<SUBMISSION>
<ACCESSION-NUMBER>0000912057-01-506942
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20010508
<FILING-DATE>20010404
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AEROGEN INC
<CIK>0001039160
<ASSIGNED-SIC>3845
<IRS-NUMBER>330488580
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>000-31913
<FILM-NUMBER>1595241
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1310 CORONADO DR
<CITY>SANTA CLARA
<STATE>CA
<ZIP>95054
<PHONE>4085432400
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1310 ORLEANS DRIVE
<CITY>SUNNYVALE
<STATE>CA
<ZIP>94089
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a2042400zdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>

<HTML>
<HEAD>
<TITLE> Prepared by MERRILL CORPORATION www.edgaradvantage.com
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</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
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<FONT SIZE=3 ><A HREF="#01PAL1432_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 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="83%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=3><FONT SIZE=2>Filed by the Registrant /x/<BR></FONT>
</TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=3><FONT SIZE=2><BR>
Filed by a Party other than the Registrant /&nbsp;/</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=3><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
/x/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Soliciting Material under Rule&nbsp;14a-12<BR></FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH="100%" COLSPAN=5 ALIGN="CENTER"><BR><FONT SIZE=2><B>AEROGEN,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=5 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=5 ALIGN="CENTER"><BR><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" 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="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=5><FONT SIZE=2>Payment of Filing Fee (Check the appropriate box)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
/x/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2><BR>
No fee required</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2><BR>
Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and&nbsp;0-11</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
1.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2><BR>
Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>2.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>3.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><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;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>4.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>5.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2><BR>
Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2><BR>
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="3%"><FONT SIZE=2><BR>
6.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2><BR>
Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>7.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>8.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>9.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
</TABLE>
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<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><B>AEROGEN,&nbsp;Inc.<BR>
1310 Orleans Drive<BR>
Sunnyvale, CA 94089  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD MAY 8, 2001 AT 9:00&nbsp;A.M. </FONT></P>


<P><FONT SIZE=2>To
the Stockholders of AeroGen,&nbsp;Inc.: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;NOTICE
IS HEREBY GIVEN that the first Annual Meeting of Stockholders of AeroGen,&nbsp;Inc. (the "Company") will be held at the Company's offices at 1310 Orleans Drive, Sunnyvale,
California 94089, on Tuesday, May&nbsp;8, 2001, at 9:00&nbsp;a.m., local time, for the following purposes: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>To
elect two Class&nbsp;I directors to hold office for a term ending in 2004 and until their successors are elected and have qualified; and
<BR><BR></FONT></DD><DT><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>To
ratify the selection of PricewaterhouseCoopers LLP as the Company's independent accountants for the fiscal year ending December&nbsp;31, 2001; and
<BR><BR></FONT></DD><DT><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>To
transact such other business as may properly come before the meeting and any adjournments or postponements thereof. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of the Company has fixed the close of business on March&nbsp;23, 2001 as the record date for the determination of stockholders entitled to notice of and to
vote at the Annual Meeting and at any adjournment or postponement thereof. </FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>By
Order of the Board of Directors, </FONT></P>

<P><FONT SIZE=2><B> <IMG SRC="g106572.jpg" ALT="LOGO" WIDTH="285" HEIGHT="60">  </B></FONT></P>

<P><FONT SIZE=2>
Carol A. Gamble<BR></FONT> <FONT SIZE=2><I>Secretary</I></FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>

<P><FONT SIZE=2>Sunnyvale,
California<BR>
April&nbsp;4, 2001 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>All Stockholders are cordially 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. 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=2><B>AEROGEN,&nbsp;Inc.<BR>
1310 Orleans Drive<BR>
Sunnyvale, CA 94089  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2>PROXY
STATEMENT FOR THE ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD MAY 8, 2001 </FONT></P>

<P><FONT SIZE=2>To
the Stockholders of AeroGen,&nbsp;Inc.: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying proxy is solicited on behalf of the Board of Directors (the "Board") of AeroGen,&nbsp;Inc. (the "Company" or "AeroGen"), a Delaware corporation, for use at the
Company's first Annual Meeting of Stockholders (the "Annual Meeting") to be held at 9:00&nbsp;a.m., local time, on Tuesday, May&nbsp;8, 2001 at the Company's offices located at 1310 Orleans Drive,
Sunnyvale, California 94089; telephone number (408)&nbsp;543-2400. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Only
holders of record of AeroGen Common Stock as of the close of business on March&nbsp;23, 2001 are entitled to notice of, and to vote at, the Annual Meeting and any adjournments
or postponements thereof. At the close of business on that date, the Company had outstanding 19,920,221 shares of its Common Stock, par value $.001 per share. Holders of Common Stock are entitled to
one vote for each share of Common Stock held on all matters to be voted on at the Annual Meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any
holder of Common Stock giving a proxy in the form accompanying this Proxy Statement has the power to revoke the proxy prior to its use. A proxy can be revoked (i)&nbsp;by an
instrument of revocation delivered prior to the Annual Meeting to the Secretary of the Company at the Company's offices at 1310 Orleans Drive, Sunnyvale, California 94089, (ii)&nbsp;by a duly
executed proxy bearing a later date or time than the date or time of the proxy being revoked, or (iii)&nbsp;at the Annual Meeting if the stockholder is present and elects to vote in person. Mere
attendance at the Annual Meeting will not serve to revoke a proxy. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All
votes will be tabulated by the inspector of elections 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. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This
Proxy Statement and the accompanying proxy card are being mailed to AeroGen stockholders on or about April&nbsp;4, 2001. Directors, officers and other employees of the Company
may solicit proxies by personal interview, telephone or facsimile, without special compensation. Any costs of such solicitation will be borne by the Company, including preparation, assembly, printing
and mailing of this Proxy Statement, the proxy card 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 for their costs of forwarding solicitation materials to such beneficial owners. </FONT></P>

<HR NOSHADE>
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<A NAME="page_de1432_1_2"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1432_proposal_1"> </A>
<A NAME="toc_de1432_1"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL 1    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ELECTION OF DIRECTORS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AeroGen's Certificate of Incorporation provides for three classes of directors: Class&nbsp;I, Class&nbsp;II and Class&nbsp;III. Only one class of
directors is elected at each annual meeting of stockholders, each director to serve for a three-year term. In accordance with the Certificate of Incorporation, Class&nbsp;I directors are
to be elected at the 2001 annual meeting, Class&nbsp;II directors are to be elected at the annual meeting in the year 2002 and Class&nbsp;III directors are to be elected at the annual meeting in
the year 2003. The Board is currently composed of seven directors, and the term of two of these directors expires in 2001. </FONT></P>


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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Two Class&nbsp;I directors are to be elected to the Board at the Annual Meeting, each to serve until the annual meeting of stockholders to be held in 2004
and until his or her successor has been elected and has qualified, or until his or her earlier death, resignation or removal. The nominees for election at the Annual Meeting are Dr.&nbsp;Phyllis I.
Gardner and Mr.&nbsp;Philip M. Young, the current Class&nbsp;I directors. If either nominee is unable or unwilling to serve as a director, proxies may be voted for a substitute
nominee designated by the present Board. The Board has no reason to believe that either nominee will be unable or unwilling to serve as a director if elected. Proxies received will be voted </FONT> <FONT SIZE=2><B>"FOR"</B></FONT><FONT SIZE=2> the
election of both nominees, unless marked to the contrary. Pursuant to applicable Delaware corporation law and assuming the presence of a
quorum, two directors will be elected, from among those persons duly nominated for such positions, by a plurality of the votes actually cast by stockholders entitled to vote at the meeting who are
present in person or by proxy. Thus, nominees who receive the first and second highest number of votes in favor of their election will be elected, regardless of the number of abstentions or broker
non-votes. </FONT></P>

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


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table provides the names and current ages of the nominees for election as directors and of each other director, and indicates the periods during
which such persons have served as directors of AeroGen. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="77%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="76%" ALIGN="LEFT"><FONT SIZE=1><B>Name and Positions with AeroGen in Addition to Director<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Director Continuously Since</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2><B>Nominees: (Class I Directors)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Dr. Phyllis I. Gardner</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>50</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>2000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Philip M. Young</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>61</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>1994</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2><B> Incumbents:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2><B>Class II Directors</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Thomas R. Baruch</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>62</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>1994</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Dr. Susan D. Desmond-Hellmann</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>43</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>2000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Dr. Jane E. Shaw (Chairman and Chief Executive Officer)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>62</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>1998</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2><B>Class III Directors</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Jean-Jacques Bienaim&eacute;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>47</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>1999</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Yehuda Ivri (Chief Technical Officer)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>49</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>1991</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2><B>Business Experience of Directors  </B></FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Nominees (Class&nbsp;I Directors)  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Phyllis I. Gardner, M.D.</B></FONT><FONT SIZE=2> has served as a director of AeroGen since May&nbsp;2000. Dr.&nbsp;Gardner is currently the Senior
Associate Dean for Education and Student Affairs and Associate Professor of Molecular Pharmacology and Medicine at Stanford University School of Medicine and has been with </FONT></P>

