<SEC-DOCUMENT>0000950103-18-008523.txt : 20180716
<SEC-HEADER>0000950103-18-008523.hdr.sgml : 20180716
<ACCEPTANCE-DATETIME>20180716061240
ACCESSION NUMBER:		0000950103-18-008523
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180716
FILED AS OF DATE:		20180716
DATE AS OF CHANGE:		20180716

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:		18953491

	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>dp93393_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>&nbsp;</B></FONT></P>


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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></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</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"><FONT STYLE="font-size: 11pt"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of July, 2018</P>

<P STYLE="font: 12pt 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>&nbsp;</B></P>

<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: 12pt 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>ISRAEL CHEMICALS LTD.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Exact
name of registrant as specified in its charter)</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"><B>Israel
Chemicals Ltd.</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>23 Aranha
Street</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>P.O. Box
20245</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tel Aviv,
61202 Israel</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(972-3)
684-4400</B></FONT></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="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><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-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<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 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="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 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"><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 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="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 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-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>ISRAEL
CHEMICALS LTD.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>INCORPORATION
BY REFERENCE</B></FONT></P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>ISRAEL
CHEMICALS LTD.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 10pt">Notice
                                         of Annual General Meeting of Shareholders and Proxy Statement, dated July 16, 2018</FONT></TD></TR></TABLE>

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

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


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 25.4pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 25.4pt 0 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 25.4pt 0 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 25.4pt 0 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ISRAEL
CHEMICALS LTD. </B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTICE
OF</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ANNUAL
GENERAL MEETING OF SHAREHOLDERS </B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notice
is hereby given that an Annual General Meeting of Shareholders (the &ldquo;<B>Meeting</B>&rdquo;) of Israel Chemicals Ltd. (the
&ldquo;<B>Company</B>&rdquo;) will be held on August 20, 2018, at 10:00 a.m. (Israel time), at the offices of the Company, Millennium
Tower, 23 Aranha Street, 22<SUP>nd</SUP> Floor, Tel Aviv, Israel, for the following purposes:&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Re-election
                                         of Messrs. Johanan Locker, Avisar Paz, Aviad Kaufman, </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sagi
                                         Kabla, <FONT STYLE="color: black">Ovadia Eli, Reem Aminoach and Lior Reitblatt as directors,
                                         effective as of the date of this meeting;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Election
                                         of Dr. Nadav Kaplan as external director;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Reappointment
                                         </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of Somekh
                                         Chaikin, a member of KPMG International, as our independent auditor; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Review
                                         </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of our
                                         audited financial statements for the year ended December 31, 2017;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject
                                         to their re-election as set forth in item 1 above and election as set forth in item 2
                                         above, approval of equity compensation for 2019 for certain directors; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Subject
                                         to his re-election as set forth in item 1 above</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">,
                                         approval of equity compensation <FONT STYLE="color: black">for 2018 </FONT>to our Executive
                                         Chairman of the Board, Mr. Johanan Locker;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Approval
                                         of the annual bonus for 2017 and a special bonus, to our retiring Acting CEO of the Company,
                                         Mr. Asher Grinbaum.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholders
of record at the close of business on July 19, 2018 (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.&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;&#9;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 than the Cut-Off Date (as defined below) in the pre-addressed envelope provided. No postage is required
if mailed in the United States.&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 4 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.&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;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 Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 235pt"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 235pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;<FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 53%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">By
Order of the Board of Directors,</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Lisa
