News

The Annual General Meeting of SSH on April 29, 2003 has
unanimously confirmed the financial statements and decided on
release from liability to the Board of Directors and the President
and CEO for the financial year January 1, 2002 - December 31,
2002. The General Meeting decided in accordance with the proposal
of the Board of Directors that no dividend shall be distributed
and that the loss shown in the balance sheet be covered by
reducing the issue premium fund.

In the General Meeting, Mr. Mr. Tapio Kallioja, Mr. Tomi Laamanen,
Mr. Timo Ritakallio, and Mr. Tatu Ylönen were elected as members
to the Board of Directors of SSH Communications Security Corp.

The General Meeting decided in accordance with the proposal of the
Board of Directors to authorize the Board of Directors to decide
before April 29, 2004 on raising the share capital through
issuance of new shares, and/or stock options, and/or an option
loan or a convertible bond, so that the share capital can increase
due to the authorization by EUR 120,000 at maximum.

The General Meeting approved the proposal of the Board of
Directors for a new stock option program I/2003 of SSH, whereby
the management and personnel of the group may be offered a maximum
aggregate number of 625,000 stock options. Each stock option
entitles to subscribe for one share of SSH with a par value of
three cents. The term of share subscription shall commence
gradually subject to the stock option certificates on May 1, 2004;
May 1, 2005; and May 1, 2006 and they shall terminate on May 1,
2009. The subscription price for a share is the closing price of
Company’s shares on the Helsinki Exchanges on May 6, 2003 plus ten
(10) percent and rounded up to the nearest cent.

The General Meeting approved the proposal of the Board of
Directors for a new stock option program II/2003 of SSH, whereby
the persons belonging to personnel of SSH Communications Security,
Inc. may be offered a maximum aggregate number of 75,000 stock
options. Each stock option entitles to subscribe for one share of
SSH with a par value of three cents. The term of share
subscription shall commence gradually subject to the stock option
certificates on May 1, 2004; May 1, 2005; May 1, 2006 and May 1,
2007, and they shall terminate on April 29, 2013. The subscription
price of the share is the closing price of Company’s shares on the
Helsinki Exchanges on May 6, 2003 plus ten (10) percent and
rounded up to the nearest cent.

The General Meeting approved the proposal of the Board of
Directors to amend the section II.4 (the prohibition of assignment
and the duty to offer) of the Option Plan I/1999 issued by the
decision of the General Meeting on August 5, 1999, on the grounds
of the principle of free transfer, so that the paragraph providing
for the nullification of issued option rights, on the basis of
termination of the employment, task or service contract, will be
removed from the Option Plan.


SSH COMMUNICATIONS SECURITY CORP

Arto Vainio
CEO

© 2003 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.