<SEC-DOCUMENT>0000950103-17-004441.txt : 20170510
<SEC-HEADER>0000950103-17-004441.hdr.sgml : 20170510
<ACCEPTANCE-DATETIME>20170510060116
ACCESSION NUMBER:		0000950103-17-004441
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20170510
FILED AS OF DATE:		20170510
DATE AS OF CHANGE:		20170510

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:		17828331

	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>dp75911_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</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 May, 2017</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">&nbsp;</P>



<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: 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"><B>Millennium Tower</B></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"><B>P.O. Box 20245</B></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"><B>(972-3) 684-4400</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address
of principal executive office)</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-align: center"><FONT STYLE="font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:</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>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 29%"><FONT STYLE="font-size: 10pt">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"><FONT STYLE="font-size: 10pt">X</FONT></P></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 28%"><FONT STYLE="font-size: 10pt">Form
    40-F</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%"><FONT STYLE="font-size: 10pt">&nbsp;</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"><FONT STYLE="font-size: 10pt">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):</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>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 29%"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%"><FONT STYLE="font-size: 10pt"> </TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">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"><FONT STYLE="font-size: 10pt">X</FONT></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"><FONT STYLE="font-size: 10pt">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):</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>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 29%"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%"><FONT STYLE="font-size: 10pt"></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">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"><FONT STYLE="font-size: 10pt">X</FONT></P></TD></TR>
</TABLE>





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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="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 extent not superseded by documents
or reports subsequently filed or furnished.</FONT></P>

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Q1
                                         2017 Results</FONT></TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

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

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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Item 1</B></FONT></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>




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

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

<P STYLE="color: Red; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="cov.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="color: Red; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></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: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>



<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="color: rgb(79,129,189); font: 10pt 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="width: 63%; text-align: center; font-size: 11pt; padding-right: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; background-color: white; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">March
    31, 2017</FONT></TD>
    <TD STYLE="width: 12%; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">March
    31, 2016</FONT></TD>
    <TD STYLE="width: 13%; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December
    31, 2016</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 11pt; padding-right: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current
    assets</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;81</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;123</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;87</FONT></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">Short-term
    investments and deposits </FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;38</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;89</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;29</FONT></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">Trade
    receivables</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;968</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;969</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;966</FONT></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">Inventories</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,248</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,444</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,267</FONT></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">Assets
    held for sale</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;122</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;10</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Other
    receivables</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">247</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">296</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">222</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    current assets</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">2,704</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">2,931</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">2,571</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-current
    assets</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Investments
    in equity-accounted investees</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;31</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;148</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;153</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Financial
    assets available for sale</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;240</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;268</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;253</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Deferred
    tax assets</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;144</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;131</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;150</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Property,
    plant and equipment</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;4,349</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;4,288</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;4,309</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Intangible
    assets</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;829</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,219</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;824</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Other
    non-current assets</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">336</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">318</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">292</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    non-current assets</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">5,929</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">6,372</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">5,981</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    assets</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">8,633</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">9,303</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">8,552</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current
    liabilities</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Short-term
    credit</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;590</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;683</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;588</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Trade
    payables</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;695</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;717</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;644</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Provisions</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;92</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;50</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;83</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Other
    current liabilities</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">701</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">655</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">708</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    current liabilities</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">2,078</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">2,105</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">2,023</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-current
    liabilities</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Long-term
    debt and debentures</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;2,791</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;2,960</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;2,796</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Deferred
    tax liabilities</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;305</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;296</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;303</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Long-term
    employee provisions</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;595</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;576</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;576</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Provisions
    </FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;174</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;129</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;185</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Other
    non-current liabilities</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">9</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">23</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">10</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    non-current liabilities</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">3,874</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">3,984</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">3,870</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    liabilities</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">5,952</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">6,089</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">5,893</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">2,603</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">3,061</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">2,574</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling
    interests</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">78</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">153</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">85</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    equity</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">2,681</FONT></P>
        </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt"><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">3,214</FONT></P>
        </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt"><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">2,659</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; position: relative; top: -3pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    liabilities and equity</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">8,633</FONT></P>
        </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">9,303</FONT></P>
        </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">8,552</FONT></P></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; position: relative; top: -3pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 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 7.1pt; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1F497D"><B>Israel Chemicals Limited </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; letter-spacing: 0.5pt">Quarterly Report</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></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"></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: Black 1pt solid; text-align: right; font-size: 11pt; padding-right: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">For
        the three-month</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">period
        ended</FONT></P></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">For
        the</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">year
        ended&nbsp;</FONT></P></TD></TR>
<TR>
    <TD STYLE="width: 63%; text-align: right; font-size: 11pt; padding-right: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">March
    31, 2017</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">March
    31, 2016</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">December
    31, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 11pt; padding-right: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ millions</FONT></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">Sales</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,295</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,265</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;5,363</FONT></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">Cost
    of sales</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">937</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">899</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">3,703</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Gross profit</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;358</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;366</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,660</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Selling,
    transport and&nbsp;&nbsp;marketing expenses</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;180</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;155</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;722</FONT></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">General
    and administrative expenses</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;66</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;80</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;321</FONT></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">Research
    and development expenses</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;15</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;17</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;73</FONT></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">Other
    expenses</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;10</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;618</FONT></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">Other
    income</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(19)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(3)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(71)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Operating income
    (loss)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">116</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">107</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(3)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Finance
    expenses</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;91</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;42</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;157</FONT></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">Finance
    income</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(77)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(14)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(25)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Finance expenses,
    net</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">14</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">28</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">132</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Share
    in earnings of equity-accounted investees</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">1</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">2</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">18</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Income (loss)
    before income taxes</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;103</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;81</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(117)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Income
    taxes</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">42</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">22</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">55</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Net income
    (loss)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">61</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">59</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(172)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Net
    loss attributable to the non-controlling interests</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(7)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(7)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(50)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><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="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">68</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">66</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(122)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Earnings (loss)
    per share attributable to</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;the
    shareholders of the Company:</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Basic
    earnings (loss) per share (in cents)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">5.30</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">5.20</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(10.00)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Diluted
    earnings (loss) per share (in cents)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">5.30</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">5.20</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(10.00)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Weighted-average
    number of</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;ordinary
    shares outstanding:</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Basic
    (in thousands)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,276,098</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,272,930</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,273,295</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diluted
    (in thousands)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,276,975</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,273,499</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,273,295</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: left">&nbsp;</P>

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


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1F497D"><B>Israel Chemicals Limited </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; letter-spacing: 0.5pt">Quarterly Report</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></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: rgb(79,129,189); font: 10pt 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: Black 1pt solid; text-align: left; font-size: 11pt; padding-right: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">For
        the three-month</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">period
        ended</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">For
        the</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">year
        ended</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR>
    <TD STYLE="width: 63%; text-align: left; font-size: 11pt; padding-right: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">March
    31, 2017</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">March
    31, 2016</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">December
    31, 2016</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 11pt; padding-right: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">$ millions</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Net
    income (loss)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">61</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">59</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(172)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Components
    of other comprehensive income that&nbsp;&nbsp;will be reclassified subsequently to net income (loss)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency
    translation differences </FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;30</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;48</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(90)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; padding-right: 6pt"><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="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(1)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(1)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; padding-right: 6pt"><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="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(15)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;13</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
    (loss) tax relating to items that will be reclassified subsequently to net income (loss)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">4</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(3)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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 STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">19</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">57</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(79)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Components
    of other comprehensive income that will not be reclassified to net income (loss)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Actuarial
    losses from defined benefit plan</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(4)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(19)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(48)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; padding-right: 6pt"><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="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">1</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">6</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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 STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(3)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(13)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(40)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: justify; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Total comprehensive
    income (loss)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">77</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">103</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(291)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: justify; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: justify; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Comprehensive
    loss attributable to the non-controlling interests</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(7)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(7)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(59)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Comprehensive
    income (loss) attributable to the shareholders of the Company</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">84</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">110</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(232)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 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; text-align: justify; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1F497D"><B>Israel Chemicals Limited </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; letter-spacing: 0.5pt">Quarterly Report</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Condensed Consolidated Statements
of Cash Flows (Unaudited)</P>

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&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: Black 1pt solid; text-align: left; font-size: 11pt; padding-right: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">For
        the three-month</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">period
        ended&nbsp;</FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">For
        the</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">year
        ended</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 63%; text-align: left; font-size: 11pt; padding-right: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">March
    31, 2017</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">March
    31, 2016</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">December
    31, 2016</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: left; font-size: 11pt; padding-right: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Cash
    flows from operating activities</FONT></TD>
    <TD STYLE="width: 12%; background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Net
    income (loss)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;61</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;59</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(172)</FONT></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">Adjustments
    for:</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Depreciation
    and amortization</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;94</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;99</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;406</FONT></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">Revaluation
    of balances from financial institutions and interest expenses, net</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;57</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;29</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;76</FONT></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">Share
    in earnings of equity-accounted investees, net </FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(1)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(2)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(18)</FONT></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">Other
    capital losses (gains), net</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(9)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;433</FONT></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">Share-based
    compensation</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;2</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;5</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;15</FONT></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">Deferred
    tax expenses (income)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">13</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(5)</FONT></P></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(2)</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;217</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;186</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;738</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Change
    in inventories</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;28</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(57)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;70</FONT></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">Change
    in trade and other receivables</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(23)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;114</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;150</FONT></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">Change
    in trade and other payables</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(32)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(36)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(90)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Change
    in provisions and employee benefits</FONT></TD>
    <TD STYLE="background-color: white; vertical-align: bottom; text-align: left; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">5</FONT></P>
        </TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">15</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">98</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: bottom; text-align: left">Net change
    in operating assets and liabilities</TD>
    <TD STYLE="background-color: white; vertical-align: bottom; text-align: left; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(22)</FONT></P>
        </TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">36</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">228</FONT></P>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><FONT STYLE="font-size: 10pt"></TD>
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-size: 10pt"></TD>
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-size: 10pt"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    cash provided by operating activities</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">195</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">222</FONT></P></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">966</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    flows from investing activities</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Investments
    in shares and proceeds from deposits, net</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(10)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(249)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(198)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Purchases
    of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(106)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(187)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(632)</FONT></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">Proceeds
    from divestiture of subsidiaries</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;17</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;17</FONT></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">Other</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">15</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(1)</FONT></P></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">13</FONT></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-size: 10pt">Net
    cash used in investing activities</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(101)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(420)</FONT></P></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(800)</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    flows from financing activities</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Dividend
    paid to the company's shareholders</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(60)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(162)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Receipt
    of long-term debt</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;420</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;400</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,278</FONT></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">Repayment
    of long-term debt</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(425)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(250)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(1,365)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Short-term
    credit from banks and others, net</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(36)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;7</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;14</FONT></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">Other</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">-</FONT></P></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(4)</FONT></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-size: 10pt">Net
    cash provided by (used in) financing&nbsp;&nbsp;activities</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(101)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">157</FONT></P></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(239)</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in cash and cash equivalents</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(7)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(41)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(73)</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Cash
    and cash equivalents as at beginning of the year</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;87</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;161</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;161</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Net
    effect of currency translation on cash and cash equivalents</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">1</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">3</FONT></P></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(1)</FONT></P></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    and cash equivalents as at the end of the period</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">81</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">123</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">87</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Additional Information</P>

