Phibro Animal Health Interim Results for the 6 -6-

| capital leases                    |                       |        |                      |        |                       |        |                      | 
+-----------------------------------+-----------------------+--------+----------------------+--------+-----------------------+--------+----------------------+ 
| Equity transaction costs          |                       |        |                      |        |                       |        |              (1,401) | 
|                                   | -                     |        | -                    |        |                     - |        |                      | 
+-----------------------------------+-----------------------+--------+----------------------+--------+-----------------------+--------+----------------------+ 
|        | Net cash provided (used) |              2,687    |        |               (101)  |        |                  379  |        |              11,767  | 
|        | by financing activities  |                       |        |                      |        |                       |        |                      | 
+--------+--------------------------+-----------------------+--------+----------------------+--------+-----------------------+--------+----------------------+ 
| Effect of exchange rate changes   |                   33  |        |               (476)  |        |                  157  |        |                (597) | 
| on cash                           |                       |        |                      |        |                       |        |                      | 
+-----------------------------------+-----------------------+--------+----------------------+--------+-----------------------+--------+----------------------+ 
|        | Net increase (decrease)  |            51,984     |        |            (4,703)   |        |               53,883  |        |              (2,101) | 
|        | in cash and cash         |                       |        |                      |        |                       |        |                      | 
|        | equivalents              |                       |        |                      |        |                       |        |                      | 
+--------+--------------------------+-----------------------+--------+----------------------+--------+-----------------------+--------+----------------------+ 
| Cash and cash equivalents at      |            15,417     |        |              9,596   |        |               13,518  |        |               6,994  | 
| beginning of period               |                       |        |                      |        |                       |        |                      | 
+-----------------------------------+-----------------------+--------+----------------------+--------+-----------------------+--------+----------------------+ 
| Cash and cash equivalents at end  | $                     |        | $                    |        |                     $ |        |                    $ | 
| of period                         | 67,401                |        | 4,893                |        |                67,401 |        |                4,893 | 
+-----------------------------------+-----------------------+--------+----------------------+--------+-----------------------+--------+----------------------+ 
|        |        |        |        |                       |        |                      |        |                       |        |                      | 
+--------+--------+--------+--------+-----------------------+--------+----------------------+--------+-----------------------+--------+----------------------+ 
| Supplemental cash flow            |                       |        |                      |        |                       |        |                      | 
| information                       |                       |        |                      |        |                       |        |                      | 
+-----------------------------------+-----------------------+--------+----------------------+--------+-----------------------+--------+----------------------+ 
|        | Interest paid            | $                     |        | $                    |        |                     $ |        |                    $ | 
|        |                          | 1,318                 |        | 392                  |        |                15,611 |        |               13,889 | 
+--------+--------------------------+-----------------------+--------+----------------------+--------+-----------------------+--------+----------------------+ 
|        | Income taxes paid        |            (3,425)    |        |              1,555   |        |               (3,088) |        |               4,076  | 
|        | (refunds received), net  |                       |        |                      |        |                       |        |                      | 
+--------+--------------------------+-----------------------+--------+----------------------+--------+-----------------------+--------+----------------------+ 
| Non-cash investing and financing  |                       |        |                      |        |                       |        |                      | 
| activities                        |                       |        |                      |        |                       |        |                      | 
+-----------------------------------+-----------------------+--------+----------------------+--------+-----------------------+--------+----------------------+ 
|        | Capital lease additions  |                       |        |                 476  |        |                  313  |        |                 476  | 
|        |                          | -                     |        |                      |        |                       |        |                      | 
+--------+--------+--------+--------+-----------------------+--------+----------------------+--------+-----------------------+--------+----------------------+ 
The table below reconciles net income (loss) to ebitda and adjusted ebitda: 
+--------+--------+----------+------------------+--------+------------------+--------+------------------+--------+------------------+ 
|        |        |          |                 Three months                 |        |                 Six months                   | 
+--------+--------+----------+----------------------------------------------+--------+----------------------------------------------+ 
| For the periods ended      |      2009        |        |      2008        |        |      2009        |        |      2008        | 
| December 31                |                  |        |                  |        |                  |        |                  | 
+----------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+ 
|        |        |          |                                            (in thousands)                                            | 
+--------+--------+----------+------------------------------------------------------------------------------------------------------+ 
| Net income (loss)          |                $ |        |                $ |        |                $ |        |                $ | 
|                            |           32,549 |        |          (8,860) |        |           41,533 |        |         (17,586) | 
+----------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+ 
| Plus                       |                  |        |                  |        |                  |        |                  | 
+----------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+ 
|        | Loss from         |                  |        |                  |        |                  |        |                  | 
|        | discontinued      |                  |        |                  |        |                  |        |                  | 
|        | operations,       |                  |        |                  |        |                  |        |                  | 
+--------+-------------------+------------------+--------+------------------+--------+------------------+--------+------------------+ 
|        |        | net of   |           1,098  |        |           1,156  |        |           1,217  |        |           1,772  | 
|        |        | income   |                  |        |                  |        |                  |        |                  | 
|        |        | taxes    |                  |        |                  |        |                  |        |                  | 
+--------+--------+----------+------------------+--------+------------------+--------+------------------+--------+------------------+ 
|        | Gain on           |                  |        |                  |        |                  |        |                  | 
|        | disposal of       |                  |        |                  |        |                  |        |                  | 
|        | discontinued      |                  |        |                  |        |                  |        |                  | 
|        | operations,       |                  |        |                  |        |                  |        |                  | 
+--------+-------------------+------------------+--------+------------------+--------+------------------+--------+------------------+ 
|        |        | net of   |         (28,488) |        |                  |        |         (29,859) |        |                  | 
|        |        | income   |                  |        |                - |        |                  |        |                - | 
|        |        | taxes    |                  |        |                  |        |                  |        |                  |