November 6, 2001

To the Members of the Investment Community,

In the past you have expressed an interest in our Company. We thank you for that and feel you should be updated on the Female Health Company (FHCO). Some of the highlights of these years were:

* One, we had our first profitable quarter since the present day company was organized.
* Second, we have now completed two years in a row of an 18-22% compounded growth rate.
* Third, we believe this growth rate will continue this year, which began October 1, 2001. If it does, we could have our first profitable year.
* Fourth, although our stock price has remained at a two-year base building level, Insiders and Directors have aggressively purchased stock. They now own 47% of the company as compared to only 17% three years ago.
* Fifth, we have little debt. There is also a substantial hidden asset in our UK tax loss. This loss carry-forward may be used in a purchase of the company under the right set of circumstances. At present, this "value" is approximately $1.25 plus per share.
* Declaration of HIV/AIDS issued by the United Nations explicitly notes the Female Condom as an important element in HIV/AIDS prevention programs in Africa and Asia.

Ours is a recession proof company which, we believe, has turned the corner financially and will benefit dramatically with the United Nations program which was initiated by Secretary General Kofi Annon last summer in New York. They raised approximately 2 billion dollars.

Our Directors and Insiders are committed to this company and shareholder value. As the growth continues, we also plan to do a "road show" to let the investment community know who we are. We would like you to be as informed as possible beforehand about these events, so please feel free to call Jim Chase or me at 1-800-635-0844 ext. 232 or Bill Gargiulo at 1-213-526-1244 for more information.

Again, thank you for your past support.

Regards,
O.B. Parrish
Chairman