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt">&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: Black 1pt solid; text-align: left; font-size: 11pt; padding-right: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 0pt">For the three-month period ended</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 0pt">For the year ended </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 63%; text-align: left; font-size: 11pt; padding-right: 0pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold; padding-right: 0pt">March 31, 2017</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 0pt">March 31, 2016</TD>
    <TD STYLE="vertical-align: top; width: 13%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 0pt">December 31, 2016</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: left; font-size: 11pt; padding-right: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold; padding-right: 0pt">$ millions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 0pt">$ millions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 0pt">$ millions</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; 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="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">21</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">36</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">84</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest paid</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt; border-bottom: Black 1pt solid">21</TD>
    <TD STYLE="text-align: right; padding-right: 6pt; border-bottom: Black 1pt solid">16</TD>
    <TD STYLE="text-align: right; padding-right: 6pt; border-bottom: Black 1pt solid">112</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 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; text-align: justify; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1F497D"><B>Israel Chemicals Limited </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; letter-spacing: 0.5pt">Quarterly Report</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></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"></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: Black 1pt solid; text-align: center; font-size: 11pt; padding-right: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt; font-weight: bold; padding-right: 0pt"><FONT STYLE="font-size: 9pt">Attributable
    to the shareholders of the Company</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">Non-</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">controlling</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">interests</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">Total</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">equity</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 28%; text-align: center; font-size: 11pt; border-bottom: Black 1pt solid; padding-right: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">Share&nbsp;</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">capital</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">Share&nbsp;</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">premium</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">Cumulative</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">translation</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">adjustments</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">Capital</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">reserves</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">Treasury</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">shares,</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">at
        cost</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">Retained</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">earnings</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">Total</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">shareholders'
        equity</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 8%; text-align: center; font-size: 8pt; border-bottom: Black 1pt solid; padding-right: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: center; font-size: 8pt; border-bottom: Black 1pt solid; padding-right: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: center; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">$
    millions</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; font-size: 10pt; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the three-month period ended March 31, 2017</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&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-size: 9pt">Balance as at January 1, 2017</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;544</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;174</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(481)</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;79</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(260)</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;2,518</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;2,574</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;85</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;2,659</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-weight: normal">Share-based
    compensation </FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;2</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;2</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;2</FONT></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: 9pt; font-weight: normal">Dividends</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(57)</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(57)</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(57)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-weight: normal">Comprehensive
    income (loss)</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 9pt">-</FONT></P></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 9pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 9pt">30</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 9pt">(11)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 9pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 9pt">65</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 9pt">84</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 9pt">(7)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 9pt">77</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Balance as at March 31, 2017</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 2.5pt double"><FONT STYLE="font-size: 9pt">544</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 2.5pt double"><FONT STYLE="font-size: 9pt">174</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 2.5pt double"><FONT STYLE="font-size: 9pt">(451)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 2.5pt double"><FONT STYLE="font-size: 9pt">70</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 2.5pt double"><FONT STYLE="font-size: 9pt">(260)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 2.5pt double"><FONT STYLE="font-size: 9pt">2,526</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 2.5pt double"><FONT STYLE="font-size: 9pt">2,603</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 2.5pt double"><FONT STYLE="font-size: 9pt">78</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: black 2.5pt double"><FONT STYLE="font-size: 9pt">2,681</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-weight: normal">The
accompanying notes are an integral part of these condensed consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: left; text-indent: -14.2pt">&nbsp;</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1F497D"><B>Israel Chemicals Limited </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; letter-spacing: 0.5pt">Quarterly Report</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></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: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 11pt; border-top: Black 1pt solid; padding-right: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: center; font-size: 11pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Attributable
    to the shareholders of the Company</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Non-</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;controlling</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>interests</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"></FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;Total</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>equity&nbsp;</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"></FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 11pt; padding-right: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Share</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;capital</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Share</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;premium</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Cumulative</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;translation</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;adjustments&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Capital</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;reserves</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Treasury</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;shares,</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>at
        cost</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Retained</B>&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>earnings&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;shareholders'</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>equity&nbsp;</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="text-align: center; font-size: 11pt; border-bottom: Black 1pt solid; padding-right: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 11pt; border-bottom: Black 1pt solid; padding-right: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 11pt; border-bottom: Black 1pt solid; padding-right: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: center; font-size: 11pt; border-bottom: Black 1pt solid; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    millions</B></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; font-size: 10pt; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the three-month period ended March 31, 2016</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Balance as at January 1, 2016</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;544</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;149</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(400)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;93</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(260)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;2,902</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;3,028</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;160</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;3,188</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></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: 9pt; font-weight: normal">Share-based
    compensation </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;1</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;4</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;5</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;5</FONT></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: 9pt; font-weight: normal">Dividends</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(67)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(67)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(67)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-weight: normal">Changes
    in equity of equity-accounted investees</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(15)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(15)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(15)</FONT></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: 9pt; font-weight: normal">Comprehensive
    income (loss)</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">48</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">9</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">53</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">110</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">(7)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">103</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-weight: normal">Balance
    as at March 31, 2016</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">544</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">150</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">(352)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">91</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">(260)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">2,888</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">3,061</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">153</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">3,214</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: left; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: left; text-indent: -7.1pt"><FONT STYLE="font-weight: normal">The
accompanying notes are an integral part of these condensed consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: left; text-indent: -7.1pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: left; text-indent: -7.1pt"><FONT STYLE="font-weight: normal"></FONT></P>

<!-- Field: Page; Sequence: 10 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: left; text-indent: -7.1pt"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: left; text-indent: -7.1pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: left; text-indent: -7.1pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: left; text-indent: -7.1pt"></P>

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

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

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

</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 11pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: center; font-size: 11pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Attributable
    to the shareholders of the Company</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Non-</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>controlling</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;interests&nbsp;</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;equity</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 11pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Share</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;capital&nbsp;</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Share</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>premium</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Cumulative</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>translation</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;adjustments</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Capital</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;reserves</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Treasury</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;shares,</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;at
        cost&nbsp;</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Retained</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;earnings&nbsp;</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;shareholders'</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;equity&nbsp;</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="text-align: center; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: center; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    millions</B>&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the year ended December 31, 2016</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-weight: normal">Balance
    as at January 1, 2016</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;544</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;149</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(400)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;93</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(260)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;2,902</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;3,028</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;160</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;3,188</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-weight: normal">Share-based
    compensation </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">- *</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;25</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(10)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;15</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-weight: normal">Dividends</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(222)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(222)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(4)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(226)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-weight: normal">Changes
    in equity of equity-accounted investees</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(15)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(15)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(15)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-weight: normal">Non-controlling
    interests in business combinations from prior periods</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(12)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(12)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-weight: normal">Comprehensive
    loss </FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">(81)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">11</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">(162)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">(232)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">(59)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">(291)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Balance as at December 31, 2016</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">544</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">174</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">(481)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">79</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">(260)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">2,518</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">2,574</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">85</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">2,659</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">* Less than $1 million.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: left; text-indent: -14.2pt">&nbsp;</P>


<!-- Field: Page; Sequence: 11 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to the condensed consolidated interim financial statements as at March 31, 2017 (Unaudited)</B></FONT></P>

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

<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 14.2pt 0pt 28.35pt; 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 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">The Company's financial
statements are prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International
Accounting Standards Board (IASB) and the Company uses IFRS as its generally accepted accounting principles (&ldquo;GAAP&rdquo;).</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 14.2pt 0pt 28.35pt; text-align: justify">The condensed consolidated
interim financial statements were prepared in accordance with IAS&nbsp;34, &ldquo;Interim Financial Reporting&rdquo; and do not
include all the information required in complete, annual financial statements. These 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, 2016 (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 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; 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 14.2pt 0pt 28.35pt; 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></DIV>
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<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; font-weight: normal"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Notes
to the condensed consolidated interim financial statements as at March 31, 2017 (Unaudited)</B></FONT></FONT></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font: normal 13pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="color: rgb(79,129,189); font: 10pt 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 28.35pt">A. General</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">1. Information on operating segments:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">ICL is a leading global
specialty minerals company that operates a unique integrated business model. The Company operates via two segments: the Essential
Minerals Segment and the Specialty Solutions Segment, which constitute the Company&rsquo;s strategic business segments.</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 14.2pt 0pt 28.35pt; text-align: justify"><B>Essential Minerals Segment
&ndash; </B>This segment includes three business lines: ICL Potash &amp; Magnesium, ICL Phosphate and, since January 2017, also
ICL Specialty Fertilizers. The comparative data has been restated in order to reflect the change. The segment targets the Agro
market and focuses on efficiency, process innovation and operational excellence, in order to improve the competitive position.</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 14.2pt 0pt 42.55pt; 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 Company also mines and produces polysulphate (also
known as polyhalite) in a subterranean mine in the UK. The magnesium business markets and sells pure magnesium and magnesium alloys,
and 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 14.2pt 0pt 42.55pt; 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. In addition, ICL Phosphate produces sulfuric acid, agricultural
phosphoric acid and phosphate fertilizers in its facilities in Israel, China and Europe. Furthermore, ICL&nbsp;Phosphate manufactures
phosphate-based food additives for livestock in Turkey. ICL Phosphate markets its products worldwide, mainly in Europe, Brazil,
India and China.</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 14.2pt 0pt 42.55pt; text-align: justify"><B>ICL Specialty Fertilizers</B>
&ndash; ICL Specialty Fertilizers produces specialty fertilizers (e.g., water soluble) in the Netherlands and Belgium, liquid fertilizers
and soluble fertilizers in Israel and Spain and controlled-release fertilizers in the Netherlands and 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 14.2pt 0pt 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify"><B>Specialty Solutions
Segment </B>&ndash; This segment includes three business lines: ICL Industrial Products, ICL Advanced Additives and ICL Food Specialties.
The segment targets industrial markets and 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 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>

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


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<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Notes
to the condensed consolidated interim financial statements as at March 31, 2017 (Unaudited)</B></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: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">Note 3 - Operating Segments (cont&rsquo;d)</P>

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&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"><FONT STYLE="font-size: 11pt">A.</FONT></TD><TD STYLE="padding-right: 14.2pt"><FONT STYLE="font-size: 11pt">General (cont&rsquo;d)</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">1. Information on operating segments: (cont'd)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify"><B>ICL Advanced
Additives</B> &ndash; ICL Advanced Additives primarily develops, produces, markets and sells a broad range of acids,
specialty phosphates and specialty minerals for various applications in a large number of industries, including metal and
water treatment, paints and coatings, forest fire retardants, cleaning materials, oral hygiene, carbonated drinks, asphalt
modification, de-icing, nutrition, pharma, specialty steel, fuel additives and rubber. The diverse products and market base
supports and is consistent with the Company&rsquo;s strategy of increasing production of downstream products with higher
added value. ICL Advanced Additives 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 Advanced Additives is further comprised of processed potassium, calcium and
magnesium products used in the pharma, specialty steel, oil drilling, and oil additives industries, along with de-icing and
other applications.</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 14.2pt 0pt 42.55pt; text-align: justify"><B>ICL Food Specialties</B>
&ndash; ICL Food Specialties is a leader in developing and producing functional food ingredients and phosphate additives, which
provide texture and stability solutions for the processed meat, fish, dairy, beverage and baked-goods markets. In addition, the
business line produces milk proteins and whey proteins for the food ingredient industry and provides blended, integrated solutions
based on dairy proteins and phosphate additives. The business line operates primary production locations in Germany and Austria,
which mainly process phosphates, milk and spices, and runs several local blending facilities in Germany, the UK, the United States,
Brazil, China and Australia, enabling the production of &quot;customer specific&quot; solutions that meet the requirements of the
local market.</P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">2. Segment capital investments</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">The capital investments
made by the segments, for each of the reporting periods, include mainly 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 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">3. Inter&ndash;segment transfers and unallocated
income (expenses)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">Segment revenues, expenses
and results include inter-segment transfers, which are priced based on transaction prices in the ordinary course of business. These
transfers are eliminated as part of consolidation of the financial statements. The segment income is measured based on the operating
income, without certain expenses that are not allocated to the operating segments including general and administrative expenses,
as it is included in reports that are regularly reviewed by the chief operating decision maker.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; 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></DIV>
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<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Notes
to the condensed consolidated interim financial statements as at March 31, 2017 (Unaudited)</B></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: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">Note 3 - Operating Segments (cont&rsquo;d)</P>

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt"><B>B. Operating segment data</B></P>

<P STYLE="color: #4F81BD; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">&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: Black 1pt solid; text-align: left; font-size: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Specialty
    Solutions Segment</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Essential
    Minerals Segment</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Other</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">activities</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Eliminations</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Consolidated</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
    the three-month period ended March 31, 2017</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales
    to external parties</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;599</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;686</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;10</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,295</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inter-segment
    sales</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">14</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">48</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">1</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(63)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    sales</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">613</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">734</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">11</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(63)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,295</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating
    income attributed to segments</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">115</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">66</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;181</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General
    and administrative expenses</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(66)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    unallocated expenses and intercompany eliminations</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">1</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating
    income</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">116</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financing
    expenses, net</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(14)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share
    in earnings of&nbsp;&nbsp;equity-accounted investee</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">1</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
    before taxes on income</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">103</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
    expenditures</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;12</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;99</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;111</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures
    not allocated</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">1</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    capital expenditures</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">112</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;28</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;65</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;94</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation
    and amortization not allocated</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-
        *</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">94</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">*
Less than $1 million.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1F497D"><B>Israel Chemicals Limited </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; letter-spacing: 0.5pt">Quarterly Report</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><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: 10pt Arial, Helvetica, Sans-Serif"><B>Notes
to the condensed consolidated interim financial statements as at March 31, 2017 (Unaudited)</B></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: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">Note 3 - Operating Segment (cont'd)</P>

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt"><B>B. Operating segment data (cont'd)</B></P>

