THE HEALTH COMPANY INVESTOR PRESENTATION Q /12/14 FEMALE

The Female Health Company manufactures and markets the FC2 Female Condom. FC2 is the only product currently available:  Approved by the FDA and cleared by the WHO  Under a women’s control Which provides dual protection against:  Unintended pregnancy  Sexually transmitted infections  (STIs), including HIV/AIDS 2

At a Glance 3 NASDAQ FHCO Market cap ~$165 million Core product FC2 Female Condom Gross margin ~55% Operating margin~22% Total current assets $15 million no L/T debt at 3/31/14 Cash dividend$0.07 per share quarterly Current yield ~4.90%

4 Shareholder Return Closing stock price on March 31, $7.76 vs. March 28, $7.24, an increase of 7% Total return (appreciation plus dividends) for FY2013 was 42% The average annual total return for the eight year period (since becoming profitable) was 67% Stock Prices

The “Worlds” of FHC 5 ConsumerGlobal Public Sector Global Market $4-6 Billion Family Planning HIV/AIDS Global Condom Public Health $ 400 – 500 Million

HIV/AIDS Market Overview 6 No. 1 cause of death globally for women age % of female cases contracted via heterosexual transmission Male and female condoms are the only prevention products available No near-term alternative prevention products on the horizon In Sub-Saharan Africa, women represent >58% of adults with HIV/AIDS infections (1 ) Worldwide, women living with HIV/AIDS is 50% of the global total (1 ) (1) Source: World Health Organization

FC2 Female Condom vs. Male Condom 7 FC2 is simply an alternative to the male condom * Every $1 spent on Female Condoms represents $20 in healthcare savings per the Johns Hopkins Study published in AIDS and Behavior, 2012.

FHC Brand Quality, Reliability, Safety Partnership in solving significant global issues – HIV/AIDS, other STIs – Poverty – Family planning – Female empowerment and rights – Environment – Population control Delivers to all stakeholders 8

Why FC2 Demand Will Continue To Grow Continued Global Focus on HIV – Feminization of AIDS – leading cause of death women age – 35 million persons living with AIDS, 2.3 million newly infected in 2012 New Global Focus on Family Planning – Addresses poverty, climate change, human rights – Gates/DFID Summit – New Funding Female Controlled Protection – Basic rights, education, opportunity 9

FHC Stake Holders 10 Investors Customers – Procurers Government/UN Agencies Customers – Users Employees Partners - NGO’s, Social Marketing, Advocacy Groups Suppliers Distributors Society, Countries, Regulatory Bodies

11 Female Health owns certain worldwide rights to FC2 Patents and Trademarks Yellow shading shows distribution Geographic Expansion FC2 Now Distributed Into 144 Countries

FHC Key Goals/Strategy Continue Market Growth – Expand existing programs – Geographic expansion Capacity / Cost Optimization – Current capacity at 100 million units – Acquired additional space for further expansion Explore Product/Business Opportunities – Leverage unique channel and capabilities 12

State-of-the-Art Manufacturing million unit capacity, with ability to add up to an additional 100 million units.

US Programs Highlights FC2 Prevention Programs in Key US Cities – concentrated where HIV/AIDS most prevalent. College Campus Program launched – raise awareness of and access to FC2 on campus. Online Ordering Presence 14

Global Program Highlights Multilingual (English, Portuguese, Spanish and French) website that provides downloadable training and education is visited 1,500 times per month. YouTube multilingual FC2 animation and instruction site has received 9 million views during the last year. 133 training and education sessions in 7 countries with an estimated 19,749 people participating in these sessions. More than 30 countries asked for and received information and advice on training and education. 15

Low Risk, Unique Business Model 16 Modest inventory level, production primarily against orders Low foreign currency exchange risk, FHCO & Subs Report in $USD Minimal credit risk, less than 1% bad debt in past five years Low sales and marketing expense, provide training and education Strong free cash flow $2 M unused credit facility NOL carryforward: – – UK: ~$63 M – No expiration date – – US: ~$19 M – Expiring in years 2018 to 2027 – – State: ~$17 M – Expiring in years 2018 to 2027

(millions) % Change 2013 vs Q2 YTD FY2014 (millions) % Change 2014 vs Units % % Revenue$ %$ % Gross Margin$ %$ % Operating Income$ %$ % Tax Benefit$ %** Net Earnings$ %$ % EPS - Diluted$ %$ % 2012 results in part reflect catch up from delayed 2011 orders. *Tax Benefit will be considered at end of FY2014. FY 2013 – 2012 Results

% sales of lower price, higher margin, next generation FC2 18 FC1 FC1 & FC2 FC CAGR 18.7 % Unit Sales

Net Revenues 19 $ % sales of lower price, higher margin, next generation FC2 FC1 FC1 & FC2 FC2 $31.5

Gross Margin % sales of lower price, higher margin, next generation FC2 FC1 FC1 & FC2 FC2

Dividends 21 Taxable DividendReturn of Capital* 20100%100% %78.94% %97.94% %57.79% 18 Consecutive quarterly dividends paid totaling $29.4 million. - Initially $0.05/share; increased 20% to $0.06/share Q2 FY2012; increased 17% to $0.07/share Q2 FY2013 *Not Taxable

Talented Management Team 22 OB Parrish - Chairman – – A FHCO founder – – Previous Experience Pfizer – Executive V.P. of International Division G.D. Searle – President of Global Pharmaceuticals Karen King – CEO and President – – Effective January 20, 2014 – – Previous Experience Royal DSM – President Biologics and BioSolutions The Female Health Company – Executive Vice President Baxter International Michele Greco – CFO and Vice President – – Effective January 1, 2013 – – Previous Experience Ernst & Young LLP Audit Partner Susan Ostrowski – Vice President - Sales/Marketing/Support – – Previous Experience DuPont, BASF, DSM, and Cambrex Mike Pope – Vice President of Global Operations – – Previous Experience Chartex, Franklin Medical, Warner Surgical Products

23 Competition FC2 Cupid PATH – Women’s Condom

24 Competition FC2CupidPATH – Women’s Condom Nitrile PolymerNatural rubber latexPolyurethane 2 retention rings: -External ring covers the lips of the vagina - Internal ring lies against the cervix and anchors the device Octagonal outer ring. Sponge to anchor the device internally. Large external ring: -Tabs on the exterior of the device that reportedly adhere to the vaginal wall - Inserter made from a water soluble polymer that melts in the body and may help keep the product in place Non-allergenicAllergenic Pre-lubricated Not Pre-lubricated -Must be lubricated at time of use -Only internal side of product may be lubricated. External lubrication may prevent tabs from working May use water and oil based lubricants May only use water based lubricants May use water and oil based lubricants May be inserted in advance

FC2 Barriers To Entry Patents principally on design and rings: —42 patents in 56 countries FC2 proprietary material formulation Worldwide product specific training and education Country registration process FDA approval/WHO clearance 25

FHC Summary Stable, profitable company Partner in resolving critical societal needs Unique cost-effective business model Small percentage of total potential market reached to date = opportunity for growth Experienced leadership 26