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

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<P><FONT SIZE=2>
the university since 1984. Dr.&nbsp;Gardner was Vice President of Research and Principal Scientist of ALZA Corporation and head of ALZA Technology Institute from 1996 to 1998. Dr.&nbsp;Gardner was
Principal Scientist and a consultant to ALZA from 1994 to 1996. Dr.&nbsp;Gardner received a B.S. in Biology from the University of Illinois and an M.D. from Harvard Medical School.
Dr.&nbsp;Gardner serves as a director of Aronex Pharmaceuticals,&nbsp;Inc., a biopharmaceutical company, and Pharmacyclics,&nbsp;Inc., a pharmaceutical company. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Philip M. Young</B></FONT><FONT SIZE=2> has served as a director of AeroGen since 1994. Mr.&nbsp;Young has been a General Partner with U.S. Venture Partners,
a venture capital firm, since 1990. Mr.&nbsp;Young was a Managing Director of Dillon Read&nbsp;&amp; Co., a financial services company, and Concord Partners, a venture capital firm managed by Dillon
Read, from 1986 to 1990. Mr.&nbsp;Young was President and CEO of Oximetrix,&nbsp;Inc., a privately held manufacturer of high technology medical instruments and sterile disposable products, from
1978 to 1986. Mr.&nbsp;Young received a B.S. in Mechanical Engineering from Cornell University, an M.S. in Engineering Physics from George Washington University and an M.B.A. from Harvard Business
School, where he was a Baker Scholar. Mr.&nbsp;Young serves as a director of Vical&nbsp;Inc., a biotechnology company, Compugen,&nbsp;Ltd., a bioinformatics company, The Immune Response
Corporation, a biopharmaceutical company, and Zoran Corporation, a digital solutions provider. </FONT></P>

<UL>


<P><FONT SIZE=2><B><I> Incumbents  </I></B></FONT></P>

<P><FONT SIZE=2><B><I> Class&nbsp;II Directors  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Thomas R. Baruch</B></FONT><FONT SIZE=2> has served as a director of AeroGen since 1994. He has been a General Partner at CMEA Ventures, a venture capital firm
(previously an affiliated fund of New Enterprise Associates), since 1988. Mr.&nbsp;Baruch was a special partner of New Enterprise Associates from 1990 to 1996. Mr.&nbsp;Baruch received a B.S. in
Engineering from Rensselaer Polytechnic Institute and a J.D. from Capital University. Mr.&nbsp;Baruch serves as a director of Netro Corporation, a telecommunications company, Symyx Technologies, a
technology research company, Physiometrix&nbsp;Inc., a medical products company, and Aclara Biosciences,&nbsp;Inc., a life science company. </FONT></P>


<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Susan D. Desmond-Hellmann, M.D.</B></FONT><FONT SIZE=2> joined the Board of Directors in September&nbsp;2000. Dr.&nbsp;Desmond-Hellmann is the Executive
Vice President, Development and Product Operations and the Chief Medical Officer of Genentech,&nbsp;Inc., a biotechnology company. She has served in various executive positions with Genentech since
1995. Prior to joining Genentech, Dr.&nbsp;Desmond-Hellmann was with the Bristol-Myers Squibb Pharmaceutical Research Institute from 1993 through 1994. Dr.&nbsp;Desmond-Hellmann has a B.S. in
Pre-Med and an M.D. from the University of Nevada, Reno, and an M.P.H. from the University of California, Berkeley. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Jane E. Shaw, Ph.D.</B></FONT><FONT SIZE=2> has served as Chairman of the Board of Directors and as the Company's Chief Executive Officer since 1998.
Dr.&nbsp;Shaw was a founder and consultant of The Stable Network, a consulting company focusing on improving the productivity and profitability of biopharmaceutical companies, from 1994 to 1998.
Dr.&nbsp;Shaw held various scientific and management positions with ALZA Corporation, a pharmaceutical company, from 1970 to 1994, most recently as President and Chief Operating Officer from 1987 to
1994. Dr.&nbsp;Shaw received a B.Sc. and Ph.D. in Physiology from Birmingham University in England. Dr.&nbsp;Shaw serves as a director of McKesson HBOC,&nbsp;Inc., a healthcare supply management
company, Intel Corporation, a semiconductor manufacturer, Boise Cascade Corporation, an office, wood and paper products company, and IntraBiotics Pharmaceuticals,&nbsp;Inc., a biopharmaceutical
company. </FONT></P>

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

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<UL>

<P><FONT SIZE=2><B><I> Class&nbsp;III Directors  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Jean-Jacques Bienaim&eacute;</B></FONT><FONT SIZE=2> has served as a director of AeroGen since 1999. Mr.&nbsp;Bienaim&eacute; has
been President, Chief Executive Officer and a director of SangStat Medical Corporation, a biopharmaceutical company, since 1998, and Chairman of its Board of Directors since October&nbsp;2000.
Mr.&nbsp;Bienaim&eacute; held various positions at Rh&ocirc;ne Poulenc Rorer&nbsp;Inc., a leading pharmaceutical company, from 1992 to 1998, most recently as Senior Vice President
of Corporate Marketing and Business Development. Mr.&nbsp;Bienaim&eacute; received an M.B.A. from the Wharton School at the University of Pennsylvania and a degree in Economics from Ecole
Sup&eacute;rieure de Commerce de Paris in France. Mr.&nbsp;Bienaim&eacute; serves as a director of the Fox Chase Cancer Center in Philadelphia. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Yehuda Ivri</B></FONT><FONT SIZE=2> founded AeroGen in 1991 and has served as a member of the Board of Directors since its inception. Mr.&nbsp;Ivri has
served as AeroGen's Chief Technical Officer since 1996 and previously was Chief Scientist and Vice President. Mr.&nbsp;Ivri received an M.S. in Mechanical Engineering from the Technion-Israel
Institute of Technology. </FONT></P>

<P><FONT SIZE=2><B>Meetings and Committees of the Board  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;There were 12 meetings of the full Board during the fiscal year ended December&nbsp;31, 2000. All but one of the directors attended at least 75% of the
meetings of the Board and the committees on which he or she served, held during the period in which he or she served. Dr.&nbsp;Desmond-Hellmann was appointed to the Board in September&nbsp;2000,
but was unable to attend one of the two Board meetings held after her appointment. The Board established two standing committees in August&nbsp;2000: the Compensation Committee and the Audit
Committee. The current members of the Compensation Committee are Mr.&nbsp;Bienaim&eacute;, Dr.&nbsp;Gardner and Mr.&nbsp;Young. The Compensation Committee, which met one time during 2000
after its formation, approves all of the Company's compensation plans, including grants of stock options under Company's stock plans and the compensation arrangements for the Company's executives. The
Audit Committee, which did not meet during 2000, is responsible for assisting the Board in its responsibilities of overseeing the Company's financial affairs. In this capacity, the Audit Committee
reviews the Company's financial statements and quarterly earnings with management and with the Company's independent accountants, and consults with the Company's independent accountants concerning
their audit plan, the results of their audit, the appropriateness of accounting principles used by the Company, the adequacy of the Company's internal controls and the independence of the auditors.
The duties of the Audit Committee are set forth in more detail in its report at page 14 of this Proxy Statement, and in its charter attached to this Proxy Statement as Appendix&nbsp;A. The current
members of the Audit Committee are Mr.&nbsp;Baruch, Dr.&nbsp;Desmond-Hellmann and Mr.&nbsp;Young. All members of the Company's Audit Committee are independent, as independence is defined in
Rule&nbsp;4200(a)(15) of the NASD listing standards. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;There
are no family relationships among any directors or executive officers of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Directors
currently receive no cash compensation from AeroGen for their services as members of the Board, or for attendance at Board or committee meetings. In April&nbsp;2000,
AeroGen granted Dr.&nbsp;Gardner, in connection with her participation on the Board, an option under the 1996 Stock Option Plan to purchase 16,666 shares of common stock at an exercise price of
$3.00 per share. In September&nbsp;2000, AeroGen granted an option under the 1996 Stock Option Plan to purchase 16,666 shares of common stock to each of Mr.&nbsp;Baruch,
Dr.&nbsp;Desmond-Hellmann and Mr.&nbsp;Young at an exercise price of $4.50 per share. For each of these options, 4,166 shares covered by the option will become exercisable one year from the date
of grant, and the balance of the shares covered by the option will vest in equal monthly installments over the subsequent three years. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
August&nbsp;2000, the Board adopted the 2000 Non-employee Directors' Stock Option Plan, approved by the stockholders in November&nbsp;2000, to provide for the
automatic grant of options to purchase shares of common stock to non-employee directors. Any director first elected to the Board </FONT></P>