<P STYLE="color: #4F81BD; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">&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: Black 1pt solid; text-align: left; font-size: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Specialty
    Solutions Segment</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Essential
    Minerals Segment</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Other</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">activities</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Eliminations</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Consolidated</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">For the three-month period ended
    March 31, 2016</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales
    to external parties</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;570</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;670</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;25</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,265</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inter-segment
    sales</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">14</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">53</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(67)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    sales</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">584</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">723</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">25</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(67)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,265</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating
    income attributed to segments</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">106</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">93</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">2</FONT></P>
        </TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;201</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General
    and administrative expenses</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(80)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    unallocated expenses and intercompany eliminations</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(14)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating
    income</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">107</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financing
    expenses, net</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(28)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share
    in earnings of&nbsp;&nbsp;equity-accounted investee</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">2</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
    before taxes on income</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">81</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
    expenditures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;25</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;123</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;149</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
    expenditures not allocated</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">14</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    capital expenditures</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">163</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation
    and amortization</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;26</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;73</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;99</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization
    not allocated</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-
        *</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">99</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">*
Less than $1 million.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1F497D"><B>Israel Chemicals Limited </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; letter-spacing: 0.5pt">Quarterly Report</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><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: 10pt Arial, Helvetica, Sans-Serif"><B>Notes
to the condensed consolidated interim financial statements as at March 31, 2017 (Unaudited)</B></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: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">Note 3 - Operating Segment (cont&rsquo;d)</P>

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt"><B>B. Operating segment data (cont'd)</B></P>

<P STYLE="color: #4F81BD; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">&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: Black 1pt solid; text-align: left; font-size: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Specialty
    Solutions Segment</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Essential
    Minerals Segment</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Other</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">activities</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Eliminations</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Consolidated</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
    the year ended December 31, 2016</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales
    to external parties</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;2,493</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;2,811</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;59</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;5,363</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inter-segment
    sales</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">60</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">225</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(285)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    sales</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">2,553</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">3,036</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">59</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(285)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">5,363</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating
    income attributed to segments</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">534</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">398</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">5</FONT></P>
        </TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;937</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General
    and administrative expenses</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(321)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    unallocated expenses and intercompany eliminations</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(619)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating
    loss </FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(3)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financing
    expenses, net</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(132)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share
    in earnings of&nbsp;&nbsp;equity-accounted investee</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">18</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss
    before taxes on income</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(117)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
    expenditures</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;95</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;497</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;593</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital expenditures
    not allocated</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">59</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    capital expenditures</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">652</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;106</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;292</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;401</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation
    and amortization not allocated</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">5</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">406</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</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: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1F497D"><B>Israel Chemicals Limited </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; letter-spacing: 0.5pt">Quarterly Report</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Notes
to the condensed consolidated interim financial statements as at March 31, 2017 (Unaudited)</B></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: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">Note 3 - Operating Segment (cont'd)</P>

<P STYLE="color: rgb(79,129,189); font: 10pt 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-indent: -14.2pt">C.
Sales by Business Lines</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-indent: -14.2pt">&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: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2017</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2016</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 52%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; width: 8%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of&nbsp;</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>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%"><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"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 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"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales&nbsp;</FONT></P></TD></TR>
<TR>
    <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">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Specialty
    Solutions Segment</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Industrial Products</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;266</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;21</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;224</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;18</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;953</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advanced Additives</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;213</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;16</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;208</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;16</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;966</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Food
    Specialties</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">138</FONT></P>
        </TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">11</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">162</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">13</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">659</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">12</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;617</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;48</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;594</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;47</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;2,578</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;48</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Essential
    Minerals Segment</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Phosphate</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;292</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;22</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;299</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;23</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,163</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Potash &amp; Magnesium</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;283</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;22</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;273</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;22</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,338</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Specialty
    Fertilizers</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">192</FONT></P>
        </TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">15</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">188</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">15</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">661</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">12</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;767</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;59</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;760</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;60</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;3,162</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;59</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    and setoffs</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(89)</FONT></P>
        </TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(7)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(89)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(7)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(377)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(7)</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,295</FONT></P>
        </TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,265</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">5,363</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-indent: -14.2pt">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-indent: -14.2pt">&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: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2017</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2016</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 52%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; width: 8%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of&nbsp;</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>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%"><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"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 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"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR>
    <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">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Europe</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;534</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">41</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;559</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,863</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">North America</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;294</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">23</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;267</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,141</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asia</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;282</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">22</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;239</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,275</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">South America</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;98</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;92</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;588</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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="background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">87</FONT></P>
        </TD>
    <TD STYLE="background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">6</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">108</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">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">496</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">9</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,295</FONT></P>
        </TD>
    <TD STYLE="background-color: white"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
        </TD>
    <TD><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,265</FONT></P>
        </TD>
    <TD><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
        </TD>
    <TD><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">5,363</FONT></P>
        </TD>
    <TD><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-indent: -14.2pt">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-indent: -14.2pt">&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: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2017</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2016</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 52%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; width: 8%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; width: 8%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%"><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"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%"><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"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%"><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"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR>
    <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">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">USA</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;276</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;21</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;253</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;20</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,070</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;20</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">China</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;145</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;11</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;108</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;9</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;669</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;98</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;8</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;112</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;9</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;392</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United
    Kingdom</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;89</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;7</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;98</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;8</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;306</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Spain</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;79</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;75</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;258</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;77</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;77</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;521</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">France</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;71</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;5</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;71</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;6</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;226</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;52</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;53</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;237</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Italy</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;40</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;3</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;40</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;3</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;122</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">India</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;37</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;3</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;26</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;2</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;199</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All
    other</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">331</FONT></P>
        </TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">26</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">352</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">27</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">1,363</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">25</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,295</FONT></P>
        </TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,265</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">5,363</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1F497D"><B>Israel Chemicals Limited </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; letter-spacing: 0.5pt">Quarterly Report</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><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"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Notes
to the condensed consolidated interim financial statements as at March 31, 2017 (Unaudited)</B></FONT></FONT></P>

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

<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: rgb(79,129,189); font: 10pt 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 28.35pt">A. Fair value of financial
instruments</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">The carrying amounts of
certain financial assets and financial liabilities, including cash and cash equivalents, investments, short-term deposits and loans,
receivables and other debit balances, long-term investments and receivables, short-term credit, payables and other credit balances,
long-term loans bearing variable interest and other liabilities, and derivative financial instruments, correspond to or approximate
their fair value.</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 14.2pt 0pt 28.35pt; 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 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">March
    31, 2017</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">March
    31, 2016</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">December
    31, 2016</FONT></TD></TR>
<TR>
    <TD STYLE="width: 28%; text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Carrying
    amount</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Fair
    value</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Carrying
    amount</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Fair
    value</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Carrying
    amount</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Fair
    value</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loans
    bearing fixed interest</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;285</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;298</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;385</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;408</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;293</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;306</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Debentures
    bearing fixed interest</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marketable</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,232</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,236</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;802</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;807</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,201</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,201</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-marketable</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">278</FONT></P>
        </TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">279</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">278</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">291</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">281</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">283</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="text-align: right; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,795</FONT></P>
        </TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,813</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,465</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,506</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,775</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,790</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">B. Fair value hierarchy</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD STYLE="border-top: Black 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">March
    31, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="width: 64%; text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Level
    2</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Level
    3</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Total</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$ millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$ millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$ millions</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: bottom; width: 64%; text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    assets available for sale (1)</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;240</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;240</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivatives
    used for economic hedging, net </FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">51</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">51</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="text-align: right; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">51</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">240</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">291</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</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="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD STYLE="border-top: Black 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">March 31, 2016</TD></TR>
<TR>
    <TD STYLE="width: 52%; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 1</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 2</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 3</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Total</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>

<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities
    held for trading purposes</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;26</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;26</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    assets available for sale (1)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;268</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;268</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivatives
    used for economic hedging, net</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(11)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(11)</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="text-align: right; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">26</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(11)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">268</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">283</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="text-align: right; font-size: 11pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1F497D"><B>Israel Chemicals Limited </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; letter-spacing: 0.5pt">Quarterly Report</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><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"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Notes
to the condensed consolidated interim financial statements as at March 31, 2017 (Unaudited)</B></FONT></FONT></P>

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

<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: rgb(79,129,189); font: 10pt 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 28.35pt">B. Fair value hierarchy
(cont'd)</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD STYLE="border-top: Black 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">December
    31, 2016</FONT></TD></TR>
<TR>
    <TD STYLE="width: 52%; text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Level
    1</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Level
    2</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Level
    3</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Total</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$ millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$ millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$ millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$ millions</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities
    held for trading purposes</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;10</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    assets available for sale (1)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;253</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;253</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivatives
    used for economic hedging, net</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">7</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">7</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="text-align: right; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">10</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">7</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">253</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">270</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal"></FONT></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">Investment in 15% of the share capital of YTH, which is subject to a three-year
lock-up period as required by Chinese law. Measurement of the fair value of the discount rate in respect of the lock-up period
was calculated by use of the Finnerty&nbsp;2012 Model and is based on an estimate of the period in which the restriction on marketability
applies and a standard deviation of the yield on a YTH share in this period. The impact stemming from a possible and reasonable
change in these data items, which are not observed, is not material.</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"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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

<P STYLE="color: rgb(79,129,189); font: 10pt 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 28.35pt">Dividend Distributions</P>

<P STYLE="color: #4F81BD; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Decision date for dividend distribution by the Board of Directors</FONT></TD>
    <TD STYLE="width: 26%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-right: 6pt">Actual date of dividend distribution</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt">
        <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"></P>
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">($ millions)&nbsp;</P></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-right: 6pt">Dividend per share ($)</TD></TR>
<TR>
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">November 22, 2016</FONT></TD>
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">January 4, 2017 </FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4F81BD; font-weight: bold; text-align: right; padding-right: 6pt">60</TD>
    <TD STYLE="font-size: 10pt; color: #4F81BD; font-weight: bold; text-align: right; padding-right: 6pt">0.04701</TD></TR>
<TR>
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">February&nbsp;&nbsp;14, 2017 </FONT></TD>
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">April 4, 2017</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4F81BD; font-weight: bold; text-align: right; padding-right: 6pt">57</TD>
    <TD STYLE="font-size: 10pt; color: #4F81BD; font-weight: bold; text-align: right; padding-right: 6pt">0.04400</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">May 9, 2017 (after the date of the report)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 20, 2017</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4F81BD; font-weight: bold; text-align: right; padding-right: 6pt">34</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4F81BD; font-weight: bold; text-align: right; padding-right: 6pt">0.02600</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">(*) The dividend will be
distributed on June 20, 2017, with a record date for eligibility for the dividend of June 6, 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; 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
6 &ndash; Provisions, Contingencies and Other Matters</FONT></P>

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

</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">1.</TD><TD STYLE="text-align: justify; padding-right: 14.2pt">On March 31, 2017, following a claim filed by Great Lakes Chemicals, a subsidiary
of Chemtura Corporation (hereinafter &ndash; &quot;Great Lakes&quot;), as part of a &quot;confidential&quot; legal proceeding against
Dead Sea Bromine Company Ltd. (hereinafter &ndash; &quot;DSB&quot;), alleging breach of an agreement from 2003 covering supply
and sale of bromine and downstream bromine products, the parties submitted a joint pre-trial statement to the U.S. District Court
for the Southern District of New York. As part of the above-mentioned statement, Great Lakes is claiming alleged damages, in an
amount of about $28 million, and is requesting issuance of a declaratory order enforcing the agreement from 2003. On the other
hand, as part of the above pre-trial statement, DSB rejects the damages claimed, including any related responsibility or obligation.
In light of the early stage of the proceeding it is difficult to predict the ultimate outcome of the claim. Nonetheless, in the
Company's estimation, the chances that Great Lakes&rsquo; alleged claims will be rejected exceed the chances that they will be
accepted.</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: 35.6pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 0pt">Further to Note 20 to the Annual Financial Statements, in April 2017, the
National Council for Planning and Building approved amendments to the National Outline Plan (NOP)&nbsp;14B, which includes Barir
field and transferred the plan for government approval.</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.6pt; text-align: justify">In addition, in March 2017,
the Supreme Court sitting as the High Court of Justice rejected the petition of residents of Arad against the policy document of
the National Council for Planning and Building regarding the mining plan in Barir field.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.6pt; text-align: justify">&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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 53.6pt; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 53.6pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.6pt; text-align: justify"></P>

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-weight: normal"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Notes
to the condensed consolidated interim financial statements as at March 31, 2017 (Unaudited)</B></FONT></FONT></P>

