<SEC-DOCUMENT>0000950103-17-003893.txt : 20170427
<SEC-HEADER>0000950103-17-003893.hdr.sgml : 20170427
<ACCEPTANCE-DATETIME>20170427061536
ACCESSION NUMBER:		0000950103-17-003893
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170427
FILED AS OF DATE:		20170427
DATE AS OF CHANGE:		20170427

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:		17786089

	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>dp75533_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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            <p style="margin:0pt"><a name="_DMBM_21975"></a><a name="_CSF_TOC_1"></a><a name="EDGAR_PAGE_START1"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">UNITED STATES</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">SECURITIES AND EXCHANGE COMMISSION</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">Washington, D.C. 20549</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:18pt; font-weight:bold">FORM 6-K</font></p>
            <p style="margin:0pt; text-indent:-6.85pt; text-align:center; padding-left:6.85pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-indent:-6.85pt; text-align:center; padding-left:6.85pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></p>
            <p style="margin:0pt; text-indent:-6.85pt; text-align:center; padding-left:6.85pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt">For the month of </font><font style="font-family:Calibri; font-size:11pt">A</font><font style="font-family:Calibri; font-size:11pt">pril</font><font style="font-family:'Times New Roman'; font-size:10pt">, 201</font><font style="font-family:'Times New Roman'; font-size:10pt">7</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">Commission File </font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">Number: 001-13742</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:22pt; font-weight:bold">ISRAEL CHEMICALS LTD.</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">(Exact name of registrant as specified in its charter)</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">Israel Chemicals Ltd.</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">Millennium Tower</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">23 </font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">Aranha</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold"> Street</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">P.O. Box 20245</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">Tel Aviv, 61202 Israel</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">(972-3) 684-4400</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">(Address of principal executive office)</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">20-F or Form 40-F:</font></p>
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                            <p style="margin:0pt; text-align:center; border-bottom-style:solid; border-bottom-width:0.75pt; border-bottom-color:#000000"><font style="font-family:'Times New Roman'; font-size:10pt">X</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by </font><font style="font-family:'Times New Roman'; font-size:10pt">Regulation</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">S-T</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">Rule</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">101(b)(1):</font></p>
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                            <p style="margin:0pt; text-align:center; border-bottom-style:solid; border-bottom-width:0.75pt; border-bottom-color:#000000"><font style="font-family:'Times New Roman'; font-size:10pt">X</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">S-T</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">Rule</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">101(b)(7):</font></p>
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                            <p style="margin:0pt; text-align:center; border-bottom-style:solid; border-bottom-width:0.75pt; border-bottom-color:#000000"><font style="font-family:'Times New Roman'; font-size:10pt">X</font></p>
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            <p style="margin:0pt; text-align:center"><a name="_DMBM_21976"></a><a name="EDGAR_PAGE_START2"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">ISRAEL CHEMICALS LTD.</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">INCORPORATION BY REFERENCE</font></p>
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            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:10pt">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 exte</font><font style="font-family:'Times New Roman'; font-size:10pt">nt not superseded by documents or reports subsequently filed or furnished.</font></p>
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            <p style="margin:0pt; text-align:center"><a name="_DMBM_21974"></a><a name="EDGAR_PAGE_START3"></a><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:bold">ISRAEL CHEMICALS LTD.</font></p>
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                        <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:11pt">1.</font></p>
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                        <p style="margin:0pt; line-height:120%; font-size:11pt"><font style="font-family:'Times New Roman'; font-size:11pt">Independent Claims Committee Report in connection with the application for certification of a derivative action regarding the bonuses</font></p>
