<SEC-DOCUMENT>0000950103-16-018081.txt : 20161123
<SEC-HEADER>0000950103-16-018081.hdr.sgml : 20161123
<ACCEPTANCE-DATETIME>20161123060226
ACCESSION NUMBER:		0000950103-16-018081
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20161123
FILED AS OF DATE:		20161123
DATE AS OF CHANGE:		20161123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ISRAEL CHEMICALS LTD
		CENTRAL INDEX KEY:			0000941221
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE CHEMICALS [2870]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13742
		FILM NUMBER:		162014775

	BUSINESS ADDRESS:	
		STREET 1:		MILLENNIUM TOWER
		STREET 2:		23 ARANHA STREET, P.O. BOX 20245
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			61202
		BUSINESS PHONE:		(972-3) 684-4400

	MAIL ADDRESS:	
		STREET 1:		MILLENNIUM TOWER
		STREET 2:		23 ARANHA STREET, P.O. BOX 20245
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			61202
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp70401_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K<BR>
</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of November, 2016</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 21%; color: black">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-13742</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ISRAEL CHEMICALS LTD.</B></P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Israel Chemicals Ltd.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Millennium Tower</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>23 Aranha Street</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>P.O. Box 20245</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel Aviv, 61202 Israel</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(972-3) 684-4400</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive office)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; width: 29%"><FONT STYLE="font-size: 12pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 28%"><FONT STYLE="font-size: 12pt">Form 40-F</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Gray 1pt solid">
</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(1):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; width: 29%"><FONT STYLE="font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Gray 1pt solid">
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(7):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; width: 29%"><FONT STYLE="font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Gray 1pt solid">
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD></TR>
</TABLE><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ISRAEL CHEMICALS LTD.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This report on Form 6-K shall be deemed to be incorporated by
reference into the registration statement on Form S-8 (Registration Number: 333-205518) of Israel Chemicals Ltd. and to be a part
thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or
furnished.</P>

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">1.</FONT></TD><TD>Q3 2016 Results</TD></TR></TABLE>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Item 1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;<IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Condensed Consolidated Statements of Financial
Position as at (Unaudited)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 52%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-size: 10pt; font-weight: bold">September 30 2016</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">September 30 2015</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">December 31 2015</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-size: 10pt; font-weight: bold">$ millions</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold">Current assets</TD>
    <TD STYLE="width: 16%; border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 16%; border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;157</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;212</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;161</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-term investments and deposits </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;50</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;81</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;87</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade receivables</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;1,117</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;883</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;1,082</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;1,351</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;1,184</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;1,364</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other receivables</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">232</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">324</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">291</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold">Total current assets</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">2,907</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">2,684</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">2,985</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold">Non-current assets</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments in equity-accounted investees</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;162</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;164</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;159</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial assets available for sale</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;235</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">-</TD>
    <TD STYLE="text-align: right; font-size: 10pt">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred tax assets</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;173</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;162</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;199</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;4,317</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;4,013</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;4,212</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intangible assets</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;862</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;1,031</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;1,185</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-current assets</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">305</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">140</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">337</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total non-current assets</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">6,054</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">5,510</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">6,092</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold">Total assets</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">8,961</P>
</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">8,194</P>
</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">9,077</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold">Current liabilities</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-term credit</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;477</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;501</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;673</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade payables</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;801</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;544</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;716</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provisions</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;90</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;42</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;42</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other current liabilities</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">696</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">573</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">615</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total current liabilities</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">2,064</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">1,660</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">2,046</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold">Non-current liabilities</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Long-term debt and debentures</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;3,153</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;2,460</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;2,805</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred tax liabilities</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;198</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;339</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;351</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Long-term employee provisions</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;667</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;584</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;547</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provisions </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;123</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;99</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;127</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other non-current liabilities</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">23</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">21</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">13</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total non-current liabilities</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">4,164</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">3,503</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">3,843</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold">Total liabilities</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">6,228</P>
</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">5,163</P>
</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">5,889</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold">Equity</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 10pt; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold">Total shareholders&rsquo; equity</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">2,614</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">3,005</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">3,028</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-controlling interests</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">119</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">26</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">160</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total equity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">2,733</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">3,031</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">3,188</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; background-color: white; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total liabilities and equity</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">8,961</P>
</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">8,194</P>
</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">9,077</P>
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left">The accompanying notes are an integral
part of these condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Condensed Consolidated Statements of Income (Unaudited)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #4F81BD">(in millions except per
share data)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #4F81BD">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the three-month</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">period ended</P>
</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the nine-month</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">period ended</P>
</TD>
    <TD STYLE="vertical-align: top; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">year ended</P>
</TD></TR>
<TR>
    <TD STYLE="width: 40%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; background-color: white; text-align: center; font-size: 10pt; font-weight: bold">September 30 2016</TD>
    <TD STYLE="width: 12%; border-right: White 2.25pt solid; border-bottom: rgb(79,129,189) 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">September 30 2015</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; background-color: white; text-align: center; font-size: 10pt; font-weight: bold">September 30 2016</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-size: 10pt; font-weight: bold">September 30 2015</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">December 31 2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">$ millions</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">$ millions</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">$ millions</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">$ millions</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">$ millions</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales</FONT></TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,383</TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; text-align: right">&nbsp;1,379</TD>
    <TD STYLE="width: 12%; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;4,025</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right">&nbsp;3,978</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right">&nbsp;5,405</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cost of sales</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">922</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">891</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">2,781</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">2,708</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">3,602</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">Gross profit</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;461</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;488</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,244</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;1,270</TD>
    <TD STYLE="text-align: right">&nbsp;1,803</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Selling, transport and&nbsp;&nbsp;marketing expenses</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;197</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;166</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;531</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;472</TD>
    <TD STYLE="text-align: right">&nbsp;653</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;80</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;83</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;241</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;237</TD>
    <TD STYLE="text-align: right">&nbsp;350</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Research and development expenses</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;18</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;21</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;54</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;57</TD>
    <TD STYLE="text-align: right">&nbsp;74</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other expenses</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;522</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;31</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;548</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;131</TD>
    <TD STYLE="text-align: right">&nbsp;211</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other income</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(25)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(10)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(55)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(246)</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(250)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">Operating income (loss)</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(331)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">197</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(75)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">619</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">765</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Finance expenses</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;80</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;72</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;126</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;124</TD>
    <TD STYLE="text-align: right">&nbsp;160</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Finance income</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(35)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(23)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(13)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(45)</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(52)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">Finance expenses, net</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">45</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">49</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">113</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">79</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">108</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share in earnings of equity-accounted investees</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">7</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">8</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">16</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">13</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">11</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">Income (loss) before income taxes</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(369)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;156</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(172)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;553</TD>
    <TD STYLE="text-align: right">&nbsp;668</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income taxes</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(22)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">34</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">5</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">139</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">162</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">Net income (loss)</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(347)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">122</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(177)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">414</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">506</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net&nbsp;&nbsp;income (loss) attributable to the non-controlling interests</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(7)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">1</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(23)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">1</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(3)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income (loss) attributable to the shareholders of the Company</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(340)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">121</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(154)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">413</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">509</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">Earnings per share attributable to </TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">US
        $</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">US $</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">US
        $</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">US $</P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">US $</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;&nbsp;the shareholders of the Company:</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Basic earnings (loss) per share</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(0.27)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">0.10</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(0.12)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">0.33</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">0.40</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Diluted earnings (loss) per share</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(0.27)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">0.10</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(0.12)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">0.33</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">0.40</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">Weighted-average number of </TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;&nbsp;ordinary shares outstanding:</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Basic (in thousands)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">1,274,069</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">1,272,662</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">1,273,331</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">1,271,243</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">1,271,624</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Diluted (in thousands)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">1,274,069</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">1,273,184</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">1,273,331</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">1,271,747</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">1,272,256</P>
</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left">The accompanying notes are an integral
part of these condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Condensed Consolidated Statements of Comprehensive
Income (Unaudited)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the three-month</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">period ended</P>
</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the nine-month</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">period ended</P>
</TD>
    <TD STYLE="vertical-align: top; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">year ended</P>
</TD></TR>
<TR>
    <TD STYLE="width: 45%; border-right: White 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; background-color: white; text-align: center; font-weight: bold">September 30 2016</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 11%">September 30 2015</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; background-color: white; text-align: center; font-weight: bold">September 30 2016</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">September 30 2015</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">December 31 2015</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">Net income (loss)</TD>
    <TD STYLE="width: 11%; border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(347)</P>
</TD>
    <TD STYLE="width: 11%; border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">122</P>
</TD>
    <TD STYLE="width: 11%; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(177)</P>
</TD>
    <TD STYLE="width: 11%; border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">414</P>
</TD>
    <TD STYLE="width: 11%; border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">506</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Components of other comprehensive income that&nbsp;&nbsp;will be reclassified subsequently to net income (loss)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency translation differences </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(4)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(37)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(4)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(168)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(205)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes in fair value of derivatives designated as a cash flow hedge</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(1)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(1)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(2)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(2)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes in fair value of financial assets available for sale</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(19)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(11)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax relating to items that will be reclassified subsequently to net income (loss)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">2</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">-</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">-</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">-</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">Total</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(21)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(38)</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(16)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(170)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(207)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Components of other comprehensive income that will not be reclassified to net income (loss)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Actuarial gains (losses) from defined benefit plan</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(56)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(9)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(102)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;32</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;63</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax relating to items that will not be reclassified to net income (loss)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">10</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">-*</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">19</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(9)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(15)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">Total</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(46)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(9)</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(83)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">23</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">48</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: justify; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-indent: 0in; font-size: 10pt; font-weight: bold">Total comprehensive income (loss)</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(414)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">75</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(276)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">267</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">347</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: justify; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: justify; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Comprehensive loss attributable to the non-controlling interests</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(7)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(1)</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(27)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">-</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(9)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; text-indent: -0.125in; padding-left: 0.125in">Comprehensive income (loss) attributable to the shareholders of the Company</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(407)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">76</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(249)</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">267</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">356</P>
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left">* Less than $1 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left">The accompanying notes are an integral
part of these condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Condensed Consolidated
Statements of Cash Flows (Unaudited)</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the three-month</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">period ended</P>
</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the nine-month</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">period ended</P>
</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">year ended</P>
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 50%; border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; background-color: white; text-align: center; font-weight: bold">September 30 2016</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 10%">September 30 2015</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; background-color: white; text-align: center; font-weight: bold">September 30 2016</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">September 30 2015</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">December 31 2015</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">Cash flows from operating activities</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 10%; border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net income (loss)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(347)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;122</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(177)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;414</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;506</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjustments for:</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;113</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;90</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;311</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;301</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;430</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revaluation of balances from financial institutions and interest expenses, net</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;41</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;19</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;82</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;33</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;44</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share in earnings of equity-accounted investees, net </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(7)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(8)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(16)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(13)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(11)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other capital losses (gains), net</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;429</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(1)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;430</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(8)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based compensation</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;4</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;6</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;12</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;12</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss (gain) from divestiture of subsidiaries </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(223)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(215)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred tax expenses (income)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(60)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-weight: normal">14</FONT></P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(114)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-weight: normal">25</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-weight: normal">5</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;173</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;242</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;529</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;541</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;779</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in inventories</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;14</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(5)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;14</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;115</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;25</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in trade and other receivables</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(69)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;11</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(18)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;105</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(86)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in trade and other payables</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;95</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(30)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;110</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(59)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(55)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in provisions and employee benefits</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">36</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-weight: normal">(94)</FONT></P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">74</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-weight: normal">(187)</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-weight: normal">(90)</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net cash provided by operating activities</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">249</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">124</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">709</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">515</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-weight: normal">573</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash flows from investing activities</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments in shares and proceeds from deposits, net</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;29</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(2)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(218)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;37</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchases of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(153)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(164)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(494)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(469)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(619)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Business combinations, net of cash acquired</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(188)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(351)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from divestiture of subsidiaries</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;17</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;372</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;364</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">1</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">5</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">4</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">19</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">25</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net cash used in investing activities</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(123)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(161)</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(691)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(229)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(547)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash flows from financing activities</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends paid</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(62)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(53)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(164)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(263)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(348)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Receipt of long-term debt</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;213</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;140</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,238</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;802</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;1,201</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Repayment of long-term debt</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(260)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(2)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(994)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(685)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;(846)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-term credit from banks and others, net</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(19)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(57)</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(103)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(49)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">8</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net cash provided by (used in) financing&nbsp;&nbsp;activities</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(128)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">28</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(23)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(195)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">15</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net change in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(2)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(9)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(5)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;91</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;41</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents as at beginning of the period</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;158</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;231</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;161</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;138</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;138</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net effect of currency translation on cash and cash equivalents</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">1</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(10)</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">1</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(17)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(18)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash and cash equivalents as at the end of the period</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">157</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">212</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">157</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">212</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">161</P>
</TD></TR>
</TABLE>
<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Additional
Information</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the three-month</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">period ended</P>
</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the nine-month</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">period ended</P>
</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">year ended</P>
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 50%; border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; background-color: white; text-align: center; font-weight: bold">September 30 2016</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 10%">September 30 2015</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; background-color: white; text-align: center; font-weight: bold">September 30 2016</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">September 30 2015</TD>
    <TD STYLE="width: 10%; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">December 31 2015</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income taxes paid, net of tax refunds</FONT></TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(28)</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right">&nbsp;(46)</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(80)</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right">&nbsp;4</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;(20)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest paid</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(24)</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;(13)</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(77)</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;(55)</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;(87)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">The accompanying
notes are an integral part of these condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Condensed Consolidated Statements of Changes
in Equity (Unaudited)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(78,129,212) 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: rgb(78,129,212) 1pt solid; margin-bottom: 0pt; text-align: center; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="color: Black">Attributable
    to the shareholders of the Company</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-bottom: rgb(78,129,212) 1pt solid; border-top: rgb(78,129,212) 1pt solid">Non-controlling interests<FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid; border-top: rgb(78,129,212) 1pt solid"><B>Total equity</B><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center; width: 28%; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Share</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">capital</FONT></P>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Share</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">premium</FONT></P>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Cumulative</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">translation</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">adjustments</FONT></P>
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Capital</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">reserves</FONT></P>
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Treasury</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">shares,</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">at
        cost&nbsp;</FONT></P></TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Retained</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">earnings</FONT></P>
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Total</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">shareholders'</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">equity</FONT></P>
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center; width: 8%"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center; width: 8%"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">$
    millions</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For the three-month period ended September 30, 2016</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Balance as at July 1, 2016</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;544</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;150</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(396)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;90</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(260)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;2,949</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;3,077</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;128</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;3,205</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based compensation </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-*</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;2</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;2</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;4</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;4</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(60)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(60)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(2)</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(62)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Comprehensive loss </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(4)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(17)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(386)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(407)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(7)</P>
</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(414)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Balance as at September 30, 2016</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">544</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">152</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(400)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">75</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(260)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">2,503</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">2,614</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">119</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">2,733</P>
</TD></TR>
</TABLE>


<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>


<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>



<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">* Less than $1 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">The
accompanying notes are an integral part of these condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Condensed Consolidated Statements of Changes
in Equity (Unaudited) (cont'd)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border-right: White 2.25pt solid; border-top: rgb(78,129,212) 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom; border-top: rgb(78,129,212) 1pt solid">Attributable to the shareholders of the Company</TD>
    <TD STYLE="vertical-align: bottom; border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; text-align: center; border-top: rgb(78,129,212) 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Non-</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">controlling</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">interests&nbsp;</P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; border-bottom: rgb(78,129,212) 1pt solid; border-right: White 2.25pt solid; border-top: rgb(78,129,212) 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Total</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">equity</P>
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 28%; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Share</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">capital</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Share</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">premium</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Cumulative</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">translation</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">adjustments</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Capital</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">reserves</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Treasury</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">shares,</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">at
        cost</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Retained</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">earnings</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Total</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">shareholders'</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">equity</FONT></P>
</TD>
    <TD STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center; width: 8%; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center; width: 8%; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: rgb(79,129,189) 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">$
    millions</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For the three-month period ended September 30, 2015</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Balance as at July 1, 2015</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;544</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;149</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(332)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;71</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(260)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;2,805</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;2,977</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;27</TD>
    <TD STYLE="text-align: right">&nbsp;3,004</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based compensation </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-*</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;5</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;5</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right"><B>-</B></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(53)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(53)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;(53)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Comprehensive income (loss)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(36)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(1)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">113</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">76</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(1)</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">75</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Balance as at September 30, 2015 </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">544</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">149</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">(368)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">75</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">(260)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">2,865</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">3,005</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">26</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">3,031</P>
</TD></TR>
</TABLE>


<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt">* Less than $1 million.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">The accompanying
notes are an integral part of these condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Condensed Consolidated Statements of Changes
in Equity (Unaudited) (cont'd)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: center; border-top: rgb(78,129,212) 1pt solid; font-size: 10pt; font-weight: bold; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-top: rgb(78,129,212) 1pt solid; border-bottom: rgb(78,129,212) 1pt solid; margin-bottom: 0pt; text-align: center; vertical-align: bottom"><FONT STYLE="color: Black">Attributable
    to the shareholders of the Company</FONT></TD>
    <TD STYLE="text-align: center; border-top: rgb(78,129,212) 1pt solid; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">Non-</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">controlling</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">interests&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; border-top: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">Total</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">equity</FONT></P>
</TD></TR>
<TR>
    <TD STYLE="text-align: center; width: 28%; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">Share</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">capital</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">Share</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">premium</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">Cumulative</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">translation</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">adjustments</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">Capital</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">reserves</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">Treasury</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">shares,</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">at
        cost</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">Retained</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">earnings</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">Total</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">shareholders'</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">equity</FONT></P>
</TD>
    <TD STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center; width: 8%; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center; width: 8%; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">$
    millions</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For the nine-month period ended September 30, 2016</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Balance as at January 1, 2016</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;544</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;149</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(400)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;93</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(260)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;2,902</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;3,028</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;160</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;3,188</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based compensation </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-*</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;3</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;9</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;12</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;12</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(162)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(162)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(2)</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(164)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes in equity of equity-accounted investees</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(15)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(15)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(15)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling interests in business combinations from prior periods</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(12)</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(12)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Comprehensive loss </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(12)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(237)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(249)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(27)</P>
</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(276)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Balance as at September 30, 2016</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">544</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">152</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(400)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">75</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(260)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">2,503</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">2,614</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">119</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">2,733</P>
</TD></TR>
</TABLE>