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

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

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 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: 35.45pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify; padding-right: 14.2pt">On March 23, 2017, Fitch Ratings lowered the Company&rsquo;s international
corporate credit rating to BBB&ndash; with a stable rating outlook. Fitch&rsquo;s above-mentioned rating also applies to the Company&rsquo;s
debentures. According to the Company&rsquo;s estimate, the impact of the said rating reduction on its financial expenses, if any,
will be negligible.</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: 35.45pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Following advanced negotiations held by the Company in March 2017 regarding
sale of its holdings in IDE, constituting 50% of IDE&rsquo;s share capital, in the financial statements as at March&nbsp;31, 2017,
the Company reclassified the amount of about $122 million as &quot;assets held for sale&quot;.</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: 35.45pt"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Further to Note 25 to the Annual Financial Statements, subsequent to the
date of the report, the Company received a short-term loan of $110 million from its controlling shareholder, Israel Corporation
Ltd. The loan was granted for a period of up to six months and bears weighted interest at the annual rate of&nbsp;1.62%.</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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<P STYLE="color: Red; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="cov01.jpg" ALT="">&nbsp;</P>

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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 14.2pt 0pt 28.35pt; 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&rsquo;&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 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; 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 and/or governmental obligations; 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 to governmental programs or tax
benefits, creation of new fiscal or tax related legislation; higher tax liabilities; failure to integrate or realize expected benefits
from mergers and acquisitions, organizational restructuring and 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 legislative and licensing restrictions; hazards inherent to chemical
manufacturing; litigation, arbitration and regulatory proceedings; insufficiency of insurance coverage; closing of transactions,
mergers and acquisitions; war or acts of terror; and other risk factors discussed 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,
2017.</P>

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

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


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                                         Chemicals Limited</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt">Q1
                                         2017</FONT></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Results</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
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<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 14.2pt 0pt 28.35pt; 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 to add value to customers in three attractive end-markets: agriculture, food and
engineered materials. Our operations are organized under two segments: the Essential Minerals Segment and the Specialty Solutions
Segment. The Essential Minerals Segment includes three business lines: ICL Potash &amp; Magnesium, ICL Phosphate and ICL Specialty
Fertilizers. The Specialty Solutions Segment includes three business lines: ICL Industrial Products, ICL Advanced Additives and
ICL Food Specialties.</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; text-align: left; color: #4F81BD">Operational Segments</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 14.2pt 0pt 28.35pt; text-align: justify">Our operations are organized
under two segments: the Essential Minerals Segment and the Specialty Solutions Segment.</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 14.2pt 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #4F81BD"><B>Essential
Minerals Segment</B></FONT><B> &ndash;</B> This segment targets the Agro markets and focuses on efficiency, process innovation
and operational excellence, in order to improve its competitive position. The segment includes three business lines: ICL Potash
&amp; Magnesium, ICL Phosphate and, since January 2017, also ICL Specialty Fertilizers. Management believes that operating ICL
Specialty Fertilizers as part of the Essential Minerals segment is expected to create synergies given the homogenous business and
customer bases of the segment&rsquo;s three business lines. Furthermore, the transfer expands the segment&rsquo;s portfolio to
include a broader range of commodity, specialty and semi-specialty products. As a result, the comparative data has been restated
in order to reflect the mentioned above change.</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 14.2pt 0pt 42.55pt; 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 Company also mines and produces polysulphate
(also known as polyhalite) in a subterranean mine in the UK. The magnesium business markets and sells pure magnesium and magnesium
alloys, and 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 14.2pt 0pt 42.55pt; 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. In addition, ICL Phosphate produces sulfuric acid, agricultural
phosphoric acid and phosphate fertilizers in its facilities in Israel, China and Europe. Furthermore, ICL&nbsp;Phosphate manufactures
phosphate-based food additives for livestock in Turkey. ICL Phosphate markets its products worldwide, mainly in Europe, Brazil,
India and China.</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 14.2pt 0pt 42.55pt; text-align: justify"><B>ICL Specialty Fertilizers
&ndash; </B>ICL Specialty Fertilizers produces specialty fertilizers (e.g., water soluble) in the Netherlands and Belgium, liquid
fertilizers and soluble fertilizers in Israel and Spain, and controlled-release fertilizers in the Netherlands and 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 14.2pt 0pt 42.55pt; 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></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #4F81BD"><B>Specialty
Solutions Segment</B></FONT><B> &ndash;</B> This segment targets industrial markets and concentrates on achieving growth through
a highly-tailored customer focus, product innovation and commercial excellence. The segment includes three business lines: ICL
Industrial Products, ICL Advanced Additives and ICL Food Specialties.</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 14.2pt 0pt 42.55pt; 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. 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 14.2pt 0pt 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify"><B>ICL Advanced
Additives</B> &ndash; ICL Advanced Additives primarily develops, produces, markets and sells a broad range of acids,
specialty phosphates and specialty minerals for various applications in a large number of industries, including metal and
water treatment, paints and coatings, forest fire retardants, cleaning materials, oral hygiene, carbonated drinks, asphalt
modification, de-icing, nutrition, pharma, specialty steel, fuel additives and rubber. The diverse products and market base
supports and is consistent with the Company&rsquo;s strategy of increasing production of downstream products with higher
added value. ICL Advanced Additives 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 Advanced Additives is further comprised of processed potassium, calcium and
magnesium products used in the pharma, specialty steel, oil drilling, and oil additives industries, along with de-icing and
other applications.</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 14.2pt 0pt 42.55pt; text-align: justify"><B>ICL Food Specialties</B>
&ndash; ICL Food Specialties is a leader in developing and producing functional food ingredients and phosphate additives, which
provide texture and stability solutions for the processed meat, fish, dairy, beverage and baked goods markets. In addition, the
business line produces milk proteins and whey proteins for the food ingredient industry and provides blended, integrated solutions
based on dairy proteins and phosphate additives. The business line operates primary production locations in Germany and Austria,
which mainly process phosphates, milk and spices, and runs several local blending facilities in Germany, the UK, the United States,
Brazil, China and Australia, enabling the production of &quot;customer specific&quot; solutions that meet the requirements of the
local market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; 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></DIV>
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<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2017</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2016</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; width: 46%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; width: 9%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$&nbsp;</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-bottom: Black 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
                                         of</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; width: 9%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></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="vertical-align: top; width: 9%; border-bottom: Black 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"></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="vertical-align: top; border-bottom: Black 1pt solid; width: 9%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$&nbsp;</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="vertical-align: top; width: 9%; border-bottom: Black 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"></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>
    <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">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Sales</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;1,295</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,265</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;5,363</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Gross
    profit</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;358</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;28</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;366</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;29</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,660</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Operating
    income (loss)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;116</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;107</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Adjusted
    operating income</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;116</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;115</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;582</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><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="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;68</FONT></TD>
    <TD STYLE="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;66</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;5</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(122)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><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="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;68</FONT></TD>
    <TD STYLE="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;85</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;7</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;451</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Adjusted
    EBITDA (1)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;218</FONT></TD>
    <TD STYLE="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;223</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;18</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,051</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;20</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt"><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-bottom: Black 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;195</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;222</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;966</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 14.2pt; margin-bottom: 0pt; text-align: left"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Adjustments
to reported operating and net income</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 63%; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2017</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2016</FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$ millions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$ millions</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal">Operating
    income (loss)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">116</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">107</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">(3)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Capital
    loss (1)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Write-down
    and impairment of assets </FONT>(2)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">489</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><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 (3)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><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> (4)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Retroactive
    electricity charges </FONT>(5)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(16)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Provision
    for legal claims </FONT>(6)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Provision
    for historical waste removal</FONT> (7)</TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">51</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><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="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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="padding-right: 6pt"><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">585</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>Adjusted
    operating income </B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">116</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">115</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">582</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>Net
    income (loss) attributable to the shareholders of the Company </B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">68</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">66</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(122)</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Total
    adjustments to operating income (loss)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">585</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Adjustments
    to finance expenses </FONT>(8)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Total
    tax impact of the above operating income &amp; finance expenses adjustments </FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(81)</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Tax
    assessment and deferred tax adjustments</FONT> (9)</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Adjustments
    attributable to the non-controlling interests</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>Total
    adjusted net income - shareholders of the Company</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">68</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">85</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">451</FONT></P>

        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="color: rgb(31,72,125)"><B>Israel Chemicals Limited</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt">Q1 2017</FONT></FONT> <FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Results</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

</P>


<P STYLE="margin-top: 0; margin-bottom: 0"></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"></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: 0.75in"></TD><TD STYLE="width: 0.25in"><I>(1)</I></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><I>Capital loss from sale of non-core businesses. </I></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: 0.75in"></TD><TD STYLE="width: 0.25in"><I>(2)</I></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><I>Impairment in value and write down of assets with respect to the write
down of assets (including expected closure cost) relating to the global ERP project (Harmonization Project), in the amount of $282
million, write down of assets relating to discontinuance of the activities of Allana Afar in Ethiopia (including expected closure
cost), in the amount of $202 million, and impairment in the value of assets of a subsidiary in the United Kingdom, in the amount
of $5 million. </I></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: 0.75in"></TD><TD STYLE="width: 0.25in"><I>(3)</I></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><I>Provision for early retirement and dismissal of employees in accordance with the Company&rsquo;s comprehensive global efficiency
plan from 2012 in its production facilities throughout the group. In 2016, with respect to the Company&rsquo;s
facilities in Israel at the Bromine companies (see also Q1 2016), the Company&rsquo;s facilities in the United Kingdom and the
Company&rsquo;s facilities of the joint venture in China (reflected also in the non-controlling interests&rsquo; adjustment below).
</I></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: 0.75in"></TD><TD STYLE="width: 0.25in"><I>(4)</I></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><I>Provision in connection with prior periods in respect of royalties arbitration
in Israel. </I></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: 0.75in"></TD><TD STYLE="width: 0.25in"><I>(5)</I></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><I>Reversal of provision in connection with prior periods in respect of
costs of management services of the electricity system in DSW and ICL Rotem. </I></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: 0.75in"></TD><TD STYLE="width: 0.25in"><I>(6)</I></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><I>Provision for legal claims, mainly regarding two claims settled in 2016
related to prior periods. In Q1 2016, stemming from the settlement agreement that ended the class action brought by the farmers
in Israel regarding potash prices, and in Q3 2016, stemming mainly from the arbitration award ending the long commercial price
dispute with Haifa Chemicals. </I></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: 0.75in"></TD><TD STYLE="width: 0.25in"><I>(7)</I></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><I>Provision for removal of waste in respect of prior periods. In
2016, purification and removal of historical waste from the potash
activities in Spain as a result of decisions made by the Spanish authorities in connection
with the plan for treating the salt pile in the Sallent site leading to plan changes mainly related to the water pumping process
involved in the salt treatment. </I></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: 0.75in"></TD><TD STYLE="width: 0.25in"><I>(8)</I></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><I>Interest and linkage expenses in connection with the royalties arbitration
and tax assessments in Israel relating to prior periods. $26 million in connection with the royalties arbitration and $12 million
relating to a tax assessment in Israel.</I></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: 0.75in"></TD><TD STYLE="width: 0.25in"><I>(9)</I></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><I>Tax assessments in Israel and Belgium (see also Q1 2016) relating to
prior periods. </I></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>