                        <p style="margin:0pt; line-height:120%; font-size:11pt"><font style="font-family:'Times New Roman'; font-size:11pt">&#xa0;</font></p>
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            <p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:bold">Item 1</font></p>
            <p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:11pt">&#xa0;</font></p>
            <p style="margin:6pt 0pt 0pt; text-align:center; line-height:120%; font-size:11pt"><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:bold; text-decoration:underline">Independent Claims Committee Report in connection with the application for certification of a derivative action regarding the bonuses</font></p>
            <p style="margin:0pt; text-align:center; line-height:120%; font-size:11pt"><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:bold; text-transform:uppercase">&#xa0;</font></p>
            <p style="margin:0pt; text-align:center; line-height:120%; font-size:11pt"><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:bold; font-style:italic; text-transform:uppercase">&#xa0;</font></p>
            <p style="margin:0pt 0pt 6pt; line-height:111%; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt; text-align:left" dir="rtl"><font style="font-family:'Times New Roman'; font-size:12pt" dir="ltr">Further to Item 8A. of the Company&#39;s Annual report (20F), dated, April 16, 2017, (Certification No. </font><font style="font-family:'Times New Roman'; font-size:12pt" dir="ltr">2017-02-021763), the Company wishes to announce the following:</font></p>
            <p style="margin:0pt; text-align:left" dir="rtl"><font style="font-family:'Times New Roman'; font-size:11pt">&#xa0;</font></p>
            <ol type="1" style="margin:0pt; padding-left:0pt">
                <li style="margin:0pt 0pt 0pt 14pt; text-indent:0pt; text-align:justify; line-height:115%; padding-left:4pt; font-family:'Times New Roman'; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:12pt">Pursuant to ICL&#39;s Board resolution dated December 15, 2016, the Company has appointed a special independent external committee (the &#8220;</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">Special Committee</font><font style="font-family:'Times New Roman'; font-size:12pt">&#8221;) to examine all of the aspects arising f</font><font style="font-family:'Times New Roman'; font-size:12pt">rom the application for certification of a derivative action regarding the annual bonuses paid to office holders for the years 2014-2015 (the &#8220;</font><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">Certification Application</font><font style="font-family:'Times New Roman'; font-size:12pt">&#8221;)</font><font style="font-family:'Times New Roman'; 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            <p style="margin:6pt 0pt 6pt 12pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:12pt">The Special Committee was headed by Hon. Justice (ret.) </font><font style="font-family:'Times New Roman'; font-size:12pt">Oded</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-size:12pt">Mudrick</font><font style="font-family:'Times New Roman'; font-size:12pt">, and the other members therein were: Prof. Sharon Hannes and Prof. Haim </font><font style="font-family:'Times New Roman'; font-size:12pt">Assayag</font><font style="font-family:'Times New Roman'; font-size:12pt">, CPA.</font></p>
            <p style="margin:6pt 0pt 6pt 12pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:12pt">For purposes of its operations, the Special Committee has appo</font><font style="font-family:'Times New Roman'; font-size:12pt">inted a legal advisor to accompany its work &#8211; Dr. </font><font style="font-family:'Times New Roman'; font-size:12pt">Asaf</font><font style="font-family:'Times New Roman'; font-size:12pt"> Eckstein. </font></p>
            <p style="margin:6pt 0pt 6pt 12pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>

                <li style="margin:0pt 0pt 0pt 13.25pt; text-indent:0pt; text-align:justify; line-height:115%; padding-left:4.75pt; font-family:'Times New Roman'; font-size:11pt"><font style="font-family:'Times New Roman'; font-size:12pt">On </font><font style="font-family:'Times New Roman'; font-size:12pt">April 18, 2017, the Special Committee submitted its report to the Board of Directors.</font></li>
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            <p style="margin:0pt 0pt 0pt 12pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">&#xa0;</font></p>

                <li style="margin:0pt 0pt 0pt 13.25pt; text-indent:0pt; text-align:justify; line-height:115%; padding-left:4.75pt; font-family:'Times New Roman'; font-size:11pt"><font style="font-family:'Times New Roman'; font-size:12pt">In the Special Committee Report, the Special Committee determined, among others, that in its opinion the adjustments to the net profit as approved by the Company&#8217;s Compensation Committee for the years 2014 and 2015 were duly made and in accordance with the</font><font style="font-family:'Times New Roman'; font-size:12pt"> Company&#8217;s Compensation Policy. In light of the foregoing, it would be improper for the Company to demand any restitution or reparation due to the events specified in the Certification Application filed by the Applicant. The Committee therefore recommend t</font><font style="font-family:'Times New Roman'; font-size:12pt">hat the Company opposes the Application filed with the Court by the Applicant.</font></li>
