<SUBMISSION>
<ACCESSION-NUMBER>0000912057-02-017393
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20020605
<FILING-DATE>20020430
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CERUS CORP
<CIK>0001020214
<ASSIGNED-SIC>2836
<IRS-NUMBER>680262011
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>000-21937
<FILM-NUMBER>02626896
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2411 STANWELL DR
<CITY>CONCORD
<STATE>CA
<ZIP>94520
<PHONE>9252886000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2525 STANWELL DRIVE
<STREET2>STE 300
<CITY>CONCORD
<STATE>CA
<ZIP>94520
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CERUS TECHNOLOGIES INC
<DATE-CHANGED>19960731
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a2078270zdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>
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<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
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<FONT SIZE=3 ><A HREF="#02PAL1625_1">QuickLinks</A></FONT>
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<P ALIGN="CENTER"><FONT SIZE=2><B>SCHEDULE 14A INFORMATION</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Proxy
Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>

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<TABLE WIDTH="79%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Soliciting Material Pursuant to Rule&nbsp;14a-12<BR></FONT>
</TD>
</TR>
</TABLE>
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<TD COLSPAN=5 ALIGN="CENTER"><BR><FONT SIZE=3><B> Cerus Corporation</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2>(Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><FONT SIZE=2>Payment of Filing Fee (Check the appropriate box):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>No fee required.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B>(1)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B>(2)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B>(3)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B>(4)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B>(5)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Fee paid previously with preliminary materials:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B>(1)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B>(2)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B>(3)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B>(4)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=4><B>CERUS CORPORATION<BR>  </B></FONT><FONT SIZE=2><B>2411 Stanwell Drive<BR>
Concord, CA 94520  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=3><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<BR>  </B></FONT><FONT SIZE=2><B>To Be Held On June&nbsp;5, 2002  </B></FONT></P>


<P><FONT SIZE=2><B>TO THE STOCKHOLDERS OF CERUS CORPORATION:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>NOTICE IS HEREBY GIVEN</B></FONT><FONT SIZE=2> that the Annual Meeting of Stockholders of CERUS CORPORATION, a Delaware corporation (the
"Company"), will be held on Wednesday, June&nbsp;5, 2002 at 9:00&nbsp;a.m., local time, at the Company's offices at 2411 Stanwell Drive, Concord, California, for the following purposes: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>To
elect two directors to hold office until the 2005 Annual Meeting of Stockholders.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>To
approve an amendment to the Company's 1999 Equity Incentive Plan, as amended, to increase the aggregate number of shares of common stock authorized for issuance under such plan by
1,000,000 shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>To
ratify the selection of Ernst&nbsp;&amp; Young LLP as independent auditors of the Company for its fiscal year ending December&nbsp;31, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>To
transact such other business as may properly come before the meeting or any adjournment thereof. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing items of business are more fully described in the Proxy Statement accompanying this Notice. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has fixed the close of business on April&nbsp;17, 2002, as the record date for the determination of stockholders entitled to notice of and to vote at this Annual
Meeting and at any adjournment or postponement thereof. </FONT></P>

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<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2>By Order of the Board of Directors</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="50%"><BR><FONT SIZE=2><B>
<IMG SRC="g1026691.jpg" ALT="LOGO" WIDTH="256" HEIGHT="51">
 </B></FONT><FONT SIZE=2><BR>
<BR>
Lori L. Roll<BR></FONT> <FONT SIZE=2><I>Corporate Secretary</I></FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>Concord,
California<BR>
May&nbsp;3, 2002 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>ALL STOCKHOLDERS ARE INVITED TO ATTEND THE MEETING IN PERSON. WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING, PLEASE COMPLETE, DATE, SIGN AND RETURN THE
ENCLOSED PROXY AS PROMPTLY AS POSSIBLE IN ORDER TO ENSURE YOUR REPRESENTATION AT THE MEETING. A RETURN ENVELOPE (WHICH IS POSTAGE PREPAID IF MAILED IN THE UNITED STATES) IS ENCLOSED FOR THAT PURPOSE
OR, IF YOUR SHARES ARE HELD OF RECORD BY A BROKER, BANK OR OTHER NOMINEE, YOU MAY BE ABLE TO VOTE ON THE INTERNET OR BY TELEPHONE BY FOLLOWING THE INSTRUCTIONS PROVIDED WITH YOUR VOTING FORM. EVEN
IF YOU HAVE GIVEN YOUR PROXY, YOU MAY STILL VOTE IN PERSON IF YOU ATTEND THE MEETING. PLEASE NOTE, HOWEVER, THAT IF YOUR SHARES ARE HELD OF RECORD BY A BROKER, BANK OR OTHER NOMINEE AND YOU WISH TO
VOTE AT THE MEETING, YOU MUST OBTAIN FROM THE RECORD HOLDER A PROXY ISSUED IN YOUR NAME.</B></FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=3><B>CERUS CORPORATION<BR>  </B></FONT><FONT SIZE=2><B>2411 Stanwell Drive<BR>
Concord, CA 94520  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=3><B>PROXY STATEMENT<BR>  </B></FONT><FONT SIZE=2><B>FOR ANNUAL MEETING OF STOCKHOLDERS<BR>
June&nbsp;5, 2002  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> <A NAME="de1625_information_concerning_solicitation_and_voting"> </A>
<A NAME="toc_de1625_1"> </A>
<BR>    INFORMATION CONCERNING SOLICITATION AND VOTING    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>GENERAL  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The enclosed proxy is solicited on behalf of the Board of Directors of Cerus Corporation, a Delaware corporation ("Cerus" or the "Company"), for use at the Annual
Meeting of Stockholders to be held on Wednesday, June&nbsp;5, 2002, at 9:00&nbsp;a.m., local time (the "Annual Meeting"), or at any adjournment or postponement thereof, for the purposes set forth
herein and in the accompanying Notice of Annual Meeting. The Annual Meeting will be held at the Company's offices at 2411 Stanwell Drive, Concord, California. The Company intends to mail this proxy
statement and accompanying proxy card on or about May&nbsp;3, 2002 to all stockholders entitled to vote at the Annual Meeting. </FONT></P>

<P><FONT SIZE=2><B>SOLICITATION  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerus will bear the entire cost of solicitation of proxies, including preparation, assembly, printing and mailing of this proxy statement, the proxy and any
additional information furnished to stockholders. Copies of solicitation materials will be furnished to banks, brokerage houses, fiduciaries and custodians holding in their names shares of common
stock beneficially owned by others to forward to such beneficial owners. The Company may reimburse persons representing beneficial owners of common stock of the Company for their costs of forwarding
solicitation materials to such beneficial owners. Original solicitation of proxies by mail may be supplemented by telephone, telegram or personal
solicitation by directors, officers or other regular employees of the Company. No additional compensation will be paid to directors, officers or other regular employees for such services. </FONT></P>

<P><FONT SIZE=2><B>VOTING RIGHTS AND OUTSTANDING SHARES  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only holders of record of Cerus common stock at the close of business on April&nbsp;17, 2002, will be entitled to notice of and to vote at the Annual Meeting.
At the close of business on April&nbsp;17, 2002, the Company had outstanding and entitled to vote 15,782,062&nbsp;shares of common stock. Each holder of record of common stock on such date will be
entitled to one vote for each share held on all matters to be voted upon at the Annual Meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
quorum of stockholders is necessary to hold a valid meeting. A quorum will be present if at least a majority of the outstanding shares are represented by votes at the meeting or by
proxy. All votes will be tabulated by the inspector of election appointed for the meeting, who will separately tabulate affirmative and negative votes, abstentions and broker non-votes.
Abstentions will be counted towards the tabulation of votes cast on proposals presented to the stockholders and will have the same effect as negative votes. Broker non-votes are counted
towards a quorum, but are not counted for any purpose in determining whether a matter has been approved. </FONT></P>

<P><FONT SIZE=2><B>VOTING VIA THE INTERNET OR BY TELEPHONE  </B></FONT></P>

<P><FONT SIZE=2><B><I>For Shares Registered in the Name of a Broker or Bank  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most beneficial owners whose stock is held in street name receive voting instruction forms from their banks, brokers or other agents, rather than the Company's
proxy card. A number of brokers and banks are participating in a program provided through ADP Investor Communication Services that offers telephone and Internet voting options. If your shares are held
in an account with a broker or </FONT></P>

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<A NAME="page_de1625_1_2"> </A>
<BR>

<P><FONT SIZE=2>
bank participating in the ADP Investor Communication Services program, you may vote those share telephonically by calling the telephone number shown on the voting form received from your broker or
bank, or via the Internet at ADP Investor Communication Services' voting web site (www.proxyvote.com). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes
submitted via the Internet or by telephone must be received by 11:59&nbsp;p.m. Eastern Daylight Time, on June&nbsp;4, 2002. Submitting your vote via the Internet or by
telephone will not affect your right to vote in person should you decide to attend the Annual Meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The telephone and Internet voting procedures are designed to authenticate stockholders' identities, to allow stockholders to give their voting instructions and to
confirm that stockholders' instructions have been recorded properly. Stockholders voting via the Internet should understand that there may be costs associated with electronic access, such as usage
charges from Internet access providers and telephone companies, that must be borne by the stockholder.</B></FONT></P>

<P><FONT SIZE=2><B>REVOCABILITY OF PROXIES  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any person giving a proxy pursuant to this solicitation has the power to revoke it at any time before it is voted. It may be revoked by filing with the Secretary
of the Company at the Company's principal executive offices, 2411 Stanwell Drive, Concord, California 94520, a written notice of revocation or a duly executed proxy bearing a later date, or it may be
revoked by attending the meeting and voting in person. Attendance at the meeting will not, by itself, revoke a proxy. </FONT></P>


<P><FONT SIZE=2><B>STOCKHOLDER PROPOSALS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The deadline for submitting a stockholder proposal for inclusion in the Company's proxy statement and proxy for the Company's 2003 annual meeting of stockholders
pursuant to Rule&nbsp;14a-8 of the Securities and Exchange Commission is January&nbsp;3, 2003. Stockholders wishing to submit proposals or director nominations that are not to be
included in such proxy statement and proxy must do so not earlier than March&nbsp;7, 2003 and not later than April&nbsp;6, 2003. Stockholders are also advised to review the Company's bylaws, which
contain additional requirements with respect to advance notice of stockholder proposals and director nominations. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1625_proposal_1_election_of_directors"> </A>
<A NAME="toc_de1625_2"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL 1<BR>  <BR>    ELECTION OF DIRECTORS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's restated certificate of incorporation and bylaws provide that the Board of Directors shall be divided into three classes, each class consisting, as
nearly as possible, of one-third of the total number of directors, with each class having a three-year term. Vacancies on the Board may be filled
only by persons elected by a majority of the remaining directors. A director elected by the Board to fill a vacancy (including a vacancy created by an increase in the number of Board members) shall
serve for the remainder of the full term of the class of directors in which the vacancy occurred and until such director's successor is elected and qualified. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors is presently composed of six members. There are two directors in the class whose term of office expires in 2002. Each of the nominees for election to this class is
currently a director of the Company. Stephen T. Isaacs was previously elected by the stockholders. Bruce C. Cozadd was elected by the Board in 2001 to fill a vacancy. If elected at the Annual Meeting,
each of the nominees would serve until the 2005 annual meeting of stockholders and until his successor is elected and has qualified, or until such director's earlier death, resignation or removal. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
are elected by a plurality of the votes present in person or represented by proxy and entitled to vote at the meeting. Shares represented by executed proxies will be voted, if
authority to do so is not withheld, for the election of the two nominees named below. In the event that any nominee </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<A NAME="page_de1625_1_3"> </A>
<BR>

<P><FONT SIZE=2>
should be unavailable for election as a result of an unexpected occurrence, such shares will be voted for the election of such substitute nominee as management may propose. Each person nominated for
election has agreed to serve if elected, and management has no reason to believe that any nominee will be unable to serve. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth below is biographical information for each person nominated and each person whose term of office as a director will continue after the Annual Meeting. </FONT></P>

<P><FONT SIZE=2><B>NOMINEES FOR ELECTION FOR A THREE-YEAR TERM EXPIRING AT THE 2005 ANNUAL MEETING  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Stephen T. Isaacs,</I></FONT><FONT SIZE=2> 53, founded Cerus in September&nbsp;1991 and has served as President, Chief Executive Officer
and a member of the Board of Directors since that time. Mr.&nbsp;Isaacs was previously President and Chief Executive Officer of HRI, a research and development company, from September&nbsp;1984 to
December&nbsp;1996. From 1975 to 1986, Mr.&nbsp;Isaacs held a faculty research position at the University of California at Berkeley. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Bruce C. Cozadd,</I></FONT><FONT SIZE=2> 38, has served as a member of the Board of Directors of Cerus since November&nbsp;2001. Mr.&nbsp;Cozadd was Executive
Vice President and Chief Operating Officer of ALZA Corporation, a pharmaceutical company, from 2000 until 2001 and held various management positions at ALZA from 1991-2000, including
Senior Vice President and Chief Financial Officer. Previously, Mr.&nbsp;Cozadd was a member of the health care investment banking team at Smith Barney, Harris Upham&nbsp;&amp; Co. Mr.&nbsp;Cozadd is
currently a director of Genencor International,&nbsp;Inc., a biotechnology company, as well as a number of private companies. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>THE BOARD OF DIRECTORS RECOMMENDS<BR>
A VOTE IN FAVOR OF EACH NAMED NOMINEE.  </B></FONT></P>

<P><FONT SIZE=2><B>DIRECTORS CONTINUING IN OFFICE UNTIL THE 2003 ANNUAL MEETING  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>B.J. Cassin,</I></FONT><FONT SIZE=2> 68, has served as Chairman of the Board of Cerus since December&nbsp;1992. Mr.&nbsp;Cassin has
been a private venture capitalist since 1979. Previously, Mr.&nbsp;Cassin co-founded Xidex Corporation, a manufacturer of data storage media, in 1969. Mr.&nbsp;Cassin is currently a
director of Symphonix Devices,&nbsp;Inc. and PDF Solutions,&nbsp;Inc., as well as a number of private companies. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>William R. Rohn,</I></FONT><FONT SIZE=2> 58, has served as a member of the Board of Directors of Cerus since March&nbsp;2002. Mr.&nbsp;Rohn has been President
and Chief Operating Officer of IDEC Pharmaceuticals, a biotechnology company, since 1998. Mr.&nbsp;Rohn joined IDEC in 1993 as Senior Vice President, Commercial and Corporate Development and was
appointed Senior Vice President, Commercial Operations in 1996. From 1984 until 1993, Mr.&nbsp;Rohn was employed by Adria Laboratories, a pharmaceutical company, most recently as Senior Vice
President of Sales and Marketing. Mr.&nbsp;Rohn serves as a director for Pharmacyclics,&nbsp;Inc., a pharmaceutical company. </FONT></P>