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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 14.2pt; margin-bottom: 0pt; text-align: left; 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 28.35pt; text-align: justify; text-indent: 0in; color: #4F81BD">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 14.2pt; margin-bottom: 0pt; text-align: left">Calculation
of adjusted EBITDA was made as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 63%; border-top: Black 1pt solid"></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold">1-3/2017</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">1-3/2016</TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2016</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">$ millions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">$ millions</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><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="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;68</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;66</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(122)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Depreciation
    and amortization</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;94</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;99</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;401</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Financing
    expenses, net</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;14</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;28</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;132</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Taxes
    on income</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;42</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;22</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;55</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Adjustments
    *</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">-</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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="padding-right: 6pt"><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">585</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal">Total
    adjusted EBITDA</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">218</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">223</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,051</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 14.2pt; margin-bottom: 0pt; text-align: left"><I>*
See &quot;Adjustments to reported operating and net income&quot; above.</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="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; 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. Our management uses adjusted operating income, adjusted net income attributable
to the Company&rsquo;s shareholders and adjusted EBITDA to facilitate operating performance comparisons from period to period.
We calculate our adjusted operating income by adjusting our operating income to add certain items, as set forth in the reconciliation
table above. Certain of these items may recur. We calculate our adjusted net income attributable to the Company&rsquo;s shareholders
by adjusting our net income attributable to the Company&rsquo;s shareholders to add certain items, as set forth in the reconciliation
table above, excluding the total tax impact of such adjustments and adjustments attributable to the non-controlling interests.
We calculate our adjusted EBITDA by adding back to the net income attributable to the Company&rsquo;s shareholders the depreciation
and amortization, financing expenses, net, taxes on income and the items presented in the reconciliation table above which were
adjusted for in calculating the adjusted operating income and adjusted net income attributable to the Company&rsquo;s shareholders.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><I>You
should not view adjusted operating income, adjusted net income attributable to the Company&rsquo;s shareholders or adjusted EBITDA
as a substitute for operating income or net income attributable to the Company&rsquo;s shareholders determined in accordance with
IFRS, and you should note that our definitions of adjusted operating income, adjusted net income attributable to the Company&rsquo;s
shareholders and adjusted EBITDA may differ from those used by other companies. However, we believe adjusted operating income,
adjusted net income attributable to the Company&rsquo;s shareholders and adjusted EBITDA provide useful information to both management
and investors by excluding certain expenses that management believes are not indicative of our ongoing operations. 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 improve the comparability of the financial results between
periods and provide for greater transparency of key measures used to evaluate our performance.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><I>We
present a discussion in the period-to-period comparisons of the primary drivers of changes in the company&rsquo;s results of operations.
This discussion is based in part on management&rsquo;s best estimates of the impact of the main trends in its businesses. We have
based the following discussion on our financial statements. You should read the following discussion together with our financial
statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify; text-indent: -0.55pt">&nbsp;<I>&nbsp;</I></P>

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

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

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

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

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Consolidated Results
of Operations</P>

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-indent: 0in">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">Results of operations for the
period January &ndash; March 2017</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">Sales</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD NOWRAP STYLE="width: 72%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: char; font-size: 10pt; font-weight: bold">Sales analysis </TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Total sales Q1 2016</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,265</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt">Quantity</TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;115</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; font-weight: bold; padding-right: 6pt"><IMG SRC="up-arrow.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt">Price</TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(55)</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; font-weight: bold; padding-right: 6pt"><IMG SRC="down-arrow.jpg" ALT="" STYLE="width: 17px; height: 21px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt">Exchange rate</TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(30)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt; text-align: center">
<IMG SRC="down-arrow.jpg" ALT="" STYLE="width: 17px; height: 21px"><DIV STYLE="border-bottom: Black 0.5pt solid">

</DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Total sales Q1 2017</TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,295</FONT></P>
        </TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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">-</TD><TD STYLE="text-align: justify; padding-right: 0pt"><U>Quantity</U> &ndash; the increase derives mainly from clear brines solutions
in ICL Industrial Products, mainly to North America, from phosphoric acid in ICL Phosphate mainly related to the increase in YPH
JV, and an increase in potash quantities sold, mainly to India and the USA.</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">-</TD><TD STYLE="text-align: justify; padding-right: 0pt"><U>Price</U> &ndash; the decrease derives mainly from a decline in the selling
prices of phosphate fertilizers and phosphoric acid in ICL Phosphate, together with a decline in the selling prices of acids in
ICL Advance Additives and a decline in potash selling prices.</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">-</TD><TD STYLE="text-align: justify; padding-right: 0pt"><U>Exchange rate</U> &ndash; the decrease stems mainly from the devaluation
of the euro and the Chinese yuan against the dollar.</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 28.35pt; 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 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2017</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2016</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 48%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 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">$</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; background-color: white"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">%
        of</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 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"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">sales</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR>
    <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">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Europe</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;534</FONT></TD>
    <TD STYLE="width: 12%; background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">41</FONT></TD>
    <TD STYLE="width: 12%; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;559</FONT></TD>
    <TD STYLE="width: 12%; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">North America</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;294</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">23</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;267</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Asia</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;282</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">22</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;239</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">South America</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;98</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;92</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Rest of the world</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">87</FONT></P>
        </TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">6</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">108</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><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">9</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,295</FONT></P>
        </TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,265</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">100</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<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 14.2pt 0pt 28.35pt; text-align: justify">The breakdown of the sales
in the first quarter of 2017 shows a decrease in sales to Europe, stemming mainly from a decline in the selling prices of potash
and phosphate products together with a decline in the quantities of phosphate rock sold. This decrease was partly offset by an
increase in sales of ICL Industrial Products. The increase in sales to North America stems mainly from an increase in the quantities
of potash and clear brines solutions sold, partly offset by a decrease in sales due to divestiture of non-core businesses last
year. The increase in sales to Asia stems mainly from an increase in quantities sold of potash, phosphoric acid, bromine-based
flame retardants and specialty agriculture products. The increase in sales to South America stems mainly from an increase in the
quantities of phosphate fertilizers sold, partly offset by a decrease in potash quantities sold.</P>

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


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="color: rgb(31,72,125)"><B>Israel Chemicals Limited</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt">Q1 2017</FONT></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Results</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">Operating expenses</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD NOWRAP STYLE="width: 72%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: char; font-size: 10pt; font-weight: bold">Operating expenses analysis</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Total operating expenses Q1 2016</TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1,158</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt">Quantity</TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;75</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; font-weight: bold; padding-right: 6pt"><IMG SRC="uparrow-red.jpg" ALT="" STYLE="width: 21px; height: 21px"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt">Exchange rate</TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(20)</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; font-weight: bold; padding-right: 6pt"><IMG SRC="downarrow-green.jpg" ALT="" STYLE="width: 21px; height: 21px"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt">Raw materials</TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(25)</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; font-weight: bold; padding-right: 6pt"><IMG SRC="downarrow-green.jpg" ALT="" STYLE="width: 21px; height: 21px"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt">Energy</TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; font-weight: bold; padding-right: 6pt"><IMG SRC="image_001.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt">Transportation</TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;20</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; font-weight: bold; padding-right: 6pt"><IMG SRC="uparrow-red.jpg" ALT="" STYLE="width: 21px; height: 21px"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="padding-right: 6pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">(29)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">


<IMG SRC="downarrow-green.jpg" ALT="" STYLE="width: 21px; height: 21px"></DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Total operating expenses Q1 2017</TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">1,179</FONT></P>
        </TD>
    <TD STYLE="text-align: center; color: #4F81BD; font-weight: bold; padding-right: 6pt"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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">-</TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Quantity</U> &ndash; the increase in quantities-related costs derives
mainly from the increased quantities sold, mainly in ICL Phosphate and ICL Industrial Products.</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">-</TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Exchange rate</U> &ndash; the decrease stems mainly from the devaluation
of the euro and the pound against the dollar, partly offset by the upward revaluation of the Israeli shekel against the dollar.</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">-</TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Raw materials</U> &ndash; the decrease stems mainly from a decline in
sulfur prices (used in ICL Phosphate and ICL Advanced Additives products) and a decline in commodity fertilizers prices (used in
ICL Specialty Fertilizers).</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">-</TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Transportation</U> &ndash; the increase stems mainly from an increase
in transportation prices and from the increase in 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" 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">-</TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Other</U> &ndash; the decrease stems mainly from a capital gain due
                                                              to the sale of an office building and insurance income in Israel, together with early retirement expenses recorded in the
                                                              corresponding  quarter last year. This decrease was partly offset by higher royalties expenses and write-down of
                                                              inventories.</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="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">Financing expenses, net</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">The net financing expenses
in the first quarter of 2017 amounted to $14 million, compared with $28 million in the corresponding quarter last year &ndash;
a decrease of $14 million. The decrease includes a decline of about $16 million deriving mainly from an increase of the income
in respect of the fair value of foreign currency hedging transactions, energy and marine shipping, net, partly offset by revaluation
of the net liabilities, and a decrease in the interest expenses due to a decrease in the short term and long term debt. On the
other hand, there was an increase in the financing expenses, in the amount of about $2 million stemming mainly from exchange rate
differences relating to provisions for employee benefits.</P>

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



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

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

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">Tax expenses</P>

<P STYLE="color: #4F81BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">The tax expenses in the
first quarter of 2017 amounted to $42 million, compared with tax expenses of $22 million in the corresponding quarter last year.
The reported tax expenses in the current quarter were impacted mainly from tax expenses due to differences in the measurement base
for tax purposes and the measurement base thereof for financial reporting purposes as a result of the strengthening of the Israeli
shekel against the dollar. The effective tax rate, without the impact of the above-mentioned differences, is about&nbsp;29%, compared
with an effective tax rate of about&nbsp;24%, in the corresponding quarter last year. The increase in the effective tax rate stems
mainly from application of the Israeli Natural Resources Tax to the bromine and potash activities in Israel.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; 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></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.5pt; text-align: justify; text-indent: -42.5pt"><FONT STYLE="font-weight: normal">Segment
Information</FONT></P>

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.5pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">Segment revenues, expenses
and results include inter-segment transfers, which are priced based on transaction prices in the ordinary course of business. These
transfers are eliminated as part of consolidation of the financial statements. The segment income is measured based on the operating
income, without certain expenses that are not allocated to the activity segments, including, general and administrative expenses,
as it is included in reports that are regularly reviewed by the chief operating decision maker.</P>

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

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

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">This segment includes three
business lines: ICL Industrial Products, ICL Advanced Additives and ICL Food Specialties. The segment targets industrial
markets and 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 14.2pt 0pt 28.35pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">Significant highlights and business
environment</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">A. Industrial Products</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">&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: 35.4pt"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Continued favorable bromine pricing in China partially offset by the devaluation
of the Chinese yuan compared to the dollar.</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: 35.4pt"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Higher sales and continued transition from HBCD to FR-122P in Europe.</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: 35.4pt"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Stable and moderately growing demand for bromine-based flame retardants.
Sales were higher, mainly as a result of low bromine availability in China. ICL Industrial Products is continuing to work on securing
long term supply agreements for bromine-based flame retardants.</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: 35.4pt"></TD><TD STYLE="width: 21.3pt"><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 regulation implemented in the USA in mid-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: 35.4pt"></TD><TD STYLE="width: 21.3pt"><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" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Higher sales of phosphorous-based flame retardants as a result of supply
interruptions several Chinese producers have faced. Nevertheless, Chinese production is stabilizing. The Company is working to
secure annual contracts with customers in western 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" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Demand for clear brine solutions continues to be soft as result of the low
level of oil prices. Sales of clear brines solutions during the first quarter of 2017 were higher compared to the corresponding
quarter last year as a result of non-recurring sales. Overall 2017 sales are expected to be at the same level as 2016.</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="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">B. Advanced
Additives</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify; text-indent: 0in">Total
Advanced Additives performance was favorable compared to the corresponding quarter last year and was impacted by several factors:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; 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: 35.45pt"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Global sales of acids and salts declined slightly compared to the corresponding
quarter last year, driven by the highly competitive market environment. By region, higher acid volumes in Europe and favorable
sales development of defined phosphate salts in North America partially offset price pressure resulting from declining merchant
grade acid (MGA) market prices versus the previous year. In Asia, the successful growth strategy of YPH JV coupled with a moderate
market price increase in China led to favorable revenue development. In South America, the economic downturn in Brazil led to lower
demand in the cleaning and beverage markets, though this was mostly offset by positive developments of exports into other South
American countries.</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: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">In the Specialty Minerals sub-business line, solid sales in technical applications
combined with new sales to a major customer, offset weak magnesium chloride sales of de-icing products following the mild winter.
As a result sales were flat compared to the prior 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: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">P2S5 sales improved compared to the corresponding quarter last year. Sales
in the first quarter of 2017 increased slightly driven by higher demand from key customers in North America and Europe. Sales were
also favorably impacted by higher demand for insecticides due to the start of the summer season, in contrast to a destocking cycle
and plant turnarounds of major customers in the corresponding quarter last year. As a result, volume was up considerably year-over-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: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">The Fire Safety sub-business line was positively influenced by wildfire
activity in South America, resulting in increased sales of liquid concentrates to Chile and Argentina. As a result, fire safety
sales were favorable compared to the corresponding quarter last 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 28.35pt; text-align: justify">C. Food
Specialties</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 35.45pt"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">ICL Food Specialties&rsquo; sales volume in the first quarter was lower
compared to the corresponding quarter last year, driven mostly by lower sales of dairy proteins.</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: 35.45pt"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Sales volume of dairy proteins declined as a result of new local regulations
for organic infant food in China, aimed at reducing the wide product portfolio currently available in the market in order to gain
tighter control, and the subsequent destocking activity of a customer delivering proteins to China. Nevertheless, the general assessment
of the Chinese infant food market remains positive and ICL Food Specialties was able to partially offset the decline through growth
in other customer relationships existing in the growing Chinese market. First signs of recovery are expected during the second
half of the year.</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="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></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: 35.45pt"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">ICL Food Specialties&rsquo; phosphates business remained stable in the quarter
as competitive pressure in North America and Europe was offset by a recovery in sales in Eastern Europe. The business line announced
price increases in North America starting in the second quarter of 2017, with the full impact of the pricing adjustments expected
to be realized beginning in the third quarter.</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: 35.45pt"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Sales volume of integrated solutions and new products continued to grow
compared to the first quarter of 2016 as the business line continues to launch new products to the dairy, beverage, meat, poultry
and seafood markets in all regions. Order intake rates are increasing as well, adding to the positive outlook for the rest of 2017.</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: 35.45pt"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">ICL Food Specialties&rsquo; results were further impacted by the devaluation
of several currencies against the dollar, mainly the euro, the pound and the Mexican peso.</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; text-indent: 28.35pt">Results of Operations
&ndash; Specialty Solutions Segment</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD STYLE="width: 58%; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2017</FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2016</FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 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">$</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 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"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>