<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">* Less than $1 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">The accompanying
notes are an integral part of these condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Condensed Consolidated Statements of Changes
in Equity (Unaudited) (cont'd)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: center; border-top: rgb(78,129,212) 1pt solid; font-size: 10pt; font-weight: bold; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-top: rgb(78,129,212) 1pt solid; border-bottom: rgb(78,129,212) 1pt solid; margin-bottom: 0pt; text-align: center; vertical-align: bottom"><FONT STYLE="color: Black">Attributable
    to the shareholders of the Company</FONT></TD>
    <TD STYLE="border-top: rgb(78,129,212) 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Non-</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">controlling</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">interests</FONT></P>
</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; border-top: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Total</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: Black">equity</FONT></P>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black"></FONT></P></TD></TR>
<TR>
    <TD STYLE="text-align: center; width: 28%; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Share</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">capital</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Share</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">premium</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Cumulative</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">translation</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">adjustments</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Capital</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">reserves</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Treasury</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">shares,</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">at
        cost</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Retained</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">earnings</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Total</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">shareholders'</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">equity</FONT></P>
</TD>
    <TD STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center; width: 8%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center; width: 8%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center; vertical-align: bottom"><FONT STYLE="color: Black">$
    millions</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For the nine-month period ended September 30, 2015</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Balance as at January 1, 2015</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;543</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;134</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(201)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;66</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(260)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;2,692</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;2,974</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;26</TD>
    <TD STYLE="text-align: right">&nbsp;3,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issue of shares</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;1</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;15</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;16</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;16</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based compensation </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-*</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right"><B>-</B></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;11</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;11</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right"><B>-</B></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(263)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(263)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;(263)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Comprehensive income </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(167)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(2)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">436</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">267</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">267</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Balance as at September 30, 2015</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">544</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">149</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">(368)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">75</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">(260)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">2,865</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">3,005</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">26</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">3,031</P>
</TD></TR>
</TABLE>


<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt">* Less than $1 million.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">The accompanying
notes are an integral part of these condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Condensed Consolidated Statements of Changes
in Equity (Unaudited) (cont'd)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: center; border-top: rgb(78,129,212) 1pt solid; font-size: 10pt; font-weight: bold; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-top: rgb(78,129,212) 1pt solid; border-bottom: rgb(78,129,212) 1pt solid; margin-bottom: 0pt; text-align: center; vertical-align: bottom"><FONT STYLE="color: Black">Attributable
    to the shareholders of the Company</FONT></TD>
    <TD STYLE="text-align: center; border-top: rgb(78,129,212) 1pt solid; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Non-</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">controlling</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">interests</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black"></FONT></P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; border-top: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Total</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">equity</FONT></P>
</TD></TR>
<TR>
    <TD STYLE="text-align: center; width: 28%; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Share</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">capital</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Share</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">premium</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Cumulative</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">translation</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">adjustments</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Capital</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">reserves</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Treasury</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">shares,</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">at
        cost</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Retained</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">earnings</FONT></P>
</TD>
    <TD STYLE="width: 8%; border-right: white 2.25pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">Total</FONT></P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">shareholders'</FONT></P>

        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">equity</FONT></P>
</TD>
    <TD STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center; width: 8%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center; width: 8%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; border-bottom: #4F81BD 0.5pt solid; margin-bottom: 0pt; text-align: center; vertical-align: bottom"><FONT STYLE="color: Black">$
    millions</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For the year ended December 31, 2015</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Balance as at January 1, 2015</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;543</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;134</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(201)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;66</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(260)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;2,692</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;2,974</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;26</TD>
    <TD STYLE="text-align: right">&nbsp;3,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issue of shares</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;1</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;15</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;16</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;16</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based compensation </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-*</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right"><B>-</B></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;15</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;15</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right"><B>-</B></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(347)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(347)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(1)</TD>
    <TD STYLE="text-align: right">&nbsp;(348)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Business combinations</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;14</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;14</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;144</TD>
    <TD STYLE="text-align: right">&nbsp;158</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Comprehensive income (loss)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(199)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(2)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">557</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">356</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(9)</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">347</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Balance as at December 31, 2015</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">544</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">149</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">(400)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">93</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">(260)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">2,902</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">3,028</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">160</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">3,188</P>
</TD></TR>
</TABLE>


<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt">* Less than $1 million.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">The accompanying
notes are an integral part of these condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: left; text-indent: 0pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Note 1 &ndash;
The Reporting Entity</FONT></P>

<P STYLE="color: #4F81BD; font: 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Israel Chemicals Ltd. (hereinafter
&ndash; the Company or ICL), is a leading global specialty minerals group that operates a unique, integrated business model.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">ICL is a global manufacturer
of products based on specialty minerals that fulfill humanity&rsquo;s essential needs in three primary markets: agriculture, food
and engineered materials, by utilizing a unique, integrated business model.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The agricultural products
produced by ICL help to feed the world&rsquo;s growing population. The potash and phosphates ICL mines and manufactures are used
as ingredients in fertilizers and serve as an essential component in the pharmaceutical and food additives industries. ICL&rsquo;s
bromine-based and phosphorous-based applications allow the safe and widespread use of a variety of products and materials, help
to create energy that is more efficient and environmentally friendly and prevent the spread of forest fires. The food additives
that ICL produces enable greater access to more varied and higher quality food.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">ICL is a company domiciled
and incorporated in Israel, the shares of which are traded on the Tel-Aviv Stock Exchange in Israel and on the New York Stock Exchange
(&ldquo;NYSE&rdquo;) in the United States. The Company&rsquo;s main shareholder is Israel Corporation Ltd.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Note 2 &ndash;
Significant Accounting Policies</FONT></P>

<P STYLE="color: #4F81BD; font: 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0.5in">Basis of Presentation</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The condensed
consolidated interim financial statements and notes are unaudited and should be read together with the Company's audited
financial statements included in its Annual Report on Form 20-F as at and for the year ended December 31, 2015 (hereinafter
&ndash; the Annual Financial Statements), as filed with the Securities and Exchange Commission (&quot;SEC&quot;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The accounting policies
and assumptions used in preparation of these condensed consolidated interim financial statements are consistent with those used
in preparation of the Company's Annual Financial Statements and in the Company's opinion include all the adjustments necessary
to fairly present such information. Interim results are not necessarily indicative of the Company's expected results for the entire
year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt"><B>Note
3 - Operating </B></FONT>Divisions</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">A. General</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">1. Information on operating divisions:</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">ICL is a global enterprise,
which operates mainly in the fields of fertilizers and specialty chemicals. As part of the Company's efforts to improve its business
management and processes, commencing May 1, 2016, the Company operates via two divisions: the Essential Minerals Division and the
Specialty Solutions Division.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Essential Minerals Division
&ndash; </B>This division includes the ICL Potash &amp; Magnesium, and ICL Phosphate business units. The division focuses on efficiency,
process innovation and operational excellence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><B>ICL Potash &amp; Magnesium</B>
&ndash; ICL Potash &amp; Magnesium extracts potash from the Dead Sea and mines and produces potash and salt from subterranean mines
in Spain and the UK. ICL Potash &amp; Magnesium processes the potash into its types and markets it globally and also carries on
other intercompany operations not solely related to the potash activities. The Magnesium business markets and sells pure magnesium
and magnesium alloys. It also produces dry carnallite and related by-products, including chlorine and sylvinite.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><B>ICL Phosphate</B> &ndash;
ICL Phosphate mines and processes phosphate rock from open pit mines &ndash; three of which are located in the Negev Desert in
Israel while the fourth is situated in the Yunnan province in China &ndash; and produces sulfuric acid, agricultural phosphoric
acid and phosphate fertilizers in its facilities in Israel and China. ICL Phosphate also manufactures compound fertilizers in the
Netherlands and Germany as well as phosphate-based food additives for livestock in Turkey and in Israel. ICL Phosphate markets
its products worldwide, mainly in Europe, Brazil, India and China.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Specialty Solutions
Division </B>&ndash; This division includes four business units: ICL Industrial Products, ICL Specialty Fertilizers, ICL Advanced
Additives and ICL Food Specialties. The division concentrates on achieving growth through a highly-tailored customer focus, product
innovation and commercial excellence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><B>ICL Industrial Products</B>
&ndash; ICL Industrial Products produces bromine out of a solution that is created as a by-product of the potash production process
in Sodom, Israel, as well as bromine-based compounds. ICL Industrial Products uses most of the bromine it produces for self-production
of bromine compounds at production sites in Israel, the Netherlands and China. In addition, ICL Industrial Products is engaged
in the production and marketing of phosphorous flame retardants and additional phosphorus-based products.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><B>ICL Specialty Fertilizers</B>
&ndash; ICL Specialty Fertilizers manufactures compound fertilizers in the Netherlands and Belgium, liquid fertilizers and soluble
fertilizers in Israel and Spain and slow-release fertilizers and controlled-release fertilizers in the Netherlands and in the United
States. ICL Specialty Fertilizers markets its products worldwide, mainly in Europe, North America and Israel.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">Note 3 - Operating Divisions (cont&rsquo;d)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; color: #4F81BD; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD>General (cont&rsquo;d)</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD>Information on operating divisions: (cont'd)</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><B>ICL Advanced Additives</B>
&ndash; ICL Advanced Additives business unit primarily develops, produces, markets and sells a broad range of acids, specialty
phosphates and specialty minerals for various applications in a broad range of industries, including metal and water treatment,
paints and coatings, forest fire retardants, cleaning materials, oral hygiene, carbonated drinks, asphalt modification, deicing,
nutrition, pharma, specialty steel, fuel additives and rubber. That stated above is part of ICL&rsquo;s strategy of increasing
its production of downstream products with higher added value. This business unit purifies some of the agricultural phosphoric
acid manufactured by ICL Phosphate and also manufactures thermal phosphoric acid. The purified phosphoric acid and the thermal
phosphoric acid are used to manufacture downstream products with high added value &ndash; phosphate salts and acids &ndash; which
are used in the various industries mentioned above. The product line of ICL&rsquo;s Advanced Additives business unit is further
comprised of processed magnesium products used in the paper industry, cleaning materials and oil additives, catalysts and stabilizers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><B>ICL Food Specialties</B>
&ndash; ICL Food Specialties is a leader in creative food ingredients and phosphate additives, which provide texture and stability
solutions for the processed meat, fish, dairy, beverage and baked-goods food markets. In addition, the business unit produces milk
and whey proteins for the food ingredient industry. The business unit operates primary production locations in Germany and Austria,
which mainly process phosphates, milk and spices. The business unit runs several local blending facilities in Germany, the UK,
the United States, Brazil, China and Australia which enable ICL to produce &quot;customer specific&quot; solutions that meet the
requirements of the local market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As part of the financial
statements for the third quarter of 2016, the Company's business results are presented in accordance with the divisions described
above. The Company is still in the process of examining its operating segments and, therefore, there may be adjustments to the
current presentation in the annual financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD>Division capital investments</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The capital investments
made by the divisions, for each of the reporting periods, include property, plant and equipment and intangible assets acquired
in the ordinary course of business and as part of business combinations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD>Inter&ndash;division transfers and unallocated income
(expenses)</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Division revenues, expenses
and results include inter-division transfers, which are accounted for at an arm&rsquo;s length transfer price, representing the
prices charged to external customers for similar goods. These transfers are eliminated as part of consolidation of the financial
statements. The general and administrative expenses are not allocated to the divisions and therefore they are presented under &quot;General,
administrative and other unallocated income (expenses) and intercompany eliminations&quot;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">Note 3 - Operating Divisions (cont&rsquo;d)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">B. Operating division data</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Essential Minerals Division</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Specialty Solutions Division</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Other</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">activities</P>
</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Eliminations</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; text-align: center; font-weight: bold">Consolidated</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For the three-month period ended September 30, 2016</FONT></TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales to external parties</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;552</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;821</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;10</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,383</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inter-division sales</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">69</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">10</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">1</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(80)</P>
</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total sales</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">621</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">831</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">11</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(80)</P>
</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">1,383</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income (loss) attributed to the divisions</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(100)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">147</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">4</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;51</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General, administrative and other unallocated income (expenses) and intercompany eliminations</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(382)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating loss </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(331)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financing expenses, net</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(45)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share in earnings of equity-accounted investee</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">7</P>
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss before taxes on income</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(369)</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;117</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;21</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;2</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;140</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures not allocated</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">20</P>
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total capital expenditures</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">160</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;77</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;31</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;2</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;110</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization not allocated</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">3</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total depreciation and amortization</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">113</P>
</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">Note 3 - Operating Divisions (cont'd)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">B. Operating division data
(cont'd)</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Essential Minerals Division</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Specialty Solutions Division</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Other</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">activities</P>
</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Eliminations</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; text-align: center; font-weight: bold">Consolidated</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For the three-month period ended September 30, 2015</FONT></TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales to external parties</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;552</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;796</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;31</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;1,379</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inter-division sales</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">68</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">7</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(75)</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total sales</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">620</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">803</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">31</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">(75)</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">1,379</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income (loss) attributed to divisions</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">156</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">130</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(12)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;274</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General, administrative and other unallocated income (expenses) and intercompany eliminations</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(77)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;197</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financing expenses, net</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(49)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share in earnings of equity-accounted investee</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">8</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income before taxes on income</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">156</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;83</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;37</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;120</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures as part of business combination </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;(1)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;6</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures not allocated</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">28</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total capital expenditures</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">153</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;55</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;35</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;90</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization not allocated</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">90</P>
</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">Note 3 - Operating Divisions (cont&rsquo;d)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">B. Operating division data
(cont'd)</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Essential Minerals Division</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Specialty Solutions Division</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Other</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">activities</P>
</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Eliminations</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; text-align: center; font-weight: bold">Consolidated</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For the nine-month period ended September 30, 2016</FONT></TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales to external parties</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,567</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;2,410</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;48</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;4,025</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inter-division sales</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">207</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">18</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">1</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(226)</P>
</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total sales</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">1,774</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">2,428</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">49</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(226)</P>
</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">4,025</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income attributed to divisions</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">49</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">425</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">4</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;478</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General, administrative and other unallocated income (expenses) and intercompany eliminations</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(553)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating loss </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(75)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financing expenses, net</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(113)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share in earnings of&nbsp;&nbsp;equity-accounted investee</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">16</P>
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss before taxes on income</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(172)</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;353</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;73</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;2</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;428</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures not allocated</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">58</P>
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total capital expenditures</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">486</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;211</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;94</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;2</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;307</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization not allocated</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">4</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total depreciation and amortization</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">311</P>
</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">Note 3 - Operating Divisions (cont&rsquo;d)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">B. Operating division data
(cont'd)</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Essential Minerals Division</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Specialty Solutions Division</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Other</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">activities</P>
</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Eliminations</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; text-align: center; font-weight: bold">Consolidated</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For the nine-month period ended September 30, 2015</FONT></TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales to external parties</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;1,565</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;2,260</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;153</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;3,978</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inter-division sales</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">183</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">14</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">3</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(200)</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total sales</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">1,748</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">2,274</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">156</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">(200)</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">3,978</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income attributed to divisions</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">361</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">298</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">170</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;829</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General, administrative and other unallocated income (expenses) and intercompany eliminations</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(210)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;619</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financing expenses, net</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(79)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share in earnings of equity-accounted investee</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">13</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income before taxes on income</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">553</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;300</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;83</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;2</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;385</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures as part of business combination </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;194</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;90</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;284</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures not allocated</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">72</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total capital expenditures</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">741</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;171</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;93</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;36</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;300</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization not allocated</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">1</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">301</P>
</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">Note 3 - Operating Divisions (cont&rsquo;d)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">B. Operating division data
(cont'd)</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Essential Minerals Division</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Specialty Solutions Division</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Other</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">activities</P>
</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-weight: bold">Eliminations</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; text-align: center; font-weight: bold">Consolidated</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Year 2015</FONT></TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales to external parties</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;2,248</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;2,975</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;182</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;5,405</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inter-division sales</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">252</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">22</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">3</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(277)</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total sales</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">2,500</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">2,997</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">185</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">(277)</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">5,405</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income attributed to divisions</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">576</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">357</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">115</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;1,048</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General, administrative and other unallocated income (expenses) and intercompany eliminations</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(283)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;765</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financing expenses, net</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(108)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share in earnings of equity-accounted investee</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">11</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income before taxes on income</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">668</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;427</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;141</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;2</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;570</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures as part of business combination </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;430</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;160</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;590</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures not allocated</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">110</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total capital expenditures</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">1,270</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;226</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;166</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;37</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;429</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization not allocated</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">1</P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">430</P>
</TD></TR>
</TABLE>
<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"></P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">Note 3 - Operating Divisions (cont'd)</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">C.
Division Sales by Business Units</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border-right: White 2.25pt solid; font-size: 10pt; font-weight: bold; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; border-top: rgb(78,129,212) 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">7-9/2016</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-top: rgb(78,129,212) 1pt solid; border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">7-9/2015</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; border-top: rgb(78,129,212) 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-9/2016</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; border-top: rgb(78,129,212) 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-9/2015</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; border-top: rgb(78,129,212) 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">2015</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-bottom: rgb(78,129,212) 1pt solid; border-right: White 1.5pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Essential
    Minerals Division</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Phosphate</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;282</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;20</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;239</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;17</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;900</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;22</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;756</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;19</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,064</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;20</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Potash
    &amp; Magnesium</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;351</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;25</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;401</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;29</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;923</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;23</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,052</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;26</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,515</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;28</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Specialty
    Solutions Division</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Industrial
    Products</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;235</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;17</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;225</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;16</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;711</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;18</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;630</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;16</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;871</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advanced
    Additives</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;297</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;22</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;290</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;21</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;752</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;19</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;732</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;18</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;945</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Specialty
    Fertilizers</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;147</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;11</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;155</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;11</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;524</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;13</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;535</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;13</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;680</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Food
    Specialties</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;172</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;12</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;157</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;11</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;508</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;13</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;458</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;12</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;613</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All
    other and setoffs</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><FONT STYLE="font-size: 10pt">(101)</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><FONT STYLE="font-size: 10pt">(7)</FONT></P>
</TD>
    <TD><P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">(88)</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid"><P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">(5)</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><FONT STYLE="font-size: 10pt">(293)</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><FONT STYLE="font-size: 10pt">(8)</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid"><P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">(185)</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid"><P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">(4)</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid"><P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">(283)</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid"><P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">(5)</FONT></P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double"><FONT STYLE="font-size: 10pt">1,383</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">1,379</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double"><FONT STYLE="font-size: 10pt">4,025</FONT></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">3,978</FONT></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">5,405</FONT></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD></TR>
</TABLE>


