Document:

RESTRICTION ON TRANSFER

THE  SECURITIES  EVIDENCED HEREBY MAY NOT BE TRANSFERRED WITHOUT (I) THE OPINION
OF  COUNSEL  SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER MAY BE LAWFULLY MADE
WITHOUT  REGISTRATION  UNDER  THE  SECURITIES  ACT  OF 1933, AS AMENDED, AND ALL
APPLICABLE  STATE  SECURITIES  LAWS  OR  (II)  SUCH  REGISTRATION.

                                     WARRANT

                  To Subscribe for and Purchase Common Stock of

                            THE FEMALE HEALTH COMPANY

     THIS  CERTIFIES  THAT,  for value received, MICHAEL SNOW, or his registered
assigns,  is  entitled  to  subscribe  for  and  purchase from The Female Health
Company  (herein  called  the  "Company"),  a corporation organized and existing
under  the laws of the State of Wisconsin, at the price specified below (subject
to  adjustment as noted below) at any time from and after the date hereof to and
including  June  2,  2004,  Fifty Thousand (50,000) fully paid and nonassessable
(subject  to  Wisconsin  law)  shares  of the Company's Common Stock (subject to
adjustment  as  noted  below).

     The  Warrant purchase price (subject to adjustment as noted below) shall be
a  price  per  share equal to seventy percent (70%) of the "market price" of the
Common  Stock as of the day immediately prior to the date the exercise notice is
given  to  the  Company,  but  such  per  share  price  shall  not exceed $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
Company's  Common  Stock for the five trading days ending on the day immediately
prior to the date a notice of exercise is issued to the Company by the holder of
this  Warrant.

     This  Warrant is subject to the following provisions, terms and conditions:

     1.     The  rights  represented  by  this  Warrant  may be exercised by the
holder  hereof,  in whole or in part, by written notice of exercise delivered to
the  Company 20 days prior to the intended date of exercise and by the surrender
of  this  Warrant (properly endorsed if required) at the principal office of the
Company  and  upon payment to it by check of the purchase price for such shares.
The  Company  agrees  that the shares so purchased shall be and are deemed to be
issued  to  the holder hereof as the record owner of such shares as of the close
of  business  on  the date on which this Warrant shall have been surrendered and
payment made for such shares as aforesaid. Subject to the provisions of the next
succeeding paragraph, certificates for the shares of stock so purchased (bearing
an appropriate legend to indicate that the shares have not been registered under
securities  laws)  shall  be  delivered to the holder hereof within a reasonable
time,  not exceeding 10 days, after the rights represented by this Warrant shall
have  been  so  exercised,  and,  unless this Warrant has expired, a new Warrant
representing  the  number  of shares, if any, with respect to which this Warrant
shall  not then have been exercised shall also be delivered to the holder hereof
within  such  time.

<PAGE>
     2.     Notwithstanding  the  foregoing,  however,  the Company shall not be
required  to  deliver  any certificate for shares of stock upon exercise of this
Warrant  except  in  accordance  with  the  provisions,  and  subject  to  the
limitations,  of paragraph 6 hereof and the restrictive legend under the heading
"Restriction  on  Transfer."

     3.     The  Company covenants and agrees that all shares that may be issued
upon the exercise of the rights represented by this Warrant will, upon issuance,
be duly authorized and issued, fully paid and nonassessable (except as set forth
in Wisconsin Statues Section 180.0622(2)(b)).  The Company further covenants and
agrees  that  during  the  period  within  which  the rights represented by this
Warrant  may  be  exercised,  the Company will at all times have authorized, and
reserved  for the purpose of issue or transfer upon exercise of the subscription
rights  evidenced  by  this Warrant, a sufficient number of shares of its Common
Stock  to  provide  for  the exercise of the rights represented by this Warrant.

     4.     (a)     The warrant purchase price shall, from and after the date of
issuance  of  this  Warrant,  be  subject  to  adjustment  from  time to time as
hereinafter  provided.   Upon each adjustment of the warrant purchase price, the
holder  of this Warrant shall thereafter be entitled to purchase, at the warrant
purchase  price resulting from such adjustment, the number of shares obtained by
multiplying  the  warrant  purchase  price  in  effect immediately prior to such
adjustment by the number of shares purchasable pursuant hereto immediately prior
to  such  adjustment  and  dividing  the product thereof by the warrant purchase
price  resulting  from  such  adjustment.