<P><FONT SIZE=2><B>DIRECTORS CONTINUING IN OFFICE UNTIL THE 2004 ANNUAL MEETING  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>John E. Hearst, Ph.D., D.Sc.</I></FONT><FONT SIZE=2>, 66, a co-founder of Cerus, has served as a member of the Board of
Directors since September&nbsp;1991. He has been the Company's Vice President, New Science Opportunities since July&nbsp;1996. From January&nbsp;1996 until July&nbsp;1996, Dr.&nbsp;Hearst
served as Director, New Science Opportunities. Dr.&nbsp;Hearst was a Professor of Chemistry at the University of California at Berkeley from 1962 to 1996. As an Emeritus Professor, he retains the
position of Senior Staff Scientist at the Lawrence Berkeley Laboratory. He served as Director of the Chemical Dynamics Division at the Lawrence Berkeley Laboratory from 1986 to 1989. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>C. Raymond Larkin, Jr.,</I></FONT><FONT SIZE=2> 53, has served as a member of the Board of Directors of Cerus since January&nbsp;2000. Mr.&nbsp;Larkin has
been a Principal of 3x Nell, LLC, a company that invests in and provides consulting services to the medical device, biotechnology and pharmaceutical industries, since 1998. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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From 1989 to 1997, Mr.&nbsp;Larkin was President and Chief Executive Officer of Nellcor Puritan Bennett,&nbsp;Inc., a medical products company. Mr Larkin is currently a director of ArthroCare
Corporation, a medical device developer and manufacturer, Da Vita,&nbsp;Inc., a medical device service
provider, and Hanger Orthopedic Group,&nbsp;Inc., a professional orthopedic practice management company, as well as a number of private companies. </FONT></P>


<P><FONT SIZE=2><B>BOARD COMMITTEES AND MEETINGS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year ended December&nbsp;31, 2001, the Board of Directors held seven meetings and acted by written consent four times. The Board has an Audit
Committee and a Compensation Committee. The Board does not have a standing nominating committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee meets with the Company's independent auditors to review the plan for and results of the annual audit and discuss the financial statements included in the Company's
Annual Report on Form&nbsp;10-K; recommends to the Board the independent auditors to be retained; oversees the independence of such auditors; evaluates their performance and receives and
considers the auditors' comments as to controls, adequacy of staff and management performance and procedures in connection with audit and financial controls. The Audit Committee is governed by a
written charter adopted by the Board. The Audit Committee, which is currently composed of three independent (as defined in the rules of the Nasdaq Stock Market) directors, Messrs.&nbsp;Cassin,
Cozadd and Larkin, met twice during the fiscal year ended December&nbsp;31, 2001. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee sets the Company's compensation policies, evaluates the performance and determines the compensation of executive officers and performs such other functions
regarding compensation as the Board may delegate. The Compensation Committee also administers the issuance of stock options and other awards under the Company's 1996 and 1999 Equity Incentive Plans,
1998 Non-Officer Stock Option Plan and Employee Stock Purchase Plan. During the fiscal year ended December&nbsp;31, 2001, the Compensation Committee was composed of Messrs.&nbsp;Cassin
and McNerney, each of whom was an outside director. The Compensation Committee met once and acted by written consent 11 times during such fiscal year. Mr.&nbsp;Larkin joined the Compensation
Committee after Mr.&nbsp;McNerney's resignation from the Board of Directors in December&nbsp;2001. The Compensation Committee currently is composed of Messrs.&nbsp;Cassin and Larkin, each of
whom is an outside director. The Company's Non-Officer Stock Option Committee was established in April&nbsp;2001 and is composed of Mr.&nbsp;Isaacs. Such committee may award stock
options to new employees who are not officers, within limits established by the Compensation Committee. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fiscal year ended December&nbsp;31, 2001, each Board member, except Mr.&nbsp;Larkin, attended at least 75% or more of the aggregate of the meetings of the Board and of the
committees on which he served that were held during the period for which he was a director or committee member, respectively. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1625_proposal_2_approval_of_the_ame__pro02998"> </A>
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<BR></FONT><FONT SIZE=2><B>PROPOSAL 2<BR>  <BR>    APPROVAL OF THE AMENDMENT TO THE 1999<BR>  EQUITY INCENTIVE PLAN, AS AMENDED    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;1999, the Board of Directors adopted, and in July&nbsp;1999 the stockholders approved, the Cerus Corporation 1999 Equity Incentive Plan (the
"Incentive Plan"). In 2000 and 2001, the Board adopted, and the stockholders approved, amendments to the Incentive Plan increasing the number of shares of common stock authorized for issuance under
the Incentive Plan to a total of 3,080,000 shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
April&nbsp;2002, the Board approved an amendment to the Incentive Plan, subject to stockholder approval, to increase the number of shares of common stock authorized for issuance
under the Incentive Plan by 1,000,000 shares, to a total of 4,080,000 shares. The Board adopted this amendment </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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in order to ensure that the Company can continue to make stock awards at levels determined appropriate by the Board. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March&nbsp;31, 2002, awards (net of canceled or expired awards) covering an aggregate of 2,059,591&nbsp;shares of common stock had been granted under the Incentive Plan. Only
1,020,409&nbsp;shares of common stock (plus any shares that might in the future be returned to the Incentive Plan as a result of cancellations or expiration of awards or the reacquisition by the
Company of issued shares) remained available for future grant under the Incentive Plan. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
are requested in this Proposal 2 to approve the amendment to the Incentive Plan. The affirmative vote of the holders of a majority of the shares present in person or
represented by proxy and entitled to vote at the meeting will be required to approve the amendment to the Incentive Plan. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE IN FAVOR OF PROPOSAL&nbsp;2.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The essential features of the Incentive Plan are outlined below: </FONT></P>


<P><FONT SIZE=2><B>GENERAL  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Incentive Plan provides for the grant of incentive stock options, non-statutory stock options, stock bonuses and restricted stock purchase awards
(collectively "stock awards"). Incentive stock options
granted under the Incentive Plan are intended to qualify as "incentive stock options" within the meaning of Section&nbsp;422 of the Internal Revenue Code of 1986, as amended (the "Code").
Non-statutory stock options granted under the Incentive Plan are not intended to qualify as incentive stock options under the Code. See "Federal Income Tax Information" for a discussion of
the tax treatment of stock awards. To date, the Company has granted only stock options under the Incentive Plan. </FONT></P>


<P><FONT SIZE=2><B>PURPOSE  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board adopted the Incentive Plan to provide a means by which employees and directors of, and consultants to, the Company (or any parent or subsidiary)
(collectively, "participants") may be given an opportunity to purchase stock in the Company, to assist in retaining the services of such persons, to secure and retain the services of persons capable
of filling such positions and to provide incentives for such persons to exert maximum efforts for the success of the Company. </FONT></P>

<P><FONT SIZE=2><B>ADMINISTRATION  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board administers the Incentive Plan. Subject to the provisions of the Incentive Plan, the Board has the power to construe and interpret the Incentive Plan
and to determine the persons to whom and the dates on which awards will be granted, the number of shares of common stock to be subject to each award, the time or times during the term of each award
within which all or a portion of such award may be exercised, the exercise price, the type of consideration and other terms of the award. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board has the power to delegate administration of the Incentive Plan to a committee composed of one or more members of the Board. In the discretion of the Board, a committee may
consist solely of two or more outside directors in accordance with Section&nbsp;162(m) of the Code or solely of two or more non-employee directors in accordance with
Rule&nbsp;16b-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Board has delegated administration of the Incentive Plan to the Compensation Committee. As
used herein with respect to the Incentive Plan, the "Board" refers to any committee the Board appoints as well as to the Board itself. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance
with Section&nbsp;162(m) of the Code allows a company to recognize a business expense deduction in connection with compensation recognized by "covered employees" (the chief
executive officer and the other four most highly compensated officers). In addition to other requirements, the directors who serve as members of the committee responsible for administering the
Incentive Plan with respect to these covered employees must be "outside directors." The Board currently limits the directors who may serve as members of the Compensation Committee to those who are
"outside directors" as defined in Section&nbsp;162(m). This limitation would exclude from the committee directors who are (i)&nbsp;current employees of the Company or an affiliate,
(ii)&nbsp;former employees of the Company or
an affiliate receiving compensation for past services (other than benefits under a tax-qualified pension Incentive Plan), (iii)&nbsp;current and former officers of the Company or an
affiliate, (iv)&nbsp;directors currently receiving direct or indirect remuneration from the Company or an affiliate in any capacity (other than as a director) and (v)&nbsp;any other person who is
otherwise not considered an "outside director" for purposes of Section&nbsp;162(m). The definition of an "outside director" under Section&nbsp;162(m) is generally narrower than the definition of a
"non-employee director" under Rule&nbsp;16b-3 of the Exchange Act. </FONT></P>

<P><FONT SIZE=2><B>ELIGIBILITY  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive stock options may be granted under the Incentive Plan only to employees (including officers). Employees (including officers) and directors of, and
consultants to, both the Company and any affiliate are eligible to receive all other types of awards under the Incentive Plan. All of the approximately 170 employees and directors of, and, generally,
all consultants to, the Company are eligible to receive awards under the Incentive Plan. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
incentive stock option may be granted under the Incentive Plan to any person who, at the time of the grant, owns (or is deemed to own) stock possessing more than 10% of the total
combined voting power of the Company or any affiliate of the Company, unless the exercise price is at least 110% of the fair market value of the stock subject to the option on the date of grant and
the term of the option does not exceed five years from the date of grant. In addition, the aggregate fair market value, determined at the time of grant, of the shares of common stock with respect to
which incentive stock options are exercisable for the first time by a participant during any calendar year (under the Incentive Plan and all other such plans of the Company and its affiliates) may not
exceed $100,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
person may be granted options under the Incentive Plan exercisable for more than 250,000 shares of common stock during any calendar year ("Section&nbsp;162(m) Limitation"). </FONT></P>

<P><FONT SIZE=2><B>STOCK SUBJECT TO THE INCENTIVE PLAN  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to this Proposal, an aggregate of 4,080,000 shares of common stock is authorized for issuance under the Incentive Plan. If awards granted under the
Incentive Plan expire or otherwise terminate without being exercised, the shares of common stock not acquired pursuant to such awards again becomes available for issuance under the Incentive Plan. If
the Company reacquires unvested stock issued under the Incentive Plan, the reacquired stock will again become available for reissuance under the Incentive Plan for awards other than incentive stock
options. </FONT></P>

<P><FONT SIZE=2><B>TERMS OF OPTIONS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a description of the permissible terms of options under the Incentive Plan. Individual option grants may be more restrictive as to any or all of
the permissible terms described below. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price; Payment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The exercise price of incentive stock options may not be less than 100% of the fair market value of
the stock subject to the option on the date of the grant and, in some cases (see "Eligibility" above), may not be less than 110% of such fair market value. The exercise price of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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non-statutory options may not be less than 85% of the fair market value of the stock on the date of grant. If options are granted to covered executives with exercise prices below market
value, deductions for compensation attributable to the exercise of such options could be limited by Section&nbsp;162(m) of the Code. See "Federal Income Tax Information." As of April&nbsp;18,
2002, the closing price of the Company's common stock as reported on the Nasdaq National Market was $55.66 per share. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exercise price of options granted under the Incentive Plan must be paid either in cash at the time the option is exercised or, at the discretion of the Board, (i)&nbsp;by delivery
of common stock of the Company, (ii)&nbsp;pursuant to a deferred payment arrangement or (iii)&nbsp;in any other form of legal consideration acceptable to the Board. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Exercise.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Options granted under the Incentive Plan may become exercisable in cumulative increments ("vest") as
determined by the Board. Shares covered by currently outstanding options under the Incentive Plan typically vest at the rate of <SUP>1</SUP>/<SMALL>48</SMALL> per month during the participant's employment by, or
service as a director of or consultant to, the Company (collectively, "service"); provided, however, that options granted to new employees typically do not commence vesting until after six months of
employment. Options granted under the Incentive Plan also may be subject to different vesting terms. The Board has the power to accelerate the time during which an option may vest or be exercised. In
addition, options granted under the Incentive Plan may permit exercise prior to vesting, but in such event the participant may be required to enter into an early exercise stock purchase agreement that
allows the Company to repurchase unvested shares, generally at their exercise price, should the participant's service terminate before vesting. To the extent provided by the terms of an option, a
participant may satisfy any federal, state or local tax withholding obligation relating to the exercise of such option by a cash payment upon exercise, by authorizing the Company to withhold a portion
of the stock otherwise issuable to the participant, by delivering already-owned common stock of the Company or by a combination of these means. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The maximum term of options under the Incentive Plan is ten years, except that in certain cases (see "Eligibility") the
maximum term is five years. Options under the Incentive Plan generally terminate three months after termination of the participant's service unless (i)&nbsp;such termination is due to the
participant's disability, in which case the option may, but need not, provide that it may be exercised (to the extent the option was exercisable at the time of the termination of service) at any time
within 12&nbsp;months of such termination; (ii)&nbsp;the participant dies before the participant's service has
terminated, or within a period specified in the option after termination of such service, in which case the option may, but need not, provide that it may be exercised (to the extent the option was
exercisable at the time of the participant's death) within 18&nbsp;months of the participant's death by the person or persons to whom the rights to such option pass by will or by the laws of descent
and distribution; or (iii)&nbsp;the option by its terms specifically provides otherwise. A participant may designate a beneficiary who may exercise the option following the participant's death.
Individual options may provide for exercise within a longer or shorter period of time following termination of service. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
option agreement may provide that if the exercise of the option following the termination of the participant's service would be prohibited because the issuance of stock would violate
the registration requirements under the Securities Act of 1933, as amended, then the option will terminate on the earlier of (i)&nbsp;the expiration of the term of the option or (ii)&nbsp;three
months after the termination of the participant's service during which the exercise of the option would not be in violation of such registration requirements. </FONT></P>

<P><FONT SIZE=2><B>NON-EMPLOYEE DIRECTORS' SUB-PLAN  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;1999, the Board adopted the 1999 Non-Employee Directors' Stock Option Sub-Plan (the "Directors' Plan"), under and
within the limits set forth in the Incentive Plan, to provide for automatic, non-discretionary grants of non-statutory stock options to directors of the Company who are </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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not employees. Pursuant to the Directors' Plan, on each January&nbsp;1<SUP>st</SUP>, each of the Company's non-employee directors receives an option to purchase 10,000 shares (15,000
shares in the case of the Chairman of the Board and 25,000 shares in a non-employee director's initial year of service) of the Company's common stock. Each option granted under the
Directors' Plan has an exercise price equal to the fair market value of the Company's common stock on the grant date, has a term of ten years and vests in 12 equal monthly installments as long as the
optionee continues to provide service to the Company as a director, employee or consultant. </FONT></P>