<TR>
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Industrial
    Products</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;266</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;224</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;953</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;Sales to external customers</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;264</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;223</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;946</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;Sales
    to internal customers</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;7</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Advanced Additives</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;213</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;208</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;966</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;Sales to external customers</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;199</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;188</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;897</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;Sales
    to internal customers</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;14</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;69</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Food Specialties</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;138</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;162</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;659</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;Sales to external customers</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;136</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;159</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;650</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;Sales
    to internal customers</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;9</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Setoffs</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(4)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="border-bottom: Black 0.5pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">(10)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="border-bottom: Black 0.5pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">(25)</FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total segment sales</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">613</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt"><B>584</B></FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt"><B>2,553</B></FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating income </B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">115</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt"><B>106</B></FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt"><B>534</B></FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="color: rgb(31,72,125)"><B>Israel Chemicals Limited</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt">Q1 2017</FONT></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Results</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">Results of operations for the
period January &ndash; March 2017</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD NOWRAP STYLE="width: 40%; border-top: Black 1pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Sales
    analysis</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Industrial
    Products</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Advanced
    Additives</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Food
    Specialties</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Setoff</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Segment
    Total</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center; color: #4F81BD"><FONT STYLE="font-size: 10pt; color: windowtext"><B>$
    millions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; color: #4F81BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; color: windowtext">Total
    sales Q1 2016</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;224</B></FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;208</B></FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;162</B></FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;(10)</B></FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;584</B></FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal; color: windowtext">Quantity</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;50</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(20)</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">55</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><IMG SRC="up-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal; color: windowtext">Price</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(5)</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(10)</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(15)</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt"></FONT><IMG SRC="down-arrow.jpg" ALT="" STYLE="width: 17px; height: 21px"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal; color: windowtext">Exchange
    rate</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(3)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(5)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(4)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">1</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(11)</FONT></P>
        </TD>
    <TD STYLE="text-align: center; padding-right: 6pt; border-bottom: Black 1pt solid"><IMG SRC="down-arrow.jpg" ALT=""><DIV STYLE="border-bottom: Black 0.5pt solid; text-align: center"></DIV></TD></TR>
<TR>
    <TD STYLE="font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Total sales Q1 2017</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">266</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">213</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">138</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(4)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">613</FONT></P>
        </TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Quantity</U> &ndash; the increase derives mainly from an increase
                                                                                                                             in clear brines solutions  quantities sold together with bromine-based flame retardants in ICL Industrial Products and
                                                                                                                             from an increase in quantities sold in the P2S5 and acids sub-business lines of ICL Advanced Additives. This increase was
                                                                                                                             partly offset by the decrease in dairy protein quantities sold in ICL Food Specialties (which was slightly offset by an
                                                                                                                             increase in quantities of new products sold). see also &lsquo;Significant highlights and business environment&rsquo;
                                                                                                                             section.</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: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Price</U> &ndash; the decrease stems mainly from different products mix
of clear brines solutions sold in ICL Industrial products and a decrease in the selling prices of acids in ICL Advanced Additives.</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: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Exchange rate</U> &ndash;the decrease stems mainly from the devaluation
of the euro against the dollar.</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: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD NOWRAP STYLE="width: 72%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Operating
    income analysis</FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    operating income Q1 2016</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;106</B></FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quantity</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;35</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><IMG SRC="up-arrow.jpg" ALT="" STYLE="width: 16px; height: 21px"></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Price</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(15)</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><IMG SRC="down-arrow.jpg" ALT=""></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange
    rate</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(5)</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><IMG SRC="down-arrow.jpg" ALT=""></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Raw
    materials</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;10</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><IMG SRC="up-arrow.jpg" ALT="" STYLE="width: 16px; height: 21px"></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Energy</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="horizontal-arrow.jpg" ALT=""></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transportation</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(1)</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><IMG SRC="down-arrow.jpg" ALT=""></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(15)</FONT></P>
        </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; text-align: center"><IMG SRC="down-arrow.jpg" ALT=""></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Total operating income Q1 2017</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">115</FONT></P>
        </TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4F81BD; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Quantity</U> &ndash; the increase stems mainly from the quantities of
clear brines solutions and bromine-based flame retardants sold in ICL Industrial Products combined with P2S5 products in ICL Advanced
Additives.</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: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Price</U> &ndash; the decrease stems mainly from lower selling prices
of acids in ICL Advanced Additives and different products mix of clear brines solutions sold in ICL Industrial Products.</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: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Exchange rate</U> &ndash; the decrease stems mainly from devaluation
of the euro against the dollar.</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: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Raw materials</U> &ndash; the increase stems mainly from a decrease in
sulfur prices used for products of ICL Advanced Additives.</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: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Other</U> &ndash; the decrease derives, among others, from an increase
in royalties paid as a result of the increase in sales.</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"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="color: rgb(31,72,125)"><B>Israel Chemicals Limited</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt">Q1 2017</FONT></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Results</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Essential Minerals Segment</P>

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify"><FONT STYLE="color: #222222">This
segment includes </FONT>three business lines: <FONT STYLE="color: #222222">ICL Potash &amp; Magnesium, ICL Phosphate and </FONT>ICL
Specialty Fertilizers<FONT STYLE="color: #222222">. The segment </FONT>targets the Agro markets and <FONT STYLE="color: #222222">focuses
on efficiency, process innovation and operational excellence.</FONT></P>

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

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">Business environment overview</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">&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: 34pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">After a lackluster market performance in 2016, the consensus suggests that
economic activity will pick up pace in 2017 and 2018, especially in the emerging markets and developing economies. However, there
is a wide range of possible outcomes with respect to the projections, given the uncertainty regarding the policy stance of the
new USA administration and its global ramifications. The assumptions underpinning the forecast should be more specific by the time
of publication of the April-May 2017 World Economic Outlook, as more clarity is gained regarding the USA policies and their implications
on the global economy.</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: 34pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Based on the WASDE report published by the USDA in April&nbsp;2017, a small
decrease is expected in the ratio of the inventories of grains to annual consumption, to 24.6% at the end of the agricultural 2016/2017&nbsp;year,
compared with 24.9% at the end of the 2015/2016 agricultural year, and an increase from a level of 23.6% in the 2014/2015 agricultural
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: 34pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Favorable weather conditions in the growing regions along with increased
planted areas, mainly in Brazil, kept crop prices unchanged. In the first quarter of 2017, potash prices in the spot markets increased
globally from their low levels in the second half of 2016 and are continuing to be supported by strong demand and limited supply.
In the beginning of the first quarter of 2017, the prices of phosphate fertilizers increased due to high demand in China, which
absorbed most of the Chinese production. However, towards the end of the quarter, there was a decline in domestic Chinese demand
that caused a re-routing of local production to global markets which, in turn, caused a decrease in the prices of phosphate fertilizers.</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="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">Significant highlights and business
environment</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">&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: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Despite the delay in signing a contract with China, ICL&rsquo;s potash shipments
during the first quarter of 2017 increased by more than 5% compared to the corresponding quarter 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: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Prices of potash increased moderately in spot markets such as Brazil, USA
and Europe, during the first quarter of 2017 compared to the fourth quarter of 2016 and are presently showing stability. The forthcoming
commissioning of the K+S&rsquo;s Legacy project in Canada is expected to add to the supply pressure on prices in the near-term.</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: 35.45pt"></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 2.868 million tonnes
                                                                                                              of potash during the first quarter of 2017 &ndash; about 48% more than in the corresponding  quarter last year. The increase
                                                                                                              resulted from the massive imports overflow under last year&rsquo;s contract, most likely in a view of a possible price
                                                                                                              increase in the pending 2017 contract, and continuing cross-border rail imports from Russia. Supply contracts with Chinese
                                                                                                              customers for 2017 have yet to be concluded and we estimate they will be finalized during the second quarter of 2017.</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: 35.45pt"></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 quarter of 2017 amounted to 820,000
tonnes, a 32% increase over the corresponding quarter last year. The sharp increase stems from the importers&rsquo; projection
of higher prices in the next contract and the 20% (about $28 per tonne) reduction of NBS (Nutrient Based Subsidy) during the 2017/18
fiscal year (starting April 1, 2017). The reduction of NBS may impose an additional challenge to the sales of potash to local farmers.
However, as potash is already underutilized, a further decrease may have an adverse effect on yields, thus no significant demand
reduction is projected.</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: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">During the first quarter of 2017, ICL continued its potash deliveries to
India as part of the supply contracts of 760 thousand tonnes (including optional quantities of 60 thousand tonnes) at a price of
$227 per tonne CFR for the period running from July&nbsp;2016 until June 2017.</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: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Brazil is showing continued strong demand for potash and other fertilizers,
stimulated by low prices and good soybean demand. According to ANDA (Brazilian National Fertilizer Association), potash imports
into Brazil during the first quarter of 2017 amounted to 1.668 million tonnes, a 21% increase over the corresponding quarter last
year. The increase is attributable mainly to higher planted areas of soybeans and improvement in farmers&rsquo; profitability.</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: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">In April 2017, after receiving all the permits for execution of the Salt
Harvesting with the Government of Israel, ICL&rsquo;s Board of Directors approved a budget of about $280 million to further proceed
with the execution of the Salt Harvesting in the Dead Sea. This budget which is part of the Salt Harvesting project, will be executed
over the next 13 years, and constitutes ICL&rsquo;s share (80%) in the cost of performing this part. For more information, see
&ldquo;Item 4. Information on the Company&mdash;D. Property, Plant and Equipment&mdash;Mineral Extraction and Mining Operations&mdash;The
Dead Sea&rdquo; in our Annual Report on Form 20-F for the year ended December 31, 2016.</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: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Metal magnesium &ndash; global demand for magnesium continues to be constrained
by lower economic activity in China, Brazil and Europe. In the USA, the spot market has been impacted by imports of Russian,
Kazakh and Turkish pure magnesium. Additionally,</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="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><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: 0in">consumption
is being displaced as key sectors, such as primary aluminum and titanium production, are shifting to other markets, including Asia
and Canada. The USA domestic producer, US Magnesium, is taking aggressive steps to offset the loss of the titanium producer, ATI
(est. at 9,000 mt). US President, Mr. Donald Trump, announced a rollback of Current Corporate Average Fuel Economy (CAFE) standards,
previously aimed at requiring automakers to achieve a fleet average of roughly 54.5 mpg by 2025. This follows the NHTSA&rsquo;s
most recent postponement that would have delayed implementation of penalties until the 2019 model year. The concern is that this
will slow the return of magnesium to the discussion among the automotive OEMs (original equipment manufacturers). New mileage standards
and/or implementation deadlines have not been announced. Chinese price indicators continued moving lower during January falling
from the peak of $2,550 (November 1st), however recovered to $2,300 per ton by early March. The current level represents a 24%
increase above January 2016 prices. Support is in part being provided by higher ferrosilicon prices although this was partially
offset by a domestic supply imbalance. Pure magnesium prices in the US market remain under pressure as a consequence of the aforementioned
change in supply dynamics.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 53.45pt; text-align: justify; text-indent: 0in">&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">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: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">After a short period of moderate price recovery in the beginning of the
quarter, the phosphate market is again experiencing downward pressure. On the demand side, increased shipments to Brazil are more
than offset by lackluster buying from India. Supply from the new OCP phosphate hub being established and the end of the domestic
season in China are diverting more products to international trade 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" 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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Despite a 7% increase compared to the fourth quarter of 2016, 2017 first
quarter average DAP FOB Morocco prices were about 10% lower than the corresponding quarter 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: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">DAP inventories in India, the largest importer of phosphate materials, are
still high and demand is low. The Indian government&rsquo;s decision in early April 2017 to reduce the NBS (Nutrient Based Subsidy)
on phosphate, is expected to only have a marginal effect on DAP as it is offset by an increase of the NBS on nitrogen. DAP imports
during the first quarter of 2017 amounted to just 200,000 tonnes, and although this is a 144% increase over the corresponding quarter
last year, it is still considered very low. Prices offered by Chinese and Saudi producers, in the order of $370 FOB, make it difficult
for importers to buy at the prevailing MRP (minimal retail price).</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: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Phosphoric acid (100% P<SUB>2</SUB>O<SUB>5</SUB>) contracts in India for
the second quarter of 2017 were set at $590/t CFR including 30 days&rsquo; credit, a $40 per tonne increase from the first quarter
contract price.</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: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">The domestic demand season in China has ended and local producers are turning
to the export markets. During the first quarter of 2017 China exported 1,280,000 tonnes of phosphate fertilizers (DAP, MAP and
TSP), a 37.9% increase over the corresponding quarter 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: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Over-supply in the domestic market in China along with lower international
prices continue to negatively affect the results of the YPH joint venture in China, which recorded negative operating income of
$6 million (not including G&amp;A expenses) in the first quarter of 2017 (most of which&nbsp;relates to the ICL Phosphate business
line). ICL is continuing its efforts to increase efficiency and reduce costs in a challenging market environment. Continued implementation
of efficiency measures and acceleration of the shift to specialty products are expected to support the JV&rsquo;s profitability
in the short and medium terms.</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="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
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<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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">The USA and Brazilian markets are showing good 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" 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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Brazilian imports of phosphate fertilizers (MAP, DAP, TSP &amp; SSP) during
the first quarter of 2017 amounted to 887,000 tonnes, a 50% increase over the corresponding quarter last year. The increase is
attributable mainly to higher planted areas of soybeans and improvement in farmers&rsquo; profitability. MAP CFR Brazil prices
in the first quarter of 2017 were 9.4% higher than in the fourth quarter of 2016, but only 4% above the first quarter of 2016.
TSP CFR Brazil prices in the first quarter of 2017 were 1.5% higher than in the fourth quarter of 2016, but 10.5% lower than the
first 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: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">In the USA, strong demand from the local market and problems with delivery
of rock from Peru, have forced Mosaic to purchase rock from OCP and some imported DAP barges, in order to supply its domestic commitments.
Despite a 4% increase compared to the fourth quarter of 2016, 2017 first quarter average DAP US domestic prices were about 5% lower
than the corresponding quarter 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: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">In April 2017, the Company signed a principles agreement with the Workers
Council of Rotem Amfert Israel toward the renewal of the collective bargaining agreement. The Company is expected to sign the final
collective bargaining agreement in the second quarter of 2017 which will include a special early retirement plan with an expected
cost of approximately $5M-$10M.</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="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">C.</TD><TD>Specialty Fertilizers</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: 35.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">ICL Specialty Fertilizers&rsquo; sales and operating income increased in
the first quarter of 2017 compared to the corresponding quarter in 2016 as a result of higher sales volumes throughout most regions
and higher profitability, mainly in Europe and Israel. The increased profitability stems from lower-priced inventory, accumulated
during prior periods, implementation of cost reduction initiatives and the slightly increasing market prices of end products.</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: 35.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">During the fourth quarter of 2016, global commodity fertilizers prices (mainly
nitrogen) began to increase. This, combined with the recent recovery in the prices of several &ldquo;cash&rdquo; crops such as
oil palms and sugar, is expected to support 2017 sales.</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: 35.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Total sales in Europe were slightly lower as the favorable impact of an
early spring on sales in the turf and ornamental horticulture markets was offset by negative exchange rate effects and a decrease
in sales prices.</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: 35.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">In the Asia Pacific region, ICL Specialty Fertilizers&rsquo; sales increased
by over 50% compared to the corresponding quarter last year, primarily due to higher sales volumes of straight fertilizers. However,
low market prices negatively impacted gross income. Increased interest and orders were recorded in the beginning of the second
quarter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&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: 35.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt">Emerging markets, such as Africa, Brazil, India and Turkey, are adopting
more sophisticated fertilizer application methods and technologies. This trend is a result of<BR>
on-going educational activities directed to local growers during the past years. Higher sales volumes to these markets were already
recorded in the first quarter of 2017.</TD></TR></TABLE>

