Phibro Animal Health Interim Results for the 6 -2-

range of animal health and nutrition products to the poultry, swine, cattle and 
aquaculture markets. PAHC is also a manufacturer and marketer of performance 
products for the ethanol and personal care industries. For more information, 
please visit www.pahc.com. 
 
For further information please contact: 
 
+----------------------------------------+----------------------+ 
| Phibro Animal Health Corporation       | [phone]      | 
| Richard Johnson, Chief Financial       |                      | 
| Officer                                |                      | 
| [e-mail]            |                      | 
+----------------------------------------+----------------------+ 
|                                        |                      | 
+----------------------------------------+----------------------+ 
| Panmure Gordon (UK) Limited            | [phone] | 
| Andrew Godber                          |                      | 
| Rakesh Sharma                          |                      | 
|                                        |                      | 
+----------------------------------------+----------------------+ 
Regulation S 
The securities discussed in this release have not been registered under the U.S. 
Securities Act of 1933, as amended ("Securities Act"), and may not be offered or 
sold in the United States or to U.S. Persons (as defined in Regulation S 
promulgated under the Securities Act) absent registration or an applicable 
exemption from the registration requirements of the Securities Act. 
 
Forward-Looking Statements 
This announcement contains forward-looking statements, including statements 
regarding management's expectations and beliefs regarding the future results or 
performance of the Company.  Because these statements apply to future events, 
they are subject to risks and uncertainties.  When used in this announcement, 
the words "anticipate," "believe," "estimate," "expect," "expectation," 
"project," , "intend" and similar expressions are intended to identify such 
forward-looking statements.  Our actual results could differ materially from 
those projected in the forward-looking statements.  Additionally, you should not 
consider past results to be an indication of our future performance.  We do not 
intend to update any of the forward-looking statements after the date of this 
announcement to conform these statements to actual results, to changes in 
management's expectations or otherwise, except as may be required by law. 
 
Financial Information 
The Company's Consolidated statements of operations, Consolidated balance 
sheets, Consolidated statements of cash flows and Reconciliation of net income 
(loss) to adjusted ebitda are as follows: 
 
 
+--------+--------+--------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
| Consolidated statements of operations                                   |        |                  |        |                  |        | 
+-------------------------------------------------------------------------+--------+------------------+--------+------------------+--------+ 
|        |        |        |                  |        |                  |        |                  |        |                  |        | 
+--------+--------+--------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
|        |        |        |                Three months                  |        |                  Six months                  |        | 
+--------+--------+--------+----------------------------------------------+--------+----------------------------------------------+--------+ 
| For the periods ended    |       2009       |        |       2008       |        |       2009       |        |       2008       |        | 
| December 31              |                  |        |                  |        |                  |        |                  |        | 
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
|        |        |        |                                             (unaudited)                                              |        | 
+--------+--------+--------+------------------------------------------------------------------------------------------------------+--------+ 
|        |        |        |                              (in thousands, except per share amounts)                                |        | 
+--------+--------+--------+------------------------------------------------------------------------------------------------------+--------+ 
|        |        |        |                  |        |                  |        |                  |        |                  |        | 
+--------+--------+--------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
| Net sales                | $                |        | $                |        |                $ |        |                $ |        | 
|                          | 151,849          |        | 127,749          |        |          288,099 |        |          263,996 |        | 
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
| Cost of goods sold       |      111,327     |        |        97,441    |        |         211,488  |        |         203,048  |        | 
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
|        | Gross profit    |        40,522    |        |        30,308    |        |          76,611  |        |          60,948  |        | 
+--------+-----------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
| Selling, general and     |        25,754    |        |        20,531    |        |          49,869  |        |          40,993  |        | 
| administrative expenses  |                  |        |                  |        |                  |        |                  |        | 
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
|        | Operating       |        14,768    |        |         9,777    |        |          26,742  |        |          19,955  |        | 
|        | income (loss)   |                  |        |                  |        |                  |        |                  |        | 
+--------+-----------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
| Interest expense         |         8,772    |        |         7,376    |        |          17,371  |        |          14,633  |        | 
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
| Interest (income)        |            (18)  |        |            (15)  |        |             (38) |        |             (43) |        | 
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
| Foreign currency (gains) |        (1,128)   |        |         9,810    |        |          (6,280) |        |          19,826  |        | 
| losses, net              |                  |        |                  |        |                  |        |                  |        | 
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
| Other (income) expense,  |              54  |        |              26  |        |              87  |        |              62  |        | 
| net                      |                  |        |                  |        |                  |        |                  |        | 
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
|        | Income (loss)   |         7,088    |        |        (7,420)   |        |          15,602  |        |         (14,523) |        | 
|        | before income   |                  |        |                  |        |                  |        |                  |        | 
|        | taxes           |                  |        |                  |        |                  |        |                  |        | 
+--------+-----------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
| Provision (benefit) for  |         1,929    |        |            284   |        |           2,711  |        |           1,291  |        | 
| income taxes             |                  |        |                  |        |                  |        |                  |        | 
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
|        | Income (loss)   | $                |        | $                |        |                $ |        |                $ |        | 
|        | from continuing | 5,159            |        | (7,704)          |        |           12,891 |        |         (15,814) |        | 
|        | operations      |                  |        |                  |        |                  |        |                  |        | 
+--------+-----------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+ 
| (Loss) from discontinued |                  |        |                  |        |                  |        |                  |        | 
| operations,              |                  |        |                  |        |                  |        |                  |        |