<P><FONT SIZE=2><B>TERMS OF STOCK BONUSES AND PURCHASES OF RESTRICTED STOCK  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board determines the purchase price under a restricted stock purchase agreement but the purchase price may not
be less than 85% of the fair market value of the Company's common stock on the date of purchase. The Board may award stock bonuses in consideration of past services without a purchase payment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purchase price of stock acquired pursuant to a restricted stock purchase agreement under the Incentive Plan must be paid either in cash at the time the stock is purchased or at the
discretion of the Board, (i)&nbsp;by delivery of other common stock of the Company, (ii)&nbsp;pursuant to a deferred payment arrangement or (iii)&nbsp;in any other form of legal consideration
acceptable to the Board. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vesting.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Shares of stock sold or awarded under the Incentive Plan may, but need not be, subject to a repurchase option in
favor of the Company in accordance with a vesting schedule as determined by the Board. The Board has the power to accelerate the vesting of stock acquired pursuant to a restricted stock purchase
agreement under the Incentive Plan. </FONT></P>

<P><FONT SIZE=2><B>RESTRICTIONS ON TRANSFER  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A participant in the Incentive Plan may not transfer an incentive stock option otherwise than by will or by the laws of descent and distribution. During the
lifetime of the participant, only the participant may exercise an incentive stock option. The Board may grant non-statutory stock options that are transferable. Shares subject to
repurchase by the Company under an early exercise stock purchase agreement may be subject to restrictions on transfer that the Board deems appropriate. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights
under a stock bonus or restricted stock bonus agreement may be transferred only on such terms and conditions as the Board may provide in the restricted stock purchase or stock
bonus agreement. </FONT></P>

<P><FONT SIZE=2><B>ADJUSTMENT PROVISIONS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event any change is made in the common stock subject to the Incentive Plan, or subject to any stock award, as a result of a merger, consolidation,
reorganization, stock dividend, dividend in property other than cash, stock split, combination of shares, exchange of shares, change in corporate structure or other transaction not involving receipt
of consideration by the Company, the Incentive Plan will be appropriately adjusted as to the class and maximum number of shares of common stock subject to the Incentive Plan and the
Section&nbsp;162(m) Limitation, and outstanding awards will be adjusted as to the class, number of shares and price per share of common stock subject to such awards. </FONT></P>

<P><FONT SIZE=2><B>EFFECT OF CERTAIN CORPORATE EVENTS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Incentive Plan provides that, in the event of a disposition of substantially all of the assets of the Company, specified types of merger, or other corporate
reorganization ("change in control"), any surviving corporation shall either assume awards outstanding under the Incentive Plan or substitute
similar awards for those outstanding under the Incentive Plan. If any surviving corporation declines to assume awards outstanding under the Incentive Plan, or to substitute similar awards, then, with
respect </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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to participants whose service has not terminated, the vesting and the time during which such awards may be exercised will be accelerated. An outstanding award will terminate if the participant does
not exercise it before a change in control. The acceleration of an award in the event of an acquisition or similar corporate event may be viewed as an anti-takeover provision, which may
have the effect of discouraging a proposal to acquire or otherwise obtain control of the Company. In the event of a dissolution or liquidation of the Company, all outstanding stock awards shall
terminate immediately prior to such event. </FONT></P>

<P><FONT SIZE=2><B>DURATION, AMENDMENT AND TERMINATION  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may suspend or terminate the Incentive Plan without stockholder approval or ratification at any time or from time to time. Unless sooner terminated, the
Incentive Plan will terminate on April&nbsp;29, 2009. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board may also amend the Incentive Plan at any time or from time to time. However, no amendment will be effective unless approved by the stockholders of the Company to the extent
stockholder approval is necessary to satisfy Section&nbsp;422 of the Code, if applicable, Rule&nbsp;16b-3 of the Exchange Act or any applicable Nasdaq or securities exchange listing.
The Board may submit any other amendment to the Incentive Plan for stockholder approval, including, but not limited to, amendments intended to satisfy the requirements of Section&nbsp;162(m) of the
Code regarding the exclusion of performance-based compensation from the limitation on the deductibility of compensation paid to certain employees. </FONT></P>

<P><FONT SIZE=2><B>FEDERAL INCOME TAX INFORMATION  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term capital gains currently are generally subject to lower tax rates than ordinary income or short-term capital gains. The maximum
long-term capital gains rate for federal income tax purposes is currently 20% while the maximum ordinary income rate and short-term capital gains rate is effectively 38.6%.
Slightly different rules may apply to participants who acquire stock subject to certain repurchase options or who are subject to Section&nbsp;16(b) of the Exchange Act. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Incentive stock options under the Incentive Plan are intended to be eligible for the favorable
federal income tax treatment accorded "incentive stock options" under the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
generally are no federal income tax consequences to the participant or the Company by reason of the grant or exercise of an incentive stock option. However, the exercise of an
incentive stock option may increase the participant's alternative minimum tax liability, if any. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a participant holds stock acquired through exercise of an incentive stock option for more than two years from the date on which the option is granted and more than one year from the
date on which the shares are transferred to the participant upon exercise of the option, any gain or loss on a disposition of such stock will be a long-term capital gain or loss. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
if the participant disposes of the stock before the expiration of either of these holding periods (a "disqualifying disposition"), then at the time of disposition the
participant will realize taxable ordinary income equal to the lesser of (i)&nbsp;the excess of the stock's fair market value on the date of exercise over the exercise price or (ii)&nbsp;the
participant's actual gain, if any, on the purchase and sale. The participant's additional gain or any loss upon the disqualifying disposition will be a capital gain or loss, which will be
long-term or short-term depending on whether the stock was held for more than one year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent the participant recognizes ordinary income by reason of a disqualifying disposition, the Company will generally be entitled (subject to the requirement of reasonableness,
the provisions of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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Section&nbsp;162(m) of the Code and the satisfaction of a tax reporting obligation) to a corresponding business expense deduction in the tax year in which the disqualifying disposition occurs. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonstatutory Stock Options, Restricted Stock Purchase Awards and Stock Bonuses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Nonstatutory stock options, restricted stock
purchase awards and stock bonuses granted under the Incentive Plan generally have the following federal income tax consequences: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no tax consequences to the participant or the Company by reason of the grant. Upon acquisition of the stock, the participant normally will recognize taxable ordinary income
equal to the excess, if any, of the stock's fair market value on the acquisition date over the purchase price. However, to the extent the stock is subject to certain types of vesting restrictions, the
taxable event will be delayed until the vesting restrictions lapse unless the participant elects to be taxed on receipt of the stock. With respect to employees, the Company is generally required to
withhold from regular wages or supplemental wage payments an amount based on the ordinary income recognized. Subject to the requirement of reasonableness, the provisions of Section&nbsp;162(m) of
the Code and the satisfaction of a tax reporting obligation, the Company will generally be entitled to a business expense deduction equal to the taxable ordinary income realized by the participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
disposition of the stock, the participant will recognize a capital gain or loss equal to the difference between the selling price and the sum of the amount paid for such stock plus
any amount recognized as ordinary income upon acquisition (or vesting) of the stock. Such gain or loss will be
long-term or short-term depending on whether the stock was held for more than one year. Slightly different rules may apply to participants who acquire stock subject to certain
repurchase options or who are subject to Section&nbsp;16(b) of the Exchange Act. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential Limitation on Company Deductions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m) of the Code denies a deduction to any
publicly-held corporation for compensation paid to certain "covered employees" in a taxable year to the extent that compensation to such covered employee exceeds $1&nbsp;million. It is
possible that compensation attributable to awards, when combined with all other types of compensation received by a covered employee from the Company, may cause this limitation to be exceeded in any
particular year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
kinds of compensation, including qualified "performance-based compensation," are disregarded for purposes of the deduction limitation. In accordance with Treasury regulations
issued under Section&nbsp;162(m), compensation attributable to stock options will qualify as performance-based compensation if the award is granted by a compensation committee comprised solely of
"outside directors" and either (i)&nbsp;the plan contains a per-employee limitation on the number of shares for which such awards may be granted during a specified period, the
per-employee limitation is approved by the stockholders, and the exercise price of the award is no less than the fair market value of the stock on the date of grant or (ii)&nbsp;the
award is granted (or exercisable) only upon the achievement (as certified in writing by the compensation committee) of an objective performance goal established in writing by the compensation
committee while the outcome is substantially uncertain, and the award is approved by stockholders. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation
attributable to restricted stock and stock bonuses will qualify as performance-based compensation, provided that: (i)&nbsp;the award is granted by a compensation committee
comprised solely of "outside directors" and (ii)&nbsp;the purchase price of the award is no less than the fair market value of the stock on the date of grant. Stock bonuses qualify as
performance-based compensation under the Treasury regulations only if (i)&nbsp;the award is granted by a compensation committee comprised solely of "outside directors," (ii)&nbsp;the award is
granted (or exercisable) only upon the achievement of an objective performance goal established in writing by the compensation committee while the outcome is substantially uncertain, (iii)&nbsp;the
compensation committee certifies in writing prior to the granting (or exercisability) of the award that the performance goal has been satisfied and (iv)&nbsp;prior to the granting (or
exercisability) of the award, stockholders have approved the material terms of the award (including the class of employees eligible for such award, the business criteria on which the performance goal
is </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<P><FONT SIZE=2>
based, and the maximum amount&#151;or formula used to calculate the amount&#151;payable upon attainment of the performance goal). </FONT></P>


<P><FONT SIZE=2><B>OTHER STOCK PLANS OF THE COMPANY  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996 Equity Incentive Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cerus' 1996 Equity Incentive Plan (the "1996 Plan") provides for grants of incentive and
nonstatutory stock options, stock bonuses, rights to purchase restricted stock and stock appreciation rights. An aggregate of 1,470,000 shares of common stock has been reserved for issuance under the
1996 Plan. As of March&nbsp;31, 2002, options to purchase 713,653&nbsp;shares of common stock were outstanding under the 1996 Plan, and 3,156&nbsp;shares remained available for grant. Incentive
stock options and stock appreciation rights appurtenant thereto may be granted to employees (including officers) of the Company and any parent or subsidiary. Employees (including officers), directors
and consultants are eligible to receive awards other than incentive stock options and stock appreciation rights appurtenant thereto. The exercise price of incentive stock options granted under the
1996 Plan may not be less than 100% of the fair market value of the Company's common stock on the date of grant (110% for optionees deemed to own more than 10% of the outstanding voting power of the
Company), and the exercise price of nonstatutory stock options may not be less than 85% of the fair market value of the common stock on the date of the grant. The purchase price under a restricted
stock purchase agreement may not be less than 85% of the stock's fair market value on the date of grant. Stock bonuses may be awarded in consideration of services rendered. All stock options have a
maximum term of ten&nbsp;years and typically vest over a four-year period. Options may be exercised prior to vesting, subject to repurchase rights in favor of the Company that expire
over the vesting period. The 1996 Plan and awards thereunder may be amended by the Board at any time or from time to time. Certain amendments require stockholder approval, if necessary for the 1996
Plan to satisfy Section&nbsp;422 of the Code, Rule&nbsp;16b-3 under the Exchange Act or Nasdaq or other securities exchange listing requirements. The 1996 Plan contains adjustment and
change of control provisions similar to those described above with respect to the Incentive Plan. The 1996 Plan will terminate on July&nbsp;23, 2006. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998 Non-Officer Stock Option Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cerus' 1998 Non-Officer Stock Option Plan (the
"Non-Officer Plan") provides for grants of nonstatutory stock options to employees and consultants who are not officers or directors of the Company. An aggregate of 240,000 shares of
common stock has been reserved for issuance under the Non-Officer Plan. As of March&nbsp;31, 2002, options to purchase 211,587&nbsp;shares were outstanding and 7,712&nbsp;shares
remained available for grant. The exercise price of options granted under the Non-Officer Plan may not be less than 85% of the fair market value of the Company's common stock on the date
of grant. All options granted under the Non-Officer Plan have a maximum term of ten years and typically vest over a four-year period. Options may be exercised prior to vesting,
subject to repurchase rights in favor of the Company that expire over the vesting period. The Non-Officer Plan and options thereunder may be amended by the Board at any time or from time
to time. The Non-Officer Plan also contains the adjustment and change of control provisions described above with respect to the Incentive Plan. The Non-Officer Plan will
terminate on November&nbsp;4, 2008. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1625_proposal_3_ratification__de102453"> </A>
<A NAME="toc_de1625_4"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL 3<BR>  <BR>    RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has selected Ernst&nbsp;&amp; Young LLP as the Company's independent auditors for the fiscal year ending December&nbsp;31, 2002 and has
further directed that management submit the selection of independent auditors for ratification by the stockholders at the Annual Meeting. Ernst&nbsp;&amp; Young LLP has audited the Company's financial
statements since its inception in 1991. Representatives of Ernst&nbsp;&amp; Young LLP are expected to be present at the Annual Meeting, will have an opportunity to make a statement if they so desire and
will be available to respond to appropriate questions. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees
billed by Ernst&nbsp;&amp; Young LLP for the latest annual audit of the Company's financial statements were $113,030, and all other fees were $102,210, including audit-related
services of $72,500 and non-audit services of $29,710. Audit-related services generally include fees for accounting consultations and assistance with financial statements included in
registration statements and reports filed with the SEC. The Company was not billed any amounts for financial information systems design or implementation. The Audit Committee has determined that the
rendering of all non-audit related services by Ernst&nbsp;&amp; Young LLP is compatible with maintaining the auditors' independence. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder
ratification of the selection of Ernst&nbsp;&amp; Young LLP as the Company's independent auditors is not required by the Company's bylaws or otherwise. However, the Board is
submitting the selection of Ernst&nbsp;&amp; Young LLP to the stockholders for ratification as a matter of good corporate practice. If the stockholders fail to ratify the selection, the Audit Committee
and the Board will reconsider whether or not to retain that firm. Even if the selection is ratified, the Audit Committee and the Board in their discretion may direct the appointment of different
independent auditors at any time during the year if they determine that such a change would be in the best interests of the Company and its stockholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
affirmative vote of the holders of a majority of the shares present in person or represented by proxy and entitled to vote at the Annual Meeting will be required to ratify the
selection of Ernst&nbsp;&amp; Young LLP. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>THE BOARD OF DIRECTORS RECOMMENDS<BR>
A VOTE IN FAVOR OF PROPOSAL&nbsp;3.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1625_security_ownership_of_certain___sec02525"> </A>
<A NAME="toc_de1625_5"> </A>
<BR></FONT><FONT SIZE=2><B>SECURITY OWNERSHIP OF<BR>  CERTAIN BENEFICIAL OWNERS AND MANAGEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information regarding the beneficial ownership of the Company's Common Stock as of February&nbsp;28, 2002 by:
(i)&nbsp;each director and nominee for director; (ii)&nbsp;each of the
executive officers named in the Summary Compensation Table; (iii)&nbsp;all executive officers and directors of the Company as a group; and (iv)&nbsp;all those known by the Company to be beneficial
owners of more than five percent of its common stock. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="70%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Beneficial Ownership(1)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="70%" ALIGN="LEFT"><FONT SIZE=1><B>Beneficial Owner<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Shares</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Percent of<BR>
Total (%)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>Baxter International, Inc. and Subsidiaries Pension Trust<BR>
One Baxter Parkway<BR>
Deerfield, IL&nbsp;60015</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,300,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>14.6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>Janus Investment Fund on behalf of its series(2)<BR>
100 Fillmore Street<BR>
Denver, CO&nbsp;80206</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,895,280</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>12.0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>DWS Investment GmbH<BR>
Gruneberg 113-115<BR>
D-60612 Frankfurt, Germany</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,000,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>6.3</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>Stephen T. Isaacs(3)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>362,937</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2.3</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>Laurence M. Corash(4)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>338,288</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2.1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>Howard G. Ervin(5)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>47,220</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>John E. Hearst(6)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>245,706</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1.6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>Gregory W. Schafer(7)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>77,910</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>B.J. Cassin(8)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>437,225</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2.8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>Bruce C. Cozadd(9)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>26,260</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>C. Raymond Larkin, Jr.(10)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>45,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>William R. Rohn</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>All executive officers and directors as a group (9 persons)(11)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,580,546</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>9.7</FONT></TD>
</TR>
</TABLE></DIV>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Less
than one percent (1%)
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>This
table is based upon information supplied by officers, directors and principal stockholders and Schedules 13D and 13G filed with the Securities and Exchange Commission (the
"SEC"). Unless otherwise indicated in the footnotes to this table and subject to community property laws where applicable, the Company believes that each of the stockholders named in this table has
sole voting and investment power with respect to the shares indicated as beneficially owned. Beneficial ownership also includes shares of common stock subject to options currently exercisable or
exercisable within 60&nbsp;days of the date of this table and shares of common stock into which preferred stock is currently convertible or convertible within 60&nbsp;days of the date of this
table. Applicable percentages are based on 15,754,460 shares outstanding on February&nbsp;28, 2002, adjusted as required by rules promulgated by the SEC.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Janus
Capital Corporation, the registered investment advisor for Janus Investment Fund, may be deemed to be a beneficial owner of shares of Cerus common stock. However, Janus Capital
does not have the right to receive any dividends from, or the proceeds from the sale of, such securities and disclaims any ownership associated with such rights. Thomas H. Bailey owns approximately
12.2% of Janus Capital. Mr.&nbsp;Bailey also serves as President and Chairman of the Board of Janus Capital. Mr.&nbsp;Bailey does not own of record any shares of Cerus common stock, and he has not
engaged in any transaction in Cerus common stock. However, as a result of his position, Mr.&nbsp;Bailey may be deemed to have the power to exercise or to direct the exercise of such voting </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