          (b)     In  case  the  Company  shall  at  any  time  subdivide  its
outstanding  shares of Common Stock into a greater number of shares, the warrant
purchase  price  in  effect  immediately  prior  to  such  subdivision  shall be
proportionately  reduced,  and  conversely,  in  case  the outstanding shares of
Common  Stock  of the Company shall be combined into a smaller number of shares,
the warrant purchase price in effect immediately prior to such combination shall
be  proportionately  increased.

          (c)     If any event occurs as to which in the opinion of the Board of
Directors  of  the  Company  the  other  provisions  of this paragraph 4 are not
strictly  applicable  or  if  strictly  applicable  would not fairly protect the
purchase  rights  of the holder of this Warrant or of Common Stock in accordance
with  the  essential intent and principles of such provisions, then the Board of
Directors  shall  make  an  adjustment in the application of such provisions, in
accordance  with  such  essential  intent  and principles, so as to protect such
purchase  rights  as  aforesaid.

     5.     This  Warrant  shall  not  entitle  the  holder hereof to any voting
rights  or  other  rights  as  a  stockholder  of  the  Company.

     6.     (a)     The  holder of this Warrant, by acceptance hereof, agrees to
give  written  notice  to  the  Company  before  transferring  this  Warrant  or
transferring  any  Common  Stock  issuable or issued upon the exercise hereof of
such  holder's intention to do so, describing briefly the manner of any proposed
transfer  of this Warrant or such holder's intention as to the disposition to be
made  of  shares  of  Common  Stock issuable or issued upon the exercise hereof.
Such  holder  shall  also  provide  the  Company  with  an  opinion  of  counsel
satisfactory  to  the

                                        2
<PAGE>
Company  to the effect that the proposed transfer of this Warrant or disposition
of  shares received upon exercise hereof may be effected without registration or
qualification  (under  any Federal or State law) and without causing the loss of
the  applicable  securities  law  registration  exemption(s)  relied upon by the
Company  when  it  issued this Warrant.  Upon receipt of such written notice and
opinion  by the Company, such holder shall be entitled to transfer this Warrant,
or  to  exercise  this  Warrant  in accordance with its terms and dispose of the
shares  received  upon  such  exercise  or  to dispose of shares of Common Stock
received  upon the previous exercise of this Warrant, all in accordance with the
terms  of  the  notice delivered by such holder to the Company, provided that an
appropriate  legend  respecting  the  aforesaid  restrictions  on  transfer  and
disposition  shall  be  endorsed  on  this  Warrant or the certificates for such
shares.

          (b)     This  Warrant includes certain registration rights pursuant to
a  Registration Rights Agreement, a copy of which is attached hereto as Schedule
1.

     7.     Subject  to  the  provisions of paragraph 6 hereof, this Warrant and
all  rights  hereunder  are  transferable, in whole or in part, at the principal
office  of  the  Company  by  the  holder hereof in person or by duly authorized
attorney,  upon  surrender  of  this  Warrant properly endorsed.  Each taker and
holder  of this Warrant, by taking or holding the same, consents and agrees that
the bearer of this Warrant, when endorsed, may be treated by the Company and all
other  persons  dealing  with  this Warrant as the absolute owner hereof for any
purpose  and  as  the person entitled to exercise the rights represented by this
Warrant,  or  to  the transfer hereof on the books of the Company, any notice to
the contrary notwithstanding; but until such transfer on such books, the Company
may  treat  the  registered  holder  hereof  as  the  owner  for  all  purposes.

     8.     All  questions  concerning  this  Warrant  will  be  governed  and
interpreted  and enforced in accordance with the laws of the State of Minnesota,
other  than  its  choice  of  laws  provisions.

     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its
duly  authorized  officer  and  this  Warrant  to  be  dated as of June 3, 2000.

