Phibro Animal Health Investor Presentation — February 2020

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Second Quarter –December 31, 2019

Webcast and Conference Call

February 4, 2020U.S. toll -free +1 -866-211-3051

International toll +1 -647-689-6616

Conference ID: 9179438Phibro Animal Health CorporationCautionary Statements

Forward -Looking Statements

This communication contains forward -looking statements that are subject to risks and uncertainties. All statements other than st atements of historical or current fact included in this

report are forward -looking statements. Forward -looking statements discuss our current expectations and projections relating to o ur financial condition, results of operations, plans,

objectives, future performance and business. You can identify forward -looking statements by the fact that they do not relate str ictly to historical or current facts. These statements may

include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “p rojection,” “plan,” “intend,” “seek,” “believe,” “may,” “could,” “would,”

“will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms of similar meaning in connecti on with any discussion of the timing or nature of future operating

or financial performance or other events. These statements are not guarantees of future performance or actions. If one or mor e of these risks or uncertainties materialize, or if

management’s underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward -looking statement. Forward -looking statements

speak only as of the date on which they are made. Phibro expressly disclaims any obligation to update or revise any forward -looking statement, whether as a result of new information,

future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in our Qua rterly Report on Form 10 -Q and Annual Report on Form 10 -K,

including in the sections thereof captioned “Forward -Looking Statements” and “Risk Factors.” These filings and subsequent filing s are available online at www.sec.gov , www.pahc.com ,

or on request from Phibro.

Non-GAAP Financial Information

We use non -GAAP financial measures, such as adjusted EBITDA and adjusted net income, to assess and analyze our operational resul ts and trends and to make financial and

operational decisions. Management uses adjusted EBITDA as its primary operating measure. We report adjusted net income to por tray the results of our operations prior to considering

certain income statement elements. We believe these non -GAAP financial measures are also useful to investors because they provid e greater transparency regarding our operating