<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt"></P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">D.
Sales by Geographical Regions</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border-right: White 2.25pt solid; font-size: 10pt; font-weight: bold; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white; text-align: center; font-weight: bold; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">7-9/2016</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: rgb(78,129,212) 1pt solid; border-right: White 2.25pt solid; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">7-9/2015</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white; text-align: center; font-weight: bold; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">1-9/2016</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; text-align: center; font-weight: bold; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">1-9/2015</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; text-align: center; font-weight: bold; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-bottom: rgb(78,129,212) 1pt solid; border-right: White 1.5pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Europe</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;437</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;31</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;467</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;34</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;1,476</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;37</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,570</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;39</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;2,012</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;37</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">North
    America</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;330</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;24</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;354</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;26</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;879</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;22</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;966</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;24</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,253</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;23</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asia</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;329</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;24</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;290</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;21</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;914</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;23</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;671</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;17</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,118</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">South
    America</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;162</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;12</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;158</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;11</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;406</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;10</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;460</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;12</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;585</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Rest
    of the world</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><FONT STYLE="font-size: 10pt">125</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><FONT STYLE="font-size: 10pt">9</FONT></P>
</TD>
    <TD><P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">110</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid"><P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><FONT STYLE="font-size: 10pt">350</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><FONT STYLE="font-size: 10pt">8</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid"><P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">311</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid"><P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid"><P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">437</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid"><P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double"><FONT STYLE="font-size: 10pt">1,383</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">1,379</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double"><FONT STYLE="font-size: 10pt">4,025</FONT></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">3,978</FONT></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">5,405</FONT></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD></TR>
</TABLE>


<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt"></P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">E.
Sales by Main Countries</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border-right: White 2.25pt solid; font-size: 10pt; font-weight: bold; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white; text-align: center; font-weight: bold; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">7-9/2016</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: rgb(78,129,212) 1pt solid; border-right: White 2.25pt solid; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">7-9/2015</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white; text-align: center; font-weight: bold; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">1-9/2016</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; text-align: center; font-weight: bold; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">1-9/2015</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid; text-align: center; font-weight: bold; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 30%; border-right: white 2.25pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-bottom: rgb(78,129,212) 1pt solid; border-right: White 1.5pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="width: 7%; border-right: White 1.5pt solid; border-bottom: rgb(78,129,212) 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">USA</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;315</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;23</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;328</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;24</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;830</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;21</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;903</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;23</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,176</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">China</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;152</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;11</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;123</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;9</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;438</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;11</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;258</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;550</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;145</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;10</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;145</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;11</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;356</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;9</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;405</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;10</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;506</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;89</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;95</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;7</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;309</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;8</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;324</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;8</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;421</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">India</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;78</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;5</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;63</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;5</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;168</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;148</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;206</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United
    Kingdom</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;77</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;75</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;5</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;248</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;245</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;303</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;64</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;5</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;61</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;175</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;173</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;240</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Spain</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;55</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;66</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;5</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;199</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;5</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;216</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;5</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;285</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">France</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;51</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;71</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;5</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;179</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;237</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;295</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Australia</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;50</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;25</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;2</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;129</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;3</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;72</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;2</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;112</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All
    other</FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><FONT STYLE="font-size: 10pt">307</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><FONT STYLE="font-size: 10pt">22</FONT></P>
</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">327</FONT></P>
</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><FONT STYLE="font-size: 10pt">994</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><FONT STYLE="font-size: 10pt">25</FONT></P>
</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">997</FONT></P>
</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></P>
</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">1,311</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid"><P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></P>
</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double"><FONT STYLE="font-size: 10pt">1,383</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">1,379</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double"><FONT STYLE="font-size: 10pt">4,025</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">3,978</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">5,405</FONT></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; background-color: white; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
</TD></TR>
</TABLE>


