<SEC-DOCUMENT>0001571049-15-002266.txt : 20150324
<SEC-HEADER>0001571049-15-002266.hdr.sgml : 20150324
<ACCEPTANCE-DATETIME>20150324160822
ACCESSION NUMBER:		0001571049-15-002266
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150324
DATE AS OF CHANGE:		20150324
GROUP MEMBERS:		JACK C. BENDHEIM

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHIBRO ANIMAL HEALTH CORP
		CENTRAL INDEX KEY:			0001069899
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				131840497
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-88114
		FILM NUMBER:		15721807

	BUSINESS ADDRESS:	
		STREET 1:		GLENPOINTE CENTRE EAST, 3RD FLOOR
		STREET 2:		300 FRANK W. BURR BLVD., SUITE 21
		CITY:			TEANECK
		STATE:			NJ
		ZIP:			07666
		BUSINESS PHONE:		201-329-7300

	MAIL ADDRESS:	
		STREET 1:		GLENPOINTE CENTRE EAST, 3RD FLOOR
		STREET 2:		300 FRANK W. BURR BLVD., SUITE 21
		CITY:			TEANECK
		STATE:			NJ
		ZIP:			07666

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHILIPP BROTHERS CHEMICALS INC
		DATE OF NAME CHANGE:	19980908

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BFI Co., LLC
		CENTRAL INDEX KEY:			0001601607
		IRS NUMBER:				262105186
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		300 FRANK W. BURR BLVD., STE 21
		CITY:			TEANECK
		STATE:			NJ
		ZIP:			07666
		BUSINESS PHONE:		2013297300