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

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<P><FONT SIZE=2>
after November&nbsp;2000 will receive an initial option to purchase 15,000 shares of common stock, vesting one third on the first anniversary of the date of grant, and the remainder in 24 equal
monthly installments thereafter. Starting at the annual meeting of stockholders in 2001, each non-employee director will receive an annual option to purchase 5,000 shares of common stock,
vesting in equal monthly installments over 36 months. The exercise price of options granted under this plan will be the fair market value of the Common Stock on the date of the grant. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1432_proposal_2"> </A>
<A NAME="toc_de1432_2"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL 2    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>RATIFICATION OF SELECTION OF INDEPENDENT ACCOUNTANTS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board has selected PricewaterhouseCoopers LLP as the Company's independent accountants for the year ending December&nbsp;31, 2001, and has further
directed that management submit the selection of independent accountants for ratification by the stockholders at the Annual Meeting. PricewaterhouseCoopers LLP has audited the Company's financial
statements since its inception in 1991. Representatives of PricewaterhouseCoopers 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Stockholder
ratification of the selection of PricewaterhouseCoopers&nbsp;LLP as the Company's independent accountants is not required by the Company's Bylaws or otherwise. However,
the Board is submitting the selection of PricewaterhouseCoopers&nbsp;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 accountants 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;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 PricewaterhouseCoopers LLP. Abstentions will be counted toward 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 this matter has been approved. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Audit Fees.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;For the year ended December&nbsp;31, 2000, the aggregate fees to be billed by PricewaterhouseCoopers LLP
for the audit of the Company's financial statements will be approximately $50,000, of which $30,000 has been billed. Audit fees for 2000 also include an additional approximately $7,000 for a statutory
audit, required by Irish law, of the Company's subsidiary, AeroGen (Ireland) Limited, based in Galway, Ireland. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;All Other Fees.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;For the year ended December&nbsp;31, 2000, PricewaterhouseCoopers&nbsp;LLP also billed the Company
approximately $450,000 for fees in connection with the Company's initial public offering (which services include a review of the Company's quarterly financial statements); approximately $50,000 for
services rendered in connection with the Company's acquisition of AeroGen (Ireland) Limited; approximately $9,000 for preparation of the Company's tax return; and approximately $5,000 for preparation
of the Irish tax return of the Company's Irish subsidiary. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Financial Information Systems Design and Implementation Fees.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;No fees were billed for information technology consulting
services for the year ended December&nbsp;31, 2000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee has determined that the rendering of its non-audit services by PricewaterhouseCoopers LLP is compatible with maintaining the accountants' independence. </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 ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>BENEFICIAL STOCK OWNERSHIP    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the beneficial ownership of the Company's Common Stock as of March&nbsp;23, 2001, except as otherwise noted, (i)&nbsp;by
each person, entity or "group" of persons or entities known by the Company to be beneficial owners of more than 5% of the Company's Common Stock, (ii)&nbsp;by each director, including nominees, and
each of the Named Executive Officers listed in the Summary Compensation Table, and (iii)&nbsp;by all executive officers and directors as a group. Percentage ownership is based on 19,920,221 shares
of common stock outstanding on March&nbsp;23, 2001. Except as described below, each person has sole voting and investment power with respect to the Common Stock described in the table. Unless
otherwise indicated, the address of each of the individuals named below is: c/o AeroGen,&nbsp;Inc., 1310 Orleans Drive, Sunnyvale, California 94089. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="62%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Amount and Nature<BR>
of Beneficial Ownership of<BR>
Common Stock&nbsp;(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Percent of<BR>
Outstanding<BR>
Shares</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%" COLSPAN=2 VALIGN="TOP"><FONT SIZE=2><B>Five Percent Holders:</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Entities Affiliated with<BR>
&nbsp;&nbsp;U.S. Venture Partners (2)<BR>
&nbsp;&nbsp;&nbsp;&nbsp;2180 Sand Hill Road, Suite 300<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Menlo Park, CA 94025</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
1,936,142</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
9.7</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Entities Affiliated with<BR>
&nbsp;&nbsp;Chemicals and Materials Enterprise<BR>
&nbsp;&nbsp;Associates, Limited Partnership (3)<BR>
&nbsp;&nbsp;&nbsp;&nbsp;235 Montgomery Street, Suite 920<BR>
&nbsp;&nbsp;&nbsp;&nbsp;San Francisco, CA 94104</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
<BR>
1,447,292</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
<BR>
7.3</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR><BR>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Entities Affiliated with<BR>
&nbsp;&nbsp;Interwest Partners (4)<BR>
&nbsp;&nbsp;&nbsp;&nbsp;3000 Sand Hill Road<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Building 3, Suite 255<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Menlo Park, CA 94025</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
1,264,549</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
6.3</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%" COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2><B>Directors and Executive Officers:</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Jane E. Shaw, Ph.D.(5)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>465,480</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>2.3</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Thomas R. Baruch(3)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>1,447,292</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>7.3</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Jean-Jacques Bienaim&eacute;(6)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>7,291</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Casper L. de Clercq(7)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>97,638</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Susan D. Desmond-Hellmann, M.D.(8)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Carol A. Gamble(9)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Phyllis I. Gardner, M.D.(10).</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>7,847</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Yehuda Ivri</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>1,236,666</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>6.2</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Deborah K. Karlson(11)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>90,000</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Michael Klimowicz(12)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>90,000</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>Philip M. Young(2)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>1,936,142</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>9.7</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP"><FONT SIZE=2>All executive officers and directors as a group (12&nbsp;persons)(13)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>5,771,787</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>29.0</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Percentages
are not shown if holdings total less than 1% of total outstanding shares.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Includes
outstanding stock options that will be vested on or before May&nbsp;23, 2001, to purchase shares of the Company's Common Stock, and shares repurchasable by the Company,
as described in the footnotes below.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Information
is as provided by the holder in its Schedule&nbsp;13G filed with the SEC as of February&nbsp;13, 2001. Includes 1,674,763 shares held by U.S. Venture Partners IV,
L.P., 203,295 shares held by </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1432_1_7"> </A>
<UL>

<P><FONT SIZE=2>Second
Ventures II, L.P. and 58,084 shares held by USVP Entrepreneur Partners II, L.P. (collectively, the "USVP Entities"). Presidio Management Group IV, L.P. is the general partner of the USVP
Entities. Philip M. Young, a director of AeroGen, is a general partner of Presidio Management Group IV, L.P. and shares voting and dispositive power with respect to these shares. Mr.&nbsp;Young
disclaims beneficial ownership of the shares held by the USVP Entities within the meaning of Rule&nbsp;13d-3 under the Securities Exchange Act of 1934. </FONT></P>

