1 ARE: 403.1% RUSSELL 2000: 161.5% S&P 500: 145.5% NAREIT: 193.5% Total return performance shown reflects the performance of  Alexandria Real Estate Equities, Inc., compared to NAREIT, S&P 500, and  Russell 2000 indices (total return performance from IPO on May 28, 1997  to December 31, 2003, assuming reinvestment of all dividends). ALEXANDRIA REAL ESTATE EQUITIES, INC. ® TOTAL RETURN PERFORMANCE a j r.¥ 9 = | | | i | | A |