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                <li style="margin:0pt 0pt 0pt 13.25pt; text-indent:0pt; text-align:justify; line-height:115%; padding-left:4.75pt; font-family:'Times New Roman'; font-size:11pt"><a name="OLE_LINK3"></a><a name="OLE_LINK4"><font style="font-family:'Times New Roman'; font-size:12pt">Translation </font><font style="-aw-bookmark-end:OLE_LINK3"></font></a><font style="font-family:'Times New Roman'; font-size:12pt">to English of the</font><font style="font-family:'Times New Roman'; font-size:12pt"> executive summary and the summary of the report, as appear in the Special Committee&#39;s report, are attached to this announcement.</font></li>
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                <li style="margin:0pt 0pt 0pt 14pt; text-indent:0pt; text-align:justify; line-height:115%; padding-left:4pt; font-family:'Times New Roman'; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:12pt">In its meeting o</font><font style="font-family:'Times New Roman'; font-size:12pt">f April 26, 2017, the Board has resolved to fully adopt the Special Committee&#39;s report and the recommendations therein, to deny the demands of the Applicant within the Certification Application, and to instruct the Company to file an objection to the Certi</font><font style="font-family:'Times New Roman'; font-size:12pt">fication Application.</font></li>
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            <p style="margin:6pt 0pt; text-align:justify"><a name="EDGAR_PAGE_START5"></a><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:bold; text-decoration:underline">Executive Summary</font></p>
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            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">Amendment 20 to the Companies Law, 5759-1999 (the &#8220;</font><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:bold">Companies Law</font><font style="font-family:'Times New Roman'; font-size:11pt">&#8221;) has entered into force on December 2012. Among other things, the Amendment imposed a duty to determine a compensation policy in public companies, </font><font style="font-family:'Times New Roman'; font-size:11pt">in accordance with the considerations and criteria specified by the Law. Pursuant with the provisions of said Law, the Company has adopted a compensation policy which was approved on August 2013 (the &#8220;</font><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:bold">Compensation Policy</font><font style="font-family:'Times New Roman'; font-size:11pt">&#8221;). The Compensation Policy included</font><font style="font-family:'Times New Roman'; font-size:11pt"> a &#8220;bonus general threshold&#8221;, whereby no bonus shall be paid for the measurable categories of the bonus on a given year (which constitute 90% of the maximal total bonus amount), if the Company&#8217;s net profit for such year does not amount to at least 60% of t</font><font style="font-family:'Times New Roman'; font-size:11pt">he Company&#8217;s average net profit in the three preceding years (the &#8220;</font><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:bold">General Threshold</font><font style="font-family:'Times New Roman'; font-size:11pt">&#8221;). </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">In 2014 changes were made to the Compensation Policy, with the approval of the Company&#8217;s general meeting. According to these changes, a provision was adopted which all</font><font style="font-family:'Times New Roman'; font-size:11pt">owed making adjustments to the Company&#8217;s profit, as follows: &#8220;In order to avoid distortions resulting from the recognition of an income or expense resulting from one-time events of the Company, an adjustment will be made (upward or downward) in the calcula</font><font style="font-family:'Times New Roman'; font-size:11pt">tion of net profit and/or operating profit of the Company or the operating profit of the segment for the purposes of the annual bonus, subject to approval by the Compensation Committee and Board and in accordance with the specific circumstances of the case</font><font style="font-family:'Times New Roman'; font-size:11pt">&#8221; (the Company was listed for trade on the New York Stock Exchange, were it is traded as of September 2014, and hence the version as published on the SEC&#8217;s disclosure system is the binding version). This provision also applies to the General Threshold. </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">Th</font><font style="font-family:'Times New Roman'; font-size:11pt">is provision has authorized the Compensation Committee (the &#8220;</font><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:bold">Compensation Committee</font><font style="font-family:'Times New Roman'; font-size:11pt">&#8221; or the &#8220;</font><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:bold">Committee</font><font style="font-family:'Times New Roman'; font-size:11pt">&#8221;) and the Company Board to make an adjustment relating to an expense or income, provided it meets three cumulative conditions: stems from a one-time even</font><font style="font-family:'Times New Roman'; font-size:11pt">t; was recognized in the financial reports prepared according to generally accepted accounting principles; caused distortions in the reported results. Based on this authorizing provision, the Company&#8217;s Compensation Committee and Board approved adjustments </font><font style="font-family:'Times New Roman'; font-size:11pt">to the Company&#8217;s net profit &#8211; with respect both to 2014 and 2015. The scope of the bonuses (i.e., the amounts actually paid as bonuses, as