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


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<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="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Results
of Operations - Essential Minerals Segment</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD STYLE="width: 61%; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2017</FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">1-3/2016</FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 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">$</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 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"></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">millions</FONT></P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>

<TR>
    <TD STYLE="width: 61%; text-align: justify; font-size: 10pt; padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>Potash
    &amp; Magnesium</B></FONT></TD>
    <TD STYLE="width: 13%; background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;283</FONT></TD>
    <TD STYLE="width: 13%; text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;273</B></FONT></TD>
    <TD STYLE="width: 13%; text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;1,338</B></FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;Sales
    to external customers</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;253</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;241</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;1,213</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;Sales
    to internal customers</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;30</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;32</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;125</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal">Phosphate</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;292</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;299</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;1,163</B></FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;Sales
    to external customers</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;247</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;249</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;966</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;Sales
    to internal customers</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;45</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;50</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;197</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal">Specialty
    Fertilizers</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;192</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;188</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;661</B></FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;Sales
    to external customers</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;186</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;180</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;632</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;Sales
    to internal customers</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;29</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal">Setoffs</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 7pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(33)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 7pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>(37)</B></FONT></P>
        </TD>
    <TD STYLE="padding-right: 7pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>(126)</B></FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>Total
    segment sales</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 7pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">734</FONT></P>
        </TD>
    <TD STYLE="padding-right: 7pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt"><B>723</B></FONT></P>
        </TD>
    <TD STYLE="padding-right: 7pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt"><B>3,036</B></FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 7pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify; font-size: 10pt; padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>Operating
    income </B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 7pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">66</FONT></P>
        </TD>
    <TD STYLE="padding-right: 7pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt"><B>93</B></FONT></P>
        </TD>
    <TD STYLE="padding-right: 7pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt"><B>398</B></FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<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 14.2pt 0pt 28.35pt; text-align: justify">For additional details
regarding potash &ndash; see &lsquo;Potash &ndash; Stand-Alone Activities'.</P>

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

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">Results of operations for the
period January &ndash; March 2017</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD NOWRAP STYLE="width: 40%; border-top: Black 1pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Sales
    analysis</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Potash
    &amp; Magnesium</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Phosphate</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Specialty
    Fertilizers</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Setoff</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Segment</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Total</FONT></P></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center; color: #4F81BD"><FONT STYLE="font-size: 10pt; color: windowtext"><B>$
    millions</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; color: #4F81BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; color: windowtext">Total
    sales Q1 2016</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt"><B>&nbsp;273</B></FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt"><B>299</B></FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt"><B>188</B></FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt"><B>&nbsp;(37)</B></FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt"><B>723</B></FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal; color: windowtext">Quantity</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt">&nbsp;25</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt">35</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt">75</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD"><FONT STYLE="font-size: 10pt"><IMG SRC="up-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal; color: windowtext">Price</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt">&nbsp;(5)</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt">&nbsp;(35)</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt">&nbsp;(5)</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD"><FONT STYLE="font-size: 10pt">&nbsp;(45)</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD"><FONT STYLE="font-size: 10pt"><IMG SRC="down-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal; color: windowtext">Exchange
    rate</FONT></TD>
    <TD><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(10)</FONT></P>
        </TD>
    <TD><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(7)</FONT></P>
        </TD>
    <TD><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(6)</FONT></P>
        </TD>
    <TD><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">4</FONT></P>
        </TD>
    <TD><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">(19)</FONT></P>
        </TD>
    <TD STYLE="text-align: center"><IMG SRC="down-arrow.jpg" ALT=""><DIV STYLE="border-bottom: Black 0.5pt solid; text-align: center"></DIV></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Total sales Q1 2017</FONT></TD>
    <TD><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">283</FONT></P>
        </TD>
    <TD><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">292</FONT></P>
        </TD>
    <TD><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">192</FONT></P>
        </TD>
    <TD><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">(33)</FONT></P>
        </TD>
    <TD><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">734</FONT></P>
        </TD>
    <TD STYLE="text-align: center; color: #4F81BD"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; color: #4F81BD">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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">-</TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Quantity</U> &ndash; the increase stems mainly from an increase in phosphoric
acid and phosphate fertilizers quantities sold, together with an increase in potash sales (mainly in India and the USA) and from
an increase in the quantities of specialty agriculture products 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" 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">-</TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Price</U> &ndash; the decrease stems mainly from a decline in phosphate
fertilizers and phosphoric acid selling prices, lower commodity fertilizers prices and a decline in potash selling prices.</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: 28.35pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="color: #4F81BD">-</FONT></TD><TD><U>Exchange rate</U> &ndash; the decrease stems mainly
from the devaluation of the euro and the Chinese yuan against the dollar.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: left; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: left; text-indent: -0.25in">&nbsp;</P>

<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="color: rgb(31,72,125)"><B>Israel Chemicals Limited</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt">Q1 2017</FONT></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Results</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 46.35pt; text-align: left; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD NOWRAP STYLE="width: 72%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Operating
    income analysis</FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    operating income Q1 2016</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;93</B></FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quantity</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;10</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="up-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Price</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(45)</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="down-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange
    rate</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(5)</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="down-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Raw
    materials</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;20</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="up-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Energy</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="horizontal-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transportation</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(20)</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="down-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">13</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt; text-align: center"><IMG SRC="up-arrow.jpg" ALT=""><DIV STYLE="border-bottom: Black 0.5pt solid; text-align: center"></DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">Total operating income Q1 2017</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">66</FONT></P>
        </TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; color: #4F81BD">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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">-</TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Quantity</U> &ndash; the increase derives mainly from the quantities
of potash and specialty agriculture products 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" 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">-</TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Price</U> &ndash; the decrease stems mainly from a decline in phosphate
fertilizers and phosphoric acid selling prices, lower commodity fertilizers prices and a decline in potash selling prices.</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">-</TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Exchange rate</U> - the decrease stems mainly from the upward revaluation
of the Israeli shekel against the dollar.</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">-</TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Raw materials</U> &ndash; the increase stems mainly from a decline in
sulfur prices (used in the green phosphoric acid production) and a decline in commodity fertilizers prices (used for products of
ICL Specialty Fertilizers).</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">-</TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Transportation</U> &ndash; the decrease stems mainly from an increase
in transportation prices and from the increase in 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" 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">-</TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><U>Other</U> &ndash; the increase derives mainly from insurance income in
ICL Rotem and from a capital gain due to sale of an office building in Israel.</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="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD STYLE="width: 64%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Thousands of Tonnes</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold">1-3/2017</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">1-3/2016</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2016</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Phosphate rock</TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,400</TD>
    <TD STYLE="text-align: right">&nbsp;1,341</TD>
    <TD STYLE="text-align: right">5,744</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="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;160</TD>
    <TD STYLE="text-align: right">&nbsp;362</TD>
    <TD STYLE="text-align: right">1,032</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="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;1,096</TD>
    <TD STYLE="text-align: right">&nbsp;751</TD>
    <TD STYLE="text-align: right">&nbsp;4,099</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="background-color: white; text-align: left; color: #4F81BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="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="background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;570</TD>
    <TD STYLE="text-align: right">&nbsp;573</TD>
    <TD STYLE="text-align: right">2,725</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 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-bottom: Black 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold">&nbsp;649</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;506</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,645</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0.5in; text-align: left">* To external customers.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify"><B>Production and Sales</B></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 14.2pt 0pt 28.35pt; text-align: justify">The quantity of fertilizers
sold in the first quarter of 2017 was 143 thousand tonnes higher than in the corresponding quarter last year. The increase stems
mainly from an increase in sales to Brazil and to China (by the YPH joint venture). In the first quarter of 2017, manufacture of
phosphate fertilizers was lower by 3 thousand tonnes. The quantity of phosphate rock sold in the first quarter decreased significantly
due to increased internal use for fertilizer production in China, as well as low global demand and an unattractive prices environment<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>.</I></FONT>The
production of phosphate rock was higher by 59 thousand tonnes mainly due to increased production in ICL Rotem in Israel.</P>

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

<P STYLE="color: #4F81BD; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt"><B>Potash &ndash; Stand-Alone Activities</B></P>