	MAIL ADDRESS:	
		STREET 1:		300 FRANK W. BURR BLVD., STE 21
		CITY:			TEANECK
		STATE:			NJ
		ZIP:			07666
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>t1500669_sc13da.htm
<DESCRIPTION>AMENDMENT NO.2 TO SCHEDULE 13D
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13D/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Under the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Amendment No. 2)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Phibro Animal Health Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Issuer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Class A Common Stock, par value $0.0001 per
share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Title of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>71742Q 106</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(CUSIP Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>c/o Jack C. Bendheim</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Phibro Animal Health Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Glenpointe Centre East, 3rd Fl.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>300 Frank W. Burr Blvd., Ste 21</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Teaneck, NJ 07666-6712</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(201) 329-7300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, Address and Telephone Number of Person
Authorized to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Receive Notices and Communications)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>March 16, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Date of Event which Requires Filing of this
Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the filing person has previously filed a
statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because
of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box.&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Note: </B>Schedules filed in paper format
shall include a signed original and five copies of this schedule, including all exhibits. See Rule 13d-7 for other parties to whom
copies are to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">*The remainder of this cover page shall be filled
out for a reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent
amendment containing information which would alter disclosures provided in a prior cover page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The information required on the remainder of
this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934
(&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SCHEDULE 13D</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 48%; border: Black 1pt solid; padding: 4pt 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">CUSIP NO. 71742Q 106</FONT></TD>
    <TD STYLE="width: 4%; border-right: Black 1pt solid; padding: 4pt 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt 3pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Page&nbsp;&nbsp;<U>&nbsp;&nbsp;2&nbsp;&nbsp;</U>&nbsp;&nbsp;of&nbsp;&nbsp;<U>&nbsp;&nbsp;3&nbsp;&nbsp;</U>&nbsp;&nbsp;Pages</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="border: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NAME OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>BFI Co., LLC</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 86%; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 5%; border-right: Black 1pt solid; padding: 3pt 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(a) <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(b) <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">SEC USE ONLY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">SOURCE OF FUNDS (see instructions)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>OO</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt 5.4pt; text-align: right"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">CITIZENSHIP OR PLACE OR ORGANIZATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="8" STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NUMBER OF</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SHARES BENEFICIALLY</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OWNED BY</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EACH</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORTING</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PERSON</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WITH</B></P></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 76%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">SOLE VOTING POWER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">SHARED VOTING POWER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>21,512,275 shares of Class B Common Stock<SUP>(1)</SUP></B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">SOLE DISPOSITIVE POWER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">SHARED DISPOSITIVE POWER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>21,512,275 shares of Class B Common Stock <SUP>(1)</SUP></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="border: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>21,512,275 shares of Class B Common Stock <SUP>(1)</SUP></B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 86%; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; border-right: Black 1pt solid; padding: 3pt 5.4pt; text-align: right"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>55.2% <SUP>(2)</SUP></B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">TYPE OF REPORTING PERSON (see instructions)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>HC</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(1) The Reporting Person holds shares of Class B Common Stock, par
value $0.0001 per share (&ldquo;Class B Common Stock&rdquo;), which has economic rights identical to shares of Class A Common Stock
and entitles the record holder to ten (10) votes per share of Class B Common Stock on all matters to be voted on by stockholders
generally. Class A Common Stock entitles the record holder to one (1) vote per share of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(2) See Item 5.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SCHEDULE 13D</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 48%; border: Black 1pt solid; padding: 4pt 3pt"><FONT STYLE="font-size: 10pt">CUSIP NO. 71742Q 106</FONT></TD>
    <TD STYLE="width: 4%; border-right: Black 1pt solid; padding: 4pt 3pt">&nbsp;</TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt 3pt; text-align: right"><FONT STYLE="font-size: 10pt">Page&nbsp;&nbsp;<U>&nbsp;&nbsp;3&nbsp;&nbsp;</U>&nbsp;&nbsp;of&nbsp;&nbsp;<U>&nbsp;&nbsp;3&nbsp;&nbsp;</U>&nbsp;&nbsp;Pages</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="border: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NAME OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>Jack C. Bendheim</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 86%; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 5%; border-right: Black 1pt solid; padding: 3pt 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(a) <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(b) <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">SEC USE ONLY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">SOURCE OF FUNDS (see instructions)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>PF</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; border-right: Black 1pt solid; padding: 3pt 5.4pt; text-align: right"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">CITIZENSHIP OR PLACE OR ORGANIZATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>United States of America</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="8" STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NUMBER OF</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SHARES BENEFICIALLY</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OWNED BY</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EACH</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORTING</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PERSON</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WITH</B></P></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 76%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">SOLE VOTING POWER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">SHARED VOTING POWER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>21,512,275 shares of Class B Common Stock<SUP>(1)</SUP></B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">SOLE DISPOSITIVE POWER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">SHARED DISPOSITIVE POWER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>21,512,275 shares of Class B Common Stock <SUP>(1)</SUP></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="border: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>21,512,275 shares of Class B Common Stock <SUP>(1)</SUP></B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 86%; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; border-right: Black 1pt solid; padding: 3pt 5.4pt; text-align: right"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>55.2% <SUP>(2)</SUP></B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-size: 10pt">TYPE OF REPORTING PERSON&nbsp;&nbsp;(see instructions)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>IN</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(1) The Reporting Person holds shares of Class B Common Stock, which
has economic rights identical to shares of Class A Common Stock and entitles the record holder to ten (10) votes per share of Class
B Common Stock on all matters to be voted on by stockholders generally. Class A Common Stock entitles the record holder to one
(1) vote per share of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(2) See Item 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1. Security and Issuer.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Amendment No. 2 to Schedule 13D (this &ldquo;Amendment&rdquo;)
relates to the Class A Common Stock, par value $0.0001 per share (&ldquo;Class A Common Stock&rdquo;), of Phibro Animal Health
Corporation, a Delaware corporation (the &ldquo;Issuer&rdquo;). This Amendment is being filed by each of the Reporting Persons
to amend the Schedule 13D (the &ldquo;Schedule 13D&rdquo;) which was originally filed on April 29, 2014 and amended by that certain
Amendment No. 1 to Schedule 13D, filed on August 11, 2014. Except as otherwise set forth herein, this Amendment does not modify
any of the information previously reported by the Reporting Parties in the Schedule 13D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 4. Purpose of Transaction.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Item 4 of the Schedule 13D is hereby supplemented
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On March 16, 2015, BFI Co., LLC (&ldquo;BFI&rdquo;)
entered into a Rule 10b5-1 sales plan (the &ldquo;Sales Plan&rdquo;) with Goldman, Sachs &amp; Co. (&ldquo;Broker&rdquo;) pursuant
to which Broker is authorized and directed to sell on behalf of BFI up to 1,075,000 shares of Class A Common Stock through June
9, 2016, subject to satisfaction of certain conditions, including among others, minimum sale price and limit on the number of shares
that can be sold on a single trading day. All transactions under the Sales Plan are to be made in accordance with the terms and
conditions of the Sales Plan. The Sales Plan was adopted to enable BFI to sell a modest portion of its shares of Common Stock (BFI
holds Class B Common Stock which is exchangeable for Class A Common Stock on a 1:1 basis). By using a Rule 10b5-1 Sales Plan, BFI
can diversify its investment portfolio over an extended period of time. As of March 24, 2015, if all shares covered by the Sales
Plan are sold, BFI will continue to hold 20,437,275 shares of Class B Common Stock, which are exchangeable for 20,437,275 shares
of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as described above, none of the Reporting
Persons currently has any plans or proposals which would be related to or would result in any of the matters described in Items
4(a)-(j) of Schedule 13D. However, as part of the ongoing evaluation of investment alternatives, the Reporting Persons may consider
such matters and, subject to applicable law, may formulate a plan with respect to such matters, and, from time to time, one or
more Reporting Persons may hold discussions with or make formal proposals to management or the Board of Directors of the Issuer
or other third parties regarding such matters as permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 5. Interest in Securities of the Issuer.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Item 5 of the Schedule 13D is hereby amended
and supplemented as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The ownership percentages set forth below are
based on 17,478,373 shares of the Issuer&rsquo;s Class A Common Stock and 21,512,275 shares of the Issuer&rsquo;s Class B Common
Stock outstanding as reported in the Issuer&rsquo;s quarterly report on Form 10-Q, for the three months ended December 31, 2014,
filed on February 10, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a) BFI directly owns 21,512,275 shares of Class
B Common Stock, representing 55.2% of the total number of shares of Class A Common Stock outstanding, assuming that all outstanding
shares of Class B Common Stock are exchanged into shares of Class A Common Stock. As the Class A Manager of BFI, Jack C. Bendheim
may be deemed to beneficially own the 21,512,275 shares of Class B Common Stock owned by BFI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) Jack C. Bendheim has the sole authority
to vote all of the common stock of the Issuer owned by BFI and, together with three of his adult children, is the manager of BFI
with respect to the economic rights pertaining to such common stock of the Issuer owned by BFI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c) Except as set forth herein, none of the
Reporting Persons has engaged in any transaction during the past 60 days in any shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d) Other than the Reporting Persons, no other
person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale
of, the Reporting Persons&rsquo; securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e) Not applicable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">After reasonable inquiry and to the best of
my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">March 24, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Jack C. Bendheim</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Jack C. Bendheim</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>BFI Co., LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;&nbsp;Jack C. Bendheim</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name: Jack C. Bendheim</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title: Class A Manager</P></TD></TR>
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