</UL>
<DL compact>
<DT><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Information
is as provided by the holder in its Schedule&nbsp;13G filed with the SEC on February&nbsp;14, 2001. Includes 1,299,144 shares held by Chemical and Materials
Enterprise Associates, Limited Partnership (CMEA) and 148,148 shares held by CMEA Life Sciences Fund, L.P. Mr.&nbsp;Baruch, a director of AeroGen, is a general partner of CMEA and an indirect
general partner of CMEA Life Sciences Fund,&nbsp;L.P. In such capacity, he has shared voting power and shared dispositive power with respect to all of the shares. Mr.&nbsp;Baruch disclaims
beneficial ownership of the shares held by Chemical and Materials Enterprise Associates, Limited Partnership and CMEA Life Sciences Fund,&nbsp;L.P. within the meaning of
Rule&nbsp;13d-3 under the Securities Exchange Act of 1934.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Information
is as provided by the holder in its Schedule&nbsp;13G filed with the SEC on February&nbsp;12, 2001. Includes 37,486 shares held by Interwest Investors VI, LP and
1,227,063 shares held by Interwest Partners VI, LP. The voting and dispositive power with respect to these shares is shared by the managing directors of Interwest Management Partners VI LLC (Harvey B.
Cash, Alan W. Crites, Philip T. Gianos, W. Scott Hedrick, W. Stephen Holmes, Robert R. Momsen and Arnold L. Oronsky) and the venture member of Interwest Management Partners VI LLC (Gilbert H. Kliman).
<BR><BR></FONT></DD><DT><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Includes
450,666 shares held by Dr.&nbsp;Shaw (of which 77,775 are subject to repurchase by the Company at the original purchase price in the event of termination of
Dr.&nbsp;Shaw's service, which repurchase right lapses over time) and 14,814 shares held by the Carpenter Family Trust, in which Dr.&nbsp;Shaw has an economic interest.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>Includes
7,291 shares issuable upon the exercise of options exercisable within 60&nbsp;days of March&nbsp;23, 2001.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>Includes
7,638 shares issuable upon exercise of options exercisable within 60&nbsp;days of March&nbsp;23, 2001, and 31,875 shares subject to repurchase by the Company at the
original purchase price in the event of termination of Mr.&nbsp;de Clercq's service, which repurchase right lapses over time.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>No
shares vest until September&nbsp;2001. Dr.&nbsp;Desmond-Hellmann joined the Board in September&nbsp;2000.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(9)</FONT></DT><DD><FONT SIZE=2>No
shares vest until May&nbsp;29, 2001. Ms.&nbsp;Gamble joined the Company on May&nbsp;29, 2000.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(10)</FONT></DT><DD><FONT SIZE=2>Includes
4,514 shares issuable upon exercise of options exercisable within 60&nbsp;days of March&nbsp;23, 2001, and 695 shares subject to repurchase by the Company at the
original purchase price in the event of termination of Dr.&nbsp;Gardner's service, which repurchase right lapses over time.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(11)</FONT></DT><DD><FONT SIZE=2>Includes
13,890 shares subject to repurchase by the Company at the original purchase price in the event of termination of Ms.&nbsp;Karlson's service, which repurchase right
lapses over time.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(12)</FONT></DT><DD><FONT SIZE=2>Includes
35,625 shares subject to repurchase by the Company at the original purchase price in the event of termination of Mr.&nbsp;Klimowicz's service, which repurchase right
lapses over time.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(13)</FONT></DT><DD><FONT SIZE=2>Includes
shares described in the notes above as applicable to our directors and current executive officers. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_di1432_1_8"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act of 1934 requires AeroGen's directors and executive officers, and persons who own more than 10% of the
Company's Common Stock, to file reports of ownership and changes in ownership of such stock with the Securities and Exchange Commission ("SEC"). Directors, executive officers and greater than 10%
stockholders are required by SEC regulations to furnish the Company with copies of all Section&nbsp;16(a) forms they file. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Based
solely on a review of the copies of such forms filed with the SEC and written representations that no other reports were required to be filed during the fiscal year ended
December&nbsp;31, 2000, the Company's directors, executive officers and greater than 10% stockholders complied with all Section&nbsp;16(a) filing requirements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1432_executive_compensation"> </A>
<A NAME="toc_di1432_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXECUTIVE COMPENSATION    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1432_summary_compensation_table"> </A>
<A NAME="toc_di1432_2"> </A></FONT> <FONT SIZE=2><B>SUMMARY COMPENSATION TABLE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information relating to compensation paid or accrued for services in all capacities during the fiscal years indicated
with respect to Dr.&nbsp;Jane E. Shaw, the Company's Chairman and Chief Executive Officer and each of the Company's four most highly compensated executive officers at December&nbsp;31, 2000 (the
"Named Executive Officers"). As permitted under the rules promulgated by the SEC, no amounts are shown for 1998. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="17%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="15%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="22%" COLSPAN=3 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Long Term Compensation Awards</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="33%" COLSPAN=5 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Annual Compensation</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Securities Underlying Options</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>All Other Compensation</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="LEFT"><FONT SIZE=1><B>Name and Principal Positions<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Salary(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Bonus</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="35%"><FONT SIZE=2>Dr. Jane E. Shaw<BR>
Chairman and<BR>
Chief Executive Officer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>240,000<BR>
240,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR></FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>50,000<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>233,333<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;<BR>
&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="35%"><FONT SIZE=2>Carol A. Gamble(2)<BR>
Vice President,<BR>
and General Counsel</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR></FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>119,670<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR></FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>80,000<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>100,000<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;<BR>
&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="35%"><FONT SIZE=2>Michael Klimowicz<BR>
Vice President,<BR>
Product Development</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>181,000<BR>
172,523</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>23,239<BR>
44,501</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>16,666<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;<BR>
&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="35%"><FONT SIZE=2>Casper L. de Clercq<BR>
Vice President,<BR>
Sales and Marketing</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>175,000<BR>
160,132</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>16,666<BR>
16,666</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;<BR>
&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="35%"><FONT SIZE=2>Deborah K. Karlson(3)<BR>
Vice President and<BR>
Chief Financial Officer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>180,000<BR>
126,380</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>16,666<BR>
50,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;<BR>
&#151;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Amounts
shown include compensation earned and received by the Named Executive Officers as well as amounts deferred at the election of such persons under the Company's Tax Deferral
Investment Plan.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Ms.&nbsp;Gamble
joined the Company in May&nbsp;2000. Her annualized salary for 2000 was $220,000. Bonus consists of signing bonuses paid upon her joining the Company and in
January&nbsp;2001, repayable if she leaves the Company before the first anniversary of her employment.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Ms.&nbsp;Karlson
joined the Company in March&nbsp;1999. Her annualized salary for 1999 was $160,000. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
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<A NAME="page_di1432_1_9"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1432_fiscal_year_2000_option_grants"> </A>
<A NAME="toc_di1432_3"> </A>
<BR></FONT><FONT SIZE=2><B>FISCAL YEAR 2000 OPTION GRANTS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information relating to options granted in 2000 to the Named Executive Officers. In addition, in accordance with the rules of
the SEC, the table shows hypothetical gains that would exist for such options based on assumed rates of annual compound stock price appreciation of 5% and 10% per year from the date the options were
granted over the full option term. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="93%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="41%" COLSPAN=8 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Individual Grants</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="26%" COLSPAN=5 ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Potential Realizable Value at Assumed<BR>
Annual Rates of Stock Price Appreciation<BR>
for Option Term (1)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Percent of<BR>
Total Options<BR>
Granted to<BR>
Employees in<BR>
Fiscal Year(3)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Number of<BR>
Securities<BR>
Underlying<BR>
Options<BR>
Granted (2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Exercise<BR>
Price Per<BR>
Share(4)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Expiration<BR>
Date</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>5%<BR>
Per Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>10%<BR>
Per Year</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>Dr. Jane E. Shaw</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>233,333</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>19.35</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>3.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4/18/10</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,860,899</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>6,562,470</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>Carol A. Gamble</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>100,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>8.29</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>3.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>5/28/10</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,654,674</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,812,491</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>Michael Klimowicz</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>16,666</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1.38</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>3.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4/18/10</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>275,768</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>445,151</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>Casper L. de Clercq</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>16,666</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1.38</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>3.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4/18/10</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>275,768</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>445,151</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>Deborah K. Karlson</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>16,666</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1.38</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>3.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4/18/10</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>275,768</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>445,151</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>The
amounts represent certain assumed rates of appreciation over $12.00 per share, the price of the Company's Common Stock in its initial public offering on November&nbsp;11,
2000. The closing price of the Company's Common Stock on the Nasdaq Stock Market was $10.625 on December&nbsp;29, 2000, and $4.00 on March&nbsp;23, 2001. Actual gains, if any, on stock option
exercises are dependent on the future performance of the Company's Common Stock. There can be no assurance that any of the values reflected in the table will be achieved.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>All
options were granted for a term of ten years. All unvested options are subject to earlier termination in the event of the termination of the employee's relationship with
AeroGen. For Dr.&nbsp;Shaw, the options vest monthly over 24&nbsp;months beginning January&nbsp;1, 2002. For Ms.&nbsp;Gamble, 25% of the options (25,000 shares) vest on May&nbsp;29, 2001;
the remainder vest thereafter in 36 equal monthly installments. For Mr.&nbsp;de Clercq, Ms.&nbsp;Karlson and Mr.&nbsp;Klimowicz, the options vest monthly over 12&nbsp;months beginning
January&nbsp;1, 2003.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Based
on options to purchase a total of 1,205,632 shares of Common Stock granted during the fiscal year ended December&nbsp;31, 2000.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Options
were granted at an exercise price equal to the fair market value of AeroGen Common Stock on the date of the grant which, prior to November&nbsp;10, 2000, was determined in
good faith by the Board. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=11,EFW="2042400",CP="AEROGEN, INC.",DN="1",CHK=540379,FOLIO='9',FILE='DISK034:[01PAL2.01PAL1432]DI1432A.;20',USER='MMEYER',CD='27-MAR-2001;17:21' -->
<A NAME="page_di1432_1_10"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1432_aggregated_option_exercises_in__agg02543"> </A>
<A NAME="toc_di1432_4"> </A>
<BR></FONT><FONT SIZE=2><B>AGGREGATED OPTION EXERCISES IN 2000 AND<BR>  FISCAL YEAR END OPTION VALUES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth, with respect to the Named Executive Officers, certain information relating to options held by such officers during the fiscal
year ended December&nbsp;31, 2000. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="96%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="12%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=4><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="23%" COLSPAN=3 ROWSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>Number of Securities<BR>
Underlying Unexercised<BR>
Options at Year End(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="27%" COLSPAN=5 ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Value of Unexercised<BR>
In-the-Money<BR>
Options at Year End (2)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Shares<BR>
Acquired on<BR>
Exercise</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value<BR>
Realized(3)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=1><B>Executives<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Exercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Unexercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Exercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Unexercisable</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2>Dr. Jane E. Shaw</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" 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>233,333</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>1,779,164</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2>Carol A. Gamble</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>100,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>762,500</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2>Michael Klimowicz</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>90,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,026,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>16,666</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>127,048</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2>Casper L. de Clercq</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>5,902</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>27,430</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>59,168</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>234,987</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2>Deborah K. Karlson</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>90,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,028,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>16,666</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>127,048</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>These
options may be exercised under the Company's early excise program; however, any shares purchased early are subject to repurchase by the Company at the exercise price. This
repurchase right lapses over time.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Market
value of the Company's Common Stock at fiscal year end based on the closing sales price as reported on the Nasdaq Stock Market on December&nbsp;29, 2000, ($10.625) minus
the exercise price of "in-the-money" options.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Reflects
the difference between the price of the Company's shares in its initial public offering ($12.00 per share) and the exercise price of the options. The value realized at the
time of exercise of the options was $2,000 for Ms.&nbsp;Karlson and none for Mr.&nbsp;Klimowicz, based on the fair market value of the Common Stock on the exercise dates, as determined in good
faith by the Board. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1432_certain_executive_arrangements"> </A>
<A NAME="toc_di1432_5"> </A>
<BR></FONT><FONT SIZE=2><B>CERTAIN EXECUTIVE ARRANGEMENTS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In September&nbsp;2000, the Board adopted an Executive Severance Benefit Plan which provides severance benefits to eligible executive employees selected by
the Board. Benefits are paid only upon involuntary termination of employment without cause, or voluntary termination of employment for good reason, within one month prior to or within 13&nbsp;months
following a change in control of the beneficial ownership of the Company. Upon execution of a release of claims, each eligible executive would receive 12&nbsp;months of salary continuation payable
in monthly installments, continued health benefits for 12&nbsp;months and option vesting acceleration. The vesting of 100% of the executive's unvested options would accelerate immediately prior to
the date of termination such that the options would vest in 12&nbsp;monthly installments beginning on the date of termination. Dr.&nbsp;Jane E. Shaw, Casper L. de Clercq, Carol A. Gamble, Yehuda
Ivri, Deborah K. Karlson, Michael Klimowicz and John S. Power are the current participants in the Executive Severance Benefit Plan. </FONT></P>