<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt"></P>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-weight: normal">Note
4 - Financial Instruments and Risk Management </FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; color: #4F81BD; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD>Fair value of financial instruments</TD>
</TR></TABLE>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The carrying amounts of
certain financial assets and financial liabilities, including cash and cash equivalents, short-term deposits and loans, receivables,
long-term investments, short-term credit, payables, long-term loans, and derivative financial instruments, correspond to or approximate
their fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table details
the book value and fair value of financial-instrument groups presented in the financial statements not in accordance with their
fair value:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border-top: #4F81BD 1pt solid; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; background-color: white; text-align: center; font-weight: bold">September 30, 2016</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">September 30, 2015</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">December 31, 2015</TD></TR>
<TR>
    <TD STYLE="width: 28%; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; background-color: white; text-align: center; font-weight: bold">Carrying amount</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">Fair value</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">Carrying amount</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">Fair value</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">Carrying amount</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">Fair value</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Loans bearing fixed interest</FONT></TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;345</TD>
    <TD STYLE="width: 12%; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;360</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right">&nbsp;200</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right">&nbsp;220</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right">&nbsp;391</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right">&nbsp;411</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-left: white 2.25pt solid; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Debentures bearing fixed interest</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-left: white 2.25pt solid; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marketable</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,216</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,215</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;802</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;810</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;793</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;803</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-marketable</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-left: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">278</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">277</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">278</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">287</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">281</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">285</P>
</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">1,839</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">1,852</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">1,280</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">1,317</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">1,465</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">1,499</P>
</TD></TR>
</TABLE>
<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; color: #4F81BD; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD>Fair value hierarchy</TD>
</TR></TABLE>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table presents
an analysis of the financial instruments measured at fair value, using a valuation method in accordance with the fair value levels
in the hierarchy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Levels definitions:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Level 1: Quoted (unadjusted)
prices in an active market for identical instruments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Level 2: Observed data
in the market (directly or indirectly) not included in Level 1 above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Level 3: Inputs that are
not based on observable market data.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">September 30, 2016</TD></TR>
<TR>
    <TD STYLE="width: 52%; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">Level 1</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold; width: 12%">Level 2</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold; width: 12%">Level 3</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold; width: 12%">Total</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 52%; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-left: white 2.25pt solid; border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities held for trading purposes</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;14</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;14</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial assets available for sale (1)</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;235</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold">&nbsp;235</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivatives used for hedging, net</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(1)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-left: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD>
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(1)</P>
</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">14</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(1)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">235</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">248</P>
</TD></TR>
</TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">September 30, 2015</TD></TR>
<TR>
    <TD STYLE="width: 52%; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">Level 1</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">Level 2</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">Total</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 52%; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities held for trading purposes</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;26</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;26</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivatives used for hedging, net</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(42)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(42)</P>
</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">26</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">(42)</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">(16)</P>
</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-weight: normal">Note
4 - Financial Instruments and Risk Management (cont'd)</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">B. Fair value hierarchy
(cont'd)</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">December 31, 2015</TD></TR>
<TR>
    <TD STYLE="width: 52%; border-right: white 2.25pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">Level 1</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">Level 2</TD>
    <TD STYLE="width: 16%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">Total</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 52%; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; border-left: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities held for trading purposes</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;26</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;26</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivatives used for hedging, net</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(21)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">(21)</P>
</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">26</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">(21)</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">5</P>
</TD></TR>
</TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify; font-size: 10pt; font-weight: bold; padding-left: 0.5in">(1)&nbsp;&nbsp;Investment in Yunnan Phosphate Chemicals Group Corporation Ltd. (&quot;YTH&quot;):</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On January&nbsp;16, 2016,
the Company completed its investment in 15% of the issued and outstanding share capital, on a fully diluted basis, of YTH, by means
of payment of $250 million based on the agreed share price of CNY 8.24 which was determined in December 2014. The share price on
the closing date was CNY&nbsp;9.10 per share. The newly-issued shares are subject to a three-year lock-up period as required under
the PRC law. This investment is classified as a &quot;financial asset available-for-sale&rdquo;, and is measured at fair value,
which includes a discount rate in light of the above-mentioned lock-up period. In subsequent periods, fair value updates of the
investment, other than impairment losses, will be recognized directly in other comprehensive income and will be presented in the
reserve for financial assets available-for-sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Measurement of the fair
value of the discount rate in respect of the lock-up period was calculated using the Finnerty&nbsp;2012 Model and as at January&nbsp;31,
2016 this rate was about&nbsp;15.7%. Pursuant to the Model, the discount rate was estimated based on an assessment of the period
in which the restriction on marketability applies and on the standard deviation of the yield per share of YTH in this period. The
impact deriving from a possible and reasonable change in these data items, which are not observable, is not material. As at September&nbsp;30,
2016, the net change in the other comprehensive income amounted to $11 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-weight: normal">Note
5 &ndash; Credit and Loans</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt; text-align: left">1.</TD><TD>In April 2016, ICL entered into a revolving credit
facility with the Bank of Tokyo Mitsubishi UFJ, whereby the Company was provided with a credit facility in the amount of RMB 400
million ($60 million). The loan agreement is for a term of one full year, which may be renewed on a yearly basis. The annual interest
which applies to the amount of the loan actually utilized is CNH HIBOR + 0.5%. As at the date of the report, the credit facility
had been fully utilized.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-weight: normal">Note
5 &ndash; Credit and Loans (cont'd)</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 14.1pt">In April 2016, the Company completed issuance of a new series of debentures
(Series E) (hereinafter &ndash; the Debentures). The Debentures were listed for trading on the Tel-Aviv Stock Exchange. The aggregate
principal amount of the Debentures of NIS 1.57 billion ($408 million) is to be repaid in four equal annual payments on March 30
of each of the years 2021 through 2024 (each payment will constitute 25% of the nominal value of the principal). The Debentures
bear interest at the annual interest rate of 2.45%. The interest is to be paid bi-annually on the outstanding balance of the principal
amount on March&nbsp;30 and September&nbsp;30 of each of the years between 2016 and 2024 (inclusive), so that the first interest
payment was made on September&nbsp;30, 2016, and the final interest payment will be made on March&nbsp;30, 2024. The net proceeds
received by the Company for the Debentures are NIS&nbsp;1.54 billion ($404 million) with a yearly effective interest rate of 2.61%.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.1pt 0pt 49.65pt; text-align: justify; text-indent: 0in">The Debentures
are unsecured and contain standard terms and conditions and events of default, as well as a mechanism to raise the interest rate
in the event of a decrease in the rating of the Debentures (the interest rate will be increased by 0.25% per decrease in the rating
by one rating level, starting at a rating of (ilA) and reaching a maximum cumulative interest rate increase of 1% upon reaching
a rating of (ilBBB)), a negative pledge undertaking and financial covenants ((1)&nbsp;minimum equity of not less than $1.55 billion;
and (2)&nbsp;net debt to EBITDA ratio of not more than&nbsp;1:5.5). Most of the proceeds were used to repay part of the revolving
credit facility agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.1pt 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.1pt 0pt 49.65pt; text-align: justify; text-indent: 0in">Standard
&amp; Poor&rsquo;s Maalot rated the Debentures &ldquo;ilAA&rdquo;. On November 8, 2016, the rating agency Standard &amp; Poor's
Maalot ratified the Company&rsquo;s rating of 'ilAA'. The rating outlook is stable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.1pt 0pt 49.65pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify; padding-right: 14.1pt">In March 2016, ICL entered into a revolving credit facility agreement with
Bank of America whereby the Company was provided with a credit facility in the amount of $150 million, on the following terms:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify; padding-right: 14.1pt">The loan agreement is for a term of five full years from the signing date
of the credit facility.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify; padding-right: 14.1pt">The loan agreement does not include an undertaking for minimum use of the
credit facility. A non-utilization fee will apply at the rate of 0.19% per year.&#9;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt">c.</TD><TD STYLE="text-align: justify; padding-right: 14.1pt">Annual interest will apply to the amount of the loan actually used, scaled
to the amount of the credit facility actually used, as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify; font-size: 10pt; padding-left: 1in">Up to 33% use of the credit:</TD>
    <TD STYLE="width: 52%; text-align: justify; font-size: 10pt">Libor + 0.65%.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-left: 1in">From 33% to 66% use of the credit:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Libor + 0.75% (on the entire sum used).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-left: 1in">66% or more use of the credit:</TD>
    <TD>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Libor
+ 0.95% (on the entire sum used).</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.7pt 0pt 28.4pt; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 21.25pt">d.</TD><TD STYLE="text-align: justify; padding-right: 14.1pt">Under the loan agreement, ICL undertook restrictions that include financial
covenants (which are identical to the financial covenants applicable to the Company's prior loans), a cross-default mechanism and
a negative pledge.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.1pt 0pt 46.35pt; text-align: justify; text-indent: 3.3pt">As
at the date of the report, $70 million had been utilized from the credit facility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.1pt 0pt 46.35pt; text-align: justify; text-indent: 3.3pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-weight: normal">Note
6 - Provision for Employee Retirement</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Further to Note 21 to the annual financial statements, in connection with
the early retirement plan covering 39 employees of Bromine Compounds included in the agreement from May 2015 for conclusion of
the strike at Bromine Compounds, during the third quarter of 2016, the preconditions for execution of the said plan were fulfilled.
As a result, in the financial statements for the third quarter of 2016, the Company recognized a provision in respect of early
retirement, in the amount of $20 million, which was recorded in the &ldquo;other expenses&rdquo; category in the statement of income.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Further to the Company&rsquo;s efficiency plan, in the first quarter of
2016, the Company signed early retirement agreements with a number of employees in the Industrial Products and Advanced Additives
business units. As a result, the Company recorded an additional provision for severance pay, in the amount of $6 million.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-weight: normal">Note
7 - Share Capital, Equity Compensation Plans and Dividend Distributions</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 14.2pt">In May&nbsp;2016, the Company&rsquo;s HR and Compensation Committee and
Board of Directors approved the grant of up to about 3.9 million non-marketable and non-transferrable options, for no consideration,
exercisable for up to about 3.9 million of the Company's ordinary shares, and up to about 1.5 million restricted shares, to approximately
90 officers and senior employees of the Company and its subsidiaries, including the Chairman of the Company's Board of Directors
and the Company's Chief Executive Officer on the date of the approval. The above-mentioned grant includes a grant of 186,335 options
and 55,215 restricted shares to the Chairman of the Company's Board of Directors, and of 625,466 options and 185,337 restricted
shares to the Company's Chief Executive Officer on the date of the approval, which was approved by the General Meeting of the Company's
shareholders in August 2016.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify">The options and restricted
shares will vest in three equal tranches over a period of three years: one<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>-</I></FONT>third
at the end of 12 months after the grant date, one<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>-</I></FONT>third at
the end of 24 months after the grant date and one<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>-</I></FONT>third at
the end of 36 months after the grant date. The options will expire at the end of seven years from the grant date. The grant date
is June 30, 2016, other than with respect to the Chairman of the Board and ICL's CEO, for which the grant date is September 5,
2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify">In September 2016, the
Company&rsquo;s CEO announced his resignation. In light of the above, during the third quarter of 2016 the grants awarded to the
CEO as part of the Company&rsquo;s equity compensation plans, which are not expected to vest by the end of his tenure, were forfeited.
In addition, conclusion of the employer-employee relationship with the previous Chairman of the Company&rsquo;s Board of Directors
will take place on September 1, 2017. Accordingly, the grants awarded to him that will not vest by the said date were forfeited.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify">Each option may be exercised
for one ordinary share of NIS 1 par value of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify">The total fair value of
all the options was estimated through application of the Black and Scholes model for pricing options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quarterly Report</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-weight: normal">Note
7 - Share Capital, Equity Compensation Plans and Dividend Distributions (cont'd)</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt; text-align: left">1.</TD><TD>(cont'd)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 93%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 35%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid"></TD>
    <TD NOWRAP STYLE="width: 65%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June 2016 Options Grant</B></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 93%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Share price (in $)</FONT></TD>
    <TD STYLE="width: 65%; font-size: 10pt; color: #4F81BD; font-weight: bold">3.88</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CPI-linked exercise price (in $)</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4F81BD; font-weight: bold">4.43</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expected volatility</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4F81BD; font-weight: bold">30.6%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expected life of options (in years)</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4F81BD; font-weight: bold">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Risk-free interest rate</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4F81BD; font-weight: bold">(0.03%)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total fair value (in $ millions)</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4F81BD; font-weight: bold">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividend &ndash; exercise price</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-size: 10pt; color: #4F81BD; font-weight: bold">Reduced on the &quot;ex-dividend&quot; date by the amount of the dividend per share</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: 0pt">The expected
volatility was determined based on the historical volatility of the price of the Company's shares. The expected life of the options
was determined in accordance with Management's estimation and past experience in connection with employee turnover. The risk-free
interest rate was determined based on the yield to maturity on index-linked government bonds, where their remaining period is equal
to the expected life span of the options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: 0pt">The total
fair value of the above-mentioned restricted shares is $6 million. The value of the restricted shares offered to the offerees was
determined according to the closing price on the Tel-Aviv Stock Exchange on the grant date (approximately NIS&nbsp;14.92 / $3.88).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: 0pt">The cost
of the embedded benefit of the said plans will be recognized in the income statement over the vesting period of each tranche.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: -28.35pt">2.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;20 and&nbsp;22, 2016, the Company&rsquo;s Remuneration and Human
Resources Committee and Board of Directors, respectively, approved issuance, for no consideration, of restricted shares to
Company directors (except for the Chairman of the Company&rsquo;s Board of Directors, Mr.&nbsp;Johanan Locker), under the
2014 Equity Compensation Plan, as amended. The issuance is subject to approval of the General Meeting of the Company&rsquo;s
shareholders, which is expected to be convened on January&nbsp;3, 2017. The restricted shares will vest in three tranches,
subject to the directors continuing to serve in their positions on the vesting date, as follows: (1)&nbsp;33.3% will vest on
January&nbsp;2, 2018; (2)&nbsp;33.3% will vest on January&nbsp;2, 2019; and (3)&nbsp;33.3% will vest on January 2, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: 0pt">The
fair value of the restricted shares is about $532 thousands, which includes a reduction of&nbsp;5% from the value of the equity
compensation, pursuant to the decision of the directors on March&nbsp;29, 2016, to reduce their annual cash compensation for
2016 and their equity compensation for 2017 by&nbsp;5%. The number of restricted shares will be determined based on the
closing price of the Company&rsquo;s ordinary shares on the Tel-Aviv, on the last trading day preceding the date of the
General Meeting, which is the issuance date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: 0pt"></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-weight: normal">Note
7 - Share Capital, Equity Compensation Plans and Dividend Distributions (cont'd)</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: -28.35pt">3.
Dividend Distributions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: -28.35pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 93%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Decision date for dividend distribution by the Board of Directors</FONT></TD>
    <TD STYLE="width: 35%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-weight: bold">Actual date of dividend distribution</TD>
    <TD STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Distributed amount</P>
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">($ millions)</P>
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; font-weight: bold">Dividend per share ($)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">May 17, 2016</FONT></TD>
    <TD STYLE="layout-grid-mode: char"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 22, 2016</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; color: #4F81BD; font-weight: bold; text-align: right">35</TD>
    <TD STYLE="border-left: white 2.25pt solid; color: #4F81BD; font-weight: bold; text-align: right">0.027</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">August 9, 2016</FONT></TD>
    <TD STYLE="layout-grid-mode: char"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 27, 2016</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; color: #4F81BD; font-weight: bold; text-align: right">60</TD>
    <TD STYLE="border-left: white 2.25pt solid; color: #4F81BD; font-weight: bold; text-align: right">0.047</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">November 22, 2016</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(after the date of the report)</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; layout-grid-mode: char"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">January 4, 2017 (*)</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; color: #4F81BD; font-weight: bold; text-align: right">60</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; color: #4F81BD; font-weight: bold; text-align: right">0.047</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: -28.35pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify">* The dividend will be
distributed on January&nbsp;4, 2017, with a record date for eligibility for the dividend of December 20, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 49.65pt; text-align: justify; text-indent: 0pt"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-weight: normal">Note
8 - Contingencies, Litigations and Other Matters</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD>Allana Afar (hereinafter &ndash; Allana) &ndash; in
August&nbsp;2016, the Ethiopian Tax Authority decided to reject Allana&rsquo;s appeal regarding the tax assessment from June 2016,
in the amount of $55 million. Allana contends the tax assessment is illegal and unjustified, and therefore declined to pay it,
an action that triggers imposition of sanctions according to Ethiopian law, including, foreclosure of property and revocation
of the mining concession. In light of that stated above and in view of the Ethiopian government&rsquo;s failure to provide the
necessary infrastructures and regulatory framework for the project, on October 5 2016, the Company&rsquo;s Board of Directors
instructed Management to take all necessary actions towards termination of the project. As a result, in the financial statements
for the third quarter of 2016, the Company made a re-evaluation of the value of the assets and liabilities in Allana&rsquo;s books,
which resulted in the recording of a write-down, in the amount of $156 million (including $36 million deferred tax liabilities),
an increase in the tax provision, in the amount of $32 million, and a provision for the estimated shutdown costs, in the amount
of $10 million. The total impact on the Company&rsquo;s net income is $198 million.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 14.2pt">The global ERP project (the Harmonization Project) &ndash; on September&nbsp;27,
2016, the Company&rsquo;s Board of Directors decided to discontinue the Harmonization Project for developing and establishing a
central global ERP system. The Board&rsquo;s decision was made primarily in light of substantial risks relating to the readiness
of the Project&rsquo;s system and its future cost. Recently, management identified substantial risks relating to the suitability,
complexity and readiness of the system which significantly impacted the Project&rsquo;s budget and timeline. In light of that stated
above, the Company examined the Project&rsquo;s total costs and as a result, in the financial statements for the third quarter
of 2016, a write-down was recognized in the amount of $249 million, and a provision for the estimated shutdown costs, in the amount
of $33 million, which were recorded in the &ldquo;other expenses&rdquo; category in the statement of income. The total impact on
the Company&rsquo;s after-tax income is $239 million.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD>Dispute with Haifa Chemicals &ndash; following the
discussions held for purposes of settling the disputes and demands between Dead Sea Works (DSW) and Haifa Chemicals, in October
2016, a final award ending the arbitration was rendered with the consent of both parties. All past disputes and legal claims currently
pending between the parties relating to the principal arbitration award rendered in 2014 and referring to potash sales for the
years 2009 to 2016, inclusive, will be dismissed.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">The
main principles of the arbitration award are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">a.</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
arbitration award will be effective for thirteen years, commencing on January&nbsp;1, 2017, and lapsing on December 31, 2029 (hereinafter
&ndash; the Arbitration Award Period).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 75.1pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">b.</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">During
the Arbitration Award Period, DSW will be obligated to sell an annual amount of 330,000 tonnes of potash to Haifa Chemicals (hereinafter
&ndash; the Committed Quantities).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 75.1pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">c.</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
selling prices of potash in relation to the Committed Quantities will apply as determined by the arbitrator, while distinguishing
between the price for a base quantity of approximately 270,000 tonnes of potash and the price for an additional quantity of approximately
60,000 tonnes of potash. In addition, it was determined that commencing January 2022, DSW will be entitled to request an adjustment
to the formula of the selling price as stipulated for the base quantity.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 75.1pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">In
light of that stated, in the financial statements for the third quarter of 2016, the Company reduced its existing provision, by
the amount of $8 million against the &ldquo;other income&rdquo; category in the statement of income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-weight: normal">Note
8 - Contingencies, Litigations and Other Matters (cont'd)</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD>Royalties&rsquo; Arbitration &ndash; further to Note&nbsp;23
to the annual financial statements, as part of the second stage of the arbitration, which addresses the financial calculation
principles, in September 2016, the arbitrators published their decisions regarding part of the issues raised by the State. In
light of that stated, in the financial statements for the third quarter of 2016, the Company increased its provision, in the amount
of $10 million, which was recorded against the &ldquo;other expenses&rdquo; category in the statement of income. This increase
is based on the Company&rsquo;s estimate in connection with the arbitrators&rsquo; decisions made during this quarter, and with
reference to the arbitrators&rsquo; expected decisions relating to the additional issues raised by the State that have not yet
been resolved.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">In
addition, on November 9, 2016, the arbitrators' resolution regarding the principles for calculating the interest and linkage differences
to be added to the principal amount paid to the State of Israel for the period between the years 2000 through 2013, and which were
discussed during the second phase of the royalties arbitration, was rendered.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">According
to that resolution, the calculation basis for the principal amounts of the royalties paid for the said period should be an NIS
basis and accordingly, NIS interest and linkage differences apply as stipulated in the Israeli Interest and Linkage Law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">Based
on the above-mentioned, the Company estimated that the total amount for payment is $60 million. As a result, the Company updated
its provision for prior periods in the amount of $26 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD>Further to Note&nbsp;23 to the annual financial statements,
in August 2016, the Electricity Authority published an amendment to its decision from August&nbsp;2015, regarding determination of tariffs for management services
relating to the electricity system. This amendment resulted in a reduction of the Company&rsquo;s charges in respect of prior-period
management services (commencing June 2013). In light of that stated, in the financial statements for the third quarter of 2016,
the Company reduced its provision, in the amount of $16 million, which was recorded under &ldquo;other income&rdquo; category
in the statement of income.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD>DSW Collective agreement &ndash; in April 2016, an
agreement was signed extending the validity of the collective agreement between DSW and the DSW Employees Committee, whereby DSW committed to pay the employees a one-time
grant (in installments) of $30 million, which includes, among other things, payment of a bonus in respect of 2015, in consideration
of the Employees Committee's commitment that there will be &quot;industrial peace&quot; until September&nbsp;30, 2017. In a case
of violation of the agreement, the payments not yet made will be cancelled. In the second quarter of 2016, the Company recorded
a provision, in the amount of $17 million. The remaining obligation, of $4&nbsp;million, will be recognized subject to fulfillment
of all the required conditions.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">7.</TD><TD>In the second quarter of 2016, based on the filing
alternatives for income tax reports in certain tax jurisdictions, the Company decided to file separate (non-consolidated) income
tax reports for certain subsidiaries. As a result, the Company updated its liabilities for deferred taxes and recorded tax income,
in the amount of $27 million.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">8.</TD><TD>In light of the decision of the Belgium Tax Court,
in April 2016, to reject the petition filed by ICL's subsidiary with respect to the deductibility of certain expenses in prior
periods and following charges received from the Belgium tax authorities, during the period of the report the Company recognized
a tax expense in the amount of $14 million, which was recorded in</TD>
</TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt"></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-weight: normal">Note
8 - Contingencies, Litigations and Other Matters (cont'd)</FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">the
&quot;income taxes&quot; category in the statement of income. The Company has filed an appeal of the Court's decision. A hearing
of the matter has been scheduled for December 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">9.</TD><TD>During the first half of 2016, a claim was filed by
several plaintiffs in the United States District Court for the District of Columbia, against a large number of defendants, including
the Company, alleging, among others, aggravated trespass and pillage. In August 2016, the plaintiffs removed the Company from
the list of defendants.</TD>
</TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">Notes to the condensed consolidated interim financial statements as at September 30, 2016 (Unaudited)</P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">FORWARD-LOOKING STATEMENTS</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">This announcement
contains statements that constitute &ldquo;forward-looking statements,&rdquo; many of which can be identified by the use of forward-looking
words such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;could,&rdquo; &ldquo;expect,&rdquo; &ldquo;should,&rdquo;
&ldquo;plan,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate&rdquo; and &ldquo;potential,&rdquo; among others.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">Forward-looking
statements appear in a number of places in this announcement and include, but are not limited to, statements regarding our intent,
belief or current expectations. Forward-looking statements are based on our management&rsquo;s beliefs and assumptions and on information
currently available to our management. Such statements are subject to risks and uncertainties, and the actual results may differ
materially from those expressed or implied in the forward- looking statements due to various factors, including, but not limited
to<B>:</B></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">Loss or impairment
of business licenses or mining permits or concessions; volatility of supply and demand and the impact of competition; the difference
between actual reserves and our reserve estimates; natural disasters; failure to raise the water level in evaporation Pond 5 in
the Dead Sea; construction of a new pumping station; disruptions at our seaport shipping facilities or regulatory restrictions
affecting our ability to export our products overseas; general market, political or economic conditions in the countries in which
we operate; price increases or shortages with respect to our principal raw materials; delays in the completion of major projects
by third party contractors; construction of a canal between the Red Sea and Dead Sea; labor disputes, slowdowns and strikes involving
our employees; pension and health insurance liabilities; changes in governmental programs or tax benefits, enactment of new fiscal
or tax related legislation; higher tax liabilities; failure to integrate or realize expected benefits from mergers and acquisitions,
organizational restructuring and/or joint ventures; currency rate fluctuations; rising interest rates; government examinations
or investigations; disruption of our information technology systems or breaches of our data security; failure to recruit or maintain
key personnel; inability to realize expected benefits from our cost reduction program according to the expected timetable; inability
to access capital markets on favorable terms; cyclicality of our businesses; changes in demand for our fertilizer products due
to a decline in agricultural product prices, lack of available credit, weather conditions, government policies or other factors
beyond our control; decreases in demand for bromine based products and other industrial products; volatility or crises in the financial
markets; cost of compliance with environmental legislation and licensing restrictions; hazards inherent in chemical manufacturing;
litigation, arbitration and regulatory proceedings; insufficiency of insurance coverage; closing of transactions, mergers and acquisitions;
war and/or acts of terror; and other risk factors described under &rdquo;Item 3. Key Information&mdash;D. Risk Factors&quot; in
the company's Annual Report on Form 20-F filed with the U.S Securities and Exchange Commission on March 16, 2016.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">Forward-looking
statements speak only as of the date they are made, and we do not undertake any obligation to update or revise them or any other
information contained in this report, whether as a result of new information, future developments or otherwise. You are advised,
however, to read any additional disclosures included in the Immediate Reports furnished by the Company to the SEC on Form 6-K.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Performance Overview</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #4F81BD">Overview</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #4F81BD">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We are a leading global
specialty minerals company that operates a unique, integrated business model. We extract raw materials and utilize sophisticated
processing and product-formulation technologies in order to add value to customers in three attractive end-markets: agriculture,
food and engineered materials. These three end-markets constitute over 90% of our sales.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #4F81BD">Operational Divisions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #4F81BD">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of May 1, 2016, our
operations are organized under two divisions: the Essential Minerals Division and the Specialty Solutions Division.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt; color: #4F81BD"><B>Essential
Minerals Division</B></FONT><B> &ndash;</B> This division includes the ICL Potash &amp; Magnesium and ICL Phosphate business units.
The division focuses on efficiency, process innovation and operational excellence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><B>ICL Potash &amp; Magnesium
&ndash;</B> ICL Potash &amp; Magnesium extracts potash from the Dead Sea and mines and produces potash and salt from subterranean
mines in Spain and the UK. ICL Potash &amp; Magnesium processes the potash into its types and markets it globally and also carries
on other intercompany operations not solely related to the potash activities. The magnesium business markets and sells pure magnesium
and magnesium alloys. It also produces dry carnallite and related by-products, including chlorine and sylvinite.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><B>ICL Phosphate &ndash;</B>
ICL Phosphate mines and processes phosphate rock from open pit mines &ndash; three of which are located in the Negev Desert in
Israel while the fourth is situated in the Yunnan province in China &ndash; and produces sulfuric acid, agricultural phosphoric
acid and phosphate fertilizers in its facilities in Israel and China. ICL Phosphate also manufactures compound fertilizers in the
Netherlands and Germany as well as phosphate-based food additives for livestock in Turkey and in Israel. ICL Phosphate markets
its products worldwide, mainly in Europe, Brazil, India and China.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt; color: #4F81BD"><B>Specialty
Solutions Division</B></FONT><B> &ndash;</B> This division includes four business units: ICL Industrial Products, ICL Specialty
Fertilizers, ICL Advanced Additives and ICL Food Specialties. The division concentrates on achieving growth through a highly-tailored
customer focus, product innovation and commercial excellence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><B>ICL Industrial Products
&ndash;</B> ICL Industrial Products produces bromine out of a solution that is created as a by-product of the potash production
process in Sodom, Israel, as well as bromine-based compounds. ICL Industrial Products uses most of the bromine it produces for
self-production of bromine compounds at production sites in Israel, the Netherlands and China.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify">In addition, ICL Industrial
Products is engaged in the production and marketing of phosphorous flame retardants and additional phosphorus-based products.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><B>ICL Specialty Fertilizers
&ndash; </B>ICL Specialty Fertilizers manufactures compound fertilizers in the Netherlands and Belgium, liquid fertilizers and
soluble fertilizers in Israel and Spain and slow-release fertilizers and controlled-release fertilizers in the Netherlands and
in the United States. ICL Specialty Fertilizers markets its products worldwide, mainly in Europe, North America and Israel.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><B>ICL Advanced Additives</B>
&ndash; Our Advanced Additives business unit primarily develops, produces, markets and sells a broad range of acids, specialty
phosphates and specialty minerals for various applications in a broad range of industries, including metal and water treatment,
paints and coatings, forest fire retardants, cleaning materials, oral hygiene, carbonated drinks, asphalt modification, deicing,
nutrition, pharma, specialty steel, fuel additives and rubber. That stated above is part of our strategy of increasing our production
of downstream products with higher added value. This business unit purifies some of the agricultural phosphoric acid manufactured
by ICL Phosphate and also manufactures thermal phosphoric acid. The purified phosphoric acid and the thermal phosphoric acid are
used to manufacture downstream products with high added value &ndash; phosphate salts and acids &ndash; which are used in the various
industries mentioned above. The product line of our Advanced Additives business unit is further comprised of processed magnesium
products used in the paper industry, cleaning materials and oil additives, catalysts and stabilizers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><B>ICL Food Specialties</B>
&ndash; ICL Food Specialties is a leader in creative food ingredients and phosphate additives, which provide texture and stability
solutions for the processed meat, fish, dairy, beverage and baked goods food markets. In addition, the business unit produces milk
and whey proteins for the food ingredient industry. The business unit operates primary production locations in Germany and Austria,
which mainly process phosphates, milk and spices. The business unit runs several local blending facilities in Germany, the UK,
the United States, Brazil, China and Australia which enable us to produce &quot;customer specific&quot; solutions that meet the
requirements of the local market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Financial Figures and Non-GAAP Financial Measures</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">7-9/2016</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">7-9/2015</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">1-9/2016</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">1-9/2015</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">2015</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 35%; text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; border-right: white 2.25pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="vertical-align: top; width: 6%; border-right: white 2.25pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-left: white 2.25pt solid"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="vertical-align: top; width: 7%; border-right: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="vertical-align: top; width: 6%; border-right: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-left: white 2.25pt solid"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="vertical-align: top; width: 7%; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="vertical-align: top; width: 6%; border-left: white 2.25pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-left: white 2.25pt solid"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="vertical-align: top; width: 7%; border-left: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="vertical-align: top; width: 6%; border-left: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-left: white 2.25pt solid"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD>
    <TD STYLE="vertical-align: top; width: 7%; border-left: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>

