<SEC-DOCUMENT>0000950103-17-006119.txt : 20170627
<SEC-HEADER>0000950103-17-006119.hdr.sgml : 20170627
<ACCEPTANCE-DATETIME>20170627160521
ACCESSION NUMBER:		0000950103-17-006119
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170627
FILED AS OF DATE:		20170627
DATE AS OF CHANGE:		20170627

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:		17932452

	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>dp77725_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt 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>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt">&nbsp;</P>

<P STYLE="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of June, 2017</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-13742</B></P>

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ISRAEL CHEMICALS LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>23 Aranha Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>P.O. Box 20245</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel Aviv, 61202 Israel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(972-3) 684-4400</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive office)</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; width: 29%"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 28%"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%">
</TD></TR>
</TABLE>
<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">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(1):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; width: 29%"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%">
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X</P></TD></TR>
</TABLE>
<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">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(7):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; width: 29%"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid; width: 14%">
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X</P></TD></TR>
</TABLE>



<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"></P>

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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"></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"><B>ISRAEL CHEMICALS LTD.</B></P>

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Notice
                                         of Extraordinary General Meeting of Shareholders and Proxy Statement, dated June 27,
                                         2017</FONT></TD></TR></TABLE>

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


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



<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: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
1</B></FONT></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"></P>