opposed to the mere entitlement to bonuses) was determined based on the unadjusted net profit. </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">Thus, in 2014 the Com</font><font style="font-family:'Times New Roman'; font-size:11pt">pany&#8217;s net profit amounted to $464 million, while the General Threshold amounted to $724 million. The nine adjustments made &#8211; for the provision due to previous years as a result of the partial arbitration reward respecting the royalties, a one-time tax exp</font><font style="font-family:'Times New Roman'; font-size:11pt">ense mainly due to tax assessment agreements of consolidated companies of ICL Europe, the effects of a strike at a subsidiary of ICL, an expense due to the deterioration of assets in ICL consolidated companies in the United States and Europe, profit from e</font><font style="font-family:'Times New Roman'; font-size:11pt">ntry into consolidation due to the completion of purchase of all shares of </font><font style="font-family:'Times New Roman'; font-size:11pt">Fosbrasil</font><font style="font-family:'Times New Roman'; font-size:11pt"> by ICL, expense due to change in the fair value of energy and marine transportation hedging transactions resulting from accounting principles, provision due to early retir</font><font style="font-family:'Times New Roman'; font-size:11pt">ement of employees of ICL subsidiaries, consultancy expenses relating to the acquisition of companies and one-time divestment of companies not within ICL&#8217;s core business, and consultancy expenses relating to the IPO of ICL shares on the New York Stock Exch</font><font style="font-family:'Times New Roman'; font-size:11pt">ange &#8211; have led to an adjusted profit of $738 million which surpassed the General Threshold and allowed the granting of bonuses to the officers. </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">In a similar fashion, in 2015 the Company&#8217;s net profit amounted to $509 million; the General Threshold, when </font><font style="font-family:'Times New Roman'; font-size:11pt">taking into account the adjusted net profit for 2014 (instead of the net profit for 2014), amounted to $571 million. According to the clear language of the Compensation Policy, the General Threshold respecting a specific year is computed as 60% of the Comp</font><font style="font-family:'Times New Roman'; font-size:11pt">any&#8217;s average </font><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:bold">net profit</font><font style="font-family:'Times New Roman'; font-size:11pt"> in the three preceding years, yet the Compensation Committee, being aware of this, chose, for purposes of compensation for 2015, to set the higher bar which includes the profit as it adjusted it for 2014. </font><a name="EDGAR_PAGE_END5"></a></p>
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            <p style="margin:6pt 0pt; text-align:justify"><a name="EDGAR_PAGE_START6"></a><font style="font-family:'Times New Roman'; font-size:11pt">With respect to 2015, adj</font><font style="font-family:'Times New Roman'; font-size:11pt">ustments were made due to eleven items &#8211; effects of the employees&#8217; strike, capital gains from the divestment of businesses not within ICL&#8217;s core business and expenses relating to the divestment and acquisition of businesses, change in the fair value of ene</font><font style="font-family:'Times New Roman'; font-size:11pt">rgy and marine transportation hedging transactions, deterioration of assets, provision due to early retirement of employees and downsizing, profit from entry into consolidation, provision for arbitration due to past periods, electric power costs due to pas</font><font style="font-family:'Times New Roman'; font-size:11pt">t periods, provision for lawsuits, provision for removal of historic waste, and tax effects of the adjustments.</font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">&#160;</font><br /><font style="font-family:'Times New Roman'; font-size:11pt">These adjustments have led to an adjusted profit of $670 million which surpassed the General Threshold and allowed the granting of bonuses to </font><font style="font-family:'Times New Roman'; font-size:11pt">the officers.</font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">&#xa0;</font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">The Applicant raises objections relating to certain adjustments approved for the years 2014 and 2015. With respect to 2014, the Applicant contends that adjustments were made for three events which are not one-time events. With respect to the</font><font style="font-family:'Times New Roman'; font-size:11pt"> adjustment made due to the change in the fair value of energy and marine transportation hedging transactions, the Applicant claims that the Company &#8220;engages in hedging transactions concerning energy and marine freight on a regular and ongoing basis&#8221;; with</font><font style="font-family:'Times New Roman'; font-size:11pt"> respect to the adjustment made due to a tax expense due to tax assessment agreements the Applicant claims that &#8220;such an expense stems merely from the updating of an estimate, and cannot be considered a one-time event&#8221; and that &#8220;the receipt of final tax as</font><font style="font-family:'Times New Roman'; font-size:11pt">sessments, which do not conform to the self-assessment, is not a one-time event, particularly for a company abounding with subsidiaries and divisions operating &#8216;in a large number of jurisdictions&#8217;&#8221;; with respect to the adjustment