        <P STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">millions</FONT></P>
</TD>
    <TD STYLE="vertical-align: top; width: 6%; border-left: white 2.25pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-left: white 2.25pt solid"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>

        <P STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">sales</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Sales</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,383</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;1,379</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;4,025</TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;3,978</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;5,405</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Gross profit</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;461</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;33</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;488</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;35</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,244</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;31</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;1,270</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;32</TD>
    <TD STYLE="text-align: right">&nbsp;1,803</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;33</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Operating income (loss)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(331)</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;197</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;14</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(75)</TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;619</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;16</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;765</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;14</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Adjusted operating income</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;164</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;242</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;442</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;761</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;994</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Net income (loss) - shareholders of the Company</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(340)</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;121</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;9</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(154)</TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;413</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;10</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;509</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;9</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Adjusted net income - shareholders of the Company</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;120</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;155</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;337</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;519</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;699</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Adjusted EBITDA (1)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;286</TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;339</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;787</TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;1,030</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;1,361</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Cash
    flows from operating activities</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;249</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;124</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;709</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;515</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">-</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;573</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: right">-</TD></TR>
</TABLE>


<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0in"><BR CLEAR="ALL">
<I>(1) See &ldquo;Adjusted EBITDA for the periods of activity&quot; below</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0.5in; text-align: justify; text-indent: -7.65pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">Adjustments
to reported operating and net income</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; border-top: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">7-9/2016</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">7-9/2015</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">1-9/2016</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">1-9/2015</TD>
    <TD STYLE="width: 10%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">2015</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal">Operating income (loss)</FONT></TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">(331)</TD>
    <TD STYLE="width: 10%; border-right: white 2.25pt solid; text-align: right">197</TD>
    <TD STYLE="width: 10%; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">(75)</TD>
    <TD STYLE="width: 10%; border-left: white 2.25pt solid; text-align: right">619</TD>
    <TD STYLE="width: 10%; border-left: white 2.25pt solid; text-align: right">765</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Impact of employee strike (1)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">17</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">265</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">248</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Capital loss (gain) from divestitures of non-core businesses and transaction expenses in connection with acquisition and divestitures of businesses</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">6</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">1</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">(217)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">(208)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Write-down and impairment of assets </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">489</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">489</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">34</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">90</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Provision for early retirement and dismissal of employees</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">20</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">26</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">42</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">48</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Income from consolidation of previous equity method investee </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">(7)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">(7)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Provision in respect of prior periods resulting from an arbitration decision</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">10</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">5</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">10</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">5</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Retroactive electricity charges</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">(16)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">12</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">(16)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">12</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">20</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Provision for legal claims</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">(8)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">5</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">7</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">8</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Provision for historical waste removal</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">20</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal">Total adjustments to operating income (loss)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">495</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">45</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">517</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">142</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">229</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> Adjusted operating income </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">164</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">242</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">442</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">761</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double">994</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Total tax impact of the above adjustments, deferred tax adjustments (2) and finance expenses adjustment (3) </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">35</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-weight: bold">11</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">26</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right; font-weight: bold">36</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right; font-weight: bold">39</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Total net income (loss) - shareholders of the Company</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">(340)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; font-weight: bold">121</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">(154)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right; font-weight: bold">413</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right; font-weight: bold">509</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Total adjusted net income - shareholders of the Company</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">120</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; font-weight: bold">155</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">337</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: right; font-weight: bold">519</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: right; font-weight: bold">699</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0.5in; text-align: justify; text-indent: -7.65pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>(1)</I></TD><TD><I>Strike impact on 2015 potash sales quantities which
was not recovered in the first nine months of 2016 due to the delay in signing contracts in China and India.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0.5in; text-align: justify; text-indent: -7.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>(2)</I></TD><TD><I>Non-<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">recurring tax adjustments at DSM in
                                                                                       2015 and at ICL Belgium in 2016. See Note&nbsp;8(8) </FONT>to the condensed consolidated interim financial
                                                                                       statements included in this report.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0.5in; text-align: justify; text-indent: -7.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>(3)</I></TD><TD><I>Finance expenses related to a </I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">provision
in respect of prior periods resulting from an arbitration decision</FONT> <I>amounting to $26 million ($20 million net of tax).</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0.5in; text-align: justify; text-indent: -7.65pt">&nbsp;</P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>We calculate our adjusted
operating income by adjusting our operating income to add certain items, as set forth in the reconciliation tables above. We calculate
our adjusted net income by adjusting our net income to add certain items, as set forth in the reconciliation table above, excluding
the total tax impact of such adjustments. You should not view adjusted operating income or adjusted net income as a substitute
for operating income or net income determined in accordance with IFRS, and you should note that our definitions of adjusted operating
income and adjusted net income may differ from those used by other companies. </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>Nonetheless, we believe
adjusted operating income and adjusted net income provide useful information to both management and investors. Our management uses
these non-IFRS measures to evaluate the Company's business strategies and management's performance. We believe that these non-IFRS
measures provide useful information to investors because they provide transparency of key measures used to evaluate our performance.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0; text-align: justify; color: #4F81BD"><B>Adjusted EBITDA
for the periods of activity </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0; text-align: justify; color: #4F81BD">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0; text-align: justify; text-indent: 0.5in">Calculation
of adjusted EBITDA was made as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid"></TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">7-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">7-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">1-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">1-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">2,015</TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>
</TABLE><BR STYLE="clear: both">
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Net income (loss) attributable to the shareholders of the Company</FONT></TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD"><B>&nbsp;(340)</B></TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; text-align: right">&nbsp;121</TD>
    <TD STYLE="width: 12%; background-color: white; text-align: right; color: #4F81BD"><B>&nbsp;(154)</B></TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right">&nbsp;413</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right">&nbsp;509</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD"><B>&nbsp;108</B></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;90</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD"><B>&nbsp;306</B></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;257</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;353</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Financing expenses, net</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD"><B>&nbsp;45</B></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;49</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD"><B>&nbsp;113</B></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;79</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;108</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Taxes on income</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD"><B>&nbsp;(22)</B></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;34</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD"><B>&nbsp;5</B></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;139</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;162</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Adjustments *</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">495</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">45</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">517</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">142</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">229</P>
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal">Total adjusted EBITDA</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">286</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>339</B></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">787</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>1,030</B></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>1,361</B></P>
</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>* See &quot;Adjustments
to reported operating and net income&quot; above.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>We disclose in this
Quarterly Report non-IFRS financial measures titled Adjusted operating income, Adjusted net income attributable to the Company&rsquo;s
shareholders and Adjusted EBITDA. We calculate our adjusted operating income by adjusting our operating income to add certain items,
as set forth in the reconciliation tables above. We calculate our adjusted net income by adjusting our net income to add certain
items, as set forth in the reconciliation table above, excluding the total tax impact of such adjustments. Adjusted EBITDA is defined
as the net income to the Company&rsquo;s shareholders plus depreciation and amortization plus financing expenses, net, and taxes on income
and plus the items as presented in the reconciliation table above which were adjusted for in calculating the operating income and
net income attributable to the Company&rsquo;s shareholders. You should not view adjusted operating income, adjusted net income
or Adjusted EBITDA as substitutes for operating income or net income determined in accordance with IFRS, and you should note that
our definitions of adjusted operating income, adjusted net income and Adjusted EBITDA may differ from those used by other companies.
Adjusted EBITDA should not be considered as the sole measure of our performance and should not be considered in isolation from,
or as a substitute for, operating income or other statement of operations or cash flow data prepared in accordance with IFRS as
a measure of our profitability or liquidity</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>Nonetheless, we believe
adjusted operating income, adjusted net income and Adjusted EBITDA provide useful information to both management and investors.
Our management uses these non-IFRS measures to evaluate the Company's business strategies and management's performance. We believe
that these non-IFRS measures provide useful information to investors because they provide transparency of key measures used to
evaluate our performance and help compare operating performance from period to period. We also believe Adjusted EBITDA facilitates
company to company operating performance comparisons by backing out potential differences caused by variations such as capital
structures (affecting financing expenses, net), taxation (affecting taxes on income) and the age and book depreciation of facilities,
equipment and intangible assets (affecting relative depreciation and amortization), which may vary for different companies for
reasons unrelated to operating performance. . Adjusted EBITDA does not take into account our debt service requirements and other
commitments, including capital expenditures, and, accordingly, is not necessarily indicative of amounts that may be available for
discretionary uses.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">Consolidated <FONT STYLE="color: #4F81BD">Results
of Operations </FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B>Results of operations for
the period July &ndash; September 2016</B></P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Sales</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to Q3 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;210</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="green_up.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(200)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>(6)</B></P>
</TD>
    <TD STYLE="text-align: center">
<IMG SRC="red_down.jpg" ALT=""><FONT STYLE="font-family: Wingdings"></FONT><DIV STYLE="border-bottom: #4F81BD 0.5pt solid; text-align: center">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">4</P>
</TD>
    <TD STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 2pt solid; text-align: center"><IMG SRC="green_up.jpg" ALT=""><FONT STYLE="font-family: Wingdings"></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly
from potash sales in Asia, consolidation of the YPH joint venture and low SSP sales in the corresponding quarter last year as
a result of the fire in the fertilizer production facility in Israel.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease derives mainly from
a decline in the prices of potash and phosphate fertilizers (see also &lsquo;Significant highlights and business environment&rsquo;
sections and FOB prices in table on page 48).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table sets
forth sales by geographical regions based on the location of the customer:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">7-9/2016</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">7-9/2015</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 48%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1pt solid; border-right: white 1.5pt solid; background-color: white">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD NOWRAP STYLE="width: 13%; border-right: White 1.5pt solid; border-bottom: rgb(79,129,189) 1pt solid; background-color: white">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">% of</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">sales</P>
</TD>
    <TD STYLE="width: 13%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">% of</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">sales</P>
</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both"><TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Europe</FONT></TD>
    <TD STYLE="width: 13%; background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;437</B></TD>
    <TD STYLE="width: 13%; background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;31</B></TD>
    <TD STYLE="width: 13%; text-align: right">&nbsp;467</TD>
    <TD STYLE="width: 13%; text-align: right">&nbsp;34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">North America</FONT></TD>
    <TD STYLE="background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;330</B></TD>
    <TD STYLE="background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;24</B></TD>
    <TD STYLE="text-align: right">&nbsp;354</TD>
    <TD STYLE="text-align: right">&nbsp;26</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Asia</FONT></TD>
    <TD STYLE="background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;329</B></TD>
    <TD STYLE="background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;24</B></TD>
    <TD STYLE="text-align: right">&nbsp;290</TD>
    <TD STYLE="text-align: right">&nbsp;21</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">South America</FONT></TD>
    <TD STYLE="background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;162</B></TD>
    <TD STYLE="background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;12</B></TD>
    <TD STYLE="text-align: right">&nbsp;158</TD>
    <TD STYLE="text-align: right">&nbsp;11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Rest of the world</FONT></TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>125</B></P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>9</B></P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">110</FONT></P>
</TD>
    <TD>
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">8</FONT></P>
</TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold">Total</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">1,383</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">100</P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>1,379</B></P>
</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>100</B></P>
</TD></TR>
</TABLE><BR STYLE="clear: both"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The breakdown of the sales
in the third quarter of 2016 indicates a decrease in sales in Europe, stemming mainly from a decline in the selling prices of potash
and phosphate fertilizers. The decrease in sales in North America stems mainly from the sale of non-core businesses and a decrease
in the selling prices of potash and phosphate, which was partially offset by an increase in the sales of fire safety products.
The increase in sales in Asia stems mainly from consolidation of the joint venture in China and from an increase in the quantities
sold of potash, bromine-based flame retardants and industrial products as well as elemental bromine. This increase was partly offset
by a decline in the selling prices of potash. The increase in sales in South America stems mainly from an increase in the quantities
sold of phosphate fertilizers and potash. This increase was partly offset by a decrease in potash and phosphate selling prices
and from a decrease in phosphoric acids quantities sold due to the economic slowdown in Brazil.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Operating expenses&nbsp;</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating Expenses analysis-comparison to Q3 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;120</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_up.jpg" ALT="" STYLE="width: 23px; height: 25px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(10)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Raw materials</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(25)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Energy</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(5)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="green_down.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transportation</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;25</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="red_up.jpg" ALT="" STYLE="width: 23px; height: 25px"><FONT STYLE="font-family: Wingdings"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>427</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><IMG SRC="red_up.jpg" ALT="" STYLE="width: 23px; height: 25px"></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">532</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><IMG SRC="red_up.jpg" ALT="" STYLE="width: 23px; height: 25px"><DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase in quantity related
costs derives mainly from potash sales in Asia, operating expenses of the YPH joint venture and low expenses in the corresponding
quarter last year as a result of the fire in the fertilizer production facility in Israel.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Exchange rate</U> &ndash; the decrease stems mainly
as a result of the devaluation of the pound against the dollar.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Raw materials</U> &ndash; the decrease stems mainly
from a decline in sulfur prices (used in the green phosphoric acid production), a decrease in the price of commodity fertilizers
 used in ICL Specialty Fertilizers products and a decline of raw-material prices of bromine-based and phosphorous-based products.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Transportation</U> &ndash; the increase stems mainly
from an increase in the quantities of potash sold and from the transportation expenses of the YPH joint venture.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Other</U> &ndash; most of the increase relates to
unusual events (see full details in the table &ldquo;Adjustments to reported operating and net income&quot; on page 33).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Financing expenses, net</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The net financing expenses
in the third quarter of 2016 amounted to $45 million, compared with $49 million in the corresponding quarter last year &ndash;
a decrease of $4 million. The decrease stems from a decline of $49 million deriving mainly from:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A change in the fair value
of foreign currency, interest, energy and marine transportation hedging transactions and revaluation of net liabilities. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">A decrease in the interest expenses relating to provisions for employee
benefits.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On the other hand, there
was an increase in the financing expenses, in the amount of about $45<BR>
million, stemming mainly from the following items:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">An increase in the interest expenses due to an increase in both the total
debt and the interest rate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Expenses stemming from exchange rate differences relating to provisions
for employee benefits.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">A one-time expense  in the amount of  $26 million, relating to
                                                                                                              interest                                                                                                               on
                                                                                                              past                                                                                                               royalties
                                                                                                              recognized in the current quarter as a result of a decision in the arbitration between the State and the
                                                                                                              Company. For additional information &ndash; see Note&nbsp;8(4) to the condensed consolidated interim financial statements
                                                                                                              included in this report.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Tax expenses</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The tax income in the third
quarter of 2016 amounted to $22 million, compared with tax expenses of $34 million in the corresponding quarter last year. The
decrease in the tax expenses in the third quarter of 2016 stems mainly from unusual events that occurred in the current quarter,
as described in note 8(1) and 8(2) to the condensed consolidated interim financial statements. The effective tax rate on the adjusted
income before tax is about&nbsp;26.5%, compared with an effective tax rate on the adjusted income before tax in the corresponding
quarter last year of about&nbsp;22.7%. The increase in the effective tax rate stems mainly from application of the Natural Resources
Tax in Israel to the bromine activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B>Results of operations for
the period January &ndash; September 2016</B></P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Sales</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to YTD 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;465</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(395)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>(23)</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><IMG SRC="red_down.jpg" ALT=""></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">47</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from potash sales, in light of the strike impact in 2015 (amounting
                                                                                to $452 million) and consolidation of the YPH joint venture, and was partly offset as a result of sales of non-core businesses.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease derives mainly from
a decrease in the prices of potash and phosphate fertilizers (see also &lsquo;Significant highlights and business environment&rsquo;
sections and FOB prices in table on page 48).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Exchange rate</U> &ndash; the decrease stems mainly
from the devaluation of the pound against the dollar.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table sets
forth sales by geographical regions based on the location of the customer:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="border-top: #4F81BD 1pt solid; text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; background-color: white; text-align: center; font-weight: bold">1-9/2016</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">1-9/2015</TD>
    <TD COLSPAN="2" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">2015</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 34%; border-bottom: #4F81BD 1pt solid; text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="width: 11%; border-right: White 2.25pt solid; border-bottom: rgb(79,129,189) 1pt solid; border-left: White 2.25pt solid; background-color: white">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">% of</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">sales</P>
</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">% of</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">sales</P>
</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">% of</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Sales</P>
</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE><TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Europe</FONT></TD>
    <TD STYLE="width: 11%; border-left: white 2.25pt solid; background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;1,476</B></TD>
    <TD STYLE="width: 11%; border-left: white 2.25pt solid; background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;37</B></TD>
    <TD STYLE="width: 11%; border-left: white 2.25pt solid; text-align: right">&nbsp;1,570</TD>
    <TD STYLE="width: 11%; border-left: white 2.25pt solid; text-align: right">&nbsp;39</TD>
    <TD STYLE="width: 11%; border-left: white 2.25pt solid; text-align: right">&nbsp;2,012</TD>
    <TD STYLE="width: 11%; border-left: white 2.25pt solid; text-align: right">&nbsp;37</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">North America</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;879</B></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;22</B></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;966</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;24</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;1,253</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;23</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Asia</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;914</B></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;23</B></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;671</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;17</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;1,118</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;21</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">South America</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;406</B></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white; color: #4F81BD; text-align: right"><B>&nbsp;10</B></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;460</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;12</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;585</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Rest of the world</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>350</B></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>8</B></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">311</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">8</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">437</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">8</FONT></P>
</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">4,025</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">100</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>3,978</B></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>100</B></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>5,405</B></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>100</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The breakdown of sales
in the nine months ended September 30, 2016, indicates a decrease in the sales in Europe stemming mainly from a decrease in the
selling prices of potash and phosphate fertilizers, a decrease in the quantities of phosphate fertilizers sold and sale of non-core
business activities. This decrease was partly offset by an increase in the selling prices and quantities sold of bromine-based
products. The decline in sales in North America stems mainly from the sale of non-core businesses, a decline in the selling prices
of potash and phosphate, and a decrease in the sales of bromine-based products. This decrease was partly offset by an increase
in the sales of fire safety products and specialty minerals. The increase in sales in Asia derived mainly from consolidation of
the YPH joint venture in China, an increase in the quantities sold of bromine-based flame retardants and elemental bromine, and
an increase in the quantities sold of potash and phosphate fertilizers. This increase was partly offset by a decrease in the selling
prices of potash and phosphate fertilizers. The decrease in the sales in South America derive mainly from a decline in the selling
prices of phosphate fertilizers and a decline in the quantities of phosphoric acid sold as a result of the economic slowdown in
Brazil.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">Operating expenses</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 72%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operating Expenses analysis- comparison to YTD 2015</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD NOWRAP STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;270</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_up.jpg" ALT="" STYLE="width: 23px; height: 25px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(25)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Raw materials</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(70)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="green_down.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Energy</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(20)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transportation</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;50</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="red_up.jpg" ALT="" STYLE="width: 23px; height: 25px"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>536</B></P>
</TD>
    <TD STYLE="text-align: center">
<FONT STYLE="font-family: Wingdings"><IMG SRC="red_up.jpg" ALT="" STYLE="width: 23px; height: 25px"></FONT><DIV STYLE="border-bottom: #4F81BD 0.5pt solid; text-align: center">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">741</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_up.jpg" ALT="" STYLE="width: 23px; height: 25px"></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase in quantity related
costs derives mainly from operating expenses of the YPH joint venture and an increase of potash and bromine-based products quantities
sold as a result of the strike impact in 2015 (amounting to $133M).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Exchange rate</U> &ndash; the decrease stems mainly
as a result of the devaluation of the pound against the dollar.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Raw materials</U> &ndash; the decrease stems mainly
from a decline in the sulfur prices (used in green phosphoric acid production), a decrease in the price of commodity fertilizers
 used in ICL Specialty Fertilizers products and a decline of the raw-material prices of bromine-based and phosphorous-based
products.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Energy</U> &ndash; the decrease derives mainly from
a decline in the electricity and gas prices.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD>Transportation &ndash; the increase stems mainly from
an increase in the quantities of potash sold, in light of the strike impact in 2015 (amounting to $54 million) and the transportation
expenses of the YPH joint venture, partly offset by a decrease in transportation prices.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Other</U> &ndash; most of the increase relates to
unusual events (see the full details in the table Adjustments to reported operating and net income&quot; on page 33).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Financing expenses, net</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The net financing expenses
in the nine months ended September 30, 2016, amounted to $113 million, compared with $79 million in the corresponding period last
year &ndash; an increase of $34 million. The increase in the financing expenses stems mainly from an increase of $50 million, deriving
from the following items:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">An increase in the interest expenses due to an increase in both the total
debt and the interest rate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Expenses stemming from exchange rate differences relating to provisions
for employee benefits.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">A one-time expense, amounting to $26 million, relating to interest on past
royalties recognized in the current period as a result of a decision in the arbitration between the State and the Company. For
additional information &ndash; see Note&nbsp;8(4) to the condensed consolidated interim financial statements included in this report.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On the other hand, there
was a decline in the financing expenses, in the amount of about $16 million, mainly due to a change in the fair value of foreign
currency, interest, energy and marine transportation hedging transactions and revaluation of net liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Tax expenses</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The tax expenses in the
nine months ended September 30, 2016, amounted to $5 million, compared with tax expenses of $139 million in the corresponding period
last year. The decline in the tax expenses in the current period stems mainly from unusual events that occurred in the current
period, as described in note 8(1) and 8(2) to the condensed consolidated interim financial statements. The effective tax rate on
the adjusted income before tax is about&nbsp;27.2%, compared with an effective tax rate on the adjusted income before tax in the
corresponding period last year of about&nbsp;25.3%. The increase in the effective tax rate stems mainly from application of the
Natural Resources Tax in Israel to the bromine activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Essential Minerals Division</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #222222; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">This division
includes the ICL Potash &amp; Magnesium and ICL Phosphate business units. The division focuses on efficiency, process innovation
and operational excellence.</P>