                              THE  FEMALE  HEALTH  COMPANY

                              By__________________________________

                              Its_________________________________

                                        3
<PAGE>
                               FORM OF ASSIGNMENT
                       (To Be Signed Only Upon Assignment)

     FOR  VALUE  RECEIVED,  the  undersigned hereby sells, assigns and transfers
unto  _________________________________  this  Warrant,  and  appoints
_________________________  to  transfer  this Warrant on the books of The Female
Health  Company  with  the  full  power  of  substitution  in  the  premises.

Dated:______________________

In  the  presence  of:

----------------------------       ---------------------------------------------

                                   (Signature  must  conform  in all respects to
                                   the  name  of  the holder as specified on the
                                   face  of  this  Warrant  without  alteration,
                                   enlargement  or  any  change  whatsoever, and
                                   the  signature  must  be  guaranteed  in  the
                                   usual  manner.)

<PAGE>
                                SUBSCRIPTION FORM

           To be Executed by the Holder of this Warrant if such Holder
              Desires to Exercise this Warrant in Whole or in Part:

To:  THE  FEMALE  HEALTH  COMPANY  (the  "Company")

                   The  undersigned  _________________________

                    Please  insert  Social  Security  or  other
                       identifying  number  of  Subscriber:
                           _________________________

hereby  irrevocably elects to exercise the right of purchase represented by this
Warrant  for,  and  to  purchase thereunder, ________ shares of the Common Stock
provided for therein and tenders payment herewith to the order of the Company in
the  amount of $_______, such payment being made as provided on the face of this
Warrant.

     The  undersigned requests that certificates for such shares of Common Stock
be  issued  as  follows:

 Name:

 Address:

 Deliver  to:

 Address:

and,  if  such  number  of shares of Common Stock shall not be all the shares of
Common Stock purchasable hereunder, that a new Warrant for the balance remaining
of  the  shares  of Common Stock purchasable under this Warrant be registered in
the  name  of,  and  delivered  to, the undersigned at the address stated above.

Dated:                        Signature  ____________________________________

                              Note:  The  signature  on  this  Subscription Form
                              must  correspond with the name as written upon the
                              face  of this Warrant in every particular, without
                              alteration  or enlargement or any change whatever.RESTRICTION ON TRANSFER

THE  SECURITIES  EVIDENCED HEREBY MAY NOT BE TRANSFERRED WITHOUT (I) THE OPINION
OF  COUNSEL  SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER MAY BE LAWFULLY MADE
WITHOUT  REGISTRATION  UNDER  THE  SECURITIES  ACT  OF 1933, AS AMENDED, AND ALL
APPLICABLE  STATE  SECURITIES  LAWS  OR  (II)  SUCH  REGISTRATION.

                                     WARRANT

                  To Subscribe for and Purchase Common Stock of

                            THE FEMALE HEALTH COMPANY

     THIS  CERTIFIES  THAT,  for  value  received,  W.G.  SECURITIES  LIMITED
PARTNERSHIP,  or  its  registered  assigns,  is  entitled  to  subscribe for and
purchase  from  The  Female  Health  Company  (herein  called  the "Company"), a
corporation  organized and existing under the laws of the State of Wisconsin, at
the  price  specified  below  (subject to adjustment as noted below) at any time
from  and  after  the  date  hereof  to  and including June 2, 2004, Twenty Five
Thousand (25,000) fully paid and nonassessable (subject to Wisconsin law) shares
of  the  Company's  Common  Stock  (subject  to  adjustment  as  noted  below).

     The  Warrant purchase price (subject to adjustment as noted below) shall be
a  price  per  share equal to seventy percent (70%) of the "market price" of the
Common  Stock as of the day immediately prior to the date the exercise notice is
given  to  the  Company,  but  such  per  share  price  shall  not exceed $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
Company's  Common  Stock for the five trading days ending on the day immediately
prior to the date a notice of exercise is issued to the Company by the holder of
this  Warrant.