made due to the deteriorat</font><font style="font-family:'Times New Roman'; font-size:11pt">ion of assets the Applicant claims that the recognition of a loss due deterioration of fixed or intangible assets is &#8220;a common occurrence &#8211; even if stemming from particular events&#8221;. The Applicant sums up by arguing that each of the three adjustments challe</font><font style="font-family:'Times New Roman'; font-size:11pt">nged by him is &#8220;critical&#8221; to meeting the requirements of the general threshold and that &#8220;suffice is to disqualify any of the three, no matter which, in order to put the Company in non-compliance with the general threshold for 2014&#8221;. </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">Similarly, with respec</font><font style="font-family:'Times New Roman'; font-size:11pt">t to 2015, the Applicant contends that three of the adjustments made do not meet the terms set for making adjustments as provided in the Company&#8217;s Compensation Policy. The adjustment for the employees&#8217; strike is an adjustment of &#8220;a notional profit which wa</font><font style="font-family:'Times New Roman'; font-size:11pt">s not recognized in the financial statements&#8221;; the adjustment for electric power costs due to past periods is an estimate update pertaining to an ongoing business expense, which falls within routine and ongoing accounting procedures in the preparation of f</font><font style="font-family:'Times New Roman'; font-size:11pt">inancial reports and does satisfy the definition of a one-time event; the adjustment due to the provision for removal of historic waste is also is an estimate update of an operating cost deriving from ordinary business activity which is not a one-time even</font><font style="font-family:'Times New Roman'; font-size:11pt">t. </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">In a nutshell, the Applicant&#8217;s argument spans two dimensions. The first dimension pertains to the objective deviation of the items of adjustment to the net profit from the tests provided in the Compensation Policy. This is, therefore, an allegation of </font><font style="font-family:'Times New Roman'; font-size:11pt">acting </font><font style="font-family:'Times New Roman'; font-size:11pt; font-style:italic">ultra vires</font><font style="font-family:'Times New Roman'; font-size:11pt">. The other dimension pertains to the conduct of the members of the Compensation Committee and the Board who, according to the Applicant, acted in bad faith, in preference of the interests and the officers receiving the bonuses. Such cond</font><font style="font-family:'Times New Roman'; font-size:11pt">uct amounted, according to the Applicant, to gross negligence or recklessness, a breach of the duty of care toward the Company and even a breach of the duty of trust toward the Company. This is, therefore, an allegation of a breach of duties by the directo</font><font style="font-family:'Times New Roman'; font-size:11pt">rs, relating to the discretion exercised by the organs that approved the adjustments to the Company&#8217;s net profit. </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">Examination of these claims vis-&#224;-vis the factual basis and other materials delivered to us by the Company at our request, as well as directl</font><font style="font-family:'Times New Roman'; font-size:11pt">y hearing from persons relevant to the matter, have led to the conclusion that, generally, the adjustments were made </font><font style="font-family:'Times New Roman'; font-size:11pt; font-style:italic">intra vires</font><font style="font-family:'Times New Roman'; font-size:11pt"> and based on well-founded and professional judgment. We believe that the Company&#8217;s Compensation Committee and Board have not</font><a name="EDGAR_PAGE_END6"></a></p>
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            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt"> </font><a name="EDGAR_PAGE_START7"></a><font style="font-family:'Times New Roman'; font-size:11pt">ex</font><font style="font-family:'Times New Roman'; font-size:11pt">ceeded their authority as pertains to making the adjustments, and that the adjustments were approved following a comprehensive and profound process and based on independent and professional judgment.&#160; </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">As for authority. We believe that the Compensation Pol</font><font style="font-family:'Times New Roman'; font-size:11pt">icy &#8211; anchored, as aforesaid, in the Law &#8211; has authorized ICL&#8217;s Board to make the adjustments as made in 2014 and 2015. We have reached this conclusion based on the language of the provision, its purpose, and in light of comparison thereof to adjustments m</font><font style="font-family:'Times New Roman'; font-size:11pt">ade by other companies.