<P STYLE="color: #222222; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt"><U>Business environment overview</U></P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.4pt"></TD><TD STYLE="width: 17.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">The third quarter of 2016 did not bring much relief to the weak commodities
and minerals markets. Oil prices are still at a low level and leading mining companies have encountered some challenging financial
conditions forcing them to cutback investments and, in some cases, to sell assets in order to generate cash flows.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 64.35pt; text-align: justify; text-indent: 0in">The short-lived
recovery in crop commodities&rsquo; prices reversed in July and since then prices have fallen sharply, reaching their lowest level
in the last decade. Exceptionally high yields per acre and increased planted areas in the US have more than offset lower projected
production in Latin America. Since the future prices for 2017 quoted on the CBOT are similar to the present levels, the Company
does not expect to see a recovery in the short term.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 64.35pt; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.4pt"></TD><TD STYLE="width: 17.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #000000">Based
on the WASDE report published by the USDA on November 10, 2016, the stock</FONT> to use ratio for grains is expected to be approximately
24.6% for the 2016/2017 agricultural year, a minor decrease from the level of 24.8% in the 2015/2016 agricultural year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt"><U>Significant highlights and
business environment</U></P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt">A.</TD><TD>Potash &amp; Magnesium</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">The signing of contracts for potash imports into China and India contributed
to recovery in the nutrient trade in the third quarter of 2016.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">According to customs data, China imported about 4.3 million tonnes of potash
during the first nine months of 2016 &ndash; about 29.6% less than in the corresponding period last year. The decrease resulted
from the delay in signing contracts due to high inventory levels following record imports of 9.4 million tonnes in 2015. A significant
part of these volumes is attributable to cross-border imports from Russia, which increased by 40% compared to the corresponding
period last year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Potash imports into India during the first nine months of 2016 amounted
to approximately 2.6 million tonnes, 19% below imports of 3.3 million tonnes in the corresponding period last year. The slowdown
stems from the high inventory levels at the beginning of the year, as a result of low demand in 2015, and the delay in signing
contracts for the 2016/17 fiscal year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the third quarter,
ICL signed potash supply contracts with its Indian and Chinese customers. The contracts with the Indian customers include the supply
of 660 thousand tonnes (including optional quantities of 60 thousand tonnes), at a price of $227 per tonne CFR for delivery during
the period July&nbsp;2016 to June 2017. The contracts with the Chinese customers include the supply of 700 thousand tonnes (not
including additional optional quantities), at a price of $219 per tonne CFR for delivery up to the end of 2016. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Recovery of the demand is continuing in Brazil. According to ANDA (Brazilian
National Fertilizer Association), potash imports into Brazil during the first nine months of 2016 amounted to approximately 6.6
million tonnes &ndash; an increase of approximately 2% compared to the corresponding period last year. The increase is attributable
mainly to higher planted areas of soybeans.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Given the current market conditions, the Company has decided to accelerate
the transition from extracting and producing potash to producing Polysulphate&reg; at its ICL UK mine. As part of the plan, ICL
is acting to reduce an additional 150 positions by the end of 2016. ICL will endeavor to continue to expand the Polysulphate market
by, among other things, developing a range of innovative Polysulphate&reg; products, including a compacted potash and Polysulphate&reg;
product marketed as PotashpluS. The Company has also announced that it will seek an approval from the North York Moors Park Authority
to extend its planning permission for 40 years. During the Polysulphate&reg; production acceleration period, mining of the limited
remaining economically viable potash reserves in the UK will continue until completed, albeit at a lower rate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Metal magnesium &ndash; global demand for
magnesium continues to be constrained by low economic activity in China, Brazil and Europe. In the United States, supply dynamics
are being impacted by resurgent and new imports of Russian, Kazakh and Turkish pure magnesium. Additionally, consumption is falling
as key industries, such as primary aluminum and titanium production, are shifting to other markets, including Asia and Canada.&nbsp;Chinese
price indicators increased steadily during the third quarter to $2,340 per ton, a 20% increase above the January 2016 levels, due
primarily to increased consumption. Pure magnesium prices in the US market remain under pressure as a consequence of the aforementioned
changes in the supply dynamics.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt">B.</TD><TD>Phosphate</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">The global phosphate market can be divided into an eastern market and a
western market &ndash; which sometimes show opposite trends.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">In the eastern market, the weak imports into India stem from low demand,
high unsold inventories, an erratic monsoon season and a significant increase in domestic production. January through September
DAP imports were 25% lower than in the corresponding period last year, totaling 3.6 million tonnes. As a result of increased availability
from OCP and Ma&rsquo;aden, as well as the lower demand in the Indian market, competitiveness has increased, thereby creating price
pressure. The low prices offered by the low-cost producers, OCP and Ma&rsquo;aden, have eroded the margins of many of the Chinese
producers forcing them to curtail production. As a result, DAP exports from China, which increased by 52% and 42% in 2014
and 2015, respectively, decreased significantly, and in the first nine months of 2016 they were 27% lower than in the corresponding
period last year. Market analysts report that current Chinese phosphate production is running at an average utilization rate of
50%.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">In the western market, Brazil is showing good demand for phosphates. According
to the latest ANDA data for January&ndash;September, MAP imports increased by about 190,000 tonnes (9.4%) over the corresponding
period last year; DAP imports increased by about 3,600 tonnes (1.1%); imports of TSP were down by about 170,000 tonnes (23%) and
SSP imports increased by about 140,000 tonnes (29%).<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>&nbsp;</I></FONT>The
total imports of phosphate fertilizers (MAP, DAP, TSP &amp; SSP) in the first nine months of 2016 reached about 3.75 million tonnes,
an increase of about 165,000 tonnes (4.6%) over the corresponding period last year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">In the third quarter of 2016, demand in Europe was lower than usual as purchases
for application in the next growing season had not yet started.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">The US demand picked up towards the end of the quarter and it is the only
market wherein prices have shown signs of hitting bottom and minor increases were even reported in certain inland destinations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">During the third quarter of 2016, prices of phosphate fertilizers continued
their downward trend. &nbsp;Prices of DAP, MAP, MGA, TSP and Rock decreased by about 30% compared to the third quarter of 2015.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Weaker domestic phosphate demand in China along with lower prices are continuing
to negatively affect the results of the YPH joint venture in China, which recorded negative operating income of $15 million (not
including G&amp;A expenses) in the third quarter of 2016 (of which, $14 million&nbsp;relates to ICL Phosphate). ICL is continuing
its efforts to increase efficiency and reduce costs in a challenging market environment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><U>Results
of Operations - Essential Minerals Division</U></P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><U>Sales</U></P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40%; border-top: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">7-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">7-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">1-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">1-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">2015</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40%; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>Potash &amp; Magnesium</B></FONT></TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;351</TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; text-align: right"><B>&nbsp;401</B></TD>
    <TD STYLE="width: 12%; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;923</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right"><B>&nbsp;1,052</B></TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right"><B>&nbsp;1,515</B></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;Sales to external customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;323</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;364</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;827</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;957</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;1,384</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;Sales to internal customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;28</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;37</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;96</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;95</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;131</TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal">Phosphate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;282</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right"><B>&nbsp;239</B></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;900</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><B>&nbsp;756</B></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><B>&nbsp;1,064</B></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;Sales to external customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;229</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;188</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;740</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;608</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;864</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;Sales to internal customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;53</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;51</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;160</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;148</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;200</TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal">Setoffs</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(12)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>(20)</B></P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(49)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>(60)</B></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>(79)</B></P>
</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>Total division sales</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">621</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>620</B></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">1,774</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>1,748</B></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>2,500</B></P>
</TD></TR>
</TABLE>
<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><U>Operating
income</U></P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40%; border-top: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">7-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">7-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">1-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">1-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">2015</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>Operating income (loss) *</B></FONT></TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(100)</TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; text-align: right"><B>&nbsp;156</B></TD>
    <TD STYLE="width: 12%; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;49</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right"><B>&nbsp;361</B></TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right"><B>&nbsp;576</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Impact of employee strike</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;11</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;206</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;198</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Provision for legal claims</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(8)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;3</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;6</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;6</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Transaction expenses in connection with acquisition and divestitures of businesses</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;4</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;4</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Write-down and impairment of assets </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;207</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;207</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Provision for dismissal of employees</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Provision in respect of prior periods resulting from an arbitration decision</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(1)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;5</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(1)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;5</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;10</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Retroactive electricity charges</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(16)</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">12</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">(16)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">12</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">20</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>Total adjustments to operating income (loss)</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">182</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>35</B></P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">196</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>233</B></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><B>245</B></P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>Adjusted operating income *</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">82</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>191</B></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">245</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>594</B></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>821</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">*
Not including General and Administrative expenses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">For
additional details regarding Potash&ndash; see &lsquo;Potash &ndash; Stand-Alone Activities&rsquo; on page 48.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Potash &ndash; Production
and Sales</P>

<P STYLE="color: #4F81BD; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Thousands of Tonnes</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">7-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">7-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">1-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">1-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">2015</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Production</FONT></TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,265</TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; text-align: right">&nbsp;1,318</TD>
    <TD STYLE="width: 12%; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;3,976</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right">&nbsp;2,735</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right">&nbsp;4,195</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Sales to external customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,293</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;1,091</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;3,186</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;2,785</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;4,181</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Sales to internal customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">107</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">110</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">255</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">277</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">375</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Total sales (including internal sales)</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,400</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;1,201</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;3,441</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;3,062</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;4,556</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Closing inventory</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,087</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;587</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,087</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: right">&nbsp;587</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: right">&nbsp;552</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Production
and Sales</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">The
quantity of potash sold to external customers in the third quarter of 2016, was 202 thousand tonnes higher than the corresponding
quarter last year, mainly due to an increase in sales to India, Brazil and China. In addition, production of potash in the third
quarter of 2016 was 53 thousand tonnes lower than in the corresponding quarter last year, as a result of a decrease in the production
of ICL&nbsp;UK.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">The
quantity of potash sold to external customers in the nine months ended September 30, 2016 was 401 thousand tonnes higher than
the corresponding period last year, mainly due to an increase in the sales to India and Brazil and the strike that took place
in the corresponding period last year in ICL&nbsp;Dead Sea. In addition, production of potash in the nine months ended September
30, 2016 was 1,241 thousand tonnes higher than in the corresponding period last year, due to the strike at ICL Dead Sea, and expansion
of the processing capabilities at ICL Dead Sea (&ldquo;Stage&nbsp;11&rdquo;), which was partly offset by a decrease in the production
at ICL&nbsp;UK.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Phosphate &ndash; Production
and Sales</P>