Haimovitz</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior
Vice President, Global General Counsel</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and
Corporate Secretary</FONT></P>
</TD></TR>
</TABLE>

</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 233.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>&nbsp;</I></FONT>&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 233.9pt; text-indent: -233.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 233.9pt; text-indent: -233.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dated:
July 16, 2018</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 233.9pt; text-align: center; text-indent: -233.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ISRAEL
CHEMICALS LTD.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PROXY
STATEMENT</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 Annual General Meeting of Shareholders (the &ldquo;<B>Meeting</B>&rdquo;), or at any postponement or adjournment thereof,
pursuant to the accompanying Notice of the Annual General Meeting of Shareholders. The Meeting will be held on August 20, 2018,
at 10:00 a.m. (Israel time), at the offices of the Company, Millennium Tower, 23 Aranha Street, 22<SUP>nd</SUP> Floor, Tel Aviv,
Israel.&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
agenda of the Meeting will be as follows:&nbsp;</FONT></P>

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<TD STYLE="width: 65.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Re-election
                                         of Messrs. Johanan Locker, Avisar Paz, Aviad Kaufman, </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sagi
                                         Kabla, <FONT STYLE="color: black">Ovadia Eli, Reem Aminoach and Lior Reitblatt as directors,
                                         effective as of the date of this meeting;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Election
                                         of Dr. Nadav Kaplan as external director;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Reappointment
                                         </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of Somekh
                                         Chaikin, a member of KPMG International, as our independent auditor; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Review
                                         </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of our
                                         audited financial statements for the year ended December 31, 2017;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject
                                         to their re-election as set forth in item 1 above and election as set forth in item 2
                                         above, approval of equity compensation for 2019 for certain directors; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Subject
                                         to his re-election as set forth in item 1 above</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">,
                                         approval of equity compensation <FONT STYLE="color: black">for 2018 </FONT>to our Executive
                                         Chairman of the Board, Mr. Johanan Locker;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Approval
                                         of the annual bonus for 2017 and a special bonus, to our retiring Acting CEO of the Company,
                                         Mr. Asher Grinbaum</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 23, 2018<FONT STYLE="color: black">. &nbsp;</FONT></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 no less than four hours prior to the
time scheduled for the Meeting, unless a shorter period is determined by the chairman of the Meeting.&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 4 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 Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 all matters 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.&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 19, 2018 (the &ldquo;<B>Record Date</B>&rdquo;) will be entitled to vote at the Meeting. Proxies are being
mailed to shareholders on or about July 30, 2018 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, 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 Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
July 11, 2018, <FONT STYLE="color: black; letter-spacing: -0.15pt">1,304,717,739</FONT> 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 following 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.&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PRINCIPAL
ORDINARY SHAREHOLDERS&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents as of July 15, 2018 (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.&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="border-bottom: #0A2972 1pt solid; color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Ordinary
    Shares</B><BR>
    <B>Beneficially Owned<SUP>(1)</SUP></B></FONT></TD>
    <TD COLSPAN="2" STYLE="color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Shareholder</B></FONT></TD>
    <TD STYLE="color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #0A2972 1pt solid; padding-left: 0.45pt; color: gray; text-align: center; text-indent: 6.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Number</B></FONT></TD>
    <TD STYLE="color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #0A2972 1pt solid; color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Percentage</B></FONT></TD>
    <TD COLSPAN="2" STYLE="color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt; color: gray; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Israel
    Corporation&nbsp;Ltd.<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">587,178,761</FONT></TD>
    <TD COLSPAN="2" STYLE="color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: gray; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">45.87</FONT></TD>
    <TD COLSPAN="2" STYLE="color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%
    </FONT></TD></TR>
<TR>
    <TD STYLE="width: 53%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

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<TD STYLE="width: 1.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">The
                                         percentages shown are based on 1,280,007,189 Ordinary Shares issued and outstanding as
                                         of </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">July
                                         11<FONT STYLE="color: black">, 2018 (after excluding shares held by us or our subsidiaries).