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<UL>

<P><FONT SIZE=2>and/or
dispositive power that Janus Capital may have with respect to Cerus common stock. Mr.&nbsp;Bailey specifically disclaims beneficial ownership over any shares of Cerus common stock that he or
Janus Capital may be deemed to beneficially own. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Includes
7,607 shares owned by Mr.&nbsp;Isaacs' spouse, Kathryn MacBride, individually, 4,850 shares held by Kathryn MacBride as custodian for Alexandra Isaacs and 4,850 shares held
by Kathryn MacBride as custodian for Megan Isaacs. Includes 126,407 shares underlying currently exercisable stock options. If exercised in full within 60&nbsp;days of the date of this table, 5,835
shares would be subject to a right of repurchase in favor of Cerus.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Includes
106,763 shares underlying currently exercisable stock options. If exercised in full within 60&nbsp;days of the date of this table, 5,835 shares would be subject to a right
of repurchase in favor of Cerus.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Includes
42,488 shares underlying currently exercisable stock options.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>Includes
99,492 shares held by the Hearst Revocable Trust, 35,876 shares held by the John Eugene Hearst Annuity Trust, 35,876 shares held by the Jean Bankson Hearst Annuity Trust and
22,050 shares held by the Leslie Jean Hearst Irrevocable Trust. Includes 52,412 shares underlying currently exercisable stock options. If exercised in full within 60&nbsp;days of the date of this
table, 3,647 shares would be subject to a right of repurchase in favor of Cerus.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>Includes
74,006 shares underlying currently exercisable stock options. If exercised in full within 60&nbsp;days of the date of this table, 9,543 shares would be subject to a right
of repurchase in favor of Cerus.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>Includes
332,684 shares held by Brendan Joseph Cassin and Isabel B. Cassin, Trustees of the Cassin Family Trust, 44,841 shares held by Cassin Family Partners, a California Limited
Partnership and 35,000 shares held by the Cassin Educational Initiative Foundation. Includes 59,700 shares underlying currently exercisable stock options. If exercised in full within 60&nbsp;days of
the date of this table, 11,250 shares would be subject to a right of repurchase in favor of Cerus.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD><FONT SIZE=2>Includes
26,260 shares underlying currently exercisable stock options. If exercised in full within 60&nbsp;days of the date of this table, 23,341 shares would be subject to a right
of repurchase in favor of Cerus.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD><FONT SIZE=2>Includes
45,000 shares underlying currently exercisable stock options. If exercised in full within 60&nbsp;days of the date of this table, 18,438 shares would be subject to a right
of repurchase in favor of Cerus.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD><FONT SIZE=2>Includes
533,036 shares underlying currently exercisable stock options, 77,889 of which would be subject to a right of repurchase in favor of Cerus if exercised within 60&nbsp;days
of this table. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1625_section_16(a)_beneficia__de102039"> </A>
<A NAME="toc_de1625_6"> </A>
<BR></FONT><FONT SIZE=2><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act of 1934, as amended ("Section&nbsp;16(a)"), requires Cerus' directors and executive officers, and persons
who own more than ten percent of a registered class of Cerus' equity securities, to file with the SEC initial reports of ownership and reports of changes in ownership of common stock and other equity
securities of Cerus. Officers, directors and greater than ten percent stockholders are required by SEC regulation to furnish Cerus with copies of all Section&nbsp;16(a) forms they file. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
Cerus' knowledge, based solely on a review of the copies of such reports furnished to Cerus and written representations that no other reports were required, during the fiscal year
ended December&nbsp;31, 2001, all directors, officers and greater than ten percent beneficial owners were in compliance with applicable Section&nbsp;16(a) filing requirements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<BR>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dg1625_1_15"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1625_management"> </A>
<A NAME="toc_dg1625_1"> </A>
<BR></FONT><FONT SIZE=2><B>MANAGEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The executive officers of Cerus and their ages as of April&nbsp;30, 2002 are as follows: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="71%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="45%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="45%" ALIGN="CENTER"><FONT SIZE=1><B>Position</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>Stephen T. Isaacs(1)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>53</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>President, Chief Executive Officer and Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>Laurence M. Corash</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>58</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Vice President, Medical Affairs</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>Howard G. Ervin</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>54</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Vice President, Legal Affairs</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>John E. Hearst(1)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>66</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Vice President, New Science Opportunities and Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>Gregory W. Schafer</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>37</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Vice President, Finance and Chief Financial Officer</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>For
biographical information, see "Election of Directors" beginning on page&nbsp;2. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Laurence M. Corash, M.D.</I></FONT><FONT SIZE=2>, a co-founder of Cerus, has been Vice President, Medical Affairs of Cerus since July&nbsp;1996.
From July&nbsp;1994 until he assumed his current position, Dr.&nbsp;Corash was Director of
Medical Affairs. Dr.&nbsp;Corash was a consultant to Cerus from 1991 to July&nbsp;1994. Dr.&nbsp;Corash has been a Professor of Laboratory Medicine at the University of California, San Francisco
since July&nbsp;1985 and Chief of the Hematology Laboratory for the Medical Center at the University of California, San Francisco since January&nbsp;1982. From February&nbsp;1990 to
July&nbsp;1994, Dr.&nbsp;Corash served as a consultant to the FDA Advisory Panel for Hematology Devices. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Howard G. Ervin</I></FONT><FONT SIZE=2> was appointed Vice President, Legal Affairs of Cerus in June&nbsp;1999. From 1979 until 1999, Mr.&nbsp;Ervin was a
partner of the law firm of Cooley Godward LLP, formerly Cooley Godward Castro Huddleson&nbsp;&amp; Tatum, practicing corporate and intellectual property law, and was an associate of such firm from 1973
until 1979. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Gregory W. Schafer</I></FONT><FONT SIZE=2> was appointed Vice President and Chief Financial Officer of Cerus in May&nbsp;1999. From May&nbsp;1997 until
May&nbsp;1999, Mr.&nbsp;Schafer served as Director of Finance. From September&nbsp;1995 to April&nbsp;1997, Mr.&nbsp;Schafer was an independent management consultant. From August&nbsp;1992
to September&nbsp;1995, Mr.&nbsp;Schafer was a management consultant for Deloitte&nbsp;&amp; Touche LLP. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1625_executive_compensation"> </A>
<A NAME="toc_dg1625_2"> </A>
<BR></FONT><FONT SIZE=2><B>EXECUTIVE COMPENSATION    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>COMPENSATION OF DIRECTORS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors currently do not receive any cash compensation for their services as members of the Board of Directors, although they are reimbursed for certain
expenses in connection with attendance at Board and committee meetings. The 1999 Non-Employee Directors' Stock Option Sub-Plan was adopted in November&nbsp;1999 by the Board
to provide for automatic, non-discretionary option grants to Cerus' non-employee directors under the Incentive Plan, beginning in 2000. Prior to such time, directors were
eligible to receive discretionary awards under the 1996 Plan and the Incentive Plan. See Proposal 2 for a description of the terms of options that may be granted to non-employee directors
under the Incentive Plan. In 2001, Mr.&nbsp;Cassin received options covering 15,000 shares at an exercise price of $75.25 per share, Mr.&nbsp;Cozadd received options covering 25,000 shares at an
exercise price of $45.25 per share and Mr.&nbsp;Larkin received options covering 10,000 shares at an exercise price of $75.25 per share. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

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<A NAME="page_dg1625_1_16"> </A>

<P><FONT SIZE=2><B>COMPENSATION OF EXECUTIVE OFFICERS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth, for the fiscal years ended December&nbsp;31, 2001, 2000 and 1999, the compensation awarded to or earned by Cerus' Chief
Executive Officer and the Company's other four most highly compensated executive officers for the year ended December&nbsp;31, 2001 (collectively, the "Named Executive Officers"): </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1625_summary_compensation_table(1)"> </A>
<A NAME="toc_dg1625_3"> </A>
<BR></FONT><FONT SIZE=2><B>SUMMARY COMPENSATION TABLE(1)    <BR>  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Annual Compensation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Long-Term<BR>
Compensation Awards</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" ALIGN="CENTER"><FONT SIZE=1><B>Name and Principal Position</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Fiscal<BR>
Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Salary($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Bonus($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Securities<BR>
Underlying Options(#)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1><B>All Other<BR>
Compensation($)(2)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2>Stephen T. Isaacs<BR>
President and Chief Executive Officer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2001<BR>
2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>380,000<BR>
325,000<BR>
300,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>162,308<BR>
94,481<BR>
91,510</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>100,075<BR>
40,000<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>1,185<BR>
966<BR>
1,832</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2>Laurence M. Corash<BR>
Vice President, Medical Affairs</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2001<BR>
2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>304,000<BR>
278,250<BR>
265,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>114,570<BR>
60,251<BR>
53,470</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>70,125<BR>
32,500<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>2,215<BR>
1,806<BR>
1,568</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2>Howard G. Ervin(3)<BR>
Vice President, Legal Affairs</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2001<BR>
2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>241,000<BR>
220,375<BR>
110,340</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>72,330<BR>
43,071<BR>
12,297</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>17,500<BR>
10,000<BR>
75,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>1,145<BR>
966<BR>
345</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2>John E. Hearst<BR>
Vice President, New Science Opportunities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2001<BR>
2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>240,000<BR>
220,500<BR>
210,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>87,210<BR>
36,756<BR>
20,087</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>40,050<BR>
20,000<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>6,429<BR>
4,528<BR>
4,612</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2>Gregory W. Schafer(4)<BR>
Vice President, Finance and Chief Financial Officer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2001<BR>
2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>213,000<BR>
165,000<BR>
125,798</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>60,199<BR>
31,011<BR>
23,678</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>25,025<BR>
45,000<BR>
25,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>382<BR>
292<BR>
151</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>In
accordance with the rules of the SEC, the compensation described in this table does not include medical, group life insurance or other benefits received by the Named Executive
Officers that are available generally to all salaried employees, and certain perquisites and other personal benefits received by the Named Executive Officers that do not exceed the lesser of $50,000
or 10% of any such officer's salary and bonus disclosed in this table.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Reflects
group term life insurance premiums paid by Cerus.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;Ervin
joined Cerus as Vice President, Legal Affairs in June&nbsp;1999.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;Schafer,
previously Cerus' Director of Finance, was promoted to Vice President, Finance and Chief Financial Officer in May&nbsp;1999. Compensation amounts for 1999
reflect Mr.&nbsp;Schafer's compensation for the year in both capacities. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