</font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">As for discretion. We have concluded that the process of discussion of making the adjustments was thoughtful, comprehensive and profound. The adjustments were discussed within the frameworks of discussions of the Compensation Commit</font><font style="font-family:'Times New Roman'; font-size:11pt">tee and the Board. These were preceded by discussions on the Audit and Accounting Committee including most of the members of the Compensation Committee and meetings held by the members of the Compensation Committee and the Board with members of the Company</font><font style="font-family:'Times New Roman'; font-size:11pt">&#8217;s management and various consultants. </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">The discussions of the Compensation Committee and the Board were held based on a comparative study of the adjustments made by other companies. The comparative study encompassed twenty companies selected by ISS Corpor</font><font style="font-family:'Times New Roman'; font-size:11pt">ate Services (ICS), a subsidiary of the international consulting firm Institutional Shareholder Services (ISS). The task of collecting and analyzing the data relating to the companies included in the comparative survey was given to PWC (we would note that </font><font style="font-family:'Times New Roman'; font-size:11pt">audit services respecting the Company&#8217;s financial reports are provided, on a regular basis, by KPMG). Review of the comparative analysis brought before the members of the Compensation Committee and Board as part of the discussions for approval of the adjus</font><font style="font-family:'Times New Roman'; font-size:11pt">tments indicates that the companies included in the comparative survey allow making adjustments to the profit for a variety of cases which are parallel to those made by the Company. As for the process conducted by the Compensation Committee and the Board, </font><font style="font-family:'Times New Roman'; font-size:11pt">we would further note that the Company&#8217;s CEO and Chairman of the Board, which had a personal interest in the approval of the adjustment, have excluded themselves, as required, from discussion and decision-making respecting the adjustments approved.</font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">In ligh</font><font style="font-family:'Times New Roman'; font-size:11pt">t of the aforesaid, our conclusion is that Company organs authorized to approve the adjustments &#8211; the Compensation Committee and the Board &#8211; did not exceed their authority and approved the adjustments based on well-founded judgment. This conclusion is supp</font><font style="font-family:'Times New Roman'; font-size:11pt">orted, as we shall explain in the Report, also by the fact that the Company&#8217;s compensation policy for 2016, as approved by the Company&#8217;s general meeting, rescinded the General Threshold for bonuses, and by the fact that an amendment to the Companies Law ca</font><font style="font-family:'Times New Roman'; font-size:11pt">me into force in 2016 that allows for the unlimited granting of discretionary bonuses to officers subordinated to the CEO.&#160;&#160; </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">Our examination included the reasonableness of the decision of the Company&#8217;s authorized organs, with respect to each of the adjust</font><font style="font-family:'Times New Roman'; font-size:11pt">ments; both hose included and those not included in the Applicant&#8217;s objections. </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">An examination of the reasonableness of the decisions of the Company&#8217;s Board is not required &#8211; according to the business judgment rule &#8211; in case where the decision was made wi</font><font style="font-family:'Times New Roman'; font-size:11pt">thout any conflict of interests, in an informed manner and in good faith on the part of the directors. Our examination indicated that the process conducted by the Board Committee was informed, well-founded and practical. Notwithstanding, we chose to materi</font><font style="font-family:'Times New Roman'; font-size:11pt">ally examine the adjustments made, including the reasonableness of the decision of the authorized organs that approved them. </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">The reason for examining the reasonableness of the decision lies in the fact that the Company&#8217;s CFOs in the years 2014 and 2015 we</font><font style="font-family:'Times New Roman'; font-size:11pt">re the ones to propose the list of adjustments, without the Company&#8217;s Compensation Committee being assisted, for such purpose, by external professional advice, separate from that received by the Company on a regular basis. This is particularly proper in fa</font><font style="font-family:'Times New Roman'; font-size:11pt">ce of one of the adjustments approved for 2015 &#8211; i.e. the adjustment, at the sum of approx. $248 million, due to the employees&#8217; strike. The making of this adjustment raises various questions respecting which is would have</font><a name="EDGAR_PAGE_END7"></a></p>
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            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt"> </font><a name="EDGAR_PAGE_START8"></a><font style="font-family:'Times New Roman'; font-size:11pt">been advisable to consult an exter</font><font style="font-family:'Times New Roman'; font-size:11pt">nal, independent consultant. Had the Compensation Committee availed itself to such independent professional advice, perhaps it would have been unnecessary to examine the reasonableness of its decisions.