                                         </FONT></FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Our
                                         controlling shareholder is Israel Corporation Ltd. (&ldquo;<B>Israel Corp.</B>&ldquo;),
                                         a public company listed on the TASE. Based on the information we received from Israel
                                         Corp., Millennium Investments Elad Ltd. (&ldquo;<B>Millennium</B>&rdquo;) 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 as detailed below). A discretionary trust in which Mr. Idan Ofer is the beneficiary,
                                         indirectly holds 80% of the economic interest in Millennium, which holds approx. 46.94%
                                         of the issued and outstanding shares of Israel Corp. 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 the beneficiary, controls
                                         50% of the ordinary share capital of XT Holdings Ltd. (&ldquo;<B>XT Holdings</B>&rdquo;),
                                         which indirectly holds 20% of the economic interest in Millennium. Mr. Ofer also owns
                                         directly approx. 3.85% of the issued and outstanding shares of Israel Corp. 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 15,626,648
                                         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;<B>physical
                                         settlement</B>&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. 1.25 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>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PROPOSAL</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EXECUTIVE
COMPENSATION</B></FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">For
information regarding compensation paid to our five highest compensated officers in 2017, please see &ldquo;Item 6. Directors,
Senior Management and Employees &ndash; B. Compensation&rdquo; in our 2017 Annual Report on Form 20-F </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(the
<FONT STYLE="color: black">&ldquo;</FONT><B>2017 20-F</B><FONT STYLE="color: black">&rdquo;</FONT>) <FONT STYLE="color: black">which
was filed with the U.S. Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;) on March 7, 2018.</FONT> For information
regarding the total compensation for 2017 and 2018 for Mr. Grinbaum assuming the approval of the proposed 2017 annual bonus and
the proposed Special Bonus, please see Item 7 below.</FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 49.65pt; text-align: justify; text-indent: -49.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item
1 &ndash; Re-election of Directors </B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
the Meeting, seven of our directors are to be re-elected, each to hold office until the close of the next Annual General Meeting
of Shareholders, unless any office is earlier vacated. The nominees, if re-elected at the Meeting, together with our external
directors, Dr. Miriam Haran (until her end of tenure at August 29, 2018), Ms. Ruth Ralbag and our proposed nominee to serve as
an external director, Dr. Nadav Kaplan, if elected under item 2 below, will constitute the entire Board of Directors. In addition
to our external directors, including the nominee to serve as an external director, Mr. Lior Reitblatt, is classified as an independent
director under the Israeli Companies Law, 5759-1999 (the &quot;<B>Israeli Companies Law</B>&quot;). Messrs. Aminoach and Reitblatt
(as well as our external directors, as set forth above) are independent under the rules applicable to U.S. companies listed on
the NYSE. Each of the nominees hereunder has confirmed that he or she complies with all qualifications of a director under the
Israeli Companies Law and thus is qualified to serve on our Board of Directors.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Our
directors are normally elected by our shareholders at our annual meeting. Our Board of Directors is also authorized to appoint
directors in order to fill vacancies or for any other reason. A majority of the members of our Board of Directors must be both
citizens and residents of Israel. The approval of at least a majority of the voting rights represented at a shareholders' meeting
and voting on the matter is generally required to remove any of our directors from office (other than external directors). If
the office of a director falls vacant and no other director is elected and/or appointed in his or her place, the remaining directors
may act in any matter as long as there are no less than seven remaining directors. If there are less than seven directors serving
on the Board, they shall convene a general meeting of the shareholders of the Company as soon as possible to elect directors,
and until the convening of such meeting, the remaining directors may take essential actions only. We are not aware of any reason
why any of the nominees, if re-elected, would be unable to serve as a director.&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
re-elected, each director who is not an office holder of Israel Corp. (the directors who are office holders of Israel Corp., Avisar
Paz, Aviad Kaufman and Sagi Kabla, will be referred to as the &quot;<B>IC Directors</B>&quot;) and is not the Executive Chairman
of the Board (for purposes of this proxy, the directors who are neither IC Directors nor the Executive Chairman of the Board will
be collectively referred to as &quot;<B>Non-Executive Directors</B>&quot;), will be entitled to receive compensation as detailed
in Item 6. 'Directors, Senior Management and Employees' &ndash; B. 'Compensation' in our 2017 20-F. The IC Directors do not receive
