CONVERTIBLE DEBENTURE

          THIS  CONVERTIBLE  DEBENTURE  HAS  NOT  BEEN  REGISTERED  UNDER  THE
SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER ANY STATE SECURITIES LAW.
THIS  CONVERTIBLE  DEBENTURE  MAY  BE  OFFERED,  TRANSFERRED,  SOLD OR OTHERWISE
DISPOSED  OF ONLY IF REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
IF  AN  EXEMPTION  FROM REGISTRATION IS AVAILABLE, AND ONLY IN STRICT COMPLIANCE
WITH  APPLICABLE  STATE  SECURITIES  LAWS  AND  REGULATIONS.

$250,000                                                        March  30,  2001

     FOR  VALUE  RECEIVED,  THE  FEMALE HEALTH COMPANY, a Wisconsin corporation,
promises to pay to the order of RICHARD E. WENNINGER, at 855 W. Dean Road, River
Hills,  WI  53211,  the  principal  sum  of  Two  Hundred Fifty Thousand Dollars
($250,000)  on  March  30,  2002.

The  unpaid  principal  balance hereof shall bear interest, payable quarterly on
June  30,  September  30  and  December  31,  commencing  June  30, 2001, and at
maturity, computed at a rate equal to 12% per annum.  If the holder elects, such
interest shall be payable in shares of The Female Health Company's Common Stock,
valued  at  a price per share equal to the average last sale price of a share of
such  Common  Stock for the five trading days ending on the trading day prior to
the  interest  payment  date.  Principal  of  and  interest  on this Convertible
Debenture  shall  be  payable  in  lawful  money  of  the  United  States.

     All  interest  payable  on this Convertible Debenture shall be computed for
the  actual number of days elapsed using a daily rate determined by dividing the
annual  rate  by 365.  Whenever any payment to be made hereunder shall be stated
to be due on a Saturday, Sunday or public holiday under the laws of the State of
Wisconsin,  such  payment  may  be made on the next succeeding business day, and
such  extension of time shall be included in the computation of interest on this
Convertible  Debenture.

This  Convertible  Debenture  is  convertible  into  shares of The Female Health
Company's  Common  Stock at the election of the holder hereof.  To exercise that
conversion  right,  the  holder hereof must provide written notice to The Female
Health  Company  indicating  the  amount  of  the  Convertible  Debenture  to be
converted  into  Common  Stock,  which  must  be  done in increments of at least
$50,000  of  principal  unless  The Female Health Company agrees otherwise.  The

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Convertible  Debenture  is  convertible  into  Common Stock based on a per share
price of the Common Stock equal to 70% of the "market price" of the Common Stock
as  of  the  day immediately prior to the date the conversion notice is given to
The  Female  Health Company (the "Conversion Price"), but in no event shall such
Conversion  Price  be  less  than  $0.50  or  more  than  $1.00.

For  purposes  of  determining the "market price" of the Common Stock, the price
shall  be  determined  as  the  average last sale price of a share of The Female
Health  Company's  Common  Stock  for  the  five  trading days ending on the day
immediately  prior  to  the  date a notice of conversion is issued to The Female
Health  Company  by  the  holder  of  this  Convertible  Debenture.

This  Convertible  Debenture  may  be  repaid,  in whole or in part, at any time
without penalty; provided, however, that before any payment, including a payment
at maturity, The Female Health Company must first give the holder written notice
of  its intention to repay the Convertible Debenture and the holder shall have a
period  of  ten  days  to  decide  whether to accept such payment or convert the
principal  and  interest in accordance with the terms hereof, into Common Stock.

If  (a)  any  payment  of principal or interest is not made within five business
days  after The Female Health Company is given written notice of such failure to
make  a  required  payment;  or  (b)  the  undersigned  becomes  the  subject of
bankruptcy  or  insolvency proceedings which are not dismissed within 30 days of
filing, the unpaid balance of this Convertible Debenture shall, at the option of
the  holder  and  without  notice,  mature  and  become  immediately  payable.

                              THE  FEMALE  HEALTH  COMPANY


                              By:  /s/  O.B.  Parrish
                                 ----------------------------------------
                                 O.B.  Parrish,  Chairman  of  the  Board
                                      and  Chief  Executive  Officer


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