<P STYLE="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>NOTICE
OF</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>EXTRAORDINARY
GENERAL MEETING OF SHAREHOLDERS </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Notice is
hereby given that an Extraordinary General Meeting of Shareholders (the &ldquo;<B>Meeting</B>&rdquo;) of Israel Chemicals Ltd.
(the &ldquo;<B>Company</B>&rdquo;) will be held on Monday, August 2, 2017, at 10:00 a.m. (Israel time), at the offices of the
Company, Millennium Tower, 23 Aranha Street, 22 Floor, Tel Aviv, Israel, for the following purposes:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, 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-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">approval
                                         of an equity compensation grant to our Executive Chairman of the Board, Mr. Johanan Locker,
                                         for 2017.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Shareholders
of record at the close of business on July 3, 2017 (the &ldquo;<B>Record Date</B>&rdquo;) are entitled to participate in, and
to vote at, the Meeting and any adjournments or postponements thereof. All shareholders are cordially invited to attend the Meeting
in person.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Shareholders
who will not attend the Meeting in person are requested to complete, date and sign the enclosed form of proxy and to return it
promptly and no later the Cut-Off Date (as defined below) in the pre-addressed envelope provided. No postage is required if mailed
in the United States. To be valid, a proxy must be properly executed and received by the Company not less than 72 hours prior
to the time scheduled for the Meeting, unless a shorter period is determined by the chairman of the Meeting (the &ldquo;<B>Cut-Off
Date</B>&rdquo;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If a shareholder&rsquo;s
shares are held through a member of the Tel Aviv Stock Exchange (&ldquo;<B>TASE</B>&rdquo;), such shareholder should deliver or
mail (via registered mail) his, her or its completed Hebrew written ballot (in the form filed by the Company via MAGNA, the online
platform of the Israel Securities Authority (&quot;<B>ISA</B>&quot;)) to the offices of the Company not less than 72 hours prior
to the time scheduled for the Meeting, at the address set forth above, attention: Lisa Haimovitz, Senior Vice President, Global
General Counsel and Corporate Secretary, together with a proof of ownership (<I>ishur baalut</I>), as of the Record Date, issued
by that member of the TASE. Alternatively, shares held via a TASE member may be voted electronically via the ISA's electronic
voting system up to 6 hours before the time fixed for the Meeting. Shareholders should receive instructions about electronic voting
from the TASE member through which they hold their shares.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If your
shares are held in a stock brokerage account or by a bank or other holder of record (other than through a member of the TASE),
you are considered the beneficial owner of shares held in &ldquo;street name.&rdquo; The street name holder of record will provide
you with instructions that you must follow in order to have your shares voted.&#9;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">By
Order of the Board of Directors,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 235pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Lisa Haimovitz&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Senior Vice President,
Global General Counsel</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">and Corporate Secretary</FONT></P>
</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 233.9pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 233.9pt; text-indent: -233.9pt"><FONT STYLE="font-size: 10pt">Dated:
June 27, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 233.9pt; text-indent: -233.9pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 233.9pt; text-align: center; text-indent: -233.9pt"><FONT STYLE="font-size: 10pt"><B>ISRAEL
CHEMICALS LTD.</B></FONT>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>PROXY
STATEMENT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This Proxy
Statement is furnished to the holders of Ordinary Shares, par value NIS 1.00 per share (the &ldquo;<B>Ordinary Shares</B>&rdquo;),
of Israel Chemicals Ltd. (the &ldquo;<B>Company</B>&rdquo; or &quot;<B>ICL</B>&quot;) in connection with the solicitation by the
Board of Directors of the Company (the &ldquo;<B>Board of Directors</B>&rdquo; or &ldquo;<B>Board</B>&rdquo;) of proxies for use
at the Extraordinary General Meeting of Shareholders (the &ldquo;<B>Meeting</B>&rdquo;), or at any adjournment thereof, pursuant
to the accompanying Notice of the Extraordinary General Meeting of Shareholders. The Meeting will be held on, August 2, 2017,
at 10:00 a.m. (Israel time), at the offices of the Company, Millennium Tower, 23 Aranha Street, 22 Floor, Tel Aviv, Israel.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">The
agenda of the Meeting will be as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Approval
                                         of an equity compensation grant to our Executive Chairman of the Board, Mr. Johanan Locker
                                         for 2017.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
currently is not aware of any other matters that will come before the Meeting. If any other matters properly come before the Meeting,
the persons designated as proxies may vote in accordance with their judgment on such matters. As more fully described in this
Proxy Statement, shareholders may present proposals for consideration at the Meeting by submitting their proposals to the Company
no later than July 4, 2017<FONT STYLE="color: black">. </FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">A form of
proxy for use at the Meeting is enclosed. Unless otherwise indicated specifically on the form of proxy, Ordinary Shares represented
by any proxy in the enclosed form will be voted in favor of all the matters to be presented at the Meeting, as recommended by
the Board. To be valid, a proxy must be properly executed and received by the Company not less than 72 hours prior to the time
scheduled for the Meeting, unless a shorter period is determined by the chairman of the Meeting (the &quot;<B>Cut-Off Date</B>&quot;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If a shareholder&rsquo;s