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

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Key Figures
&ndash; Additional Information</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD STYLE="width: 64%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-indent: 11.3pt">Millions of dollars</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold">1-3/2017</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">1-3/2016</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2016</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Average potash selling price - FOB (in $)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: right; color: #4F81BD"><B>&nbsp;216</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;235</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">211</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="background-color: white; text-align: right; color: #4F81BD"><B>&nbsp;231</B></TD>
    <TD STYLE="text-align: right">&nbsp;221</TD>
    <TD STYLE="text-align: right">&nbsp;1,134</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 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-bottom: Black 1pt solid; background-color: white; text-align: right; color: #4F81BD"><B>&nbsp;36</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;40</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">151</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Operating income </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: right; color: #4F81BD"><B>&nbsp;41</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;51</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">291</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt"><I>*</I> Sales to other business lines of ICL
including the Magnesium business.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">The potash stand-alone
activities include, among others, Polysulphate &trade; 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 28.35pt; 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></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Results
of operations for the period January &ndash; March 2017</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD NOWRAP STYLE="width: 72%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Sales
    analysis</FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Total sales Q1 2016</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;261</B></FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Quantity</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;20</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="up-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Price</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;(5)</FONT></TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="down-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Exchange rate</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">(9)</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt; text-align: center; border-bottom: Black 1pt solid"><IMG SRC="down-arrow.jpg" ALT=""><DIV STYLE="border-bottom: Black 0.5pt solid; text-align: center"></DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Total
    sales Q1 2017</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">267</FONT></P>
        </TD>
    <TD STYLE="text-align: center; color: #4F81BD; padding-right: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                                                                </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; color: #4F81BD; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD NOWRAP STYLE="width: 72%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating
    income analysis</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">$
    millions</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    operating income Q1 2016</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;51</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quantity</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;5</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><IMG SRC="up-arrow.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Price</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;(5)</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><IMG SRC="down-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange
    rate</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="horizontal-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Raw
    materials and energy</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="horizontal-arrow.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: char; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transportation</FONT></TD>
    <TD STYLE="text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;(15)</FONT></TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><IMG SRC="down-arrow.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Other</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">5</FONT></P>
        </TD>
    <TD STYLE="text-align: center; padding-right: 6pt"><IMG SRC="up-arrow.jpg" ALT=""><DIV STYLE="border-bottom: Black 0.5pt solid; text-align: center"></DIV></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Total operating
    income Q1 2017</FONT></TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">41</FONT></P>
        </TD>
    <TD STYLE="color: #4F81BD; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4F81BD; text-align: center; padding-right: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: -14.2pt">&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: 28.35pt"></TD><TD STYLE="width: 18pt; text-align: left">-</TD><TD><U>Quantity</U> &ndash; the increase derives mainly
from potash sales in India and the USA.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: -14.2pt">&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: 28.35pt"></TD><TD STYLE="width: 18pt; text-align: left">-</TD><TD><U>Price</U> &ndash; the decrease stems from a decline
in potash selling prices.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 42.55pt; text-align: justify; text-indent: -14.2pt">&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: 28.35pt"></TD><TD STYLE="width: 18pt; text-align: left">-</TD><TD><U>Transportation</U> &ndash; the decrease stems mainly
from an increase in transportation prices and an increase in quantities of potash sold.</TD>
</TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></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: 95%; border-collapse: collapse; margin-left: 28.35pt">
<TR>
    <TD STYLE="width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Thousands of Tonnes</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-weight: bold">1-3/2017</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">1-3/2016</TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2016</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Production</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;1,057</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;1,348</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;5,279</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Sales to external customers</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;942</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;893</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;4,818</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal">Sales
    to internal customers</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 6pt"><P STYLE="color: #4F81BD; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">72</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">24</FONT></P>
        </TD>
    <TD STYLE="padding-right: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">347</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Total sales (including internal sales)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;1,014</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;917</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;5,165</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; font-style: normal">Closing inventory</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: right; color: #4F81BD; font-weight: bold; padding-right: 6pt">&nbsp;709</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">&nbsp;983</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">&nbsp;666</TD></TR>
</TABLE>
<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 14.2pt 0pt 28.35pt; text-align: justify"><B>Production and Sales</B></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 14.2pt 0pt 28.35pt; text-align: justify">The quantity of potash
sold to external customers in the first quarter of 2017, was 49 thousand tonnes higher than in the corresponding quarter last year,
mainly due to an increase in sales to India and the USA. Production of potash in the first quarter of 2017 was 291 thousand tonnes
lower than in the corresponding quarter last year, due to a decrease in the production of ICL&nbsp;UK as a result of operational
breakdown in the mine tailings channel. The production was renewed at the beginning of the second quarter of 2017, and in the Company&rsquo;s
estimation the under-production will be made up during the course of the year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; 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></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: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">Source and uses of cash</P>

<P STYLE="color: #4F81BD; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">Set forth below are
the highlights of the changes in the cash flows in the first quarter of 2017, compared with the corresponding quarter last year:</P>

<P STYLE="font: bold 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 14.2pt 0pt 28.35pt; text-align: justify"><U>Net cash provided by
operating activities</U>:</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 14.2pt 0pt 28.35pt; text-align: justify">In the first quarter of
2017, the cash flows provided by operating activities decreased by $27 million compared with the corresponding quarter last year.
This decrease stems mainly from a decline in the trade receivables in the corresponding quarter last year due to a collection of
extensive sales in the end of 2015. The said decrease was partly offset due to a decrease in the production of ICL UK as a result
of operational breakdown in the mine tailings channel.</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 14.2pt 0pt 28.35pt; text-align: justify"><U>Net cash used in investing
activities</U>:</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 14.2pt 0pt 28.35pt; text-align: justify">In the first quarter of
2017, the cash flows used in investing activities decreased compared with the corresponding quarter last year, by $319 million.
This decrease stems mainly due to payment for acquisition of 15% of the shares of YTH, in the amount of about $250 million, in
the corresponding quarter last year. In addition, there was a decline in the cash flows used for investments in property, plant
and equipment, in the amount of $81 million.</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 14.2pt 0pt 28.35pt; text-align: justify"><U>Net cash used in financing
activities</U>:</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 14.2pt 0pt 28.35pt; text-align: justify">In the first quarter of
2017, there was an increase of $258 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 long-term loans received, in the amount of $155
million, repayment of short-term credit from banks and others, net, in the amount of $43 million and timing differences relating
to a dividend payment in the amount of $60 million.</P>

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

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

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">As at March 31, 2017, the
net financial liabilities of ICL amounted to $3,262 million, a decrease of $6 million compared with the balance at the end of 2016.
The decrease of the net financial liabilities stems mostly from the operating cash flow generated during the quarter which was
offset by a dividend payment of $60 million.</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 14.2pt 0pt 28.35pt; text-align: justify">The total amount of the
securitization framework and credit facility deriving therefrom amounts to $405 million. As at March 31, 2017, ICL had used $312
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 14.2pt 0pt 28.35pt; text-align: justify">ICL also has long-term
credit facilities of $2,026 million and &euro;100 million, of which $1,284 million was unused as at March 31, 2017.</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 14.2pt 0pt 28.35pt; text-align: justify">On March 23, 2017, Fitch
Ratings lowered the Company&rsquo;s international corporate credit rating to BBB&ndash; with a stable rating outlook. Fitch&rsquo;s
above-mentioned rating also applies to the Company&rsquo;s debentures. According to the Company&rsquo;s estimate, the impact of
the said rating reduction on its financial expenses, if any, will be negligible.</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 14.2pt 0pt 28.35pt; text-align: justify">As the date of the report,
the Company is in compliance with the financial covenants stipulated in its financing agreements.</P>

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


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

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">There were no material
changes in our critical accounting estimates during the three-month period ended March 31, 2017.</P>

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

<P STYLE="color: #4F81BD; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Board of Directors and Senior Management Updates</P>

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">Commencing from February&nbsp;1,
2017, Mr.&nbsp;Eli Glazer, formerly the CEO of ICL&nbsp;Europe, is serving as the President of ICL Specialty Solutions, in place
of Mr.&nbsp;Mark Volmer, who concluded his position on January&nbsp;31, 2017.</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 14.2pt 0pt 28.35pt; text-align: justify">On March 14, 2017, the
Company&rsquo;s Board of Directors approved the appointment of Mr. Reem Aminoach as a member of the Company&rsquo;s Board of Directors.
Mr. Aminoach&rsquo;s service will be valid up to the next General Meeting of the Company&rsquo;s shareholders.</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 14.2pt 0pt 28.35pt; text-align: justify">On March&nbsp;31, 2017,
Mr. Nissim Adar, concluded his position as the President of ICL Essential Minerals. Commencing from April&nbsp;1, 2017, Mr.&nbsp;Ofer
Lifshitz, who up to recently headed ICL&rsquo;s efficiency and cash-flow improvement program, replaced Mr.&nbsp;Adar as the President
of ICL Essential Minerals.</P>

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

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

<P STYLE="color: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">In the three-month period
ended March&nbsp;31, 2017, 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, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; 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: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; 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, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 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: rgb(79,129,189); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify"><U>Derivative Actions</U></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 14.2pt 0pt 28.35pt; text-align: justify">Pursuant to ICL's Board
resolution dated December 15, 2016, the Company has appointed a special independent external committee (the &ldquo;<B>Special Committee</B>&rdquo;)
to examine all of the aspects arising from the application for certification of a derivative action regarding the annual bonuses
paid to office holders for the years 2014-2015 (the &ldquo;<B>Certification Application</B>&rdquo;).&nbsp;&nbsp;&nbsp;The Special
Committee was headed by Hon. Justice (ret.) Oded Mudrick, and the other members therein were: Prof. Sharon Hannes and Prof. Haim
Assayag, CPA. For purposes of its operations, the Special Committee appointed a legal advisor to accompany its work &ndash; Dr.
Asaf Eckstein.</P>

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


<!-- Field: Page; Sequence: 46 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">On April 18, 2017, the
Special Committee submitted its report to the Board of Directors, wherein it determined, among other things, that in its opinion
the adjustments to the net profit as approved by the Company&rsquo;s Compensation Committee for the years 2014 and 2015 were duly
made and in accordance with the Company&rsquo;s Compensation Policy. Therefore, the Company does not have a cause of action against
the directors who approved the bonus adjustments for the years 2014 and 2015, or against the officers who received the bonuses
due to the said adjustments. 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. Accordingly, the Committee recommended that
the Company oppose the Application filed with the Court by the Applicant.</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 14.2pt 0pt 28.35pt; text-align: justify">In its meeting on April
26, 2017, the Board resolved to fully adopt the Special Committee's report and the recommendation therein to deny the Applicant&rsquo;s
demand in the Certification Application and to instruct the Company to file an objection to the Certification Application.</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 14.2pt 0pt 28.35pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify"><U>Investment treaty claim
against Ethiopia</U></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 14.2pt 0pt 28.35pt; text-align: justify">Further to Note 13 of the
2016 annual financial statements, a Company subsidiary, ICL Europe, plans to file an investment treaty claim against the Federal
Democratic Republic of Ethiopia (&ldquo;Ethiopia&rdquo;) in relation to State violations of the Agreement on Encouragement and
Reciprocal Protection of Investments between Ethiopia and the Netherlands (the Ethiopia-Netherlands BIT).&nbsp;The violations relate
to,&nbsp;inter alia, the State's imposition of an illegal tax assessment against, and its failure to provide infrastructure support
to, Allana Potash Afar Plc, an indirect subsidiary of ICL Europe&nbsp;. ICL Europe plans to file the claim under the Arbitration
Rules of the United Nations Commission on International Trade Law (UNCITRAL), and requested that the Permanent Court of Arbitration
at The Hague administer the arbitration proceedings. As at the date of the report, the Company has booked a full tax provision
in respect of the tax assessment.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">For further information
regarding legal proceedings and other contingencies, see Note 6 to the Company&rsquo;s condensed consolidated interim financial
statements as at March 31, 2017.</P>

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

<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 45%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="color: rgb(31,72,125)"><B>Israel Chemicals Limited</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt">Q1 2017</FONT></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Results</FONT></P><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 28.35pt; text-align: justify">&nbsp;</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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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"><FONT STYLE="font-size: 10pt"><B>Israel Chemicals Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</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>

<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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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"><FONT STYLE="font-size: 10pt"><B>Israel Chemicals Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</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>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Date:
May 10, 2017</FONT></P>

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



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

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>horizontal-arrow.jpg
<DESCRIPTION>GRAPHIC
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begin 644 horizontal-arrow.jpg
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end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>image_001.jpg
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begin 644 image_001.jpg
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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>uparrow-red.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 uparrow-red.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>downarrow-green.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 downarrow-green.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
