale prior to
such effective date, supersede or modify any statement that was made in the
Registration Statement or prospectus that was part of the Registration Statement or
made in any such document immediately prior to such effective date; or
(ii)
If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b)
as part of a Registration Statement relating to an offering, other than Registration Statements
relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to
be part of and included in the Registration Statement as of the date it is first used after
effectiveness. Provided, however, that no statement made in a Registration Statement or prospectus
that is part of the Registration Statement or made in a document incorporated or deemed
incorporated by reference into the Registration Statement or prospectus that is part of the
Registration Statement will, as to a purchaser with a time of contract of sale prior to such first
use, supersede or modify any statement that was made in the Registration Statement or prospectus
that was part of the Registration Statement or made in any such document immediately prior to such
date of first use.
(6)
That, for the purpose of determining liability of the registrant under the Securities Act
of 1933 to any purchaser in the initial distribution of the securities:
The undersigned registrant undertakes that in a primary offering of securities of the undersigned
registrant pursuant to this registration statement, regardless of the underwriting method used to
sell the securities to the purchaser, if the securities are offered or sold to such purchaser by
means of any of the following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such purchaser:
(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the
offering required to be filed pursuant to Rule 424;
(ii)
Any free writing prospectus relating to the offering prepared by or on behalf of the
undersigned registrant or used or referred to by the undersigned registrant;
(iii)
The portion of any other free writing prospectus relating to the offering containing
material information about the undersigned registrant or its securities provided by or on behalf of
the undersigned registrant; and
(iv)
Any other communication that is an offer in the offering made by the undersigned
registrant to the purchaser.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant's annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each
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filing of an employee benefit plan's annual report pursuant to section 15(d) of the Exchange Act) that is
incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the
securities offered herein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
(h) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act, and
is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Fort Worth, Texas, on April 12, 2006.
CRESCENT REAL ESTATE EQUITIES COMPANY,
a Texas real estate investment trust (Registrant)
By:
/s/ John C. Goff
Name: John C. Goff
Title: Chief Executive Officer
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POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes
and appoints each of John C. Goff and David M. Dean, and each of them, with full power to act
without the other, his true and lawful attorney-in-fact and agent, each with full and several power
of substitution for him and in his name, place and stead, in any and all capacities, to sign any
and all registration statements relating to Common Shares of Crescent Real Estate Equities Company
(the "Registrant") to be issued under the Individual Unit Option Agreements and any amendments,
including both pre-effective and post-effective amendments and supplements to such registration
statements, and to file the same, with all exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact
and agent full power and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and purposes as each said
attorney-in-fact and agent might or could do in person, hereby ratifying and confirming all that
each said attorney-in-fact and agent, or any of them, or any substitute or substitutes for any of
them, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement
has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Richard E. Rainwater
Richard E. Rainwater
Trust Manager and Chairman of the Board
April 10, 2006
/s/ John C. Goff
John C. Goff
Trust Manager and Chief Executive Officer
(Principal Executive Officer)
April 12, 2006
/s/ Jerry R. Crenshaw, Jr.
Jerry R. Crenshaw, Jr.
Managing Director, Chief Financial Officer
(Principal Financial and Accounting Officer)
April 12, 2006
/s/ Anthony M. Frank
Anthony M. Frank
Trust Manger
April 10, 2006
/s/ William F. Quinn
William F. Quinn
Trust Manager
April 10, 2006
/s/ Paul E. Rowsey, III
Paul E. Rowsey, III
Trust Manager
April 12, 2006
/s/ Dennis H. Alberts
Dennis H. Alberts
Trust Manager
April 12, 2006
/s/ Robert W. Stallings
Robert W. Stallings
Trust Manager
April 12, 2006
/s/ Terry N. Worrell
Terry N. Worrell
Trust Manager
April 12, 2006
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EXHIBIT INDEX
Exhibit
Number
Description of Exhibit
4.01
Form of Common Share Certificate (filed as Exhibit No. 4.03 to the Registrant's Registration Statement
on Form S-3 (File No. 333-21905) and incorporated herein by reference).
4.02
Statement of Designation of 6-3/4% Series A Convertible Cumulative Preferred Shares of Crescent
Real Estate Equities Company dated February 13, 1998 (filed as Exhibit No. 4.07 to the
Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1997 and
incorporated herein by reference).
4.03
Form of Certificate of 6-3/4% Series A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company (filed as Exhibit No. 4 to the Registrant's Registration Statement on Form
8-A/A filed on February 18,1998 and incorporated herein by reference).
4.04
Statement of Designation of 6-3/4% Series A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company dated April 25, 2002 (filed as Exhibit No. 4.1 to the Registrant's Current
Report on Form 8-K filed April 25, 2002 and incorporated herein by reference).
4.05
Statement of Designation of 6-3/4% Series A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company dated January 14, 2004 (filed as Exhibit No. 4.1 to the Registrant's Current
Report on Form 8-K filed January 15, 2004 (the "January 2004 8-K") and incorporated herein by
reference).
4.06
Form of Global Certificate of 6-3/4% Series A Convertible Cumulative Preferred Shares of
Crescent Real Estate Equities Company (filed as Exhibit No. 4.2 to the January 2004 8-K and
incorporated herein by reference).
4.07
Statement of Designation of 9.50% Series B Cumulative Redeemable Preferred Shares of
Crescent Real Estate Equities Company dated May 13, 2002 (filed as Exhibit No. 2 to the Registrant's Form 8-A
dated May 14, 2002 (the "Form 8-A") and incorporated herein by reference).
4.08
Form of Certificate of 9.50% Series B Cumulative Redeemable Preferred Shares of Crescent Real Estate
Equities Company (filed as Exhibit No. 4 to the Form 8-A and incorporated herein by reference).
4
Pursuant to Regulation S-K Item 601(b)(4)(iii), the Registrant by this filing agrees, upon request, to
furnish to the Securities and Exchange Commission a copy of other instruments defining the rights of
holders of long-term debt of the Registrant.
5.01
Opinion of Pillsbury Winthrop Shaw Pittman LLP with respect to legality of the Common
Shares registered hereunder (filed herewith).
23.01
Consent of Ernst & Young LLP (filed herewith).
23.02
Consent of Pillsbury Winthrop Shaw Pittman LLP (included in its opinion filed as Exhibit 5.01 hereto).
24.01
Power of Attorney (included in signature page).
9