additional compensation for their services as Company directors. Instead, such fees are included in the annual management fees
we pay to Israel Corp. pursuant to our agreement with them. Our Executive Chairman of the Board, Mr. Johanan Locker, does not
receive any additional compensation for his services other than the compensation already approved by our shareholders on August
29, 2016, August 2, 2017 and April 24, 2018. If re-elected, and subject to the shareholders' approval, our Executive Chairman
of the Board, Mr. Johanan Locker will be entitled to receive equity based compensation as detailed in Item 6 below.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
re-elected, and subject to the shareholders' approval, each of our Non-Executive Directors will be entitled to receive equity
based compensation as detailed in Item 5 below.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Furthermore,
if re-elected each director will continue to be entitled to insurance, indemnification and exemption arrangements.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
brief biography of each nominee is set forth below:</FONT></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: 0.5pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt"><I>Johanan
Locker. </I>Mr. Johanan Locker serves as director since April 2016 and as Chairman of the Board since August 2016. Prior to joining
our Board, Mr. Locker was the CEO of Clal Heavy Industries and Real Estate Ltd. (2014-2016). He served as chairman of the boards
of several companies, including Beit Shemesh Engines, Hadera Paper, the Golf &amp; Co. Group and Clal Sun. He</FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt">was
also a board member of Mashav Initiating and Development, Taavura Holdings and Jafora-Tabori. Mr. Locker served as strategic consultant
of Clal Industries Ltd. (2013-2014) and as the Military Secretary to the Prime Minister of Israel (2010-2012). Mr. Locker holds
the military rank Major General (reserve), held various command positions in the Israeli Air Force, among them IAF chief of staff,
deputy IAF commander (2008-2010), head of Air Division (2005-2008), commander of the Hatzerim IAF Base (2001-2004) and head of
the Planning Division (1997-2001). Mr. Locker held several positions in the operational headquarters of the Israeli Air Force
(1994-1996) and served as a fighter squadron commander (1991-1994). He is also the Chairman of the Friends of Soroka Medical Center
Association. Mr. Locker holds a BA in Economics and Business Administration (with honors) from the Bar Ilan University and an
MA in Public Administration from the Kennedy School of Government at Harvard University.<I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: 0.5pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt"><I>Avisar
Paz</I>. Mr.&nbsp;Paz serves as director since April 2001. He is the CEO of Israel Corporation and was previously Israel Corporation's
chief financial officer. Mr. Paz serves as director in various subsidiaries of Israel Corporation. He serves as director in Oil
Refineries&nbsp;Ltd. Mr.&nbsp;Paz holds a BA in Economics and Accounting from Tel Aviv University.&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: 0.5pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt"><I>Aviad
Kaufman</I>. Mr. Kaufman serves as director since March 2014. He is the chief executive officer of Quantum Pacific (UK) LLP, chairman
of the board of Israel Corporation Ltd., and a director of Kenon Holdings Ltd., each of which may be considered associated with
the same ultimate beneficiary, Mr. Idan Ofer. Previously, he served as chief financial officer of Quantum Pacific (UK) LLP. He
served as director of international taxation and held various senior corporate finance roles at Amdocs Ltd. (2002-2007). Previously,
Mr. Kaufman held various consultancy positions with KPMG. Mr. Kaufman is a certified public accountant and holds a BA in Accounting
and Economics from the Hebrew University of Jerusalem (with honors), and an MBA majoring in Finance from Tel Aviv University.
&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: 0.5pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt"><I>Sagi
Kabla</I>. Mr. Kabla serves as CFO of Israel Corporation since December 2015. He serves as a board member in Oil Refineries&nbsp;Ltd.
and previously served as senior director, business development, strategy and IR in Israel Corporation. Prior to joining Israel
Corporation, Mr. Kabla held various positions at KPMG Corporate Finance.&nbsp;Mr. Kabla was qualified as a CPA in Israel and holds
a BA in Accounting and Economics from Bar-Ilan University and an MBA (Finance) from the College of Management. &nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: 0.5pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt"><I>Ovadia
Eli</I>. Mr.&nbsp;Eli serves as director since August 2011. He served as chairman of the board of the Israel Airports Authority,
Shmanim Basisim Haifa&nbsp;Ltd. and I.C.P.I. He was a member of the boards of directors of Salt Industries Israel&nbsp;Ltd., Shaarei
Ribit&nbsp;Ltd., Zim Integrated Shipping Services&nbsp;Ltd. and OPC Rotem&nbsp;Ltd. Mr. Eli serves as chairman of Oil Refineries
Ltd. Mr.&nbsp;Eli holds a BA in Educational Counseling and Bible Studies from the Haifa University and is a graduate of the Lifshitz
Teachers Academy, Jerusalem.&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: 0.5pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt"><I>Reem
Aminoach</I>. Mr. Aminoach serves as director since January 2018. He is a certified public accountant, with a BA&nbsp;in accounting
and economics (academic honors, Dean's honor list) and an MBA&nbsp;in business administration, both from Tel-Aviv University.