     This  Warrant is subject to the following provisions, terms and conditions:

     1.     The  rights  represented  by  this  Warrant  may be exercised by the
holder  hereof,  in whole or in part, by written notice of exercise delivered to
the  Company 20 days prior to the intended date of exercise and by the surrender
of  this  Warrant (properly endorsed if required) at the principal office of the
Company  and  upon payment to it by check of the purchase price for such shares.
The  Company  agrees  that the shares so purchased shall be and are deemed to be
issued  to  the holder hereof as the record owner of such shares as of the close
of  business  on  the date on which this Warrant shall have been surrendered and
payment made for such shares as aforesaid. Subject to the provisions of the next
succeeding paragraph, certificates for the shares of stock so purchased (bearing
an appropriate legend to indicate that the shares have not been registered under
securities  laws)  shall  be  delivered to the holder hereof within a reasonable
time,  not exceeding 10 days, after the rights represented by this Warrant shall
have  been  so  exercised,  and,  unless this Warrant has expired, a new Warrant
representing  the  number  of shares, if any, with respect to which this Warrant
shall  not then have been exercised shall also be delivered to the holder hereof
within  such  time.

<PAGE>
     2.     Notwithstanding  the  foregoing,  however,  the Company shall not be
required  to  deliver  any certificate for shares of stock upon exercise of this
Warrant  except  in  accordance  with  the  provisions,  and  subject  to  the
limitations,  of paragraph 6 hereof and the restrictive legend under the heading
"Restriction  on  Transfer."

     3.     The  Company covenants and agrees that all shares that may be issued
upon the exercise of the rights represented by this Warrant will, upon issuance,
be duly authorized and issued, fully paid and nonassessable (except as set forth
in Wisconsin Statues Section 180.0622(2)(b)).  The Company further covenants and
agrees  that  during  the  period  within  which  the rights represented by this
Warrant  may  be  exercised,  the Company will at all times have authorized, and
reserved  for the purpose of issue or transfer upon exercise of the subscription
rights  evidenced  by  this Warrant, a sufficient number of shares of its Common
Stock  to  provide  for  the exercise of the rights represented by this Warrant.

     4.     (a)     The warrant purchase price shall, from and after the date of
issuance  of  this  Warrant,  be  subject  to  adjustment  from  time to time as
hereinafter  provided.   Upon each adjustment of the warrant purchase price, the
holder  of this Warrant shall thereafter be entitled to purchase, at the warrant
purchase  price resulting from such adjustment, the number of shares obtained by
multiplying  the  warrant  purchase  price  in  effect immediately prior to such
adjustment by the number of shares purchasable pursuant hereto immediately prior
to  such  adjustment  and  dividing  the product thereof by the warrant purchase
price  resulting  from  such  adjustment.

          (b)     In  case  the  Company  shall  at  any  time  subdivide  its
outstanding  shares of Common Stock into a greater number of shares, the warrant
purchase  price  in  effect  immediately  prior  to  such  subdivision  shall be
proportionately  reduced,  and  conversely,  in  case  the outstanding shares of
Common  Stock  of the Company shall be combined into a smaller number of shares,
the warrant purchase price in effect immediately prior to such combination shall
be  proportionately  increased.

          (c)     If any event occurs as to which in the opinion of the Board of
Directors  of  the  Company  the  other  provisions  of this paragraph 4 are not
strictly  applicable  or  if  strictly  applicable  would not fairly protect the
purchase  rights  of the holder of this Warrant or of Common Stock in accordance
with  the  essential intent and principles of such provisions, then the Board of
Directors  shall  make  an  adjustment in the application of such provisions, in
accordance  with  such  essential  intent  and principles, so as to protect such
purchase  rights  as  aforesaid.

     5.     This  Warrant  shall  not  entitle  the  holder hereof to any voting
rights  or  other  rights  as  a  stockholder  of  the  Company.

     6.     (a)     The  holder of this Warrant, by acceptance hereof, agrees to
give  written  notice  to  the  Company  before  transferring  this  Warrant  or
transferring  any  Common  Stock  issuable or issued upon the exercise hereof of
such  holder's intention to do so, describing briefly the manner of any proposed
transfer  of this Warrant or such holder's intention as to the disposition to be
made  of  shares  of  Common  Stock issuable or issued upon the exercise hereof.
Such  holder  shall  also  provide  the  Company  with  an  opinion  of  counsel
satisfactory  to  the