<P STYLE="color: #4F81BD; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Thousands of Tonnes</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">7-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">7-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">1-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">1-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">2015</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-size: 10pt; font-weight: bold">Phosphate rock</TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Production of rock</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,549</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;964</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;4,443</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;2,898</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;4,417</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Sales *</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;318</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;301</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;875</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;847</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;1,635</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Phosphate rock used for internal purposes</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,178</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;813</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;3,045</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;2,420</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;2,767</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal">Fertilizers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: left; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: left; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Production</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;876</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;352</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;2,034</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;1,174</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;1,639</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Sales *</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;677</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;366</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,895</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: right">&nbsp;1,251</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: right">&nbsp;1,566</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt">* To external customers.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Production
and Sales</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">The
quantity of the fertilizers sold in the third quarter of 2016 was 311 thousand tonnes higher than in the corresponding quarter
last year. The increase stems mainly from the consolidation of the YPH joint venture in China and an increase in the quantities
sold to South America and Europe. In the third quarter of 2016, manufacture of phosphate fertilizers and production of phosphate
rock were higher by 524 thousand tonnes and 585 thousand tonnes, respectively, mainly due to consolidation of the YPH joint venture
in China and increased production in ICL Rotem in Israel.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">The
quantity of fertilizers sold in the nine months ended September 30, 2016 was 644 thousand tons higher than in the corresponding
period last year, due to consolidation of the YPH joint venture in China. In the nine months ended September 30, 2016, manufacture
of phosphate fertilizers and the production of phosphate rock were higher by 860 thousand tonnes and 1,545 thousand tonnes, respectively,
than in the corresponding period last year, mainly due to consolidation of the YPH joint venture in China and increased production
in ICL Rotem in Israel.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">Results
of operations for the period July &ndash; September 2016</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Sales</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">A. Potash
&amp; Magnesium</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 72%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Sales analysis - comparison to Q3 2015</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD NOWRAP STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;80</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;(125)</B></TD>
    <TD STYLE="text-align: center; color: #000000"><IMG SRC="red_down.jpg" ALT=""><FONT STYLE="font-family: Wingdings"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>(5)</B></P>
</TD>
    <TD STYLE="text-align: center">
<FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT><DIV STYLE="border-bottom: #4F81BD 0.5pt solid; text-align: center">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(50)</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from
potash sales in Asia following signing of the contracts in China and India.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from the
decline in potash selling prices, as well as a decline in pure magnesium prices (see also &lsquo;Significant highlights and business
environment&rsquo; section and FOB prices in table on page 48).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">B. Phosphate</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 72%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Sales analysis - comparison to Q3 2015</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD NOWRAP STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;100</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;(55)</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>(2)</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><IMG SRC="red_down.jpg" ALT=""></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">43</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT></TD>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity </U>&ndash; the increase derives mainly from
consolidation of the YPH joint venture and low SSP sales in the corresponding quarter last year as a result of the fire in a fertilizer
production facility in Israel.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price </U>&ndash; the decrease stems mainly from the
decline in phosphate fertilizers selling prices (see also &lsquo;Significant highlights and business environment&rsquo; section).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify; text-indent: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #4F81BD"><B>Essential
Minerals Division</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #4F81BD">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted Operating Income analysis - comparison to Q3 2015 *</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;80</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(180)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;2</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="green_up.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Raw materials</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;15</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Energy</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;2</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="green_up.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transportation</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(32)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>4</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(109)</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">* Not including General and Administrative expenses.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase stems mainly from
potash sales in Asia and from low SSP sales in the corresponding quarter last year as a result of the fire in a fertilizer production
facility in Israel. The gross profit of the YPH joint venture had only a minor effect.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from the
decline in potash and phosphate fertilizers selling prices (see also &lsquo;Significant highlights and business environment&rsquo;
section and FOB prices in table on page 48).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Raw materials</U> &ndash; the increase stems mainly
from a decline in sulfur prices (used in green phosphoric acid production).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Transportation</U> &ndash; the decrease stems mainly
from an increase in the quantities of potash sold and transportation expenses of the YPH joint venture.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">Results
of operations for the period January &ndash; September 2016</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Sales</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">A. Potash&nbsp;&amp; Magnesium</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to YTD 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;150</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;(270)</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right; color: #4F81BD"><B>&nbsp;(9)</B></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: center; color: #000000"><IMG SRC="red_down.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(129)</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from
potash sales, in light of the strike impact in 2015 (amounting to $341 million)<I>.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from the
decline in potash selling prices, as well as a decline in pure magnesium prices (see also &lsquo;Significant highlights and business
environment&rsquo; section and FOB prices in table on page 48).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Exchange rate</U> &ndash; the decrease stems mainly
in light of the devaluation of the pound against the dollar.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">B. Phosphate</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to YTD 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;250</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;(110)</B></TD>
    <TD STYLE="text-align: center; color: #4F81BD"><FONT STYLE="font-family: Wingdings"></FONT><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>4</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><IMG SRC="green_up.jpg" ALT=""></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">144</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from
consolidation of the YPH joint venture and low SSP sales in the corresponding period last year as a result of the fire in a fertilizer
production facility in Israel.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from the
decline in phosphate fertilizers selling prices (see also &lsquo;Significant highlights and business environment&rsquo; section).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #4F81BD"><B>Essential
Minerals Division</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #4F81BD"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #4F81BD"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #4F81BD"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #4F81BD">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted Operating Income analysis - comparison to YTD 2015 *</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(70)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(380)</B></TD>
    <TD STYLE="color: #4F81BD; text-align: center"><IMG SRC="red_down.jpg" ALT="" STYLE="width: 20px; height: 20px"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>-</B></TD>
    <TD STYLE="color: #4F81BD; text-align: center"><IMG SRC="even.jpg" ALT=""><FONT STYLE="font-family: Wingdings"></FONT><FONT STYLE="font-family: Wingdings"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Raw materials</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;35</B></TD>
    <TD STYLE="color: #4F81BD; text-align: center"><FONT STYLE="font-family: Wingdings"></FONT><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Energy</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;10</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="green_up.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transportation</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(10)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>66</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(349)</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">*
Not including General and Administrative expenses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the decrease stems mainly from
potash sales (not including the increase stemming from last year&rsquo;s strike - which was adjusted). The decrease was partly
offset by the low SSP sales in the corresponding period last year as a result of the fire in a fertilizer production facility
in Israel. The gross profit of the YPH joint venture had only a minor effect.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from the
decline in potash and phosphate fertilizers selling prices (see also &lsquo;Significant highlights and business environment&rsquo;
section and FOB prices in table on page 48)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Raw materials</U> &ndash; the increase stems mainly
from a decline in the sulfur prices (used in green phosphoric acid production).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Energy</U> &ndash; the increase stems mainly from
a decline in electricity and gas prices.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Transportation</U> &ndash; the decrease stems mainly
from an increase in the quantities sold by the YPH joint venture.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Other</U> &ndash; the increase derives mainly from
income from insurance in respect of the fire in a fertilizer production facility in Israel, a decline in the salary costs due
to implementation of efficiency plans (which was partly offset by a provision resulting from extension of the validity of the
employment agreement in ICL Dead Sea), and a decline in the royalties&rsquo; expenses.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Potash &ndash; Stand-Alone Activities</P>

<P STYLE="color: #4F81BD; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">Key Figures
&ndash; Additional Information</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold; text-indent: 11.3pt">Millions of Dollars</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">7-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">7-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">1-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">1-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid; text-align: center; font-weight: bold">2015</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-bottom: #4F81BD 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>Average potash selling price - FOB (in $)</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;199</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: right">&nbsp;283</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;215</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; text-align: right">&nbsp;287</TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;280</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Sales to external customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;302</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;344</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;765</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;888</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;1,292</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Sales to internal customers *</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;34</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;42</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;117</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;113</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;157</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal">Operating income (loss) **</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(105)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;126</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(3)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;266</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;424</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Provision for legal claims</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(8)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;3</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;6</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;6</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Impact of employee strike</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;8</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;193</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;185</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Provision for dismissal of employees</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Provision in respect of prior periods resulting from an arbitration decision</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(1)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;5</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(1)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;5</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;10</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Retroactive electricity charges</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(12)</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;8</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(12)</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;8</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;14</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Write-down and impairment of assets </FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">207</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">207</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">-</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>Total adjustments to operating income (loss)</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: #4F81BD 0.5pt solid; text-align: right"><FONT STYLE="font-weight: normal">186</FONT>&nbsp;</P></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">24</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: #4F81BD 0.5pt solid; text-align: right"><FONT STYLE="font-weight: normal">200&nbsp;</FONT></P></TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">212</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">221</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> Adjusted operating income **</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">81</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>150</B></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">197</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>478</B></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>645</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>*</I></FONT></TD><TD>Sales to other business units of ICL including Magnesium
business.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>**</I></FONT></TD><TD>Excluding General and Administrative expenses.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">The
potash stand-alone activities include, among others, Polysulphate&reg; produced in a mine in the UK and salt produced in underground
mines in UK and Spain.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 21.3pt"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">Results
of operations for the period July &ndash; September 2016</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to Q3 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;75</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;(120)</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>(5)</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><IMG SRC="red_down.jpg" ALT=""></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(50)</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted Operating Income&nbsp;&nbsp;analysis - comparison to Q3 2015 *</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;40</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;(120)</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;5</B></TD>
    <TD STYLE="text-align: center; color: #000000"><IMG SRC="green_up.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Raw materials</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>-</B></TD>
    <TD STYLE="text-align: center; color: #4F81BD"><FONT STYLE="font-family: Wingdings"><IMG SRC="even.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Energy</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;5</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Transportation</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;(15)</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Other</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>16</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(69)</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">*
Not including General and Administrative expenses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from
potash sales in Asia.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from the
decline in selling prices (see also &lsquo;Significant highlights and business environment&rsquo; section and FOB prices in table
on page 48).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Transportation</U> &ndash; the decrease stems mainly
from an increase in the quantities of potash sold.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Other</U> &ndash; the increase derives mainly from
a decline in the salary cost due to implementation of efficiency plans and a decline in the royalties&rsquo; expenses.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">Results
of operations for the period January &ndash; September 2016</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to YTD 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;155</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;(260)</B></TD>
    <TD STYLE="text-align: center; color: #000000"><IMG SRC="red_down.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>(14)</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(119)</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted Operating Income analysis - comparison to YTD 2015 *</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(100)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(260)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="red_down.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>-</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="even.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Raw materials</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(5)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="red_down.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Energy</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;5</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transportation</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;30</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>49</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(281)</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">*
Not including General and Administrative expenses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the decrease stems mainly from
potash sales (not including the increase stemming from last year&rsquo;s strike - which was adjusted).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from the
decline in potash selling prices (see also &lsquo;Significant highlights and business environment&rsquo; section and FOB prices
in table on page 48).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Transportation</U> &ndash; the increase stems mainly
from a decline in the quantities of potash sold.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Other</U> &ndash; the increase derives mainly from
a decline in the salary costs due to implementation of efficiency plans (which was partly offset by a provision resulting from
extension of the validity of the employment agreement in ICL Dead Sea), and a decline in the royalties&rsquo; expenses.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Specialty Solutions Division</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #222222; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">This division
includes four business units: ICL Industrial Products, ICL Specialty Fertilizers, ICL Advanced Additives and ICL Food Specialties.
The division concentrates on achieving growth through a highly tailored customer focus, product innovation and commercial excellence.</P>

<P STYLE="color: #222222; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt"><U>Significant highlights and
business environment</U></P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">A. Industrial Products</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Following a short period of decline in elemental bromine
prices in China during the second quarter of 2016, the positive price trend which started at the end of Q3 2014 returned. Prices
are now about 65% higher than their level in Q3 2014.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Strong sales of FR-122P supported by continued transition from HBCD in Europe
and higher prices. In addition, there is a growing interest in FR-122P in North America and Asia Pacific, and ICL is continuing
its efforts to execute additional long-term supply agreements.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Higher sales of Merquel<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&reg;</I></FONT>
(mercury emission control products) supported by the regulation implemented in mid-2016 and higher demand for electricity in the
USA during Q3 2016 compared to Q3 2015.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Strong FR-245 sales continued due to high demand in the television and audio
markets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Stable demand for flame retardants in the printed circuit boards and automotive
markets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Stable demand for bromine in the Butyl rubber industry.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Sales of phosphorous-based flame retardants were unfavorably impacted by
competition from Chinese manufacturers. This trend was offset by an increase in raw materials prices in China and supply interruptions
some Chinese producers encountered due to stricter environmental regulations being implemented by the government.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">B. Specialty Fertilizers</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"> ICL Specialty Fertilizers  was able to maintain the previous
year's profitability ratios, as raw-material prices declined.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Headwinds from the commodity markets and lower demand in Asia Pacific stemming
from lower crop prices were offset by geographical expansion as well as a positive contribution from consolidation of the YPH joint
venture in China &ndash; all of which contributed to an increase in the quantities sold.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Low global crop commodity prices led to lower demand for specialty fertilizers
in specialty agriculture markets, as growers are attempting to save on inputs. The recent recovery in the prices of several &ldquo;cash&rdquo;
crops, such as oil palms, may support future demand.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">The relatively good spring-summer weather and somewhat improved economic
situation in key regions such as Europe and the Americas led to good demand for specialty products in the Turf and Ornamental markets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">The environment described above impacted the sales prices of specialty fertilizers
and, as a result, the sales revenues of the business unit decreased.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">C. Advanced Additives</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Our Advanced Additives business unit is comprised of six sub-units, namely:
Industrial Specialties; Acids; Fire Safety; Oil Additives (P2S5); Elemental Phosphorus and Specialty Minerals.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Advanced Additives performance was favorably impacted by several
                                                                                                               factors: higher demand for fire safety products due to a record season of wildfire activity in North America as well as
                                                                                                               opportunities for additional volume originating from a phased program of the US military to replace products with our state
                                                                                                               of the art foams. In addition the consolidation of the YPH JV in China, contributed approximately 3% to the revenues,
                                                                                                               mainly in                                                                                                                our
                                                                                                               Industrial Specialties and Acids business lines.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">This contribution was partially offset by slightly lower sales in our P2S5
business line due to customer production outages. In addition, sales of acids and salts decreased due to competitive markets in
the EU as a result of the ban on the use of phosphate-based products in ADW (automatic dishwashers) and the weakness in the Brazilian
economy. Furthermore, demand for Specialty Minerals products decreased, especially MgCl &ndash; due to weak pre-season sales of
deicing products in the US market compared to last year, as a result of an exceptionally warm winter, and KCL &ndash; due to very
low demand in the oil drilling industry.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">D. Food Specialties</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">ICL Food Specialties performance has been favorably impacted by growing
demand for protein-enriched, unprocessed (&ldquo;clean label&rdquo;) and non-allergenic (&ldquo;free-from&rdquo;) food as well
as increased manufacturing capacity in Europe and North America.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Sales volumes of dairy proteins improved significantly due to increasing
utilization of newly created production capacities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Sales to emerging markets are showing steady growth compared to both the
third quarter and the first nine months of 2015.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Sales of new products, especially those specifically tailored to customer
needs, grew significantly.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">There was a partial offset due to extension of the cross sanctions between
the West and Russia through the end of 2017, an increasingly competitive environment in North America and devaluation of the British
pound against the Euro causing lower purchasing power of the UK customers.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><U>Results
of Operations &ndash; Specialty Solutions Division</U></P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><U>Sales</U></P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40%; border-top: #4F81BD 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">7-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">7-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">1-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">1-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">2015</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-left: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40%; text-align: left; direction: rtl; unicode-bidi: embed; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Industrial Products</B></FONT></TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;235</TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; text-align: right"><B>&nbsp;225</B></TD>
    <TD STYLE="width: 12%; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;711</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right"><B>&nbsp;630</B></TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right"><B>&nbsp;871</B></TD></TR>
<TR>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Sales to external customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;233</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;221</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;707</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;624</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;859</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Sales to internal customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;2</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;4</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;4</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;6</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;12</TD></TR>
<TR>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Specialty Fertilizers</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;147</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right"><B>&nbsp;155</B></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;524</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><B>&nbsp;535</B></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><B>&nbsp;680</B></TD></TR>
<TR>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Sales to external customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;139</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;147</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;503</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;517</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;656</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Sales to internal customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;8</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;8</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;21</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;18</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;24</TD></TR>
<TR>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Advanced Additives</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;297</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right"><B>&nbsp;290</B></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;752</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><B>&nbsp;732</B></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><B>&nbsp;945</B></TD></TR>
<TR>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Sales to external customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;278</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;275</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;700</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;670</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;858</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Sales to internal customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;19</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;15</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;52</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;62</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;87</TD></TR>
<TR>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Food Specialties</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;172</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right"><B>&nbsp;157</B></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;508</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><B>&nbsp;458</B></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right"><B>&nbsp;613</B></TD></TR>
<TR>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Sales to external customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;171</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;153</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;500</FONT></TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;449</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;602</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&nbsp;&nbsp;&nbsp;Sales to internal customers</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;1</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;4</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-weight: normal">&nbsp;8</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;9</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: right">&nbsp;11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Setoffs</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>(20)</B></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(24)</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>(67)</B></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(81)</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(112)</P>
</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: left; direction: rtl; unicode-bidi: embed; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total division sales</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">831</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>803</B></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">2,428</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>2,274</B></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>2,997</B></P>
</TD></TR>
</TABLE>
<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"><U></U></P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"><U></U></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0.5in; text-align: justify; text-indent: -7.65pt">&nbsp;</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0.5in; text-align: justify; text-indent: -7.65pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><U>Operating
income</U></P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40%; border-top: #4F81BD 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">7-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">7-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold">1-9/2016</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">1-9/2015</TD>
    <TD STYLE="width: 12%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">2015</TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">millions</P>
</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating income *</FONT></TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;147</TD>
    <TD STYLE="width: 12%; border-right: white 2.25pt solid; text-align: right"><B>&nbsp;130</B></TD>
    <TD STYLE="width: 12%; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;425</TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right"><B>&nbsp;298</B></TD>
    <TD STYLE="width: 12%; border-left: white 2.25pt solid; text-align: right"><B>&nbsp;357</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Impact of Employee strike</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;6</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;59</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;50</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Impairment of assets</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;43</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Provision
    for early retirement and dismissal of employees</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;20</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;26</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;42</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;42</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision in respect of prior periods resulting from an arbitration decision</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;11</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;11</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Provision for legal claims</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">&nbsp;2</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;2</TD>
    <TD STYLE="border-left: white 2.25pt solid; text-align: right">&nbsp;2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision for historical waste removal</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">-</FONT></P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid">-</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">-</FONT></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">20</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total adjustments to operating income</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>31</B></P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">8</P>
</TD>
    <TD STYLE="background-color: white">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>38</B></P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">103</P>
</TD>
    <TD STYLE="border-left: white 2.25pt solid">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">157</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted operating income *</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">178</P>
</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>138</B></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; background-color: white">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">463</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>401</B></P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-left: white 2.25pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1.5pt double"><B>514</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0.5in; text-align: justify; text-indent: -7.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">*
Not including General and Administrative expenses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0.5in; text-align: justify; text-indent: -7.65pt">&nbsp;</P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Results
of operations for the period July &ndash; September 2016</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Sales</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">A.
Industrial Products</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to Q3 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;20</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;(10)</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right">
        <P><B>-</B></P>
</TD>
    <TD>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #000000; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="even.jpg" ALT=""></P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid; border-top: rgb(78,129,212) 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">10</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid; border-top: rgb(78,129,212) 1pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT=""></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from
the sales of bromine based flame retardants and industrial solutions products.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from the
decline in phosphorous-based flame retardants selling prices (see also &lsquo;Significant highlights and business environment&rsquo;
section on page 51).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">B. Specialty Fertilizers</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to Q3 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;10</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(15)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>(3)</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><IMG SRC="red_down.jpg" ALT=""></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(8)</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from
consolidation of the YPH joint venture.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from a
decline in the prices of commodity fertilizers  which are used as raw materials for specialty fertilizers.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt"><B>C. Advanced Additives</B></P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to Q3 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;15</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(5)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>(3)</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><IMG SRC="red_down.jpg" ALT=""></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">7</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from
consolidation of the YPH joint venture and an increase in the sales quantities of the fire safety business line.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from a
decline in the selling prices of acids (see also &lsquo;Significant highlights and business environment&rsquo; section on page
52).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">D. Food Specialties</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to Q3 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;15</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>-</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="even.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>-</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><IMG SRC="even.jpg" ALT=""></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">15</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"><DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from
dairy proteins and new products.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #4F81BD"><B>Specialty
Solutions Division</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #4F81BD">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted Operating Income analysis - comparison to Q3 2015 *</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;25</TD>
    <TD STYLE="text-align: center; color: #000000; font-weight: bold"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;(25)</TD>
    <TD STYLE="text-align: center; color: #000000; font-weight: bold"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="text-align: center; color: #000000; font-weight: bold"><IMG SRC="even.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Raw materials</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;10</TD>
    <TD STYLE="text-align: center; color: #000000; font-weight: bold"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Energy</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">-</TD>
    <TD STYLE="text-align: center; color: #000000; font-weight: bold"><IMG SRC="even.jpg" ALT=""><FONT STYLE="font-family: Wingdings"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transportation</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;5</TD>
    <TD STYLE="text-align: center; color: #000000; font-weight: bold"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>25</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">40</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">*
Not including General and Administrative expenses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0.5in; text-align: justify; text-indent: -7.65pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from
higher sales of dairy proteins and new products in ICL Food Specialties as well as higher sales quantities of bromine compound
in ICL Industrial Products.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from lower
commodity fertilizers prices which impacted the sales prices in ICL Specialty Fertilizers and from lower sales prices of phosphorous-based
products in ICL Industrial Products.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Raw materials</U> &ndash; the increase stems mainly
from a decline in the price of commodity fertilizers used in ICL Specialty Fertilizer&rsquo;s products and raw materials
used for manufacturing bromine-based and phosphorous-based products in ICL Industrial Products.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Other</U> &ndash; the increase stems from, among other
things, a decline in the salary costs due to implementation of the efficiency plan in ICL Industrial Products.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Results
of operations for the period January &ndash; September 2016</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Sales</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #4F81BD; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">A.
Industrial Products</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to YTD 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;85</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; text-align: right; color: #4F81BD"><B>&nbsp;(5)</B></TD>
    <TD STYLE="text-align: center; color: #000000"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>1</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: White 2.25pt solid; border-bottom: rgb(78,129,212) 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">81</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from
bromine based flame retardants and industrial solutions products in light of the strike impact in 2015 (amounting to $80 million).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from the
decline in phosphorous-based flame retardants selling prices, partly offset by an increase in the prices of the bromine based
products (see also &lsquo;Significant highlights and business environment&rsquo; section on page 51).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">B. Specialty Fertilizers</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to YTD 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;20</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(25)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>(6)</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><IMG SRC="red_down.jpg" ALT="" STYLE="width: 20px; height: 21px"></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">(11)</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from
consolidation of the YPH joint venture.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from a
decline in prices of commodity fertilizers  which are used as raw materials for specialty fertilizers.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt"><B>C. Advanced Additives</B></P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to YTD 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;40</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(15)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>(5)</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><IMG SRC="red_down.jpg" ALT=""></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">20</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from
consolidation of the YPH joint venture and specialty minerals products in light of the strike impact in 2015 (amounting to $32
million).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from the
decline in the selling prices of acids (see also &lsquo;Significant highlights and business environment&rsquo; section on page
52).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">D. Food Specialties</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: left; font-weight: bold; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales analysis - comparison to YTD 2015</FONT></TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">$ millions</TD>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 1.5pt solid; border-bottom: #4F81BD 1pt solid; background-color: white; text-align: center; font-weight: bold; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;50</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;5</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>(5)</B></P>
</TD>
    <TD STYLE="text-align: center; border-bottom: rgb(78,129,212) 1pt solid"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">50</P>
</TD>
    <TD STYLE="border-bottom: rgb(78,129,212) 2pt solid; text-align: center; border-right: White 2.25pt solid"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"><DIV STYLE="border-bottom: #4F81BD 1.5pt double">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly from
dairy proteins and new products.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the increase derives mainly from
an increase in selling prices of organic dairy proteins.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #4F81BD"><B>Specialty
Solutions Division</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #4F81BD">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 72%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted Operating Income analysis - comparison to YTD 2015 *</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD NOWRAP STYLE="width: 14%; border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quantity</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;25</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;(35)</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="red_down.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange rate</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>-</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="even.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Raw materials</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;50</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Energy</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;10</B></TD>
    <TD STYLE="color: #000000; text-align: center"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transportation</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; color: #4F81BD; text-align: right"><B>&nbsp;5</B></TD>
    <TD STYLE="color: #000000; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other</FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid">
        <P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 0.5pt solid"><B>7</B></P>
</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT>
<DIV STYLE="border-bottom: #4F81BD 0.5pt solid; text-align: center">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">Total deviation</TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid">
        <P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: #4F81BD 1.5pt double">62</P>
</TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; text-align: center"><FONT STYLE="font-family: Wingdings"><IMG SRC="green_up.jpg" ALT="" STYLE="width: 19px; height: 20px"></FONT>
<DIV STYLE="border-bottom: #4F81BD 1.5pt double; text-align: center">