Until recently, Mr. Aminoach served as the founding partner of Shtainmetz Aminoach &amp; Co., Certified Public Accountants. Mr.
Aminoach held the military rank of brigadier general (res.) and served as Head of Budgets at the Ministry of Defense and as financial
advisor to the IDF Chief of Staff. Mr. Aminoach served a director at Ofer Bros. Ltd. and as director and chairman of the audit
committee at Zim Ltd. (a member of the Israel Corporation Group). Mr. Aminoach was also a member of the Board of Governors of
Hadassah Hospital.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0.5pt"><I>Lior
</I></FONT><I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reitblatt<FONT STYLE="letter-spacing: 0.5pt">.
</FONT></FONT></I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mr. Reitblatt serves as director since
January 2018. He has held various positions, including among others CEO of Super-Pharm (1994-2013), chairman of the board of Super-</FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pharm
(2013-2015), chairman of the board of Life Style Ltd. (2010-2015) and member of the board of Office Depot Ltd. (1994-2008). Mr.
Reitblatt holds a BA in accounting and economics from Tel Aviv University and an MBA from the University of California, Berkeley.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal"><U>Required
Approval</U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
affirmative vote <FONT STYLE="letter-spacing: -0.1pt">of the holders </FONT>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 re-election of each of the
directors set forth above.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; letter-spacing: -0.1pt"><U>Proposed
Resolutions</U></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&#9;</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">It
is proposed that at the Meeting the following resolutions be adopted:</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>RESOLVED,
</B>that Johanan Locker be re-elected to the Board of Directors of the Company, effective immediately.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>RESOLVED,
</B>that Avisar Paz be re-elected to the Board of Directors of the Company, effective immediately.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>RESOLVED,
</B>that Aviad Kaufman be re-elected to the Board of Directors of the Company, effective immediately.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>RESOLVED,
</B>that Sagi Kabla be re-elected to the Board of Directors of the Company, effective immediately.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>RESOLVED,
</B>that Ovadia Eli be re-elected to the Board of Directors of the Company, effective immediately.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in; padding-top: 0; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>RESOLVED</B>,
that Reem Aminoach be re-elected to the Board of Directors of the Company, effective immediately.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>RESOLVED</B>,
that Lior Reitblatt&nbsp;be re-elected to the Board of Directors of the Company, effective immediately.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item
2 &ndash; Election of Dr. Nadav Kaplan as External Director</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Public
companies, similar to us, incorporated under Israeli law, are required by the Israeli Companies Law, to have at least two external
directors. To qualify as an external director, an individual may not have, and may not have had at any time during the previous
two years, any &ldquo;affiliations&rdquo; with the company, its controlling shareholders, relatives of its controlling shareholders
or its &ldquo;affiliates,&rdquo; as such terms are defined in the Israeli Companies Law. In addition, no individual may serve
as an external director if the individual&rsquo;s position or other activities create or may create a conflict of interests with
his or her role as an external director. For a period of two years from termination from office, a former external director may
not serve as a director or employee of the company or provide professional services to the company for compensation. All of the
external directors of a company must be members of its audit committee and compensation committee, and every other committee of
a company&rsquo;s board of directors that is authorized to execute powers of the board of directors must include at least one
external director. External directors serve for up to three terms of three years each, and the board of directors may nominate
them for additional terms under certain circumstances. </FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: -0.1pt">Dr.
