Phibro Animal Health Investor Presentation — September 2018

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Phibro Animal Health Corporation

September 2018 Company OverviewCautionary Statements

Forward -Looking Statements

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

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

plans, objectives, future performance and business. You can identify forward -looking statements by the fact that they do not rel ate strictly to historical or current facts. These

statements may include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “outlook,” “potential, ” “project,” “projection,” “plan,” “intend,” “seek,” “believe,”

“may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms of si milar meaning in connection with any discussion of the

timing or nature of future operating or financial performance or other events. These statements are not guarantees of future per formance or actions. If one or more of these risks

or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ mate rially 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 obligatio n 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, unce rtainties and other matters can be found in our Quarterly

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 filings 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 results 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 provide greater transparency regarding our operating

performance. The non- GAAP financial measures included in this communication should not be considered alternatives to measurement s required by GAAP, such as net income,