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

<HR NOSHADE>
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<A NAME="page_di1432_1_11"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1432_compensation_committee___di102373"> </A>
<A NAME="di1432_compensation_committee_report_on_executive_compensation1"> </A>
<A NAME="toc_di1432_6"> </A>
<BR></FONT><FONT SIZE=2><B>COMPENSATION COMMITTEE REPORT ON EXECUTIVE COMPENSATION</B></FONT><FONT SIZE=2><SUP>1</SUP>    <BR></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee is comprised of three non-employee directors, none of whom has any interlocking or other type of relationship that would call into question his
or her independence as a committee member. The members of the Company's Compensation Committee are Jean Jacques Bienaim&eacute;, Phyllis&nbsp;I. Gardner and Philip M. Young. The Compensation
Committee was first appointed by the Board in August&nbsp;2000. Prior to that time, the full Board was responsible for the Company's compensation policies and the compensation paid to the Company's
executives. In determining compensation, the Board had, and the Compensation Committee has, access, for comparison purposes, to compensation surveys for regional technology-based companies, with which
the Company competes in the recruitment of its personnel, and national pharmaceutical and biotechnology compensation information, as well as other executive compensation data and surveys. On issues
related to executive compensation, the Board consulted, and the Compensation Committee consults, with the Chief Executive Officer and the Company's director of human resources. The following report of
the Committee describes the Company's compensation policies during the fiscal year ended December&nbsp;31, 2000 as they affected the Company's Chief Executive Officer and other executive officers. </FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT><FONT SIZE=2><SUP>1</SUP></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 of 1933 or the Securities Exchange Act of 1934 whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing. </FONT></DD></DL>


<P><FONT SIZE=2><B>Compensation Policies Affecting Executive Officers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company's compensation policies for executive officers are designed to provide target salaries competitive with those of other regional technology-based
companies, in order to recruit and retain qualified executives. To date, the Company has not paid regular annual bonuses to its executives. The Company believes that, historically, its compensation
has been at or below the 50<SUP>th</SUP> percentile of base salaries paid by regional pharmaceutical and biotechnology companies to officers in general, and to the Chief Executive Officer in
particular. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Company's compensation policies take into account the Company's performance during the prior year, and the contribution by each officer to the Company's performance. In addition,
the Company's policies recognize the importance of stock ownership through a stock option program to provide long-term incentives that mirror the equity interests of the Company's
stockholders. In determining the salaries of AeroGen's executive officers, the Board and the Compensation Committee have adopted policies intended to (i)&nbsp;attract and retain executives whose
skills and abilities are critical to the Company's long term success; (ii)&nbsp;reward executives for long-term strategic management and the
enhancement of stockholder value; and (iii)&nbsp;recognize performance compared to performance of executives at similar levels of responsibility in comparable companies. As a result, compensation
consists of salary, to provide current levels of competitive compensation, and stock options, to provide longer-term incentives and align the executives' interests with those of the
Company's stockholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Compensation
to be paid to any individual executive has not been based on any particular mathematical formula. Rather, the Board reviewed the objectives, accomplishments, performance
and compensation as a whole for each executive, as well as the recommendations of the Chief Executive Officer, and then made appropriate compensation determinations in the exercise of its business
judgement. </FONT></P>

<P><FONT SIZE=2><B>Relationship of Corporate Performance to Compensation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During fiscal year 2000, the Company concentrated on expanding its business and hiring key employees and executives. During this time, the Company had
objectives against which the performance of the Company as a whole, and the executive officers individually, were measured. In determining </FONT></P>

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

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=13,EFW="2042400",CP="AEROGEN, INC.",DN="1",CHK=803411,FOLIO='11',FILE='DISK034:[01PAL2.01PAL1432]DI1432A.;20',USER='MMEYER',CD='27-MAR-2001;17:21' -->
<A NAME="page_di1432_1_12"> </A>

<P><FONT SIZE=2>
compensation, including any stock option grants, the Board and the Committee consider the performance of the Company as a whole, and the executives individually, in achieving their objectives. </FONT></P>

<P><FONT SIZE=2><B>Other Compensation Plans  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company has adopted certain broad-based employee benefit plans in which the executive officers may participate on the same basis as other employees who
meet eligibility criteria, subject to legal limitations on the benefits that may be made available to highly compensated individuals such as executive officers. During fiscal year 2000, these plans
included (i)&nbsp;an Employee Stock Purchase Plan qualified under Section&nbsp;423 of the Internal Revenue Code, under which an individual could elect to purchase Common Stock of the Company at a
price equal to 85&nbsp;percent of its fair market value on the enrollment date or the purchase date, whichever is lower; and (ii)&nbsp;direct contributions by the employee under the Company's Tax
Deferral Investment Plan. </FONT></P>