Miriam Haran's third term of three years will end on August 29, 2018. Ms. Ruth Ralbag's first term of three years (2018-2021)
as external director will end on January 9, 2021.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white">At
the Meeting, you will be asked to elect Dr. Nadav Kaplan as an external director for a three-year term, commencing on the date
of this Meeting. </FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white">A
brief biography of Dr. Nadav Kaplan is set forth below:</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Nadav
Kaplan</I>. <FONT STYLE="background-color: white">Dr. Kaplan serves as the chairman of the board of ORAN Safety Glass - a world
leader in glass-based solutions for transportation, defense and security, from 2008. Dr. Kaplan served as chairman of the board
in 11 industrial companies and was also a board member of 4 Israeli public companies. Dr. Kaplan held the military rank of Colonel
(res.), served as a combat navigator (F-4 planes) in regular and reserve service (1964-1997). Prior to his retirement (1986),
he was the head of the Planning Division of IAF. Dr. Kaplan holds a BA in Economics and Business Administration from Bar Ilan
University, a Master of Science in Management from Massachusetts Institute of Technology (M.I.T) and Ph.D from Haifa University
in Memory Studies.</FONT></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white">The
Board of Directors </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has determined that Dr. Kaplan
complies with all the qualifications of an external director under the Israeli Companies Law, and that he complies with all the
qualifications of an independent director under the NYSE rules. In addition, the Board of Directors has determined that Dr. Kaplan
qualifies to serve as an &ldquo;audit committee financial expert&rdquo;, as defined under the SEC rules, and has &quot;financial
and accounting expertise&quot;, as defined in regulations promulgated under the Israeli Companies Law. Dr. Kaplan has confirmed
that he complies with all qualifications of an external director under the Israeli Companies Law and has &quot;financial and accounting
expertise&quot;, as defined in regulations promulgated under the Israeli Companies Law.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
further detailed in Item 5 below, our board members, including our external director Mrs. Ruth Ralbag but excluding board members
whom are office holders in our controlling shareholder and our Chairman of the Board, are being compensated pursuant to the &quot;relative
compensation&quot; provisions, as set forth in the Israeli Compensation Regulations (the &ldquo;<B>Compensation Regulations</B>&rdquo;).
According to the relative compensation mechanism, external directors may receive cash and/or equity compensation if certain conditions
are met, including payment at a certain ratio to the compensation paid to at least two other directors who are not external directors
or controlling shareholders or employed thereby, including by companies in the control of the controlling shareholders, and who
are not employed by the Company (the &quot;<B>Other Directors</B>&quot;). As of February 13, 2018, Mr. Geoffery Merszei no longer
serves as a board member of the Company and therefore, as of that date, there is only one Other Director serving at the date hereof.
However, the Compensation Regulations stipulate that external directors are to be paid equally, thus, Dr. Kaplan, if elected,
will receive the same compensation currently paid to the other serving external director, Mrs. Ruth Ralbag. Nevertheless, Dr.
Kaplan will be entitled to receive equal compensation to Mrs. Ralbag only for as long as Mrs. Ralbag remains in her first term
of office (i.e., until January 9, 2021). During such period, Dr. Kaplan will be entitled to receive compensation as described
in Item 5 below, which is comprised of an annual and per meeting cash compensation detailed in Item 5 below, a pro-rata amount
of the equity compensation for 2018 approved by the general meeting held on January 10, 2018, and the proposed equity compensation
for 2019 set forth in Item 5 below subject to shareholder approval and equity compensation for the consequent years as shall be
approved as set forth in Item 5 below. Upon conclusion of Mrs. Ralbag&rsquo;s first term of office (i.e., as of January 9, 2021),
as per our Compensation Committee and Board of Director&rsquo;s decision, Dr. Kaplan&rsquo;s compensation will be reduced to the fixed annual and per meeting compensation amounts paid to director who has &quot;financial and accounting expertise&quot;
as set forth in tables in the Israeli Compensation Regulations pursuant to the classification of the Company based on its shareholders'
equity. The Company has notified Dr. Kaplan of such future reduction in his compensation. Our Compensation Committee and Board
of Directors further resolved that as of such time, all board members that are entitled to compensation for their service as
such, will receive the reduced  compensation to be paid pursuant to the compensation tables in the Compensation Regulations.
