&» JOEL S. MARCUS CHIEF EXECUTIVE OFFICER deployed) that faced significant challenges and had significant needs. The hardships some of these families face as their loved ones serve in the United States military overseas can be overwhelming. Their needs have been as diverse as their geographic locations. We were recently able to purchase a wheelchair-accessible van for the family of a sergeant serving out of the state of Washington. As a single parent providing for the needs of his three children, one of whom is severely disabled, he diligently serves the United States despite personal and financial setbacks. Another family, located in California, was in great need of a new roof for their home, and still another, based in North Carolina, faced possible eviction after falling behind five months in rent. The daily challenges and triumphs of these families are remarkable, and it has been our privilege to work closely with them during this dangerous, highly stressful and difficult time in an effort to assist in an impactful manner These service personnel and their families have been a source of inspiration for our entire organization, particularly for those that have been personally involved in delivering assistance to them in the specific regions where they are located. As we continue with Operation Outreach during 2004, we want to recognize and thank everyone who contributed to this noble and rewarding undertaking.  T H E F U T U R E While our performance during 2003 was excellent by any financial metric, the most significant learning gleaned from our results was that our core organic growth, our unique road map for growth, remains the bedrock of our performance. Alexandria has consistently demonstrated that, despite difficult economic and business conditions, we can continue to grow our unique life science industry focused business. We are positioned at the leading edge of life science innovation, and as ben- eficiaries of this industry, we will continue to successfully execute our unique niche strategy and as a result, deliver sustainable and meaningful growth which positively impacts overall quality of life.  Our unparalleled and unique business model and brand, together with the multi-faceted growth strategies that we have implemented, give Alexandria a clear and sustainable competitive advantage that will enable us to achieve continued success.  The quality of our Labspace has earned the faith and trust of our life science industry constituency. So too, the integrity of our business goals, beliefs, practices and principles have earned the faith and trust of our shareholders, client tenants, employees and business relationships. We are an efficient and cost-conscious business culture managed by a team that pos- sesses highly focused expertise, experience, strength and depth. Our human capital base is important and significant. We thank our entire team for their outstanding collective accomplishments during 2003. In closing, we thank our shareholders for choosing to invest in Alexandria, our client tenants for choosing to work with us, and our people for leading our outstanding performance. We will strive to continue to build the company’s long-term value on your behalf. Jerry M. Sudarsky  Chairman of the Board Joel S. Marcus  Chief Executive Officer 15