shares are held through a member of the Tel Aviv Stock Exchange (&ldquo;<B>TASE</B>&rdquo;), such shareholder should deliver or
mail (via registered mail) his, her or its completed Hebrew written ballot (in the form filed by the Company via MAGNA, the online
platform of the Israel Securities Authority (&ldquo;<B>MAGNA</B>&rdquo; and &ldquo;<B>ISA</B>&rdquo;, respectively) to the offices
of the Company not less than 72 hours prior to the time scheduled for the Meeting, at the address set forth above, attention:
Lisa Haimovitz, Senior Vice President, Global General Counsel and Corporate Secretary, together with a proof of ownership (<I>ishur
baalut</I>), as of the Record Date, issued by that member of the TASE. Alternatively, shares held via a TASE member may be voted
electronically via the ISA's electronic voting system, up to 6 hours before the time fixed for the Meeting. Shareholders should
receive instructions about electronic voting from the TASE member through which they hold their shares.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Shareholders
may revoke the authority granted by their execution of proxies by delivering to the Company a written notice of revocation or
duly executed proxy bearing a later date, provided such revocation notice or later-dated proxy is received by the Company at least
48 hours before the Meeting, or by voting in person at the Meeting. On the matter considered at the Meeting, abstentions will
be treated as neither a vote &ldquo;for&rdquo; nor &ldquo;against&rdquo; the matter, although they will be counted in determining
whether a quorum is present.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Proxies
for use at the Meeting are being solicited by the Board of Directors of the Company. Only shareholders of record at the close
of business on July 3, 2017 (the &ldquo;<B>Record Date</B>&rdquo;) will be entitled to vote at the Meeting. Proxies are being
mailed to shareholders on or about June 28, 2017 and will be solicited mainly by mail. However, certain officers, directors, employees
and agents of the Company, none of whom will receive additional compensation therefor, may solicit proxies by telephone, e-mail
or other personal contact. The Company will bear the cost for the solicitation of the proxies,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">including
postage, printing and handling, and will reimburse the reasonable expenses of brokerage firms and others for forwarding material
to beneficial owners of Ordinary Shares.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On June
26, 2017, 1,276,389,907 Ordinary Shares were outstanding. Subject to the voting restrictions described below, each Ordinary Share
is entitled to one vote upon each of the matters to be presented at the Meeting. Two or more shareholders holding in the aggregate
more than 50% of the outstanding voting power in the Company, present in person or by proxy and entitled to vote, will constitute
a quorum at the Meeting. If within half an hour from the time scheduled for the Meeting, a quorum is not present, the Meeting
shall be adjourned to the same day in the next week, at the same time and place. If a quorum is not present within half an hour
from the time scheduled for the adjourned meeting, then two shareholders with voting rights, who collectively hold at least one-third
of the Company&rsquo;s issued share capital, who are present, in person or by proxy, shall be a quorum and be permitted to discuss
and decide on the issues for which the Meeting was convened.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Joint
holders of Ordinary Shares should take note that, pursuant to Article 75 of the Articles of Association of the Company, the vote
of the most senior of such joint holders who tenders a vote, in person or by proxy, will be accepted to the exclusion of the vote(s)
of the other joint holder(s). For this purpose, seniority will be determined by the order in which the names stand in the Company&rsquo;s
Shareholders Register.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>PRINCIPAL
ORDINARY SHAREHOLDERS&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-align: justify; background-color: white; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents as of June 26, 2017 (unless otherwise noted below) the beneficial ownership of our Ordinary Shares by
each person who is known by us to be the beneficial owner of 5% or more of our outstanding Ordinary Shares. The data presented
is based on information provided to us by the holders or disclosed in public regulatory filings.</FONT></P>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-align: justify; background-color: white; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="color: gray"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: gray"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="color: gray; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Ordinary
    Shares</B></FONT><FONT STYLE="font-size: 10pt; color: Black"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Beneficially Owned<SUP>(1)</SUP></B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: gray; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Shareholder</B></FONT></TD>
    <TD STYLE="color: gray; width: 32%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: gray; text-align: center; border-bottom: Black 1pt solid; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Number</B></FONT></TD>
    <TD STYLE="color: gray; width: 5%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: gray; text-align: center; border-bottom: Black 1pt solid; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Percentage</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Israel Corporation&nbsp;Ltd.<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="color: gray; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: gray; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">587,178,761</FONT></TD>
    <TD STYLE="color: gray; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: gray; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">46.00%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Potash Corporation
    of Saskatchewan Inc.<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="color: gray"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: gray; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">176,088,630</FONT></TD>
    <TD STYLE="color: gray"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: gray; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">13.80%</FONT></TD></TR>
</TABLE>