In addition, if elected and throughout his entire term of office, Dr. Kaplan will be entitled to the same insurance, indemnification
and exemption arrangements as currently in effect for the Company&rsquo;s directors.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Required
Approval</U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pursuant
to the Israeli Companies Law, the approval of these resolutions require the affirmative vote of a majority of the shares present,
in person or by proxy, and voting on the matter, provided that either (i) a majority of the shares of non-controlling shareholders
and shareholders who do not have a personal interest in the approval of the election of the external director (other than a personal
interest that is not the result of the shareholder's relationship with a controlling shareholder) voted at the meeting vote in
favor of the election of the external director. abstentions shall not be included in the total of the votes of the aforesaid shareholders;
or (ii) the total number of shares among the shareholders described in clause (i) above voted against the election of the external
director does not exceed two percent of the outstanding voting power in the Company.&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Israeli Companies Law requires that each shareholder voting on this proposal specifically indicate whether or not the shareholder
has a &quot;personal interest&quot;.&nbsp;Otherwise, the shareholder is not eligible to vote on this proposal. According to the
Companies Law, a &ldquo;personal interest&rdquo; of a shareholder (i)&nbsp;includes the personal interest of the shareholder and
any members of the shareholder&rsquo;s family, family members of the shareholder&rsquo;s spouse, or a spouse of any of the foregoing,
or a personal interest of a company with respect to which the shareholder (or such family member) serves as a director or the
CEO, owns at least 5% of the shares or holds 5% of the voting rights or has the right to appoint a director or the CEO, (ii) includes
a personal interest of anyone voting by proxy or granting a proxy with respect to the proposal and (iii) excludes an interest
arising solely from the ownership of our Ordinary Shares. &nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A
Shareholder shall notify the Company prior to the Meeting, whether the shareholder constitutes a controlling shareholder in the
Company or has a personal interest in the proposal or not, as a condition for that shareholder's right to vote and be counted.
Shareholders who will not attend the Meeting in person should follow the instructions on the form of proxy card or form of written
ballot or ISA's electronic voting system form, as applicable, to indicate whether or not they have a personal interest in this
matter.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal"><U>Proposed
Resolution</U>&#9;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">It
is proposed that at the Meeting the following resolution be adopted:</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: -0.15pt">&ldquo;<B>RESOLVED
</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to elect Dr. Nadav Kaplan to the Board of
Directors for a three-year term as an external director, effective as of the date of this Meeting<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>The
Board of Directors recommends a vote FOR approval of the proposed resolution.&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item
3 &ndash; Reappointment of Somekh Chaikin, a Member of KPMG International, as our Independent Auditor&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
the Meeting, pursuant to the recommendation of our Audit and Accounting Committee, the shareholders will be asked to approve the
reappointment of <FONT STYLE="color: black">Somekh Chaikin, a member of KPMG International</FONT>, independent certified public
accountants in Israel, as our independent auditor until the end of our next Annual General Meeting of Shareholders.&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
accordance with our Articles of Association, our Board of Directors has the authority to determine the fees paid to our independent
auditor. As contemplated by the Sarbanes-Oxley Act of 2002, our Board of Directors has delegated this authority to our Audit and
Accounting Committee.&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
additional information about the fees of Somekh Chaikin for 2017, please see Item 16C. 'Principal Accountant Fees and Services'
in our 2017 20-F.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Required
Approval</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt">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 proposed resolution in this matter.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Proposed
Resolution</U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;<B>RESOLVED,
</B>that <FONT STYLE="color: black">Somekh Chaikin </FONT>be reappointed as the independent auditors of the Company until the
Company's next Annual General Meeting.&rdquo;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt"><B>The
Board of Directors recommends a vote FOR approval of the proposed resolution.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item
4 &ndash; Review of the 2017 Financial Statements</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt">Our
audited financial statements for the year ended December 31, 2017, are included in the 2017 20-F. You may read and copy any material