<P><FONT SIZE=2><B>Chief Executive Officer's Compensation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;Jane&nbsp;E. Shaw, the Company's Chief Executive Officer, did not receive a salary increase for fiscal year 2000 at her request, in part due to
the Company's cash position at the end of fiscal year 1999. In May 2000, the Board granted Dr.&nbsp;Shaw an option to purchase 233,333 shares of Common Stock, exercisable over a 24&nbsp;month
period beginning in January&nbsp;2002. The Committee believes that Dr.&nbsp;Shaw's salary for fiscal year 2000 was at the low end of salaries for Chief Executive Officers of technology companies
in the San Francisco Bay area. During fiscal year 2000, Dr.&nbsp;Shaw led the Company's efforts in achieving key Company objectives, including (i)&nbsp;signing critical agreements with
PathoGenesis Corporation and Becton, Dickinson and Company and obtaining equity investments from both companies; (ii)&nbsp;acquiring Cerus&nbsp;Limited, an Irish company; (iii)&nbsp;completing a
round of private financing; (iv)&nbsp;completing the Company's initial public offering; and (v)&nbsp;achieving other key corporate goals. In recognition of her significant contribution to the
Company, the Compensation Committee awarded Dr.&nbsp;Shaw a bonus of $50,000 at the end of fiscal year 2000. </FONT></P>

<P><FONT SIZE=2><B>Policy on Deductibility of Executive Officer Compensation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m) of the Internal Revenue Code generally places a $1.0&nbsp;million per person limit on the deduction a publicly held corporation may
take for compensation paid to its chief executive officer and its four other highest paid executive officers unless, in general, the compensation is exempt as "performance based." For stock
compensation to be "performance based," Section&nbsp;162(m) requires a limit to be set on the number of options that may be granted to employees subject to the deduction cap. The Board has approved
a limit of 1,000,000 as the maximum number of shares as to which options may be granted to any employee, consultant or director under the Company's stock plans in any one year period. These
limitations allow gains realized upon exercise of options to qualify as "performance based" and, therefore, to be excluded from compensation subject to the $1.0&nbsp;million deductibility limit. The
Company believes that all of its compensation paid to date meets the requirements for deductibility. The Committee considers the deductibility limits of Section&nbsp;162(m) in determining executive
compensation. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>COMPENSATION COMMITTEE<BR>  </B></FONT><FONT SIZE=2>Jean Jacques Bienaim&eacute;<BR>
Phyllis I. Gardner<BR>
Philip M. Young </FONT></P>

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

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>AUDIT COMMITTEE REPORT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The members of the Audit Committee are Thomas&nbsp;R. Baruch, Dr.&nbsp;Susan D. Desmond-Hellmann and Philip M. Young. Each member of the Audit Committee is
independent, as defined under the National Association of Securities Dealers' listing standards. The Audit Committee, which was first appointed by the Board in August&nbsp;2000, operates under a
written charter adopted by the Board in August&nbsp;2000. The charter is attached to this Proxy Statement as Appendix&nbsp;A. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
primary function of the Audit Committee is to assist the Board in fulfilling its oversight responsibility by serving as an independent and objective party to monitor the Company's
financial reporting process and internal control systems; reviewing and appraising the audit efforts of the Company's independent accountants and any internal auditing department; and providing an
open avenue of communication among the independent accountants, management, the internal finance department and the Board. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Management
is responsible for the Company's internal controls and financial reporting process. PricewaterhouseCoopers LLP is responsible for performing an independent audit of the
Company's consolidated financial statements in accordance with auditing standards generally accepted in the United States and to issue a report on those financial statements. The Audit Committee is
responsible for monitoring and overseeing these activities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
this context, the Audit Committee has met and held discussions with management and the independent accountants concerning the audited consolidated financial statements of the
Company for the year ended December&nbsp;31, 2000. The Audit Committee has discussed with PricewaterhouseCoopers LLP the matters required to be discussed by Statement on Auditing Standards
No.&nbsp;61 (Communication with Audit Committees). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee has also received the written disclosures and the letter from PricewaterhouseCoopers&nbsp;LLP required by Independence Standards Board Standard No.&nbsp;1
(Independence Discussion with Audit Committees) and the Audit Committee has discussed the independence of PricewaterhouseCoopers LLP with that firm. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Based
on the Audit Committee's review and discussions described above, the Audit Committee recommended to the Board, and the Board has approved, that the Company's audited
consolidated financial statements for the year ended December&nbsp;31, 2000 be included in the Company's Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2000,
for filing with the SEC. The Audit Committee and the Board have also selected, subject to stockholder ratification, PricewaterhouseCoopers LLP as the Company's independent accountants for the year
ending December&nbsp;31, 2001. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>AUDIT COMMITTEE</B></FONT><FONT SIZE=2><BR>
Thomas&nbsp;R. Baruch<BR>
Dr.&nbsp;Susan D. Desmond-Hellmann<BR>
Philip&nbsp;M. Young </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

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<BR></FONT><FONT SIZE=2><B>PERFORMANCE GRAPH</B></FONT><FONT SIZE=2><SUP>1</SUP>    <BR></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
graph below compares total stockholder returns on the AeroGen Common Stock with the cumulative total stockholder return of the Nasdaq Composite Index and the Nasdaq Pharmaceutical
Index. The Nasdaq Composite Index tracks the aggregate price performance of equity securities of companies traded on the Nasdaq Stock Market. The Nasdaq Pharmaceutical Index tracks approximately 280
domestic stocks in the pharmaceutical sector. All values assume reinvestment of the full amount of all dividends. </FONT></P>

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<DL compact>
<DT><FONT SIZE=2><SUP>1</SUP></FONT></DT><DD><FONT SIZE=2>The
material in this section 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 of
1933 or the Securities Exchange Act of 1934 whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
graph below shows the cumulative total stockholder return assuming the investment of $100 and the reinvestment of dividends, although dividends have not been declared on the
Company's Common Stock, and is based on the returns of the component companies weighted according to their market capitalizations as of the end of each period for which returns are indicated. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
stockholder return shown on the graph below is not necessarily indicative of future performance and the Company will not make or endorse any predictions as to future stockholder
returns. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> <IMG SRC="g721647.jpg" ALT="GRAPH" WIDTH="675" HEIGHT="378">  </B></FONT></P>