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<A NAME="page_dg1625_1_17"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1625_stock_option_grants_and_exercises"> </A>
<A NAME="toc_dg1625_4"> </A>
<BR></FONT><FONT SIZE=2><B>STOCK OPTION GRANTS AND EXERCISES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerus grants stock options to its executive officers under the Incentive Plan and the 1996 Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information for each grant of stock options made during the fiscal year ended December&nbsp;31, 2001, to each of the Named Executive Officers: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1625_option_grants_in_fiscal_year_2001"> </A>
<A NAME="toc_dg1625_5"> </A>
<BR></FONT><FONT SIZE=2><B>Option Grants in Fiscal Year 2001    <BR>  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="19%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=7 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Individual Grants</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="19%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=4><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>Potential Realizable<BR>
Value at Assumed<BR>
Annual Rates of Stock<BR>
Price Appreciation for<BR>
Option Term(3)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="19%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="18%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=4><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ROWSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>Percentage of<BR>
Total Options<BR>
Granted to<BR>
Employees<BR>
in Fiscal 2001<BR>
(%)(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="19%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="18%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Number of<BR>
Securities Underlying<BR>
Options Granted<BR>
(#)(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="19%" ROWSPAN=2 ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Exercise or<BR>
Base Price<BR>
($/SH)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Expiration<BR>
Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>5%($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>10%($)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=2>Stephen T. Isaacs</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>100,000<BR>
75</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>15.5<BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>38.188<BR>
40.563</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>03/20/11<BR>
03/28/11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,401,591<BR>
1,913</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>6,086,104<BR>
4,848</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=2>Laurence M. Corash</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>70,000<BR>
50<BR>
75</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>10.8<BR>
*<BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>38.188<BR>
40.563<BR>
45.050</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>03/20/11<BR>
03/28/11<BR>
09/26/11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,681,114<BR>
1,275<BR>
2,125</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4,260,273<BR>
3,232<BR>
5,385</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=2>Howard G. Ervin</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>17,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>38.188</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>03/20/11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>420,278</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,065,068</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=2>John E. Hearst</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>40,000<BR>
50</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>6.2<BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>38.188<BR>
40.563</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>03/20/11<BR>
03/28/11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>960,637<BR>
1,275</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,434,442<BR>
3,232</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=2>Gregory W. Schafer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>25,000<BR>
25</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3.9<BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>38.188<BR>
40.563</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>03/20/11<BR>
03/28/11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>600,398<BR>
638</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,521,526<BR>
1,616</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Less
than one percent (1%)
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Options
generally become exercisable at a rate of 1/48th per month from the date of grant. Options may be exercised immediately pursuant to early exercise provisions contained in the
option agreements. Any shares issued pursuant to such early exercise provisions are subject to repurchase upon termination of employment. Such repurchase option terminates at a rate of 1/48th per
month. The options expire 10&nbsp;years from the date of grant or earlier upon termination of service as an employee, director or consultant. The options will fully vest upon certain changes in
control, as defined in the Company's option plans, unless the acquiring company assumes the options or substitutes similar options. See Proposal 2.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Based
on options to purchase 645,270 shares granted to employees in 2001.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>The
potential realizable value is based on the term of the option at its time of grant (ten years). It is calculated by assuming that the stock price on the date of grant appreciates
at the indicated annual rate, compounded annually for the entire term of the option and that the option is exercised and sold on the last day of its term for the appreciated stock price. These amounts
represent certain assumed rates of appreciation only, in accordance with the rules of the SEC, and do not reflect Cerus' estimate or projection of future stock price performance. Actual gains, if any,
are dependent on the actual future performance of Cerus' common stock and no gain to the optionee is possible unless the stock price increases over the option term. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1625_1_18"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth, for each of the Named Executive Officers, the number and value of securities underlying options exercised during
the fiscal year ended December&nbsp;31, 2001 and unexercised options held at December&nbsp;31, 2001. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1625_aggregated_option_exercises_in__agg03254"> </A>
<A NAME="toc_dg1625_6"> </A>
<BR></FONT><FONT SIZE=2><B>Aggregated Option Exercises in Last Fiscal Year and Fiscal Year End Option Values    <BR>  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Shares Acquired<BR>
on Exercise (#)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Value Realized ($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="22%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Securities<BR>
Underlying Unexercised<BR>
Options at FY-End(#)<BR>
Exercisable/Unexercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="22%" ALIGN="CENTER"><FONT SIZE=1><B>Value of Unexercised<BR>
In-the-Money<BR>
Options at FY-End($)<BR>
Exercisable/Unexercisable</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>Stephen T. Isaacs</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="CENTER"><FONT SIZE=2>114,741/102,084</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="CENTER"><FONT SIZE=2>3,333,588/1,049,363</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>Laurence M. Corash</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="CENTER"><FONT SIZE=2>98,222/73,803</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="CENTER"><FONT SIZE=2>2,899,685/783,489</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>Howard G. Ervin</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>18,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>766,593</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="CENTER"><FONT SIZE=2>36,947/47,553</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="CENTER"><FONT SIZE=2>839,481/912,363</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>John E. Hearst</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>2,070</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>65,961</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="CENTER"><FONT SIZE=2>47,413/42,917</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="CENTER"><FONT SIZE=2>1,285,181/463,236</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>Gregory W. Schafer</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>9,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>494,275</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="CENTER"><FONT SIZE=2>68,774/43,751</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="CENTER"><FONT SIZE=2>1,743,307/642,885</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Value
of unexercised in-the-money options is based on the per share deemed value at year end, determined after the date of grant solely for financial
accounting purposes, less the exercise price payable for such shares. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1625_severance_and_change_of_control_agreements"> </A>
<A NAME="toc_dg1625_7"> </A>
<BR></FONT><FONT SIZE=2><B>SEVERANCE AND CHANGE OF CONTROL AGREEMENTS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howard G. Ervin, the Company's Vice President, Legal Affairs, is a party to an agreement with the Company that provides that, in the event Mr.&nbsp;Ervin's
employment with the Company is terminated for any reason other than for cause, he will continue to receive his base salary for nine months from such termination. In addition, the vesting of
Mr.&nbsp;Ervin's stock options will be accelerated in the event of his involuntary termination of employment or voluntary termination for good reason in contemplation of a change of control or
within 12&nbsp;months following a change of control. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gregory
W. Schafer, the Company's Vice President, Finance and Chief Financial Officer, is a party to an agreement with the Company under which the vesting of certain of
Mr.&nbsp;Schafer's stock options will be accelerated in the event of his involuntary termination of employment or voluntary termination for good reason in contemplation of a change of control or
within 12&nbsp;months following a change of control. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1625_report_of_the_compensation_com__rep02530"> </A>
<A NAME="toc_dg1625_8"> </A>
<BR></FONT><FONT SIZE=2><B>REPORT OF THE COMPENSATION COMMITTEE ON EXECUTIVE COMPENSATION(1)    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee of the Board of Directors is currently composed of two outside directors. The Committee is responsible for developing the Company's
compensation policies and for fixing the compensation levels of the Company's officers and employees. The Company's management compensation program is designed to reward outstanding performance and
results, with its compensation philosophy and program objectives directed by two primary guiding principles. First, the program is intended to provide fully competitive levels of compensation, at
expected levels of performance, in order to attract, motivate and retain talented executives. To this end, the Company strives to align its executive compensation with the mid- to
high-range of executive compensation in
comparable development-stage companies in the medical device and biotechnology industries. These companies may, but need not, be included in the Nasdaq Pharmaceutical Index. Second, the program is
intended to create an alignment of interests between the Company's executives and stockholders such that a significant portion of each executive's compensation is directly linked to maximizing
stockholder value. </FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>The
material in this report is not "soliciting material," is not deemed "filed" with the SEC and is not to be incorporated by reference into any filing of the Company under the
Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

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<A NAME="page_dg1625_1_19"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
support of this philosophy, the executive compensation program is designed to reward performance that is directly relevant to the Company's short-term and
long-term success. As such, the Company attempts to provide both short-term and long-term incentive compensation that varies based on both corporate and individual
performance. To accomplish these objectives, the Compensation Committee has structured the executive compensation program with three components: base salary, annual cash bonuses and
long-term incentives (typically stock options). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m)
of the Code limits the Company to a deduction for federal income tax purposes of no more than $1&nbsp;million of compensation paid to certain Named Executive
Officers in a taxable year. Compensation above $1&nbsp;million may be deducted if it is "performance-based compensation" within the meaning of the Code. The Compensation Committee has determined
that stock options granted under the Company's 1996 Plan and Incentive Plan with an exercise price at least equal to the fair market value of the Company's common stock on the date of grant shall be
treated as "performance-based compensation." </FONT></P>

<P><FONT SIZE=2><B>BASE SALARY  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's base salary program is based on a philosophy of providing base pay levels that are in the mid- to high-range of comparable
development-stage companies in the medical device and biotechnology industries. The Company periodically reviews its executive pay levels to ensure consistency with similarly positioned companies in
such industries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual
salary adjustments are based on a subjective assessment of several factors, including individual performance and long-term value to the Company; competitive base
salary levels; and the Company's overall progress in advancing the Company's lead products through development and clinical testing and developing new technologies. The weight of these factors in the
case of a particular individual's compensation may vary. </FONT></P>

<P><FONT SIZE=2><B>ANNUAL BONUS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual bonuses are intended to reward key employees based on Company and individual performance, motivate key employees and provide
pay-for-performance cash compensation opportunities. The criteria for bonus payments to the Company's executive officers are based on the achievement of milestones and
objectives established by the Compensation Committee at the beginning of the fiscal year. For fiscal year 2001, these goals included completion of the SPRINT Phase III clinical trial, submission of
regulatory modules to the FDA for the INTERCEPT Platelet System, completion of a Phase IIIb clinical trial and continued progress in a Phase IIIc clinical trial of the INTERCEPT Plasma System,
completion of a Phase Ic clinical trial and FDA concurrence to begin a Phase III clinical trial of the INTERCEPT Red Blood Cell System and achievement of corporate earnings objectives. </FONT></P>

<P><FONT SIZE=2><B>LONG-TERM INCENTIVES  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term incentives are designed to focus the efforts of key employees on the long-term goals of the Company and to maximize total return
to the stockholders of the Company. The Committee has relied solely on stock option awards to provide long-term incentive opportunities. Stock options align the interests of key employees
and stockholders by providing value to the key employee through stock price appreciation only. Stock options issued to employees generally have a ten-year term before expiration and are
fully exercisable within four years of the grant date. The Company typically grants options at the time of commencement of employment and on a periodic basis thereafter. In awarding stock options, the
Company considers individual performance, overall contribution to the Company, officer retention, the number of unvested stock options and the total number of stock options to be </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

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<A NAME="page_dg1625_1_20"> </A>
<BR>

<P><FONT SIZE=2>
awarded. Consistent with these criteria, the Compensation Committee granted stock options to the Company's executive officers as set forth in the table captioned "Option Grants in Fiscal Year 2001." </FONT></P>

<P><FONT SIZE=2><B>FISCAL 2001 COMPENSATION  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation for the executive officers for fiscal 2001 was determined in the manner described above, and no particular quantitative measures were used by the
Compensation Committee in determining their compensation except as so described. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer Compensation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The 2001 base salary of the Company's Chief Executive Officer, Stephen T. Isaacs, was
based largely on 2000 performance. Achievements in 2000 included completion of the EuroSPRITE Phase III clinical trial, filing of a CE Mark approval application for the INTERCEPT Platelet System,
continued progress in the SPRINT Phase III clinical trial, completion of a Phase IIIa clinical trial and continued progress in Phase IIIb and IIIc clinical trials of the INTERCEPT Plasma System,
initiation of a Phase Ic clinical trial of the INTERCEPT Red Blood Cell System and achievement of corporate earnings objectives. Accordingly, the Compensation Committee deemed it appropriate and
consistent with these accomplishments to increase Mr.&nbsp;Isaacs' base salary from $325,000 to $380,000 for 2001. Similarly Mr.&nbsp;Isaacs received a cash bonus of $162,308 for 2001 for his
contribution to achievement of the 2001 objectives described above. Mr.&nbsp;Isaacs was awarded 100,000 stock options in 2001 due to his performance and overall contribution to the Company and to
adjust his level of unvested options to be more consistent with chief executive officers at similar companies within the medical device and biotechnology industries. </FONT></P>

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<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>B.J. Cassin</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>C. Raymond Larkin, Jr.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

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<A NAME="page_dg1625_1_21"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1625_report_of_the_audit_committee(1)"> </A>
<A NAME="toc_dg1625_9"> </A>
<BR></FONT><FONT SIZE=2><B>REPORT OF THE AUDIT COMMITTEE(1)    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is composed of three directors satisfying the independence and financial literacy requirements of the rules of the Nasdaq Stock Market and
acts under a written charter. The Audit Committee oversees the Company's financial reporting process on behalf of the Board of Directors. In fulfilling its oversight responsibilities, the Audit
Committee reviewed with management the audited financial statements for the year ended December&nbsp;31, 2001. This review included a discussion of the quality, not just the acceptability, of the
accounting principles, the reasonableness of significant judgments, and the clarity of the disclosures in the financial statements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee also reviewed with the independent auditors, who are responsible for expressing an opinion on the conformity of those audited financial statements with generally
accepted accounting principles, their judgments as to the quality, not just the acceptability, of the Company's accounting principles and such other matters as are required to be discussed with the
Audit Committee under generally accepted auditing standards, including Statement of Auditing Standards No.&nbsp;61. In addition, the Audit Committee has discussed with the independent auditors the
auditors' independence from management and the Company, including the matters in the written disclosures required by the
Independence Standards Board and received by the Audit Committee, and considered the compatibility of nonaudit services with the auditors' independence. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee discussed with the Company's independent auditors the overall scope and plan for their audit. The Audit Committee meets with the independent auditors periodically,
with and without management present, to discuss the results of their examinations, their evaluations of the Company's internal controls, and the overall quality of the Company's financial reporting. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors that the audited financial statements be included in the Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2001 filed with the SEC. The Audit Committee and the Board have also recommended, and have asked the stockholders to
ratify, the selection of the Company's independent auditors. </FONT></P>

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<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>B.J. Cassin, Chairman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Bruce C. Cozadd</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>C. Raymond Larkin, Jr.</FONT></TD>
</TR>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>The
material in this report is not "soliciting material," is not deemed "filed" with the SEC and is not to be incorporated by reference into any filing of the Company under the
Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

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<BR></FONT><FONT SIZE=2><B>Performance Measurement Comparison(1)    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph shows the total stockholder return of an investment of $100 in cash on January&nbsp;31, 1997 for (i)&nbsp;the Company's common stock,
(ii)&nbsp;the Nasdaq Stock Market (U.S.) Index and (iii)&nbsp;the Nasdaq Pharmaceutical Stocks Index. All values assume reinvestment of the full amount of all dividends. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g681613.jpg" ALT="LOGO" WIDTH="639" HEIGHT="381">
  </B></FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>The
material in this report is not "soliciting material," is not deemed "filed" with the SEC and is not to be incorporated by reference into any filing of the Company under the
Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>CERTAIN TRANSACTIONS    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>JANUS INVESTMENT FUND  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;25, 2000, Janus Investment Fund, on behalf of its series, purchased 1,200,000 shares of common stock from Cerus in a private placement, at a
purchase price of $50 per share. The shares were purchased on behalf of two mutual funds: the Janus Venture Fund (500,000 shares) and the Janus Global Life Sciences Fund (700,000 shares). The Stock
Purchase Agreement governing the transaction required Cerus to register the shares with the SEC for resale, and Cerus has done so. As of March&nbsp;31, 2002, none of these shares have been sold. As
of December&nbsp;31, 2001, Janus Capital Corporation, the registered investment advisor for Janus Investment Fund, reported beneficial ownership of 1,929,370 shares of Cerus' common stock. </FONT></P>

<P><FONT SIZE=2><B>DWS INVESTMENT GMBH  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;14, 2001, DWS Investment GmbH purchased 1,000,000 shares of common stock from Cerus in a private placement, at a purchase price of $52 per share.
The Stock Purchase Agreement governing the transaction required Cerus to register the shares with the SEC for resale, and Cerus has done so.
As of March&nbsp;31, 2002, none of these shares have been sold. As of December&nbsp;31, 2001, DWS Investment GmbH reported beneficial ownership of 1,000,000 shares of Cerus' common stock. </FONT></P>

<P><FONT SIZE=2><B>BAXTER INTERNATIONAL,&nbsp;INC. AND SUBSIDIARIES PENSION TRUST  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;17, 2001, Baxter International,&nbsp;Inc. and Subsidiaries Pension Trust purchased 500,000 shares of common stock from Cerus in a private
placement, at a purchase price of $52 per share. The Stock Purchase Agreement governing the transaction required Cerus to register the shares with the SEC for resale, and Cerus has done so. As of
March&nbsp;31, 2002, none of these shares have been sold. As of December&nbsp;31, 2001, Baxter International,&nbsp;Inc. and Subsidiaries Pension Trust reported beneficial ownership of 2,300,000
shares of Cerus' common stock. </FONT></P>

