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Crescent Real Estate Enters Into Exchange Transaction With Chairman

Press Release: Crescent Real Estate Equities Company
November 20, 2002
FORT WORTH, TX -- Crescent Real Estate Equities Company (NYSE:CEI) announced that it has entered into an exchange transaction with its largest shareholder and chairman, Richard E. Rainwater, in which Mr. Rainwater exchanged 700,800 of his Crescent common shares for 350,400 Partnership Units of the Company's operating partnership, Crescent Real Estate Equities Limited Partnership. Each Partnership Unit can be exchanged for two common shares. Mr. Rainwater purchased the 700,800 common shares in the open market from November 7 through November 11, 2002, at prices ranging from $15.1907 to $15.3960. The transaction in no way changes Mr. Rainwater's current beneficial ownership interest in the Company (giving effect to his ownership of units). Mr. Rainwater's ownership of common shares remains sufficiently below the 9.5% limit as provided in the Company's charter.

ABOUT THE COMPANY

Crescent Real Estate Equities Company (NYSE:CEI) is one of the largest publicly held real estate investment trusts in the nation. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 73 premier office properties totaling 28.5 million square feet located primarily in the Southwestern United States, with major concentrations in Dallas, Houston, Austin and Denver. In addition, the company has investments in world-class resorts and spas and upscale residential developments.

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Contact: 
     Crescent Real Estate Equities Company
     Investors:
     Jane E. Mody, 817/321-1086
        or
     Jerry R. Crenshaw, 817/321-1492
        or
     Keira B. Moody, 817/321-1412
        or
     Media:
     Sandra Porter, 817/321-1460

Source: Crescent Real Estate Equities Company