Copenhagen, Denmark; December 4, 2003 – Genmab A/S (CSE: GEN) has today granted a total of 7,250 warrants to new employees of the company’s subsidiaries. No senior managers or board members have received warrants.

The exercise price for each warrant is DKK 51.50. Each warrant entitles the owner to subscribe one share of nominally DKK 1.

On the basis of an exercise price of DKK 51.50 and by application of the Black-Scholes formula, the value of each warrant can be calculated as DKK 40.52 based on an interest rate of 3.78% and the historical volatility of Genmab A/S shares calculated at 120%.

Each warrant holder may exercise 50% of his/her warrants one year after grant and for a period of three years thereafter and 50% of his/her warrants from two years after grant and for a period of three years thereafter although no warrants may be exercised after April 23, 2008. Further information on the plan pursuant to which the warrants are granted can be found at www.genmab.com under the heading ‘warrant scheme’.