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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pt"></TD><TD STYLE="width: 18pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(1)</FONT></P></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">The
                                         percentages shown are based on 1,276,389,907 Ordinary Shares issued and outstanding as
                                         of June 26, 2017 (after excluding shares held by us or our subsidiaries). </FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Our
                                         controlling shareholder is Israel Corporation Ltd. (&ldquo;<B>Israel Corp.</B>&rdquo;),
                                         a public company listed on the TASE. Based on the information we received from Israel
                                         Corp., a discretionary trust in which Mr. Idan Ofer is the beneficiary, indirectly holds
                                         80% of the economic interest in Millennium Investments Elad Ltd. (&ldquo;<B>Millennium</B>&rdquo;),
                                         which holds approx. 46.9% of the issued and outstanding shares of Israel Corp. Millennium
                                         and Mr. Idan Ofer are considered as controlling shareholders jointly of Israel Corp.
                                         for purposes of the Israeli Securities Law (each of Millennium and Mr. Ofer hold shares
                                         in Israel Corp. directly, and Mr. Ofer serves as a director of Millennium and has an
                                         indirect interest in it as the beneficiary of a foreign discretionary trust that has
                                         indirect control of Millennium). The foregoing discretionary trust, also indirectly holds
                                         an additional approx. 0.74% of the issued and outstanding shares of Israel Corp. A second
                                         discretionary trust in which Mr. Ofer is a prime beneficiary, controls 50% of the ordinary
                                         share capital of XT Holdings Ltd. (&ldquo;<B>XT Holdings</B>&rdquo;), which indirectly
                                         holds (i) 20% of the economic interest in Millennium, and (ii) approx. 1.58% of the issued
                                         and outstanding shares of Israel Corp. Mr. Ofer also owns directly approx. 3.85% of the
                                         issued and outstanding shares of Israel Corp. Furthermore, XT Holdings indirectly holds
                                         approx. 0.03% of our share capital (namely, 377,662 Ordinary Shares). Each of the foregoing
                                         persons disclaims beneficial ownership of any securities of ICL held by Israel Corp.,
                                         except to the extent of its pecuniary interest therein, if any, excludes 28,203,608 Ordinary
                                         Shares currently subject to certain forward sales agreements. Israel Corp. does not currently
                                         have voting rights or dispositive power with respect to the Ordinary Shares subject to
                                         the forward sales agreements, which shares have been made available for the forward counterparties.
                                         Under such agreements, Israel Corp. will not regain voting rights and dispositive power
                                         with respect to all or a portion of such Ordinary Shares (&quot;physical settlement&quot;)
                                         unless it informs the forward counter parties otherwise at the relevant settlement dates
                                         specified in such agreements. As of the date hereof, settlement under such forward sales
                                         agreements has begun and is expected to continue to be executed in components, on a number
                                         of settlement dates over a period of approx. 2.25 years. Even though Israel Corp. has
                                         less than 50% of our Ordinary Shares, it still has a major impact on the Meeting and
                                         will de facto have the power to appoint directors and have a strong influence upon the
                                         composition of our Board of Directors.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Potash
                                         Corporation of Saskatchewan&nbsp;Inc., is a Canadian corporation whose shares are listed
                                         for trading on the Toronto Stock Exchange and the NYSE.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>Compensation
Grant to our Executive Chairman of the Board</B> &#9;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt; color: black">For
information regarding compensation paid to our five highest compensated officers in 2016, please see &ldquo;Item 6. Directors,
Senior Management and Employees &ndash; B. Compensation&rdquo; in our 2016 Annual Report on Form 20-F </FONT><FONT STYLE="font-size: 10pt">(the
<FONT STYLE="color: black">&ldquo;</FONT><B>2016 20-F</B><FONT STYLE="color: black">&rdquo;</FONT>) <FONT STYLE="color: black">and
filed with the U.S. Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;) on March 16, 2017.</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>PROPOSAL</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item
1 &ndash; Equity compensation grant to our Executive Chairman of the Board, Mr. Johanan Locker, for 2017</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">It
is proposed to approve an issuance to our Executive Chairman of the Board, Mr. Johanan Locker, for no consideration, of a one-time
annual grant for 2017 of non-marketable options exercisable into Ordinary Shares (the &ldquo;<B>Options</B>&rdquo;) and restricted
Ordinary Shares (the &ldquo;<B>Restricted Shares</B>&rdquo;) in a total value of NIS 1,800,000 (approx. $509,915) (of which one-half
(NIS 900,000 or $254,957) is attributable to the Options (calculated on the basis of a Black &amp; Scholes model) and one-half
(NIS 900,000 or $254,957) to the Restricted Shares). According to our Compensation Policy, the Equity-Based Awards granted to