&#160; </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">Examination of the reasonableness of the various ad</font><font style="font-family:'Times New Roman'; font-size:11pt">justments made indicated that all of the adjustments are accepted adjustments, made in a proper manner and in in accordance with the language and purpose of the authorizing provision in the Compensation Policy. With respect to one adjustment &#8211; the one pert</font><font style="font-family:'Times New Roman'; font-size:11pt">aining to the 2015 strike, we opined that it would have been better if the Committee did not base the calculation of this adjustment on the Company&#8217;s sales projection. However, even a simple alternative calculation, which not based on the sales projection,</font><font style="font-family:'Times New Roman'; font-size:11pt"> leads to a similar result. We elaborate in this matter in the Report itself. </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">Another claim made by the Applicant is that for</font><font style="font-family:'Times New Roman'; font-size:11pt"> purposes of calculating the General Threshold for 2014, the Company made a comparison between the adjusted net profit for 2014 and the average GAAP net profit for the years 2011-2013. The Applicant argues that such a comparison between dissimilar items (i</font><font style="font-family:'Times New Roman'; font-size:11pt">n the Applicant&#8217;s words, &#8220;not comparing apples to apples&#8221;). We would note that the Company&#8217;s Compensation Policy provides, regarding the General Threshold, that the comparison of the Company&#8217;s net profit in a given year, which such Policy allows adjusting,</font><font style="font-family:'Times New Roman'; font-size:11pt"> shall be made vis-&#224;-vis at least 60% of the amount of the Company&#8217;s average </font><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:bold">net profit</font><font style="font-family:'Times New Roman'; font-size:11pt"> in the three preceding years. Hence, the Applicant&#8217;s claim is in contradiction with the clear language of the Compensation Policy. Moreover, in the years 2011-2013 no a</font><font style="font-family:'Times New Roman'; font-size:11pt">djustments were made (nor could they be made) to the net profit for purposes of granting compensation. To complete the picture we would note that, in calculating the General Threshold for 2015, the Committee was, in the first stage, presented with the aver</font><font style="font-family:'Times New Roman'; font-size:11pt">age net profit for the years 2012-2014, without adjustments. At the second stage the Committee decided on a stricter approach, and included in the calculation of the average of the preceding years the adjusted (and higher) profit for 2014, together with th</font><font style="font-family:'Times New Roman'; font-size:11pt">e net profit for 2012-2013. The decision to include the adjusted net profit for 2014 has thus led, of the Compensation Committee&#8217;s own volition, to a higher General Threshold for 2015. </font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">Finally, the defined purpose of the work of this independent committee</font><font style="font-family:'Times New Roman'; font-size:11pt"> is to form a recommendation which would best serve the best interest of the Company. Beyond the issue of whether or not the Company has at its disposal a cause of action, this special committee must consider, in forming its recommendations, also the costs</font><font style="font-family:'Times New Roman'; font-size:11pt"> involved in conducting a possible lawsuit, including possible harm to the working relations in the Company. We would not that the General Threshold, as anchored in the Company&#8217;s Policy in 2014 and 2015, was applied by the Company not only to the officers,</font><font style="font-family:'Times New Roman'; font-size:11pt"> but also to a very wide class of employees (above and beyond the Company&#8217;s officers), which includes thousands of employees. A demand for the return of bonuses from numerous employees, including those who were not in any way involved or informed of the ma</font><font style="font-family:'Times New Roman'; font-size:11pt">nner in which such bonuses were determined, might undermine the Company&#8217;s relations with it employees and their motivation to increase the Company&#8217;s value and realize its vision. Conversely, great importance lies in practicing appropriate corporate governa</font><font style="font-family:'Times New Roman'; font-size:11pt">nce, and any case of bonuses granted contrary to the provisions of the Compensation Policy cannot be dismissed. In any case, it is our opinion that the Company, in any event, does have a firm cause of action as pertains to the aspects relating to the grant</font><font style="font-family:'Times New Roman'; font-size:11pt">ing of the bonuses. Under such circumstances, the complex considerations relating to the principle of the Company&#8217;s best interest are attributed minor importance, as it would be inappropriate for the Company to conduct a legal proceeding without have a fir</font><font style="font-family:'Times New Roman'; font-size:11pt">m cause of action.</font></p>
            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt">And furthermore. The directors who approved the adjustments for the years 2014 and 2015 enjoy an exemption given them by the Company. The conduct of the officers involved in the approval of the adjustments is far from conduct characteriz</font><font style="font-family:'Times New Roman'; font-size:11pt">ed by elements of malice or recklessness, as these were interpreted in case law. Moreover, their conduct as revealed before us does not, in any way whatsoever, amount to a breach of the duty of trust to the Company. It is therefore clear that the exemption</font><font style="font-family:'Times New Roman'; font-size:11pt"> clauses stand for the benefit of the directors who approved the adjustments, and thus in any event it would have</font><a name="EDGAR_PAGE_END8"></a></p>
