News

SSH seeks a listing for the 1999 series C, D, E and F share options
on the main list of Helsinki Exchanges

SSH Communications Security Corporation's Board of Directors has
resolved to apply for a listing on the Main List of Helsinki
Exchanges for series C, D, E and F share options which were issued
1999 such that the listing will commence approximately on November 1,
2002.

At the time of submission of the application, 67,125 series C option
rights are unused, 69,375 series D option rights are unused, 91,249
series E option rights are unused and 103,749 series F option rights
are unused.

All share options entitle the holder to subscribe for one (1) SSH
Communications Security Corporation share having a nominal value of
EUR 0.03 (SSH1V). The subscription price is EUR 0.20/share. The
period of share subscriptions regarding to share option rights has
started as staggered. The subscription periods for all share options
began by November 1, 2002. The share subscription periods will end as
follows:

option right C     May 1, 2011;
option right D     November 1, 2011;
option right E     May 1, 2012 and
option right F     November 1, 2012.

Shares subscribed for on the basis of the share options entitle their
holders to a dividend for that fiscal period, during which the shares
have been subscribed. A total of 318,998 shares can be subscribed for
by series C, D, E and F share options and the share capital would be
increased by a maximum of EUR 9,569.94.

Subscriptions will be accepted at the head office of SSH
Communications Security Corp (Fredrikinkatu 42, 00100 Helsinki).


SSH COMMUNICATIONS SECURITY CORP


APPENDIX: Consolidated Terms of Option Rights I/1999.


SSH COMMUNICATIONS SECURITY CORP

CONSOLIDATED TERMS OF OPTION RIGHTS I / 1999

1.  SUBSCRIPTION TERMS OF OPTION RIGHTS

1. Amount of Option Rights

An aggregated maximum number of 1,000,000 option rights, which
entitle to the subscription of an aggregated maximum number of
1,000,000 new shares of SSH Communications Security Corp with the
nominal value of three (3) cents (0.03 euros), shall be offered.

2.  Subscription Right

Option rights shall be offered for subscription in deviation of
pre-emptive rights of shareholders, to the Company and its
subsidiaries' personnel chosen by the Board of Directors. The Board
of Directors of the Company may grant warrants also to the
subcontractors of the Company. In that case the Board of Directors
may set additional conditions and specifying terms regarding the
subscription of shares and other similar matters.

It is proposed to deviate from the pre-emptive subscription rights of
shareholders because the option rights are meant to be a part of the
incentive system of management and personnel, and to ensure the
maintenance of technical and financial knowledge in the Company's
management and to reinforce the commitment of the said persons to a
continuing and long-term activities for the benefit of the Company
and the progress of its value.

3.  Subscription of Option Rights

Option rights are offered for subscription from March 15, 1999 to
March 10, 2000. The subscription place is at SSH Communications
Security Corp's head office in Espoo and possibly also in one or more
places that are announced later.

Option rights shall be given to subscribers for free.


4. Warrants

SSH Communications Security Corp shall not give out written warrants
of option rights. The option rights shall be issued in the Book-Entry
System before January 31, 2001. An aggregated maximum number of
563,939 option rights, which entitle to subscription of one new share
each, granted to a named person shall be issued.

Out of the option rights a maximum of:

- 148,750 option rights shall be identified with a letter A;

- 166,710 option rights shall be identified with a letter B;

- 138,360 option rights shall be identified with a letter C;

- 138,360 option rights shall be identified with a letter D;

- 120,550 option rights shall be identified with a letter E;

- 120,550 option rights shall be identified with a letter F;

- 120,50 option rights shall be identified with a letter G; and

- 46,170 option rights shall be identified with a letter H.

4.  Acceptance of the Subscriptions

The Board of Directors of SSH Communications Security Corp shall
decide upon acceptance of the subscriptions. In case of
over-subscription the Board of Directors shall decide upon cutting
down the subscriptions.

In case some of persons entitled for subscription omit to use their
subscription rights, the total number of option rights shall decrease
for the equivalent part that was offered for their subscription.
There shall not be a secondary subscription right, therefore the
subscription of option rights shall cease should none of the persons
entitled for subscription use their subscription right.

The subscribers shall be informed about accepted subscriptions in
writing before April 30, 2000.

The Company in entitled to maintain the option rights as a security
of the non-assignment provided in section II.4 of the terms of the
share subscription. The subscriber is entitled to receive those
option rights on part of which the non-assignment no longer applies.

II. TERMS OF SHARE SUBSCRIPTION

1.  Right to Subscribe New Shares

Each option right entitles its holder to subscribe one share of SSH
Communications Security Corp with the nominal value of three (3)
cents (0.03 euros). The Company's share capital may increase due to
the subscriptions with 30,000.00 euros maximum and the number of
shares by 1,000,000 maximum.