our Executive Chairman, will not exceed in value (based on accepted valuation methods), on the date of grant, per one (1) vesting
annum $1,000,000.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Ordinary Shares that will be issuable upon exercise of the Options to be issued to Mr. Locker, as of the date of this Proxy Statement,
constitute approximately 0.0001% of the issued and outstanding share capital of the Company and approximately 0.0001% of the voting
rights (approximately 0.0001% of the issued and outstanding share capital of the Company and approximately 0.0001% of the voting
rights, on a fully diluted basis).<SUP>1</SUP> The Restricted Shares to be issued to Mr. Locker constitute less than 0.0001%
of the issued and outstanding share capital of the Company and less than 0.0001% of the voting rights (less than 0.0001% of the
issued and outstanding share capital of the Company and less than 0.0001% of the voting rights, on a fully diluted basis).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Based
on the indicative closing price of the Ordinary Shares on the TASE on the trading day immediately preceding the date of the Board's
approval of the grant, or NIS 15.80 (currently equivalent to approximately $4.47) per share, Mr. Locker will be entitled to 174,081
Options and 56,962 Restricted Shares. The actual amount of Options and Restricted Shares, however, will be determined according
to the closing price of the Ordinary Shares on the TASE on the trading day immediately preceding the date of this Extraordinary
General Meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
June 19, 2017, our Human Resources &amp; Compensation Committee and, on June 20, 2017, our Board of Directors approved the equity
compensation grant described in this Item 1, which terms are in compliance with the terms and conditions set forth in the Company&rsquo;s
Compensation Policy, subject to shareholder approval of this Item 1. The grant to Mr. Locker is part of the 2017 equity grant
to ICL's executives, managers and senior employees. Subject to shareholder approval and certain regulatory approvals and/or filings,
the grant will be made as soon as practicable after this Extraordinary General Meeting<FONT STYLE="color: black">.</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Options
and the Restricted Shares are governed by our 2014 Equity Plan, as amended on June 2016 (and as partially described herein) (the
&ldquo;<B>Equity Plan</B>"), subject to vesting in three equal annual tranches, with one-third of the number of Options and
Restricted Shares vesting at the end of 12 months from date of grant, one-third at the end of 24 months from the date of grant,
and one-third at the end of 36 months from the date of grant. In the event of a contradiction between the terms set forth in the
Equity Plan and the terms set forth in this Proxy Statement, the terms set forth in this Proxy Statement shall prevail. According
to the terms of the Equity Plan, Mr. Locker may exercise the Options, in whole or in part, as of the date of &ldquo;maturity&rdquo;
of each tranche and until the lapse of 7 years after the allocation date.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">____________________</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.15in; text-indent: -0.15in"><FONT STYLE="font-size: 9pt"><SUP>1
                                         </SUP>&nbsp;&nbsp;<FONT STYLE="color: black; background-color: white">The number of Ordinary
                                         Shares actually issued upon the exercise of Options may be lower if the Company decides
                                         to exercise its right, upon the exercise of Options, to issue or transfer Ordinary Shares
                                         to Mr. Locker only at the value of the benefit.</FONT></FONT></P></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Options and the Restricted Shares will be issued pursuant to the capital gains route under Section 102 of the Israeli Income Tax
Ordinance [New Version], 1961, which among other things, conditions the applicable tax benefits upon the Options (or Ordinary
Shares issued upon exercise thereof) and the Restricted Shares being held by a trustee for two years after the date of grant.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">According
to the Equity Plan, vesting of the Options and Restricted Shares would fully accelerate if the holder thereof is no longer employed
by the Company and such termination of the employment relationship is (i) within 365 days following a change of control of the
Company (not including if such termination was due to dismissal under circumstances which, in the Company&rsquo;s opinion, confers
on the Company the right, under law, to dismiss the holder without severance pay, including the carrying out of criminal offenses
and breach of fiduciary duties (&ldquo;<B>Cause</B>&rdquo;)), or (ii) in the event such holder&rsquo;s age plus his years&rsquo;
of service to the Company equals 75 or more (not in the event of termination for Cause) (the Options and Restricted Shares shall
be exercisable into shares during the 12 months beginning from the date of the end of the employment relations). Subject to the
provisions of the Equity Plan, in the event of termination of employment for any reason not described above, the holder shall
be entitled to exercise only the vested portion of its Options over a period of ninety (90) days from the day of his employment
termination. Any unvested Options and Restricted Shares will be cancelled upon termination of employment. In addition, according
to the Equity Plan, in case of termination of employment relations due to disability or death &ndash; Mr. Locker (or inheritors
or transferee thereof) shall be entitled to exercise the matured Options which have not been exercised into Shares during a period
of twelve (12) months following the termination of employment relations.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Options and Restricted Shares will not be transferable and will be held by the trustee at least for a period of 2 years as aforementioned.
Any dividends or other distribution paid in respect of unvested Restricted Shares (as long as they are held by the trustee) will
be held in trust by the trustee. The voting rights in respect of unvested Restricted Shares will be exercised by the trustee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The exercise