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

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<BR></FONT><FONT SIZE=2><B>CERTAIN TRANSACTIONS    <BR>  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Registration Rights Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Company entered into an agreement with the holders of its preferred stock, excluding
John&nbsp;S. Power, AeroGen's Vice President, European Operations, pursuant to which they have registration rights with respect to the shares of common stock into which the preferred stock has
converted. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Indemnification Agreements.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Company has indemnification agreements with its directors and officers for the
indemnification of and advancement of expenses to these persons to the full extent permitted by Delaware law and the Company's by-laws. The Company intends to execute such agreements with
its future directors and officers. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Transactions with Officers and Directors.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Yehuda Ivri, AeroGen's Founder and Chief Technical Officer, has three notes
payable to the Company. On May&nbsp;6, 1994, the Company received a promissory note for the principal amount of $69,009. The note bears annual interest of 6.43% with principal and interest due the
earlier of May&nbsp;5, 2003 or 90&nbsp;days after the date of termination of Mr.&nbsp;Ivri's service with the Company. On August&nbsp;15, 1996, the Company received a promissory note from
Mr.&nbsp;Ivri for the principal amount of $200,000. The note bears no interest and the entire principal balance is due the earliest of (i)&nbsp;August&nbsp;14, 2001, (ii)&nbsp;90&nbsp;days
after Mr.&nbsp;Ivri's common stock is no longer subject to a lock-up agreement with the underwriters of the Company's initial public offering, or (iii)&nbsp;the date Mr.&nbsp;Ivri's
service with the Company terminates pursuant to Mr.&nbsp;Ivri's resignation or is terminated by the Company for cause. On July&nbsp;21, 2000, the Company received a promissory note from
Mr.&nbsp;Ivri for the principal amount of $50,000. The note bears interest at the rate of 6.62%, and the principal and interest are payable on the earlier of (i)&nbsp;July&nbsp;21, 2005 or
(ii)&nbsp;the date at which Mr.&nbsp;Ivri's service with the Company terminates. These latter two notes are secured by 166,666 shares of Mr.&nbsp;Ivri's common stock. On December&nbsp;31,
2000, the principal and accrued interest outstanding on the loans to Mr.&nbsp;Ivri totaled $354,589. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
1998, AeroGen received a recourse note from Dr.&nbsp;Jane&nbsp;E. Shaw, the Company's Chairman and Chief Executive Officer, in the aggregate principal amount of $140,000, in
connection with her purchase of 466,666 shares of common stock. The note bears annual interest of 5.93%, with original principal and interest due January&nbsp;28, 2002. In October&nbsp;2000,
Dr.&nbsp;Shaw repaid $29,738 of the outstanding principal and accrued interest on the note. Certain portions of the common stock may be repurchased by the Company at the original purchase price if
Dr.&nbsp;Shaw's service with the Company terminates. This
repurchase right lapses over time. During 2000, the highest balance of principal and accrued interest outstanding on the loan was $164,414. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
1998, Casper&nbsp;L. de Clercq, AeroGen's Vice President, Sales and Marketing, signed a note in the aggregate principal amount of $53,730 to acquire 90,000 shares of the
Company's common stock. The note bears annual interest of 4.51%, with original principal and interest due November&nbsp;19, 2002. Certain portions of the common stock may be repurchased by the
Company at the original purchase price if Mr.&nbsp;de Clercq's service with the Company terminates. This repurchase right lapses over time. On December&nbsp;31, 2000, the principal and accrued
interest outstanding on the loan was $58,739. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
2000, the Company received a recourse note from each of Deborah&nbsp;K. Karlson, AeroGen's Chief Financial Officer, and Michael Klimowicz, AeroGen's Vice President, Product
Development, in the aggregate principal amount of $51,730 and $53,730, respectively, each in order to acquire 90,000 shares of common stock. The notes bear annual interest at 6.7%, with original
principal and interest due April&nbsp;17, 2004. A portion of the shares purchased by each employee may be repurchased by the Company at the original purchase price if his or her service with the
Company terminates. This repurchase right lapses over time. At December&nbsp;31, 2000 the principal and accrued interest outstanding on the loans were $54,164 for Ms.&nbsp;Karlson and $56,258 for
Mr.&nbsp;Klimowicz. </FONT></P>

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

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_dm1432_2"> </A>
<BR></FONT><FONT SIZE=2><B>ANNUAL REPORT TO STOCKHOLDERS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AeroGen's Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2000, containing the audited consolidated balance sheets as of
December&nbsp;31, 2000, and 1999, and the related consolidated statements of operations, stockholders' equity and cash flows for each of the past three fiscal years, is being mailed with this Proxy
Statement to stockholders entitled to notice of the Annual Meeting. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm1432_stockholder_proposals"> </A>
<A NAME="toc_dm1432_3"> </A>
<BR></FONT><FONT SIZE=2><B>STOCKHOLDER PROPOSALS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The deadline for submitting a stockholder proposal for inclusion in the Company's proxy statement and form of proxy for the Company's 2002 annual meeting of
stockholders pursuant to Rule&nbsp;14a-8 of the Securities and Exchange Commission is December&nbsp;5, 2001. Stockholders wishing to submit proposals or director nominations that are
not to be included in such proxy statement and proxy must do so not later than the close of business on the 90<SUP>th</SUP> day nor earlier than the close of business on the 120<SUP>th</SUP> day
prior to the first anniversary of the preceding year's annual meeting. 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="dm1432_other_matters"> </A>
<A NAME="toc_dm1432_4"> </A>
<BR></FONT><FONT SIZE=2><B>OTHER MATTERS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board knows of no other matters that will be presented at the Annual Meeting. If, however, any other matter is properly presented at the Annual Meeting,
the proxy solicited hereby will be voted in accordance with the judgment of the proxyholders. </FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>By
Order of the Board of Directors, </FONT></P>

<P><FONT SIZE=2><B> <IMG SRC="g106572.jpg" ALT="LOGO" WIDTH="285" HEIGHT="60">  </B></FONT></P>

<P><FONT SIZE=2>
Carol A. Gamble<BR></FONT> <FONT SIZE=2><I>Secretary</I></FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>

<P><FONT SIZE=2>Sunnyvale,
California<BR>
April&nbsp;4, 2001 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>You are cordially invited to attend the annual meeting in person. Whether or not you plan to attend the meeting, you are requested to sign and return the
accompanying proxy card as soon as possible in the accompanying postpaid envelope. Your doing so may save AeroGen the expense of a second mailing.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_do1432_1"> </A>
<BR></FONT><FONT SIZE=3><B>APPENDIX A    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>AEROGEN, INC.<BR>
CHARTER OF THE AUDIT COMMITTEE<BR>
OF THE BOARD OF DIRECTORS  </B></FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The primary function of the Audit Committee (the "Committee") is to assist the Board of Directors ("the Board") of AeroGen,&nbsp;Inc., a Delaware
corporation, (the "Company") in fulfilling its oversight responsibilities by reviewing: the financial reports and other financial information provided by the Company to any governmental body or the
public; the Company's systems of internal controls regarding finance, accounting, legal compliance and ethics that management and the Board have established; and the Company's auditing, accounting and
financial reporting processes generally. Consistent with this function, the Audit Committee should encourage continuous improvement of, and should foster adherence to, the Company's policies,
procedures and practices regarding its auditing, accounting and financial processes. The Audit Committee's primary duties and responsibilities are to: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Serve
as an independent and objective party to monitor the Company's financial reporting process and internal control system.
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Review
and appraise the audit efforts of the Company's independent auditors and internal auditing department.
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Provide
an open avenue of communication among the independent auditors, management, the internal finance department, and the Board of Directors. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>II.</FONT><FONT SIZE=2><B>&nbsp;&nbsp;COMPOSITION AND MEETINGS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall be comprised of three (3)&nbsp;or more directors as determined by the Board, each of whom shall meet the independence and
experience requirements of Nasdaq. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall meet at least three times annually, or more frequently as circumstances dictate. The Chair of the Committee shall prepare and/or approve a agenda in advance of
each meeting. The Committee shall meet privately in executive session at least annually with management, the head of the internal auditing function (which may be the Chief Financial Officer), the
independent auditors and as a committee to discuss any matters that the Committee or any of these groups believe should be discussed. The Committee, or its Chair, shall communicate with management and
the independent auditors quarterly concerning the Company's financial statements and any significant findings of the auditors based on their limited review procedures. </FONT></P>

<P><FONT SIZE=2>III.</FONT><FONT SIZE=2><B>&nbsp;&nbsp;POWERS AND DUTIES  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The operation of the Committee shall be subject to the provisions of the Bylaws of the Company, as in effect from time to time, and to Section 141 of the
Delaware General Corporation Law. The Committee shall have the full power and authority to carry out the following responsibilities: </FONT></P>

<DL compact>
<DT><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Review
and evaluate the performance of the independent auditors and make annual recommendations to the Board of Directors regarding the appointment or termination of the independent
auditors;
<BR><BR></FONT></DD><DT><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Review
this charter at least annually, and make recommendations to the Board of Directors concerning suggested changes to this charter;
<BR><BR></FONT></DD><DT><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>Publish
this Charter at least once every three years;
<BR><BR></FONT></DD><DT><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>Confer
with the independent auditors and any internal auditors concerning the scope, extent and procedures of their examinations of the books and records of the Company and its
subsidiaries; </FONT></DD></DL>
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<P><FONT SIZE=2>review
and approve the independent auditors' annual engagement letter; review and approve the Company's annual audit plans and budgets; direct the special attention of the auditors to specific matters
or areas deemed by the Committee or the auditors to be of special significance; and authorize the auditors to perform such supplemental reviews or audits as the Committee may deem desirable; </FONT></P>

