Executive Summary

Phibro Animal Health Corporation is a leading diversified global manufacturer and marketer of a broad range of animal health and nutrition products, specifically medicated feed additives (\MFAs\) and nutritional feed additives (\NFAs\), which the Company sells throughout the world predominantly to the poultry, swine and cattle markets. MFAs are used preventively and therapeutically in animal feed to produce healthy animals. NFAs are used to fortify and enhance the nutrition of animal feeds. The Company is also a manufacturer and marketer of performance products for use in the ethanol, personal care, automotive, chemical catalyst, semi conductor and wood treatment industries. The Company has several proprietary products, and many of its products provide critical performance attributes to its customers' products, while representing a relatively small percentage of total end-product cost. The Company operates around the world and sells products to approximately 2,500 customers in over 50 countries. The Company's Animal Health and Nutrition business manufactures and markets more than 500 formulations and concentrations of medicated and nutritional feed additives, including antibiotics, antibacterials, anticoccidials, anthelmintics, trace minerals, vitamins, vitamin premixes and other animal health and nutrition products to the animal and pet food industries. The Company's MFA products are internationally recognised for quality and efficacy in the prevention and treatment of diseases in animals, such as coccidiosis in poultry, dysentery in swine and acidosis in cattle. The Company markets its Animal Health and Nutrition products under hundreds of governmental product registrations approving its MFA products with respect to animal drug safety and effectiveness. The Company's Performance Products business (comprised of the Distribution and Industrial Chemicals segments) manufactures and markets a number of performance products including ethanol processing aids, wood treatment chemicals, surface finishing and coating materials and personal care active ingredients. The Company's main region of operation in terms of sales revenue is North America with manufacturing facilities located in Brazil, Israel and the United States.

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