                                        2
<PAGE>
Company  to the effect that the proposed transfer of this Warrant or disposition
of  shares received upon exercise hereof may be effected without registration or
qualification  (under  any Federal or State law) and without causing the loss of
the  applicable  securities  law  registration  exemption(s)  relied upon by the
Company  when  it  issued this Warrant.  Upon receipt of such written notice and
opinion  by the Company, such holder shall be entitled to transfer this Warrant,
or  to  exercise  this  Warrant  in accordance with its terms and dispose of the
shares  received  upon  such  exercise  or  to dispose of shares of Common Stock
received  upon the previous exercise of this Warrant, all in accordance with the
terms  of  the  notice delivered by such holder to the Company, provided that an
appropriate  legend  respecting  the  aforesaid  restrictions  on  transfer  and
disposition  shall  be  endorsed  on  this  Warrant or the certificates for such
shares.

          (b)     This  Warrant includes certain registration rights pursuant to
a  Registration Rights Agreement, a copy of which is attached hereto as Schedule
1.

     7.     Subject  to  the  provisions of paragraph 6 hereof, this Warrant and
all  rights  hereunder  are  transferable, in whole or in part, at the principal
office  of  the  Company  by  the  holder hereof in person or by duly authorized
attorney,  upon  surrender  of  this  Warrant properly endorsed.  Each taker and
holder  of this Warrant, by taking or holding the same, consents and agrees that
the bearer of this Warrant, when endorsed, may be treated by the Company and all
other  persons  dealing  with  this Warrant as the absolute owner hereof for any
purpose  and  as  the person entitled to exercise the rights represented by this
Warrant,  or  to  the transfer hereof on the books of the Company, any notice to
the contrary notwithstanding; but until such transfer on such books, the Company
may  treat  the  registered  holder  hereof  as  the  owner  for  all  purposes.

     8.     All  questions  concerning  this  Warrant  will  be  governed  and
interpreted  and enforced in accordance with the laws of the State of Minnesota,
other  than  its  choice  of  laws  provisions.

     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its
duly  authorized  officer  and  this  Warrant  to  be  dated as of June 3, 2000.

                              THE  FEMALE  HEALTH  COMPANY

                              By__________________________________

                              Its_________________________________

                                        3
<PAGE>
                               FORM OF ASSIGNMENT
                       (To Be Signed Only Upon Assignment)

     FOR  VALUE  RECEIVED,  the  undersigned hereby sells, assigns and transfers
unto  _________________________________  this  Warrant,  and  appoints
_________________________  to  transfer  this Warrant on the books of The Female
Health  Company  with  the  full  power  of  substitution  in  the  premises.

Dated:______________________

In  the  presence  of:

----------------------------       ---------------------------------------------

                                   (Signature  must  conform  in all respects to
                                   the  name  of  the holder as specified on the
                                   face  of  this  Warrant  without  alteration,
                                   enlargement  or  any  change  whatsoever, and
                                   the  signature  must  be  guaranteed  in  the
                                   usual  manner.)

<PAGE>
                                SUBSCRIPTION FORM

           To be Executed by the Holder of this Warrant if such Holder
              Desires to Exercise this Warrant in Whole or in Part:

To:  THE  FEMALE  HEALTH  COMPANY  (the  "Company")

                   The  undersigned  _________________________

                    Please  insert  Social  Security  or  other
                       identifying  number  of  Subscriber:
                           _________________________

hereby  irrevocably elects to exercise the right of purchase represented by this
Warrant  for,  and  to  purchase thereunder, ________ shares of the Common Stock
provided for therein and tenders payment herewith to the order of the Company in
the  amount of $_______, such payment being made as provided on the face of this
Warrant.

     The  undersigned requests that certificates for such shares of Common Stock
be  issued  as  follows:

 Name:

 Address:

 Deliver  to:

 Address:

and,  if  such  number  of shares of Common Stock shall not be all the shares of
Common Stock purchasable hereunder, that a new Warrant for the balance remaining
of  the  shares  of Common Stock purchasable under this Warrant be registered in
the  name  of,  and  delivered  to, the undersigned at the address stated above.

Dated:                        Signature  ____________________________________

                              Note:  The  signature  on  this  Subscription Form
                              must  correspond with the name as written upon the
                              face  of this Warrant in every particular, without
                              alteration  or enlargement or any change whatever.

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