</UL>
<DL compact>
<DT><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>Review
with management, the independent auditors and any internal auditors significant risks and exposures, audit activities and significant audit findings;
<BR><BR></FONT></DD><DT><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>Review
the range and cost of audit and non-audit services performed by the independent auditors; evaluate the possible effects of such non-audit services on the independence of the
auditors;
<BR><BR></FONT></DD><DT><FONT SIZE=2>7.</FONT></DT><DD><FONT SIZE=2>Review
with management of the Company and the independent auditors, upon completion of their audit, financial results for the year, as reported in the Company's financial
statements, supplemental disclosures to the Securities and Exchange Commission ("SEC") or other disclosures;
<BR><BR></FONT></DD><DT><FONT SIZE=2>8.</FONT></DT><DD><FONT SIZE=2>Receive
and review written statements from the independent auditors delineating all relationships between the auditors and the Company consistent with the independence standard
defined by Nasdaq Rule 4200(15)(a); consider and discuss with the auditors any disclosed relationships or services that could effect the auditors objectivity and independence; and, if so determined by
the Audit Committee, take or recommend appropriate action to oversee the independence of the auditors;
<BR><BR></FONT></DD><DT><FONT SIZE=2>9.</FONT></DT><DD><FONT SIZE=2>Prepare
the report required by the rules&nbsp;of the SEC to be included in the Company's annual proxy statement when required;
<BR><BR></FONT></DD><DT><FONT SIZE=2>10.</FONT></DT><DD><FONT SIZE=2>Review
with management and the independent auditors the Company's financial statements for each interim period and any changes in accounting principles or the application therein
that have occurred during the interim period;
<BR><BR></FONT></DD><DT><FONT SIZE=2>11.</FONT></DT><DD><FONT SIZE=2>Review
the adequacy of the Company's systems of internal control;
<BR><BR></FONT></DD><DT><FONT SIZE=2>12.</FONT></DT><DD><FONT SIZE=2>Obtain
from the independent auditors and any internal auditors their recommendations regarding internal controls and other matters relating to the accounting procedures and the
books and records of the Company and its subsidiaries and review the correction of controls deemed to be deficient;
<BR><BR></FONT></DD><DT><FONT SIZE=2>13.</FONT></DT><DD><FONT SIZE=2>Review
the programs and policies of the Company designed to ensure compliance with applicable laws and regulations and monitor the results of these compliance efforts;
<BR><BR></FONT></DD><DT><FONT SIZE=2>14.</FONT></DT><DD><FONT SIZE=2>Report
through its Chair to the Board of Directors following the meetings of the Audit Committee;
<BR><BR></FONT></DD><DT><FONT SIZE=2>15.</FONT></DT><DD><FONT SIZE=2>Review
the powers of the Committee and this Charter annually and report and make recommendations to the Board of Directors on the Committee's responsibilities or on changes to this
Charter;
<BR><BR></FONT></DD><DT><FONT SIZE=2>16.</FONT></DT><DD><FONT SIZE=2>Conduct
or authorize investigations into any matters within the Committee's scope of responsibilities. The Committee shall be empowered to retain independent counsel, accountants,
or others to assist it in the conduct of any investigation;
<BR><BR></FONT></DD><DT><FONT SIZE=2>17.</FONT></DT><DD><FONT SIZE=2>Consider
such other matters in relation to the financial affairs of the Company and its accounts, and in relation to the internal and external auditing of the Company as the
Committee may, in its discretion, determine to be advisable. </FONT></DD></DL>

<P><FONT SIZE=2>IV.&nbsp;&nbsp;</FONT><FONT SIZE=2><B>MINUTES AND REPORTS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Minutes of each meeting of the Committee shall be kept and distributed to each member of the Committee, members of the Board who are not members of the
Committee and the Secretary of the Company. The Chair of the Committee shall report to the Board from time to time, or whenever so requested by the Board. </FONT></P>

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

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<P ALIGN="CENTER"><FONT SIZE=3><B>AEROGEN, INC.<BR>  </B></FONT><FONT SIZE=2><B>PROXY SOLICITED BY THE BOARD OF DIRECTORS<BR>
FOR THE ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON MAY 8, 2001  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Jane E. Shaw, Carol A. Gamble and Deborah K. Karlson, and each of them, as attorneys and proxies of the undersigned, with full
power of substitution, to vote all of the shares of common stock of AeroGen,&nbsp;Inc. (the "Company") which the undersigned may be entitled to vote at the Annual Meeting of Stockholders of the
Company to be held at the Company's offices at 1310 Orleans Drive, Sunnyvale, CA 94089 on Tuesday, May&nbsp;8, 2001 at 9:00 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>&nbsp;&nbsp;&nbsp;&nbsp;Unless
a contrary direction is indicated, this Proxy will be voted </FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2> all nominees listed in Proposal 1 and </FONT> <FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2> Proposal 2, as more specifically described in the
Proxy Statement. If specific instructions are indicated, this Proxy will be voted in accordance
therewith. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>(continued
and to be signed on the other side) </FONT></P>

<HR NOSHADE>
<P ALIGN="CENTER"><BR><FONT SIZE=1>/*\ FOLD AND DETACH HERE /*\ </FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=21,EFW="2042400",CP="AEROGEN, INC.",DN="1",CHK=954312,FOLIO='blank',FILE='DISK030:[01PAL8.01PAL1508]MA1508A.;15',USER='DLAQUIA',CD='30-MAR-2001;06:57' -->
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=1><B>MANAGEMENT RECOMMENDS A VOTE FOR THE NOMINEES FOR DIRECTOR LISTED BELOW.</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=1>Please mark<BR>
your votes as<BR>
indicated in<BR>
this example&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=4><B>/x/<BR>
<BR>
<BR> </B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%" COLSPAN=7><FONT SIZE=1><B>PROPOSAL 1.</B></FONT><FONT SIZE=1> To elect two directors to hold office until the 2004 Annual Meeting of Stockholders.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="48%" COLSPAN=9><FONT SIZE=1><B>MANAGEMENT RECOMMENDS A VOTE FOR PROPOSAL 2</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><BR>
FOR all nominees<BR>
listed below<BR>
(except as marked<BR>
to the contrary)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><BR>
WITHHOLD<BR>
AUTHORITY<BR>
to vote for all nominees<BR>
listed below</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="46%" COLSPAN=9><BR><FONT SIZE=1><B>PROPOSAL 2. </B></FONT><FONT SIZE=1>To ratify selection of PricewaterhouseCoopers LLP as independent auditors of the Company for its fiscal year ending December&nbsp;31, 2001.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1>FOR</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1>AGAINST</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1>ABSTAIN</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1>/&nbsp;/</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1>/&nbsp;/</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1>/&nbsp;/</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" COLSPAN=7 VALIGN="TOP"><FONT SIZE=1><BR>
Nominees: Dr.&nbsp;Phyllis I. Gardner and Mr.&nbsp;Philip M. Young</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" COLSPAN=7 VALIGN="TOP"><FONT SIZE=1><BR>
To withhold authority to vote for any nominee(s), write such nominee(s)' name below:</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%" COLSPAN=7><BR><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="48%" COLSPAN=9><FONT SIZE=1>Please date and sign exactly as name(s) appear(s) hereon. If shares are held jointly, each holder should sign. Please give full title and capacity in which signing, if not signing as an individual
stockholder.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="48%" COLSPAN=9><FONT SIZE=1><BR>
Dated&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="48%" COLSPAN=9><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="48%" COLSPAN=9><BR><HR NOSHADE><FONT SIZE=1> SIGNATURE(S)<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P ALIGN="CENTER"><BR><FONT SIZE=1>/*\ FOLD AND DETACH HERE /*\ </FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=22,EFW="2042400",CP="AEROGEN, INC.",DN="1",CHK=275978,FOLIO='blank',FILE='DISK030:[01PAL8.01PAL1508]MA1508A.;15',USER='DLAQUIA',CD='30-MAR-2001;06:57' -->
<!-- Generated by Merrill Corporation (www.merrillcorp.com) -->
<BR>
<P><br><A NAME="01PAL1432_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de1432_1">PROPOSAL 1</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1432_2">PROPOSAL 2</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dg1432_1">BENEFICIAL STOCK OWNERSHIP</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_di1432_1">EXECUTIVE COMPENSATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1432_2">SUMMARY COMPENSATION TABLE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1432_3">FISCAL YEAR 2000 OPTION GRANTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1432_4">AGGREGATED OPTION EXERCISES IN 2000 AND FISCAL YEAR END OPTION VALUES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1432_5">CERTAIN EXECUTIVE ARRANGEMENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1432_6">COMPENSATION COMMITTEE REPORT ON EXECUTIVE COMPENSATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dk1432_1">AUDIT COMMITTEE REPORT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dk1432_2">PERFORMANCE GRAPH</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dm1432_1">CERTAIN TRANSACTIONS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dm1432_2">ANNUAL REPORT TO STOCKHOLDERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dm1432_3">STOCKHOLDER PROPOSALS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dm1432_4">OTHER MATTERS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_do1432_1">APPENDIX A</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=MWORTHY,SEQ=,EFW="2042400",CP="AEROGEN, INC.",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>2
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end
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</SUBMISSION>