price of the Options is NIS 15.31 (which, for convenience purposes only, is equal to approximately $4.38 based on the exchange
rate between the NIS and the U.S. dollar, as published by the Bank of Israel on June 19, 2017), which is equal to the 30-day average
closing price per share of the Ordinary Shares on the TASE during the 30 trading days preceding the approval of our Board of Directors,
subject to adjustment in accordance with the Israeli Consumer Price Index. In accordance with the Equity Plan, the Board of Directors
has determined that the holder of the Restricted Shares will not pay the par value of the Restricted Shares upon their grant and
that the Company will capitalize a portion of its profits into share capital in an amount equal to the par value, all in accordance
with Section 304 of the Israeli Companies Law<FONT STYLE="color: black">.</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company will be entitled, in its sole discretion, to issue a smaller number of shares upon the exercise of the Options, in lieu
of payment of the exercise price, pursuant to a customary &ldquo;net exercise&rdquo; exercise formula. Furthermore, the terms
of the Options will be subject to adjustment for capitalization events, rights offerings and cash dividends.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Ordinary Shares underlying the Options and Restricted Shares to be granted to Mr. Locker were registered pursuant to the Registration
Statement on Form S-8 that was filed by the Company with the SEC on July 6, 2015.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Required
Approval</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant
to the Israeli Companies Law, the <FONT STYLE="color: black">approval of this resolution requires the affirmative vote of the
holders of a majority of the voting power in the Company present at the Meeting, in person or by proxy, and voting on the matter,
is required for the approval of the Equity compensation grant to our Executive Chairman, Mr. Johanan Locker, for 2017.</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Proposed
Resolution</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">It
is proposed that at the Meeting the following resolution be adopted:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">&ldquo;<B>RESOLVED</B>,
that the </FONT><FONT STYLE="font-size: 10pt">equity <FONT STYLE="color: black">compensation </FONT>grant <FONT STYLE="color: black">to
our Executive Chairman, Mr. </FONT>Locker<FONT STYLE="color: black">, for 2017, all as described in Item 1 of the Proxy Statement,
be, and the same hereby are, approved.&rdquo;</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SHAREHOLDER
PROPOSALS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal; text-transform: none">Any
shareholder of the Company who intends to present a proposal at the 2017 Extraordinary General Meeting of Shareholders must satisfy
the requirements of the Israeli Companies Law. Under the Israeli Companies Law, shareholders who severally or jointly hold at
least 1% of the Company&rsquo;s outstanding voting rights. Under the Israeli Companies Law, such shareholders are entitled to
request that the Board of Directors include a proposal in a shareholders meeting, provided that such proposal is appropriate for
consideration by shareholders at such meeting. Such shareholders may present proposals for consideration at the Meeting by submitting
their proposals in writing to our Corporate Secretary at the following address: Millennium Tower, 23 Aranha Street, P.O.&nbsp;Box&nbsp;20245,
Tel Aviv, 61202 Israel, Attn.: Corporate Secretary. For a shareholder proposal to be considered for inclusion in the Meeting,
our Corporate Secretary must receive the written proposal no later than July 4, 2017. </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>POSITION
STATEMENTS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In accordance
with the Israeli Companies Law and regulations promulgated thereunder, any shareholder of the Company may submit to the Company
a position statement on its behalf, expressing its position on an item on the agenda of the Meeting to Millennium Tower, 23 Aranha
Street, P.O.&nbsp;Box&nbsp;20245, Tel Aviv, 61202 Israel, attn.: Corporate Secretary, no later than July 23, 2017. Any position
statement received will be filed by the Company on a Current Report on Form 6-K with the SEC and the ISA.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>UPDATES</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal; text-transform: none">If
we determine that an update is required for an item on the agenda, we will publish such update by way of issuing a press release
and filing a Current Report on Form 6-K with the SEC and the ISA.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-transform: uppercase; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">By
Order of the Board of Directors,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 212.65pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Lisa Haimovitz</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 215pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><I>Senior
Vice President, Global General Counsel</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 215pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><I>and Corporate
Secretary</I></FONT></P>
</P>
</TD></TR>
</TABLE></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 215pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Dated: June 27, 2017</FONT></P>

<P STYLE="font: 11pt 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>

<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: right"><B></B></P>

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

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

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

<P STYLE="font: 14pt 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"><B>SIGNATURE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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">&nbsp;</TD>
    <TD>&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Kobi Altman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>
<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">&nbsp;</TD>
    <TD>&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Lisa Haimovitz</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Date:  June 27,
2017</P>

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


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