News

The Board of SSH Communications Security Corp (hereinafter referred 
as the"Company") has resolved to issue certain option rights, in 
deviation of the pre-emptive subscription rights of the existing 
shareholders, to the management and employees of the subsidiary of 
the Company, SSH Communications Inc, in the United States of America, 
as a part of the corporation’s incentive program (Option Program 
III/2002. A maximum amount of 114,498 option rights shall be issued 
for subscription to a maximum amount of 114,498 new shares of the 
Company with nominal value of three (€ 0.03) cents per share. Under 
the terms of the Option Program the subscription price is the last 
quoted price on Helsinki Stock Exchange on 10th of July 2002. The 
share capital of the Company can be raised by maximum € 3,434,94 as a 
result of such subscriptions. 

All the option rights issued by the Option Program I /2002 as 
resolved by the General Meeting of the Shareholders of the Company 
11th of April 2002 have been subscribed to. A total amount of 
2,000,000 option rights were subscribed to. Under the terms of the 
Option Program, the persons of the inner circle of the Company shall 
subscribe 285 750 option rights. SSH Operations Oy, a subsidiary 
wholly owned by the Company, subscribed 1 714 250 option rights to be 
granted under the terms of the Option Program to the management 
and/or to the employees of the company. The option rights entitle the 
issue of new shares at the subscription price of € 3.50. The share 
capital can be raised by maximum € 60,000,00 as a result of such 
subscriptions. 

A total of 74,875 option rights which entitle the issue of new shares 
with the subscription price of € 2.00 were subscribed to by the 
Option Program II/2002 as resolved by the General Meeting of the 
Shareholders. The share capital can be raised by maximum € 2,246,25 
as a result of such subscriptions.  

Option rights issued by the earlier Option Programs of the Company 
are not subscribed to as follows: 

A total of 551,439 option rights which entitle the issue of new 
shares at the subscription price of € 0.20 under the Option Program 
(I/1999), as resolved by the General Meeting of the Shareholders on 
5th of August 1999, are not subscribed to. The share capital can be 
raised by maximum € 16,543.17 as a result of subscriptions.

The Option Program (I/2000/lot 1) as adopted by the Board of the 
Company on 10th of June 2002 on the basis of an authorisation of the 
General Meeting of the Shareholders, the Option Program (I/2000/lot 
2) as adopted by the Board of the Company on 13th of September on the 
basis of an authorisation of the General Meeting of the Shareholders, 
and the Option Program (I/2000/lot 3) as adopted by the Board of 
Directors of SSH on 22nd of March on the basis of an authorisation of 
the General Meeting of the Shareholders have, in connection with an 
entry in the Book-Entry System, been amalgamated to one Option 
Program (I/2000). A total of 399,799 option rights, which entitle the 
issue of new shares at subscription price of € 6.50 are unused. The 
share capital can be raised by maximum € 11,993,97 as a result of 
such subscriptions.

A total of 32,000 option rights which entitle the issue of new shares 
at the subscription price of € 6.50 by the separate Option Program as 
adopted by the Board of the Company on the basis of an authorisation 
of the General Meeting of the Shareholders are not used. The share 
capital of the Company can be raised by maximum € 960.00 as a result 
of such subscriptions. 

A total of 13,000 option rights which authorise, under the Option 
Program (II/2000) 00 as adopted on 22nd of March 2001 by the Board of 
SSH, the issue of new shares at the subscription price of € 15.00 are 
not used. The share capital can be raised maximum € 390.00 as a 
result of such subscriptions.
 
A total of 550,000 option rights which entitle the issue of new 
shares at the subscription price of € 7.83 under the Option Program 
as adopted on 19th of April 2001 by the General Meeting of the 
Shareholders of SSH are not used. The share capital can be raised 
maximum € 16,500.00 as a result of such subscriptions.


Helsinki, July 10, 2002











SSH COMMUNICATIONS SECURITY CORP
	
Arto Vainio
CEO

Distribution:
Helsinki Exchanges
Major Media

© 2002 SSH Communications Security Corp. All rights reserved. ssh® is a registered trademark of SSH Communications Security Corp in the United States and in certain other jurisdictions. All other names and marks are property of their respective owners.