<P><FONT SIZE=2><B>INDEMNIFICATION AND LIMITATION OF DIRECTOR AND OFFICER LIABILITY  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July&nbsp;1996, the Board authorized Cerus to enter into indemnity agreements with each of the Company's directors, executive officers, Controller and
Director of Finance. The form of indemnity agreement provides that Cerus will indemnify against any and all expenses of the indemnified person who incurred such expenses because of his or her status
as a director, executive officer, Controller or Director of Finance, to the fullest extent permitted by Cerus' Bylaws and Delaware law. In addition, Cerus' bylaws provide that Cerus shall indemnify
its directors and executive officers to the fullest extent permitted by Delaware law, subject to certain limitations, and may also secure insurance, to the fullest extent permitted by Delaware law, on
behalf of any director, officer, employee or agent against any expense, liability or loss arising out of his or her actions in such capacity. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerus'
restated certificate of incorporation contains certain provisions relating to the limitation of liability of directors. Cerus' restated certificate provides that a director shall
not be personally liable to Cerus or its stockholders for monetary damages for any breach of fiduciary duty as a director, except for liability (i)&nbsp;for any breach of the director's duty of
loyalty to the corporation or its stockholders, (ii)&nbsp;for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii)&nbsp;for unlawful
payment of dividends or unlawful stock repurchases or redemptions or (iv)&nbsp;for any transaction from which the director derived an improper benefit. If the Delaware General Corporation Law is
amended to authorize corporate action further eliminating or limiting the personal liability of a director, then the liability of a Cerus director shall be eliminated or limited to the fullest extent
permitted by the Delaware General Corporation Law, as so amended. The provision in the restated certificate does not eliminate the duty of care and, in appropriate circumstances, equitable remedies
such as injunctive or other forms of non-monetary relief will remain available under Delaware </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

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<P><FONT SIZE=2>
law. The provision also does not affect a director's responsibilities under any other law, such as the federal securities laws or state or federal environmental laws. </FONT></P>

<P><FONT SIZE=2><B>OTHER MATTERS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors knows of no other matters that will be presented for consideration at the Annual Meeting. If any other matters are properly brought before
the meeting, it is the intention of the persons named in the accompanying proxy to vote on such matters in accordance with their best judgment. </FONT></P>

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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2>By Order of the Board of Directors</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="50%"><BR><FONT SIZE=2><B>
<IMG SRC="g1026691.jpg" ALT="LOGO" WIDTH="256" HEIGHT="51">
 </B></FONT><FONT SIZE=2><BR>
<BR>
Lori L. Roll<BR></FONT> <FONT SIZE=2><I>Corporate Secretary</I></FONT></TD>
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<P><FONT SIZE=2>May&nbsp;3,
2002 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The SEC has adopted rules that permit companies and intermediaries, such as brokers, to satisfy the delivery requirements for proxy statements and annual reports
with respect to two or more stockholders sharing the same address by delivering a single proxy statement addressed to those stockholders. This process, which is commonly referred to as "householding,"
potentially means extra convenience for stockholders and cost savings for companies.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This year, a number of brokers with account holders who are Cerus stockholders may be "householding" our proxy materials. A single proxy statement may be
delivered to multiple stockholders sharing an address unless contrary instructions have been received from the affected stockholders. Once you have received notice from your broker that they will be
"householding" communications to your address, "householding" will continue until you are notified otherwise or until you revoke your consent. If, at any time, you no longer wish to participate in
"householding" and would prefer to receive a separate proxy statement and annual report, please notify your broker directly or direct your written request to: Corporate Secretary, Cerus Corporation,
2411 Stanwell Drive, Concord, CA 94520 or contact Corporate Secretary, Cerus Corporation at (925)&nbsp;288-6000. Stockholders who currently receive multiple copies of the proxy statement
at their address and would like to request "householding" of their communications should contact their broker.</B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>A copy of the Company's Annual Report to the Securities and Exchange Commission on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2001
is available without charge upon written request to: Corporate Secretary, Cerus Corporation, 2411 Stanwell Drive, Concord, CA 94520.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=4><B>CERUS CORPORATION<BR>
1999 EQUITY INCENTIVE PLAN  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B> <A NAME="ga1625_adopted_april_30,_1999_approve__ado06392"> </A>
<A NAME="toc_ga1625_1"> </A>
<BR>    </B></FONT><FONT SIZE=3><B>Adopted April&nbsp;30, 1999<BR>  Approved By Stockholders July&nbsp;2, 1999<BR>  Amended March&nbsp;27, 2000<BR>  Approved By Stockholders May&nbsp;11, 2000<BR>  Amended March&nbsp;29, 2001<BR>  Approved By
Stockholders May&nbsp;23, 2001<BR>  Amended April&nbsp;29, 2002<BR>  Termination Date: April&nbsp;29, 2009    <BR>  </B></FONT></P>


