Copenhagen, Denmark; December 1, 2004 – Genmab A/S (CSE: GEN) has today granted 81,750 warrants to new and existing employees. No senior managers or board members have received warrants.

 

The exercise price for each warrant is DKK 97. Each warrant entitles the owner to subscribe one share of nominally DKK 1.

 

On the basis of an exercise price of DKK 97 and by application of the Black-Scholes formula, the value of each warrant can be calculated as DKK 61.82 based on an interest rate of 3.01% and the historical volatility of Genmab A/S shares calculated at 54%.

 

The warrants vest in blocks of 25% one, two, three and four years after the grant date, and all warrants expire at the tenth anniversary of the grant date.  The warrants were granted pursuant to the warrant plan adopted by the board of directors after the 2004 Annual General Meeting.  Information concerning Genmab’s warrant schemes can be found at www.genmab.com under the heading ‘warrant scheme.’