T O TA L R E T U R N P E R F O R M A N C E Total return performance shown reflects the perform- ance of Alexandria Real Estate Equities, Inc., com- pared to NAREIT All Equity, Russell 2000 and S&P 500 indices (total return perform- ance from IPO on May 28, 1997 to December 31, 2004, assuming reinvest- ment of all dividends). S&P 500 161.2% RUSSELL 2000 190.5% NAREIT 254.2% ARE 538.8%