<P><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;PURPOSES.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2><B>Eligible Stock Award Recipients.</B></FONT><FONT SIZE=2> The persons eligible to receive Stock Awards are the Employees and Directors of, and Consultants to,
the Company and its Affiliates.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2><B>Available Stock Awards.</B></FONT><FONT SIZE=2> The purpose of the Plan is to provide a means by which eligible recipients of Stock Awards may be given an
opportunity to benefit from increases in value of the Common Stock through the granting of the following Stock Awards: (i)&nbsp;Incentive Stock Options, (ii)&nbsp;Nonstatutory Stock Options,
(iii)&nbsp;stock bonuses and (iv)&nbsp;rights to acquire restricted stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(c)</B></FONT></DT><DD><FONT SIZE=2><B>General Purpose.</B></FONT><FONT SIZE=2> The Company, by means of the Plan, seeks to retain the services of the group of persons eligible to receive Stock
Awards, to secure and retain the services of new members of this group and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Affiliates. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Affiliate</I></B></FONT><FONT SIZE=2>" means any parent corporation or subsidiary corporation of the Company,
whether now or hereafter existing, as those terms are defined in Sections 424(e) and (f), respectively, of the Code.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Board</I></B></FONT><FONT SIZE=2>" means the Board of Directors of the Company.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(c)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Code</I></B></FONT><FONT SIZE=2>" means the Internal Revenue Code of 1986, as amended.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(d)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Committee"</I></B></FONT><FONT SIZE=2> means a committee of one or more members of the Board appointed by the
Board in accordance with subsection 3(c).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(e)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Common Stock</I></B></FONT><FONT SIZE=2>" means the common stock of the Company.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(f)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Company</I></B></FONT><FONT SIZE=2>" means Cerus Corporation, a Delaware corporation.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(g)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Consultant</I></B></FONT><FONT SIZE=2>" means any person, including an advisor, (i)&nbsp;engaged by the Company
or an Affiliate to render consulting or advisory services and who is compensated for such services or (ii)&nbsp;who is a member of the Board of Directors of an Affiliate. However, the term
"Consultant" shall not include Directors who are not compensated by the Company for their services as Directors.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(h)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Continuous Service</I></B></FONT><FONT SIZE=2>" means that the Participant's service with the Company or an
Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. The </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<P><FONT SIZE=2>Participant's
Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an
Employee,
Consultant or Director or a change in the entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant's Continuous Service. For
example, a change in status from an Employee of the Company to a Consultant of an Affiliate or a Director will not constitute an interruption of Continuous Service. The Board or the chief executive
officer of the Company, in that party's sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including
sick leave, military leave or any other personal leave. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(i)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Covered Employee</I></B></FONT><FONT SIZE=2>" means the chief executive officer and the four (4)&nbsp;other
highest compensated officers of the Company for whom total compensation is required to be reported to stockholders under the Exchange Act, as determined for purposes of Section&nbsp;162(m) of the
Code.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(j)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Director</I></B></FONT><FONT SIZE=2>" means a member of the Board of Directors of the Company.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(k)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Disability</I></B></FONT><FONT SIZE=2>" means the permanent and total disability of a person within the meaning of
Section&nbsp;22(e)(3) of the Code.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(l)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Employee</I></B></FONT><FONT SIZE=2>" means any person employed by the Company or an Affiliate. Mere service as a
Director or payment of a director's fee by the Company or an Affiliate shall not be sufficient to constitute "employment" by the Company or an Affiliate.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(m)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Exchange Act</I></B></FONT><FONT SIZE=2>" means the Securities Exchange Act of 1934, as amended.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(n)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Fair Market Value</I></B></FONT><FONT SIZE=2>" means, as of any date, the value of the Common Stock determined as
follows:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(i)</B></FONT></DT><DD><FONT SIZE=2>If the Common Stock is listed on any established stock exchange or traded on the Nasdaq National Market
or the Nasdaq SmallCap Market, the Fair Market Value of a share of Common Stock shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such
exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the last market trading day prior to the day of determination, as reported in </FONT> <FONT SIZE=2><I>The Wall Street Journal</I></FONT><FONT
SIZE=2> or such other source as the Board deems reliable.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(ii)</B></FONT></DT><DD><FONT SIZE=2>In the absence of such markets for the Common Stock, the Fair Market Value shall be determined in good
faith by the Board. </FONT></DD></DL>
</DD></DL>
<UL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(o)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Incentive Stock Option</I></B></FONT><FONT SIZE=2>" means an Option intended to qualify as an incentive stock
option within the meaning of Section&nbsp;422 of the Code and the regulations promulgated thereunder.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(p)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Non-Employee Director</I></B></FONT><FONT SIZE=2>" means a Director who either (i)&nbsp;is not a
current Employee or Officer of the Company or its parent or a subsidiary, does not receive compensation (directly or indirectly) from the Company or its parent or a subsidiary for services rendered as
a consultant or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation&nbsp;S-K promulgated pursuant
to the Securities Act ("Regulation&nbsp;S-K")), does not possess an interest in any other transaction as to which disclosure would be required under Item 404(a) of
Regulation&nbsp;S-K and is not engaged in a business relationship as to which disclosure would be required under Item 404(b) of Regulation&nbsp;S-K; or (ii)&nbsp;is
otherwise considered a "non-employee director" for purposes of Rule&nbsp;16b-3. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(q)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Nonstatutory Stock Option</I></B></FONT><FONT SIZE=2>" means an Option not intended to qualify as an Incentive
Stock Option.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(r)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Officer</I></B></FONT><FONT SIZE=2>" means a person who is an officer of the Company within the meaning of
Section&nbsp;16 of the Exchange Act and the rules and regulations promulgated thereunder.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(s)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Option</I></B></FONT><FONT SIZE=2>" means an Incentive Stock Option or a Nonstatutory Stock Option granted
pursuant to the Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(t)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Option Agreement</I></B></FONT><FONT SIZE=2>" means a written agreement between the Company and an Optionholder
evidencing the terms and conditions of an individual Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(u)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Optionholder</I></B></FONT><FONT SIZE=2>" means a person to whom an Option is granted pursuant to the Plan or, if
applicable, such other person who holds an outstanding Option.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(v)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Outside Director</I></B></FONT><FONT SIZE=2>" means a Director who either (i)&nbsp;is not a current employee of
the Company or an "affiliated corporation" (within the meaning of Treasury Regulations promulgated under Section&nbsp;162(m) of the Code), is not a former employee of the Company or an "affiliated
corporation" receiving compensation for prior services (other than benefits under a tax qualified pension plan), was not an officer of the Company or an "affiliated corporation" at any time and is not
currently receiving direct or indirect remuneration from the Company or an "affiliated corporation" for services in any capacity other than as a Director or (ii)&nbsp;is otherwise considered an
"outside director" for purposes of Section&nbsp;162(m) of the Code.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(w)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Participant</I></B></FONT><FONT SIZE=2>" means a person to whom a Stock Award is granted pursuant to the Plan or,
if applicable, such other person who holds an outstanding Stock Award.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(x)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Plan</I></B></FONT><FONT SIZE=2>" means this Cerus Corporation 1999 Equity Incentive Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(y)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Rule&nbsp;16b-3</I></B></FONT><FONT SIZE=2>" means Rule&nbsp;16b-3 promulgated under
the Exchange Act or any successor to Rule&nbsp;16b-3, as in effect from time to time.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(z)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Securities Act</I></B></FONT><FONT SIZE=2>" means the Securities Act of 1933, as amended.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(aa)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Stock Award</I></B></FONT><FONT SIZE=2>" means any right granted under the Plan, including an Option, a stock
bonus and a right to acquire restricted stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(bb)</B></FONT></DT><DD><FONT SIZE=2>"</FONT><FONT SIZE=2><B><I>Stock Award Agreement</I></B></FONT><FONT SIZE=2>" means a written agreement between the Company and a holder of
a Stock Award evidencing the terms and conditions of an individual Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions of the Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(cc)</B></FONT></DT><DD><FONT SIZE=2><B>"</B></FONT><FONT SIZE=2><B><I>Ten Percent Stockholder</I></B></FONT><FONT SIZE=2>" means a person who owns (or is deemed to own pursuant to Section&nbsp;424(d) of
the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any of its Affiliates. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;ADMINISTRATION.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2><B>Administration by Board.</B></FONT><FONT SIZE=2> The Board shall administer the Plan unless and until the Board delegates administration to a Committee, as
provided in subsection 3(c). Any interpretation of the Plan by the Board and any decision by the Board under the Plan shall be final and binding on all persons.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2><B>Powers of Board.</B></FONT><FONT SIZE=2> The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(i)</B></FONT></DT><DD><FONT SIZE=2>To determine from time to time which of the persons eligible under the Plan shall be granted Stock
Awards; when and how each Stock Award shall be granted; what type or </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>combination
of types of Stock Award shall be granted; the provisions of each Stock Award granted (which need not be identical), including the time or times when a person shall be permitted to receive
Common Stock pursuant to a Stock Award; and the number of shares of Common Stock with respect to which a Stock Award shall be granted to each such person. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(ii)</B></FONT></DT><DD><FONT SIZE=2>To construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and
revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Stock Award Agreement, in a
manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(iii)</B></FONT></DT><DD><FONT SIZE=2>To amend the Plan or a Stock Award as provided in Section&nbsp;12.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(iv)</B></FONT></DT><DD><FONT SIZE=2>Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient
to promote the best interests of the Company which are not in conflict with the provisions of the Plan. </FONT></DD></DL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(c)</B></FONT></DT><DD><FONT SIZE=2><B>Delegation to Committee.</B></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(i)</B></FONT></DT><DD><FONT SIZE=2><B>General</B></FONT><FONT SIZE=2>. The Board may delegate administration of the Plan to a Committee or Committees of one
(1)&nbsp;or more members of the Board, and the term "Committee" shall apply to any person or persons to whom such authority has been delegated. If administration is delegated to a Committee, the
Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board, including the power to delegate to a subcommittee any of the administrative
powers the Committee is authorized to exercise (and references in this Plan to the Board shall thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent
with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(ii)</B></FONT></DT><DD><FONT SIZE=2><B>Committee of Outside or Non-Employee Directors.</B></FONT><FONT SIZE=2> In the discretion of the Board, a Committee
may consist solely of two or more Outside Directors, in accordance with Section&nbsp;162(m) of the Code, and/or solely of two or more Non-Employee Directors, in accordance with
Rule&nbsp;16b-3. Within the scope of such authority, the Board or the Committee may (1)&nbsp;delegate to a committee of one or more members of the Board who are not Outside Directors,
the authority to grant Stock Awards to eligible persons who are either (a)&nbsp;not then Covered Employees and are not expected to be Covered Employees at the time of recognition of income resulting
from such Stock Award or (b)&nbsp;not persons with respect to whom the Company wishes to comply with Section&nbsp;162(m) of the Code and/or (2)&nbsp;delegate to a committee of one
or more members of the Board who are not Non-Employee Directors the authority to grant Stock Awards to eligible persons who are not then subject to Section&nbsp;16 of the Exchange Act. </FONT></DD></DL>
</DD></DL>
</UL>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;SHARES SUBJECT TO THE PLAN.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2><B>Share Reserve.</B></FONT><FONT SIZE=2> Subject to the provisions of Section&nbsp;11 relating to adjustments upon changes in Common Stock, the Common Stock
that may be issued pursuant to Stock Awards shall not exceed in the aggregate four million eighty thousand (4,080,000) shares of Common Stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2><B>Reversion of Shares to the Share Reserve.</B></FONT><FONT SIZE=2> If any Stock Award shall for any reason expire or otherwise terminate, in whole or in part,
without having been exercised in full, the shares of Common Stock not acquired under such Stock Award shall revert to and again become available for issuance under the Plan. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(c)</B></FONT></DT><DD><FONT SIZE=2><B>Source of Shares.</B></FONT><FONT SIZE=2> The shares of Common Stock subject to the Plan may be unissued shares or reacquired shares, bought on the market or
otherwise. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;ELIGIBILITY.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2><B>Eligibility for Specific Stock Awards.</B></FONT><FONT SIZE=2> Incentive Stock Options may be granted only to Employees. Stock Awards other than Incentive
Stock Options may be granted to Employees, Directors and Consultants.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2><B>Ten Percent Stockholders.</B></FONT><FONT SIZE=2> A Ten Percent Stockholder shall not be granted an Incentive Stock Option unless the exercise price of such
Option is at least one hundred ten percent (110%) of the Fair Market Value of the Common Stock at the date of grant and the Option is not exercisable after the expiration of five (5)&nbsp;years from
the date of grant.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(c)</B></FONT></DT><DD><FONT SIZE=2><B>Section&nbsp;162(m) Limitation.</B></FONT><FONT SIZE=2> Subject to the provisions of Section&nbsp;11 relating to adjustments upon changes in the shares of
Common Stock, no Employee shall be eligible to be granted Options covering more than two hundred fifty thousand (250,000) shares of the Common Stock during any calendar year.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(d)</B></FONT></DT><DD><FONT SIZE=2><B>Consultants.</B></FONT><FONT SIZE=2> A Consultant shall not be eligible for the grant of a Stock Award if, at the time of grant, a Form&nbsp;S-8
Registration Statement under the Securities Act ("Form&nbsp;S-8") is not available to register either the offer or the sale of the Company's securities to such Consultant because of the
nature of the services that the Consultant is providing to the Company, or because the Consultant is not a natural person, or as otherwise provided by the rules governing the use of
Form&nbsp;S-8, unless the Company determines both (i)&nbsp;that such grant (A)&nbsp;shall be registered in another manner under the Securities Act
(</FONT><FONT SIZE=2><I>e.g.,</I></FONT><FONT SIZE=2> on a Form&nbsp;S-3 Registration Statement) or (B)&nbsp;does not require registration under the Securities Act in order to comply
with the requirements of the Securities Act, if applicable, and (ii)&nbsp;that such grant complies with the securities laws of all other relevant jurisdictions. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;OPTION PROVISIONS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Option shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. All Options shall be separately designated
Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased
on exercise of each type of Option. The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or
otherwise) the substance of each of the following provisions: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2><B>Term.</B></FONT><FONT SIZE=2> Subject to the provisions of subsection 5(b) regarding Ten Percent Stockholders, no Incentive Stock Option shall be exercisable
after the expiration of ten (10)&nbsp;years from the date it was granted.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2><B>Exercise Price of an Incentive Stock Option.</B></FONT><FONT SIZE=2> Subject to the provisions of subsection 5(b) regarding Ten Percent Stockholders, the
exercise price of each Incentive Stock Option shall be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Option on the date the Option is granted.
Notwithstanding the foregoing, an Incentive Stock Option may be granted with an exercise price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption
or substitution for another option in a manner satisfying the provisions of Section&nbsp;424(a) of the Code.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(c)</B></FONT></DT><DD><FONT SIZE=2><B>Exercise Price of a Nonstatutory Stock Option.</B></FONT><FONT SIZE=2> The exercise price of each Nonstatutory Stock Option shall be not less than
eighty-five percent (85%) of the Fair Market Value of the Common Stock subject to the Option on the date the Option is granted. Notwithstanding the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>
foregoing, a Nonstatutory Stock Option may be granted with an exercise price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution
for another option in a manner satisfying the provisions of Section&nbsp;424(a) of the Code. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(d)</B></FONT></DT><DD><FONT SIZE=2><B>Consideration.</B></FONT><FONT SIZE=2> The purchase price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted by applicable
statutes and regulations, either (i)&nbsp;in cash at the time the Option is exercised or (ii)&nbsp;at the discretion of the Board at the time of the grant of the Option (or subsequently in the
case of a Nonstatutory Stock Option) (1)&nbsp;by delivery to the Company of outstanding shares of Common Stock, (2)&nbsp;according to a deferred payment or other similar arrangement with the
Optionholder or (3)&nbsp;in any other form of legal consideration that may be acceptable to the Board; provided, however, that at any time that the Company is incorporated in Delaware, payment of
the Common Stock's "par value," as defined in the Delaware General Corporation Law, shall not be made by deferred payment. </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>In
the case of any deferred payment arrangement, interest shall be compounded at least annually and shall be charged at the minimum rate of interest necessary to avoid the treatment as interest, under
any applicable provisions of the Code, of any amounts other than amounts stated to be interest under the deferred payment arrangement. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(e)</B></FONT></DT><DD><FONT SIZE=2><B>Transferability of an Incentive Stock Option.</B></FONT><FONT SIZE=2> An Incentive Stock Option shall not be transferable except by will or by the laws of
descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to
the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(f)</B></FONT></DT><DD><FONT SIZE=2><B>Transferability of a Nonstatutory Stock Option.</B></FONT><FONT SIZE=2> A Nonstatutory Stock Option shall be transferable to the extent provided in the Option
Agreement. If the Nonstatutory Stock Option does not provide for transferability, then the Nonstatutory Stock Option shall not be transferable except by will or by the laws of descent and distribution
and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form
satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(g)</B></FONT></DT><DD><FONT SIZE=2><B>Vesting Generally</B></FONT><FONT SIZE=2>. The total number of shares of Common Stock subject to an Option may, but need not, vest and therefore become
exercisable in periodic installments that may, but need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based on
performance or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options may vary. The provisions of this subsection 6(g) are subject to any Option provisions
governing the minimum number of shares of Common Stock as to which an Option may be exercised.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(h)</B></FONT></DT><DD><FONT SIZE=2><B>Termination of Continuous Service.</B></FONT><FONT SIZE=2> In the event an Optionholder's Continuous Service terminates (other than upon the Optionholder's
death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of termination) but only within such
period of time ending on the earlier of (i)&nbsp;the date three (3)&nbsp;months following the termination of the Optionholder's Continuous Service (or such longer or shorter period specified in
the Option Agreement), or (ii)&nbsp;the expiration of the term of the Option as set forth in the Option Agreement. If, after termination, the Optionholder does not exercise his or her Option within
the time specified in the Option Agreement, the Option shall terminate. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(i)</B></FONT></DT><DD><FONT SIZE=2><B>Extension of Termination Date.</B></FONT><FONT SIZE=2> An Optionholder's Option Agreement may also provide that if the exercise of the Option following the
termination of the Optionholder's Continuous Service (other than upon the Optionholder's death or Disability) would be prohibited at any time solely because the issuance of shares of Common Stock
would violate the registration requirements under the Securities Act, then the Option shall terminate on the earlier of (i)&nbsp;the expiration of the term of the Option set forth in subsection 6(a)
or (ii)&nbsp;the expiration of a period of three (3)&nbsp;months after the termination of the Optionholder's Continuous Service during which the exercise of the Option would not be in violation of
such registration requirements.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(j)</B></FONT></DT><DD><FONT SIZE=2><B>Disability of Optionholder.</B></FONT><FONT SIZE=2> In the event that an Optionholder's Continuous Service terminates as a result of the Optionholder's
Disability, the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of termination), but only within such period of
time ending on the earlier of (i)&nbsp;the date twelve (12)&nbsp;months following such termination (or such longer or shorter period specified in the Option Agreement) or (ii)&nbsp;the
expiration of the term of the Option as set forth in the Option Agreement. If, after termination, the Optionholder does not exercise his or her Option within the time specified herein, the Option
shall terminate.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(k)</B></FONT></DT><DD><FONT SIZE=2><B>Death of Optionholder.</B></FONT><FONT SIZE=2> In the event (i)&nbsp;an Optionholder's Continuous Service terminates as a result of the Optionholder's death
or (ii)&nbsp;the Optionholder dies within the period (if any) specified in the Option Agreement after the termination of the Optionholder's Continuous Service for a reason other than death, then the
Option may be exercised (to the extent the Optionholder was entitled to exercise such Option as of the date of death) by the Optionholder's estate, by a person who acquired the right to exercise the
Option by bequest or inheritance or by a person designated to exercise the option upon the Optionholder's death pursuant to subsection 6(e) or 6(f), but only within the period ending on the earlier of
(1)&nbsp;the date eighteen (18)&nbsp;months following the date of death (or such longer or shorter period specified in the Option Agreement) or (2)&nbsp;the expiration of the term of such Option
as set forth in the Option Agreement. If, after death, the Option is not exercised within the time specified herein, the Option shall terminate.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(l)</B></FONT></DT><DD><FONT SIZE=2><B>Early Exercise.</B></FONT><FONT SIZE=2> The Option may, but need not, include a provision whereby the Optionholder may elect at any time before the
Optionholder's Continuous Service terminates to exercise the Option as to any part or all of the shares of Common Stock subject to the Option prior to the full vesting of the
Option. Any unvested shares of Common Stock so purchased may be subject to a repurchase option in favor of the Company or to any other restriction the Board determines to be appropriate. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;PROVISIONS OF STOCK AWARDS OTHER THAN OPTIONS.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2><B>Stock Bonus Awards.</B></FONT><FONT SIZE=2> Each stock bonus agreement shall be in such form and shall contain such terms and conditions as the Board shall
deem appropriate. The terms and conditions of stock bonus agreements may change from time to time, and the terms and conditions of separate stock bonus agreements need not be identical, but each stock
bonus agreement shall include (through incorporation of provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(i)</B></FONT></DT><DD><FONT SIZE=2><B>Consideration.</B></FONT><FONT SIZE=2> A stock bonus may be awarded in consideration for past services actually rendered to the
Company or an Affiliate for its benefit.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(ii)</B></FONT></DT><DD><FONT SIZE=2><B>Vesting.</B></FONT><FONT SIZE=2> Shares of Common Stock awarded under the stock bonus agreement may, but need not, be subject
to a share repurchase option in favor of the Company in accordance with a vesting schedule to be determined by the Board. </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(iii)</B></FONT></DT><DD><FONT SIZE=2><B>Termination of Participant's Continuous Service.</B></FONT><FONT SIZE=2> In the event a Participant's Continuous Service
terminates, the Company may reacquire any or all of the shares of Common Stock held by the Participant which have not vested as of the date of termination under the terms of the stock bonus agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(iv)</B></FONT></DT><DD><FONT SIZE=2><B>Transferability.</B></FONT><FONT SIZE=2> Rights to acquire shares under the stock bonus agreement shall be transferable by the
Participant only upon such terms and conditions as are set forth in the stock bonus agreement, as the Board shall determine in its discretion, so long as Common Stock awarded under the stock bonus
agreement remains subject to the terms of the stock bonus agreement. </FONT></DD></DL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2><B>Restricted Stock Awards.</B></FONT><FONT SIZE=2> Each restricted stock purchase agreement shall be in such form and shall contain such terms and conditions as
the Board shall deem appropriate. The terms and conditions of the restricted stock purchase agreements may change from time to time, and the terms and conditions of separate restricted stock purchase
agreements need not be identical, but each restricted stock
purchase agreement shall include (through incorporation of provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(i)</B></FONT></DT><DD><FONT SIZE=2><B>Purchase Price.</B></FONT><FONT SIZE=2> The purchase price under each restricted stock purchase agreement shall be such amount
as the Board shall determine and designate in such restricted stock purchase agreement. The purchase price shall not be less than eighty-five percent (85%) of the Common Stock's Fair
Market Value on the date such award is made or at the time the purchase is consummated.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(ii)</B></FONT></DT><DD><FONT SIZE=2><B>Consideration</B></FONT><FONT SIZE=2>. The purchase price of Common Stock acquired pursuant to the restricted stock purchase
agreement shall be paid either: (i)&nbsp;in cash at the time of purchase; (ii)&nbsp;at the discretion of the Board, according to a deferred payment or other similar arrangement with the
Participant; or (iii)&nbsp;in any other form of legal consideration that may be acceptable to the Board in its discretion; provided, however, that at any time that the Company is incorporated in
Delaware, then payment of the Common Stock's "par value," as defined in the Delaware General Corporation Law, shall not be made by deferred payment.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(iii)</B></FONT></DT><DD><FONT SIZE=2><B>Vesting.</B></FONT><FONT SIZE=2> Shares of Common Stock acquired under the restricted stock purchase agreement may, but need
not, be subject to a share repurchase option in favor of the Company in accordance with a vesting schedule to be determined by the Board.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(iv)</B></FONT></DT><DD><FONT SIZE=2><B>Termination of Participant's Continuous Service.</B></FONT><FONT SIZE=2> In the event a Participant's Continuous Service
terminates, the Company may repurchase or otherwise reacquire any or all of the shares of Common Stock held by the Participant which have not vested as of the date of termination under the terms of
the restricted stock purchase agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(v)</B></FONT></DT><DD><FONT SIZE=2><B>Transferability.</B></FONT><FONT SIZE=2> Rights to acquire shares under the restricted stock purchase agreement shall be
transferable by the Participant only upon such terms and conditions as are set forth in the restricted stock purchase agreement, as the Board shall determine in its discretion, so long as Common Stock
awarded under the restricted stock purchase agreement remains subject to the terms of the restricted stock purchase agreement. </FONT></DD></DL>
</DD></DL>
</UL>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;COVENANTS OF THE COMPANY.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2><B>Availability of Shares.</B></FONT><FONT SIZE=2> During the terms of the Stock Awards, the Company shall keep available at all times the number of shares of
Common Stock required to satisfy such Stock Awards. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2><B>Securities Law Compliance.</B></FONT><FONT SIZE=2> The Company shall seek to obtain from each regulatory commission or agency having jurisdiction over the Plan
such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided, however, that this undertaking shall not require the
Company to register under the Securities Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts, the Company is unable to
obtain from any such regulatory commission or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall be
relieved from any liability for failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;USE OF PROCEEDS FROM STOCK.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of Common Stock pursuant to Stock Awards shall constitute general funds of the Company. </FONT></P>