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            <p style="margin:6pt 0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:11pt"> </font><a name="EDGAR_PAGE_START9"></a><font style="font-family:'Times New Roman'; font-size:11pt">been pointless to file the action and conduct it against them, even had we found conclude that a substantial flaw has occurred in their judgme</font><font style="font-family:'Times New Roman'; font-size:11pt">nt.&#160;&#160;&#160;&#160;&#160; </font></p>
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            <p style="margin:0pt 0pt 10pt; text-indent:-36pt; text-align:justify; line-height:115%; padding-left:36pt; font-size:11pt"><font style="font-family:Calibri; font-size:11pt">35. </font><font style="font-family:Calibri; font-size:11pt">&#xa0;</font><font style="font-family:Calibri; font-size:11pt">&#xa0;</font><font style="font-family:Calibri; font-size:11pt">&#xa0;</font><font style="font-family:Calibri; font-size:11pt">&#xa0;</font><font style="font-family:Calibri; font-size:11pt">&#xa0;</font><font style="font-family:Calibri; font-size:11pt">&#xa0;</font><font style="font-family:Calibri; font-size:11pt">&#xa0;</font><font style="font-family:Calibri; font-size:11pt"> </font><font style="font-family:'Times New Roman'; font-size:11pt">Due</font><font style="font-family:'Times New Roman'; font-size:11pt"> to the reasons stated above, we are of the opinion that the adjustments to the net profit as approved by the Company&#8217;s Compensation Committee for the years 2014 and 2015 were duly made and in accordance with the Company&#8217;s Compensation Policy. Hence, in ad</font><font style="font-family:'Times New Roman'; font-size:11pt">dition, the Company does not have a firm cause of action against the officers who approved making the adjustments relating to the compensation for the years 2014 and 2015, or against the officers who received compensation due to the said adjustments. In li</font><font style="font-family:'Times New Roman'; font-size:11pt">ght of the foregoing, it would be improper for the Company to demand any restitution or reparation due to the events specified in the Certification Application filed by the Applicant. We therefore recommend that the Company opposes the Application filed wi</font><font style="font-family:'Times New Roman'; font-size:11pt">th the Court by the Applicant</font><font style="font-family:Calibri; font-size:11pt">.</font></p>
            <p style="margin:0pt 0pt 10pt; text-indent:-36pt; text-align:justify; line-height:115%; padding-left:36pt; font-size:11pt"><font style="font-family:Calibri; font-size:11pt; font-weight:normal">36.</font><font style="font-family:Calibri; font-size:11pt; font-weight:normal">&#xa0;</font><font style="font-family:Calibri; font-size:11pt; font-weight:normal">&#xa0;</font><font style="font-family:Calibri; font-size:11pt; font-weight:normal">&#xa0;</font><font style="font-family:Calibri; font-size:11pt; font-weight:normal">&#xa0;</font><font style="font-family:Calibri; font-size:11pt; font-weight:normal">&#xa0;</font><font style="font-family:Calibri; font-size:11pt; font-weight:normal">&#xa0;</font><font style="font-family:Calibri; font-size:11pt; font-weight:normal">&#xa0;</font><font style="font-family:Calibri; font-size:11pt; font-weight:normal">&#xa0;</font><font style="font-family:Calibri; font-size:11pt; font-weight:normal"> </font><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:normal">The Company&#39;s attention is referred to the remarks we have made in connection with the advantage of professional external counseling to the compensation committee, apart from the counseling given to the Company&#39;s </font><font style="font-family:'Times New Roman'; font-size:11pt; font-weight:normal">management, as well as to the alternative way of calculation of the adjustment respecting the employee strike</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">SIGNATURE</font></p>
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            <p style="margin:0pt; text-indent:18pt"><font style="font-family:'Times New Roman'; font-size:10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to</font><font style="font-family:'Times New Roman'; font-size:10pt"> be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
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                        <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">Israel Chemicals Ltd.</font></p>
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                        <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:10pt">By:</font></p>
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                        <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:10pt">/s/ Lisa</font><font style="font-family:'Times New Roman'; font-size:10pt"> Haimovitz</font></p>
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                        <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:10pt">Title:</font></p>
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                        <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:10pt">Senior Vice President, Global General Counsel and Corporate Secretary</font></p>
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            <p style="margin:0pt; text-align:justify"><font style="font-family:'Times New Roman'; font-size:10pt">Date: </font><font style="font-family:'Times New Roman'; font-size:10pt">April 27</font><font style="font-family:'Times New Roman'; font-size:10pt">, 2017</font></p>
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