2. Subscription and Payment of Shares

The subscription periods of the shares are:

-     regarding option right A from May 1, 2000 to May 1, 2010;
-     regarding option right B from November 1, 2000 to November 1,
2010;
-     regarding option right C from May 1, 2001 to May 1, 2011;
-     regarding option right D from November 1, 2001 to November 1,
2011;
-     regarding option right E from May 1, 2002 to May 1, 2012;
-     regarding option right F from November 1, 2002 to November 1,
2012;
-     regarding option right G from May 1, 2003 to May 1, 2013;
-     regarding option right H from November 1, 2003 to November 1,
2013;

The subscription place shall be at SSH Communications Security Corp's
head office and/or possibly also in one or more other places
announced by the Company later.

Option rights shall be issued before January 31, 2002 in the
Book-Entry System. The option rights in the form of book-entries are
removed from the subscriber's book-entry account at the subscription
of shares. Shares shall be paid at the subscription.

3. Subscription Price and Nominal Value of Shares

The subscription price of all new shares with the nominal value of
three (3) cents (0.03 euros), which are subscribed by virtue of any
warrant, shall be 0.2 euros per share. The subscription price can be
paid also with Finnish marks.

The subscription price of a share is always the nominal value of the
share at a minimum. The subscribed shares shall be paid in cash.

4. Non-assignment and Obligation to Offer

None of the option rights shall be assigned before their subscription
period has commenced. After that those option rights, on part of
which the share subscription period has commenced, are freely
assignable. However, the Company may deviate from the above mentioned
and for specific reasons grant permission to the assignment of option
rights even earlier. The Board of Directors shall decide upon giving
such permission.

In case an employment or other affiliation with the Company or a
company belonging to the same group, terminates before the share
subscription period under an option right has commenced, or has
changed to part-time with less than 120 hours per month, the person
in question must offer those warrants, on part of which the share
subscription period mentioned in section II.2 has not yet commenced
on the date of termination of an employment or other affiliation, to
the Company free of compensation and without delay. The Board of
Directors may case-specifically deviate from the said limit of 120
hours per month.

In case an employment or other affiliation of a person, to whom the
Company has granted an option right, with the Company or a company
belonging to the same group terminates, the option rights granted to
the said person shall invalidate after one (1) month from the
termination of the above mentioned employment or other affiliation.

5. Rights related to Shares

Shares entitle to dividend for that financial period, during which
the shares have been subscribed. Other rights shall commence after
the increase of share capital has been entered into the Trade
Register.

6. Share Issues, Convertible and Option Loans, and Option Rights
before the Share Subscription

In case the Company raises its share capital by subscription of new
shares or issues new convertible or option loans or option rights
before the share subscription, the option holder has the same or
equal right as a shareholder. The equality shall be executed as
decided by the Board of Directors of the Company so that the number
of shares offered for subscription or subscription prices or both are
changed.

In case the Company raises its share capital with bonus issue before
the share subscription, the subscription ratio shall be amended so
that the relative proportion of those shares that are to be
subscribed under the option rights, of the share capital remains
unchanged.

7. Rights in Certain Special Cases

If the Company decreases its share capital before the share
subscription, the subscription right of the option holder shall be
amended equally as more specifically determined in the decision
concerning the decreasing of the share capital.

In case the Company is placed in liquidation before the share
subscription, option holders shall be given an opportunity to utilize
their subscription right during a period determined by the Board of
Directors before the liquidation commences.

In case the Company decides to merge into another company or into a
company that will be established through the merger, or to divide, an
option holder shall be given a right to subscribe the shares before
the merger or division during a period determined by the Board of
Directors. After that there shall be no subscription right.

If the Company decides to acquire its own shares with an offer that
is made to all shareholders, the same or equivalent offer shall be
made also to an option holder. In other cases the acquisition of its
own shares shall not require actions on part of the Company towards
the holder of a warrant.

In case a shareholder obtains redemption right under the Companies
Act to the shares of other shareholders, option holders shall be
given an opportunity that is equal to shareholders', to sell their
option rights to the redeemer.

If the number of shares changes so that the share capital remains the
same, the terms of subscription shall be amended so that the
aggregated nominal value of shares to be subscribed and the
aggregated subscription price remain the same.

8. Settlement of Disputes

Disputes concerning option rights shall be settled in arbitration
according to the rules of the arbitration board of the Central
Chamber of Commerce. The Finnish law shall apply to the disputes.

9. Other Matters

The Board of Directors of the Company shall decide upon all the other
matters pertaining to the option rights and measures caused by them.
The documents concerning the option rights are placed for inspection
at the head office of SSH Communications Security Corp in Helsinki.
An English translation of the terms of the option rights has been
prepared. In case of possible discrepancy when interpreting the
terms, the Finnish version shall supersede the translated version.

© 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.