<P><FONT SIZE=2><B>10.&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2><B>Acceleration of Exercisability and Vesting.</B></FONT><FONT SIZE=2> The Board shall have the power to accelerate the time at which a Stock Award may first be
exercised or the time during which a Stock Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Stock Award stating the time at which it may first be
exercised or the time during which it will vest.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2><B>Stockholder Rights.</B></FONT><FONT SIZE=2> No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any
shares of Common Stock subject to such Stock Award unless and until such Participant has satisfied all requirements for exercise of the Stock Award pursuant to its terms.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(c)</B></FONT></DT><DD><FONT SIZE=2><B>No Employment or other Service Rights.</B></FONT><FONT SIZE=2> Nothing in the Plan or any instrument executed or Stock Award granted pursuant thereto shall
confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Stock Award was granted or shall affect the right of the Company or an
Affiliate to terminate (i)&nbsp;the employment of an Employee with or without notice and with or without cause, (ii)&nbsp;the service of a Consultant pursuant to the terms of such Consultant's
agreement with the Company or an Affiliate or (iii)&nbsp;the service of a Director pursuant to
the Bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(d)</B></FONT></DT><DD><FONT SIZE=2><B>Incentive Stock Option $100,000 Limitation.</B></FONT><FONT SIZE=2> To the extent that the aggregate Fair Market Value (determined at the time of grant) of
Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and its Affiliates) exceeds
one hundred thousand dollars ($100,000), the Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as Nonstatutory Stock Options.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(e)</B></FONT></DT><DD><FONT SIZE=2><B>Investment Assurances.</B></FONT><FONT SIZE=2> The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Stock
Award, (i)&nbsp;to give written assurances satisfactory to the Company as to the Participant's knowledge and experience in financial and business matters and/or to employ a purchaser representative
reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of exercising the Stock Award; and (ii)&nbsp;to give written assurances satisfactory to the Company stating that the Participant is acquiring Common Stock
subject to the Stock Award for the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<UL>

<P><FONT SIZE=2>Participant's
own account and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any assurances given pursuant to such requirements,
shall be inoperative if (iii)&nbsp;the issuance of the shares of Common Stock upon the exercise or acquisition of Common Stock under the Stock Award has been registered under a then currently
effective registration statement under the Securities Act or (iv)&nbsp;as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in
the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems
necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(f)</B></FONT></DT><DD><FONT SIZE=2><B>Withholding Obligations.</B></FONT><FONT SIZE=2> To the extent provided by the terms of a Stock Award Agreement, the Participant may satisfy any federal, state
or local tax withholding obligation relating to the exercise or acquisition of Common Stock under a Stock Award by any of the following means (in addition to the Company's right to withhold from any
compensation paid to the Participant by the Company) or by a combination of such means: (i)&nbsp;tendering a cash payment; (ii)&nbsp;authorizing the Company to withhold shares of Common Stock from
the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Stock Award; or (iii)&nbsp;delivering to the Company owned and
unencumbered shares of the Common Stock. </FONT></DD></DL>
</UL>


<P><FONT SIZE=2><B>11.&nbsp;&nbsp;&nbsp;&nbsp;ADJUSTMENTS UPON CHANGES IN STOCK.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2><B>Capitalization Adjustments.</B></FONT><FONT SIZE=2> If any change is made in the Common Stock subject to the Plan, or subject to any Stock Award, without the
receipt of consideration by the Company (through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, stock split,
liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other transaction not involving the receipt of consideration by the Company), the Plan will be
appropriately adjusted in the class(es) and maximum number of securities subject to the Plan pursuant to subsection 4(a) and the maximum number of securities subject to award to any person pursuant to
subsection 5(c), and the outstanding Stock Awards will be appropriately adjusted in the class(es) and number of securities and price per share of Common Stock subject to such outstanding Stock Awards.
The Board shall make such adjustments, and its determination shall be final, binding and conclusive. (The conversion of any convertible securities of the Company shall not be treated as a transaction
"without receipt of consideration" by the Company.)
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2><B>Change in Control&#151;Dissolution or Liquidation.</B></FONT><FONT SIZE=2> In the event of a dissolution or liquidation of the Company, then all
outstanding Stock Awards shall terminate immediately prior to such event.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(c)</B></FONT></DT><DD><FONT SIZE=2><B>Change in Control&#151;Asset Sale, Merger, Consolidation or Reverse Merger.</B></FONT><FONT SIZE=2> In the event of (i)&nbsp;a sale, lease or other
disposition of all or substantially all of the assets of the Company, (ii)&nbsp;a merger or consolidation in which the Company is not the surviving corporation or (iii)&nbsp;a reverse merger in
which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the
form of securities, cash or otherwise, then any surviving corporation or acquiring corporation shall assume any Stock Awards outstanding under the Plan or shall substitute similar stock awards
(including an award to acquire the same consideration paid to the stockholders in the transaction described in this subsection 11(c)) for those outstanding under the Plan. In the event any surviving
corporation or acquiring corporation refuses to assume such Stock Awards or to substitute similar stock awards for </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<UL>

<P><FONT SIZE=2>those
outstanding under the Plan, then with respect to Stock Awards held by Participants whose Continuous Service has not terminated, the vesting of such Stock Awards (and, if applicable, the time
during which such Stock Awards may be exercised) shall be accelerated in full, and the Stock Awards shall terminate if not exercised (if applicable) at or prior to such event. With respect to any
other Stock Awards outstanding under the Plan, such Stock Awards shall terminate if not exercised (if applicable) prior to such event. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT OF THE PLAN AND STOCK AWARDS.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2><B>Amendment of Plan.</B></FONT><FONT SIZE=2> The Board at any time, and from time to time, may amend the Plan. However, except as provided in Section&nbsp;11
relating to adjustments upon changes in Common Stock, no amendment shall be effective unless approved by the stockholders of the Company to the extent
stockholder approval is necessary to satisfy the requirements of Section&nbsp;422 of the Code, Rule&nbsp;16b-3 or any Nasdaq or securities exchange listing requirements.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2><B>Stockholder Approval.</B></FONT><FONT SIZE=2> The Board may, in its sole discretion, submit any other amendment to the Plan for stockholder approval,
including, but not limited to, amendments to the Plan intended to satisfy the requirements of Section&nbsp;162(m) of the Code and the regulations thereunder regarding the exclusion of
performance-based compensation from the limit on corporate deductibility of compensation paid to certain executive officers.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(c)</B></FONT></DT><DD><FONT SIZE=2><B>Contemplated Amendments.</B></FONT><FONT SIZE=2> It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or
advisable to provide eligible Employees with the maximum benefits provided or to be provided under the provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock
Options and/or to bring the Plan and/or Incentive Stock Options granted under it into compliance therewith.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(d)</B></FONT></DT><DD><FONT SIZE=2><B>No Impairment of Rights.</B></FONT><FONT SIZE=2> Rights under any Stock Award granted before amendment of the Plan shall not be impaired by any amendment of
the Plan unless (i)&nbsp;the Company requests the consent of the Participant and (ii)&nbsp;the Participant consents in writing.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(e)</B></FONT></DT><DD><FONT SIZE=2><B>Amendment of Stock Awards.</B></FONT><FONT SIZE=2> The Board at any time, and from time to time, may amend the terms of any one or more Stock Awards; provided,
however, that the rights under any Stock Award shall not be impaired by any such amendment unless (i)&nbsp;the Company requests the consent of the Participant and (ii)&nbsp;the Participant
consents in writing. </FONT></DD></DL>
</UL>


<P><FONT SIZE=2><B>13.&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION OR SUSPENSION OF THE PLAN.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2><B>Plan Term.</B></FONT><FONT SIZE=2> The Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on the day
before the tenth (10th) anniversary of the date the Plan is adopted by the Board or approved by the stockholders of the Company, whichever is earlier. No Stock Awards may be granted under the Plan
while the Plan is suspended or after it is terminated.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2><B>No Impairment of Rights.</B></FONT><FONT SIZE=2> Suspension or termination of the Plan shall not impair rights and obligations under any Stock Award granted
while the Plan is in effect, except with the written consent of the Participant. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<UL>
</UL>
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<P><FONT SIZE=2><B>14.&nbsp;&nbsp;&nbsp;&nbsp;EFFECTIVE DATE OF PLAN.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall become effective as determined by the Board, but no Stock Award shall be exercised (or, in the case of a stock bonus, shall be granted) unless and
until the Plan has been approved by the stockholders of the Company, which approval shall be within twelve (12)&nbsp;months before or after the date the Plan is adopted by the Board. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;&nbsp;&nbsp;CHOICE OF LAW.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The law of the State of California shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to such
state's conflict of laws rules. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=3><B>CERUS CORPORATION  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ANNUAL MEETING OF STOCKHOLDERS  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> Wednesday, June&nbsp;5, 2002<BR>
9:00&nbsp;a.m. (local time)  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> CERUS CORPORATION<BR>
2411 Stanwell Drive<BR>
Concord, CA 94520  </B></FONT></P>

<BR>
<BR>
<BR>
<BR>

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<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><B><BR>
Cerus Corporation<BR>
2411 Stanwell Drive<BR>
Concord, CA 94520</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="49%" ALIGN="RIGHT"><BR><FONT SIZE=5><B>proxy</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><HR NOSHADE></TD>
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<P><FONT SIZE=2><B>This proxy is solicited by the Board of Directors for use at the Annual Meeting of Stockholders to be held on June&nbsp;5, 2002.  </B></FONT></P>

<P><FONT SIZE=2>The undersigned hereby appoints </FONT><FONT SIZE=2><B>GREGORY W. SCHAFER</B></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><B>LORI L. ROLL</B></FONT><FONT SIZE=2>, and each of
them, as attorneys and proxies of the undersigned, with full power of substitution, to vote all of the shares of stock of Cerus Corporation (the "Company") which the undersigned may be entitled to
vote at the Annual Meeting of Stockholders of Cerus Corporation to be held at the Company's administrative offices, located at 2411&nbsp;Stanwell Drive, Concord, California 94520 on Wednesday,
June&nbsp;5, 2002, at 9:00&nbsp;a.m. (local time), and at any and all postponements, continuations and adjournments thereof, with all powers that the undersigned would possess if personally
present, upon and in respect of the following matters and in accordance with the following instructions, with discretionary authority as to any and all other matters that may properly come before the
meeting. </FONT></P>

<P><FONT SIZE=2><B>UNLESS A CONTRARY DIRECTION IS INDICATED, THIS PROXY WILL BE VOTED FOR ALL NOMINEES LISTED IN PROPOSAL&nbsp;1 AND FOR PROPOSALS&nbsp;2 AND 3 AS MORE SPECIFICALLY DESCRIBED
IN THE PROXY STATEMENT. IF SPECIFIC INSTRUCTIONS ARE INDICATED, THIS PROXY WILL BE VOTED IN ACCORDANCE THEREWITH.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><I>See reverse for voting instructions.  </I></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2>Mark, sign and date your proxy card and return it in the postage-paid envelope we've provided or return it to Cerus Corporation, c/o&nbsp;Shareowner Services<SUP>SM</SUP>,
P.O.&nbsp;Box 64873, St. Paul, MN 55164-0873. </FONT></P>

<BR>
<BR>
<BR>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>\*/
Please detach here \*/ </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Management Recommends a Vote FOR the Nominees for Directors Listed Below.</B></FONT></P>

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<TD WIDTH="2%"><FONT SIZE=1><B>1.</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=1>To elect two directors to hold office until the 2005 Annual Meeting of Stockholders.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=1>01&nbsp;Stephen&nbsp;T.&nbsp;Isaacs<BR>
02&nbsp;Bruce&nbsp;C.&nbsp;Cozadd</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=1>Vote FOR<BR>
both nominees<BR>
(except as marked)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=1>Vote WITHHELD<BR>
from both nominees</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><FONT SIZE=1><B><BR>
(Instructions: To withhold authority to vote for any indicated nominee, write the number(s) of the nominee(s) in the box provided to the right.)</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD COLSPAN=7><BR><HR NOSHADE><FONT SIZE=1>&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2><B>Management Recommends a Vote FOR Proposals&nbsp;2 and 3.  </B></FONT></P>

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<TD WIDTH="3%"><FONT SIZE=1><B>2.</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=1>To approve an amendment to the Company's 1999 Equity Incentive Plan to increase the aggregate number of shares of common stock authorized for issuance under such plan by 1,000,000 shares.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1>For</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>Against</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>Abstain</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=1><B><BR>
3.</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="58%"><FONT SIZE=1><BR>
To ratify selection of Ernst&nbsp;&amp; Young&nbsp;LLP as independent auditors of the Company for its fiscal year ending December&nbsp;31, 2002.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1><BR>
For</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1><BR>
Against</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1><BR>
Abstain</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><BR><FONT SIZE=1>Address Change? Mark Box&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT><BR>
Indicate changes below:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="RIGHT"><FONT SIZE=1><BR>
Dated</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD COLSPAN=7><FONT SIZE=1><BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=11><HR NOSHADE><FONT SIZE=1>&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=1> Signature(s) in Box<BR>
Please sign exactly as your name appears hereon. If the stock is registered in the names of two or more persons, each should sign. Executors, administrators, trustees, guardians and attorneys-in-fact should add their titles. If signer is a
corporation, please give full corporate name and have a duly authorized officer sign, stating title. If signer is a partnership, please sign in partnership name by authorized person.</FONT></TD>
</TR>
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<BR>
<P><br><A NAME="02PAL1625_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de1625_1">INFORMATION CONCERNING SOLICITATION AND VOTING</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1625_2">PROPOSAL 1 ELECTION OF DIRECTORS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1625_3">PROPOSAL 2 APPROVAL OF THE AMENDMENT TO THE 1999 EQUITY INCENTIVE PLAN, AS AMENDED</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1625_4">PROPOSAL 3 RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1625_5">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1625_6">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_dg1625_1">MANAGEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1625_2">EXECUTIVE COMPENSATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1625_3">SUMMARY COMPENSATION TABLE(1)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1625_4">STOCK OPTION GRANTS AND EXERCISES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1625_5">Option Grants in Fiscal Year 2001</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1625_6">Aggregated Option Exercises in Last Fiscal Year and Fiscal Year End Option Values</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1625_7">SEVERANCE AND CHANGE OF CONTROL AGREEMENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1625_8">REPORT OF THE COMPENSATION COMMITTEE ON EXECUTIVE COMPENSATION(1)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1625_9">REPORT OF THE AUDIT COMMITTEE(1)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1625_10">Performance Measurement Comparison(1)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1625_11">CERTAIN TRANSACTIONS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ga1625_1">Adopted April 30, 1999 Approved By Stockholders July 2, 1999 Amended March 27, 2000 Approved By Stockholders May 11, 2000 Amended March 29, 2001 Approved By Stockholders May 23, 2001 Amended April 29, 2002
Termination Date: April 29, 2009</A></FONT><BR>

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