</DIV></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">*
Not including General and Administrative expenses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase stems mainly from
higher sales of dairy proteins and new products in ICL Food Specialties.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems mainly from lower
commodity fertilizers prices which impacted the sales prices in ICL Specialty Fertilizers and acids in ICL Advanced Additives.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Raw materials</U> &ndash; the increase stems mainly
from a decline in the price of commodity fertilizers used as raw materials in ICL Specialty Fertilizer&rsquo;s products
and raw materials used for manufacturing bromine-based and phosphorous-based products in ICL Industrial Products.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD><U>Other</U> &ndash; the increase stems from, among other
things, a decline in the salary costs due to implementation of the efficiency plan in ICL Industrial Products.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 61 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Liquidity and Capital Resources</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Source and uses of cash</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Set forth below are
the highlights of the changes in the cash flows in the third quarter of 2016, compared with the corresponding quarter last year:</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Net cash provided by
operating activities</U>:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the third quarter of
2016, the cash flows provided by operating activities increased compared with the corresponding quarter last year by $125 million.
This increase stems mainly from a decrease in the working capital, compared to the corresponding quarter last year, as well as
by a decrease in provisions and benefits for employees in the corresponding quarter last year stemming from payment of royalties
and payments relating to retirement of employees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Net cash used in investing
activities</U>:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the third quarter of
2016, the cash flows used in investing activities decreased compared with the corresponding quarter last year, by $38 million.
This decrease stems mainly from a decline, in the amount of $11 million, in the capital expenditures and realization of short-term
deposits and sale of securities, in the amount of about $29 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Net cash used in financing
activities</U>:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the third quarter of
2016, there was an increase of $156 million in the cash flows used in financing activities compared with the corresponding quarter
last year. This increase stems mainly from repayment of long-term loans, net of loans received, in the amount of about $185 million,
compared with the corresponding quarter last year, while on the other hand, there was a decrease in the repayment of short-term
credit balances, in the amount of $38 million, compared with the corresponding quarter last year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Debt Movement</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As at September 30, 2016,
the net financial liabilities of ICL amounted to $3,423 million, an increase of $193 million compared with the balance at the end
of 2015. The debt increase is mainly due to the purchase of 15% of the shares of the public company Yunnan Yuntianhua in January
2016, for the aggregate amount of $250 million. These shares are traded on the Chinese stock exchange,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">ICL's sources of financing
are short-term and long-term bank loans, mostly from international banks and Israeli institutions, debentures and securitization
of customer receivables, whereby some of the Group companies sell customer receivables in return for providing a credit facility.
The total amount of the securitization framework and credit facility deriving therefrom amounts to $405 million. As at September
30, 2016, ICL had used $267 million of the securitization facility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">ICL also has long-term
credit facilities of $1,890 million and &euro;100 million, of which $838 million had not been used as of September 30, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For additional information
regarding new credit facilities, amounts raised and issuance of a new series of debentures (Series E) &ndash; see Note&nbsp;5 to
the condensed consolidated interim financial statements included in this report.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subsequent to the date
of the statement of financial position, on October&nbsp;27, 2016, the credit rating company Standard&nbsp;&amp;&nbsp;Poor&rsquo;s
Global Ratings lowered the Company&rsquo;s international credit rating to BBB&ndash; with a stable rating outlook. The said rating
reduction reflects, mainly, the weak situation existing in the global fertilizers market and follows the lowering of the ratings
of a number of other companies in the industry in the past year. ICL&rsquo;s rating remained at an investment grade. In the Company&rsquo;s
estimation, the impact of the rating reduction on its financing expenses, if any, is negligible.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As at the date of the report,
the Company is in compliance with the financial covenants stipulated in its financing agreements<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>.</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dividend Policy</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In March 2016 the Company&rsquo;s
Board of Directors decided to adapt its dividend policy. For 2016 and 2017, ICL&rsquo;s dividend payout ratio will comprise up
to 50% of its adjusted annual net income, compared to the prior policy of up to 70% of the net income. This adaptation will serve
to increase certainty for the Company&rsquo;s shareholders regarding ICL&rsquo;s distribution of dividends while maintaining ICL&rsquo;s
financial strength. The Company&rsquo;s Board of Directors will revisit the dividend policy once market conditions stabilize.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For additional details
regarding the distribution of dividends by the Company &ndash; see Note&nbsp;7 to the condensed consolidated interim financial
statements above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Critical Accounting Estimates</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There were no material
changes in our critical accounting estimates during the nine-month period ended September 30, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Board of Directors and Senior Management Updates</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In March 2016, Mr. Eran
Sarig, a Company director, retired from his position on the Company&rsquo;s Board of Directors following his retirement&nbsp;as
an executive officer in Israel Corporation Ltd., the Company&rsquo;s controlling shareholder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In April 2016, the Company&rsquo;s
Board of Directors appointed Mr.&nbsp;Johanan Locker as a director, and on August&nbsp;29, 2016, the General Meeting of the Company&rsquo;s
shareholders approved his appointment. Commencing from August&nbsp;15, 2016, Mr.&nbsp;Locker serves as the Executive Chairman of
the Company&rsquo;s Board of Directors, this being in place of Mr.&nbsp;Nir Gilad, who retired from his position as the Executive
Chairman of the Company&rsquo;s Board of Directors on this date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of May 1, 2016, Mr.
Karl Georg Mielke, President &amp; CEO of ICL Specialty Fertilizers, Ms. Lisa Haimovitz, Senior Vice-President and Global General
Counsel &amp; Company Secretary and Mr. Ido Lilian, Executive Vice President, ICL Global Procurement, are no longer considered
executive officers of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On July 7, 2016, Mr. Rani
Loebenstein was appointed Head of the ICL Corporate Relations Unit. From the date of his appointment, Mr.&nbsp;Loebenstein is considered
an executive officer of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Further to Item 6 of our
Annual Report &ndash; &ldquo;Directors, Senior Management and Employees&rdquo;, Part C &ndash; &ldquo;Board Practices&rdquo; regarding
&ldquo;Insurance and indemnification&rdquo;, on August 8 and 9, 2016, the Company's Audit &amp; Accounting Committee and the Board
of Directors, respectively, approved renewal of the insurance policy for officers currently serving or who will serve in the Company
from time to time, as well as their liability in their capacity as officers of certain companies to which they have been or will
be appointed by the ICL Group or on its behalf, for a period of an additional year, commencing from September 1, 2016 through August
31, 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On August 29, 2016, the
Company held an Extraordinary General Meeting of the shareholders, whereat all items on the meeting's agenda were approved, as
they were described in detail in the Company&rsquo;s Immediate Report published on July 24, 2016, and as follows: (a)&nbsp;approval
of a new compensation policy for officers; (b)&nbsp;approval of the appointment of Mr.&nbsp;Johanan Locker as a Company director;
(c)&nbsp;approval of the compensation terms and equity grant for the new Chairman of the Company&rsquo;s Board of Directors, Mr.&nbsp;Johanan
Locker; and (d)&nbsp;approval of an equity compensation grant for 2016 to ICL's Chief Executive Officer at the time of the meeting,
Mr. Stefan Borgas.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company will convene
the 2016 Annual General Meeting of its Shareholders on January 3, 2017, and has established December 2, 2016, as the record date
to determine shareholders' eligibility to vote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On September 8, 2016, the Company's
Chief Executive Officer (CEO), Mr. Stefan Borgas, announced his decision to resign as CEO and as a member of the Board of Directors
for personal reasons.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On September 11, 2016,
the Company&rsquo;s Board of Directors appointed Mr. Asher Grinbaum, who up to July&nbsp;1, 2016, served as Executive Vice-President
and COO (Chief Operating Officer), as the Company&rsquo;s Acting CEO, to fill the role of CEO on an interim basis, until the appointment
of a permanent CEO. Mr.&nbsp;Grinbaum&rsquo;s appointment entered into effect immediately. Mr.&nbsp;Charles Widhaus, the former
CEO of ICL Industrial Products, replaced Mr.&nbsp;Grinbaum as the COO, commencing from July&nbsp;1, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Concurrently, the Company&rsquo;s
Board of Directors appointed a Board committee to search for a permanent CEO, the members of which are: Mr. Johanan Locker (Chairman),
Dr.&nbsp;Miriam Haran and Mr. Avisar Paz.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Risk Factors</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the nine-month period
ended September&nbsp;30, 2016, there were no material changes in the risk factors previously disclosed in our Annual Report on
Form 20-F for the year ended December 31, 2015.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Quantitative and Qualitative Exposures stemming
from Market Risks</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Reference is made to &ldquo;Item
11 &ndash; Quantitative and Qualitative Disclosures about Market Risks&rdquo; in our Annual Report on Form 20-F for the year ended
December 31, 2015.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.1pt 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Legal Proceedings</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Derivative Actions</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On July 10, 2016 and July
19, 2016, two petitions for approval of derivative actions were submitted to the Economic Division of the Tel-Aviv District Court,
by two different shareholders, regarding the annual bonuses paid with respect to 2014-2015 to the five highest paid senior officers
of the Company, including the CEO and the Chairman at that time, allegedly in a manner not conforming to the Company&rsquo;s Compensation
Policy and not in the best interest of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The first petition, for
an estimated amount of NIS&nbsp;18 million (approximately $5 million), was submitted against the five highest paid senior officers
of the Company and alternatively, against the members of the Compensation Committee who approved grant of the bonuses. The Company
is requested to compel the five highest paid senior officers to return the bonuses, and should they fail to comply with this request,
file a claim against the members of the Compensation Committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The second petition, for
an estimated amount of NIS&nbsp;21 million (approximately $6 million), was submitted against ICL, the five highest paid senior
officers and the members of the Board who approved grant of the bonuses. The Court is requested to compel the five highest paid
senior officers and other Company officers, to return the bonuses. Alternatively, the Court is requested to demand that the members
of the Board compensate the Company for damages incurred in respect of the approval of these grants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Due to the early stage
of both petitions, it is not possible to estimate the chances that the Court will accept them. The Company strongly rejects the
petitions and will submit its response to the Court according to the law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition, the Company
is subject to various litigation and other legal proceedings. For a discussion of this matter, see &quot;Contingencies, Litigations
and Other Matters&quot; in Note 8 to the condensed consolidated interim financial statements included in this report.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 31%; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 31%; font-size: 8pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></TD><TD STYLE="width: 38%; font-size: 8pt; text-align: right"><FONT STYLE="color: #1F497D"><B>Israel Chemicals Limited</B></FONT><B>&nbsp;&nbsp;</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q3 2016</FONT> Results</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0"></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Israel Chemicals Ltd.</B></FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kobi Altman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">Kobi Altman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Israel Chemicals Ltd.</B></FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Lisa Haimovitz</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">Lisa Haimovitz</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President, Global General Counsel and Corporate Secretary</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Date:
November 23, 2016</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>red_up.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 red_up.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