we file with the SEC, including the 2017 20-F, free of charge, at the SEC's Public Reference Room at 100 F Street, N.E., Washington,
D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. In
addition, the SEC maintains a website that contains reports, proxy and information statements and other information that we file
electronically with the SEC at http://www.sec.gov. These SEC reports are also available on our website at www.icl-group.com under
&ldquo;Investors&mdash;Reports&mdash;Financial Reports&rdquo;. These reports are not a part of this Proxy Statement. At the Meeting,
we will hold a discussion with respect to the financial statements. </FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item
5 &ndash; Approval of equity compensation for 2019 to certain directors.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
the Annual General Meeting of Shareholders on December 23, 2015 (the &quot;<B>2015 AGM</B>&quot;), a &lsquo;relative cash compensation&rsquo;
for Non-Executive Directors (including external directors), who shall serve from time to time, in accordance with Section 8A of
the Companies Regulations (Rules Regarding Compensation and Expenses to External directors), 5760-2000 (the &ldquo;<B>Compensation
Regulations</B>&rdquo;), was approved, which consists of a fixed annual fee in the amount of NIS 365,000 (approximately $100,828<SUP>1</SUP>)
and a per meeting attendance fee in an amount equal to the lowest fee payable to external directors of companies of ICL&rsquo;s
size pursuant to the Compensation Regulations, as adjusted from time to time currently equals NIS 2,439 (equivalent to approximately
$674) per meeting for directors who do not meet the qualifications of an expert director and NIS 3,244 (equivalent to approximately
$896) per meeting for directors who meet the qualifications of expert director. As per the shareholders' approval in the extraordinary
shareholders meeting that was held in February 26, 2015 (and thereafter in the general meetings that were held on December 23,
2015, January 3, 2017 and January 10, 2018), we pay the same cash and equity based compensation to all of our Non-Executive Directors,
whether or not they are external directors, all in accordance with the Compensation Regulations. Accordingly, any changes to the
directors&rsquo; compensation made from time to time, which require shareholder approval under Israeli law, including grants of
additional equity based compensation, apply and will apply to all of our Non-Executive Directors, whether or not they are external
directors<SUP>2</SUP>. For more information, please see our proxy statements dated January 26, 2015, November 23, 2015 and December
1, 2016. The Company also covers and/or reimburses its directors for expenses (including travel expenses) incurred in connection
with meetings of the Board and its committees or performing other services for the Company in their</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">The
                                         equivalent U.S. dollar amounts throughout this proxy statement were caculated according
                                         to the exchange rate between the NIS and the U.S. dollar, as published by the Bank of
                                         Israel on July 9, 2018.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Note,
                                         however, that since the Company's Board of Directors currently consists of only one Other
                                         Director, the compensation currenlty paid to the external directors may not be changed
                                         as aforesaid, and therefore the annual equity compensation grant to our board members
                                         will be approved each year with equal value<FONT STYLE="color: black">.</FONT></FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">capacity
as directors, in accordance with the Company's Compensation Policy and the Compensation Regulations. At the Meeting, we ask our
shareholders to approve an annual equity grant award for 2019, to be granted on January 1, 2019, to each of our Non-Executive
Directors who shall serve from time to time. The fixed and per meeting fees that were approved by the shareholders in the 2015
AGM will remain unchanged.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.15pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Under
the Israeli Companies Law, the compensation of directors must comply with the company's compensation policy and requires the approval
of the Compensation Committee, Board of Directors and shareholders, in that order. Subject to the approval of the shareholders,
on June 19, 2018, our HR &amp; Compensation Committee (the &ldquo;<B>Compensation Committee</B>&rdquo;) and our Board of Directors,
approved the equity grant terms set forth below, which are in compliance with the terms and conditions of the Company&rsquo;s
Compensation Policy for Office Holders, as approved by the shareholders in the </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Extraordinary
General Meeting <FONT STYLE="color: black">held on August 29, 2016.</FONT></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Equity
based compensation</U>:</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
proposed equity based compensation consists of an annual grant award for 2019,<SUP>3</SUP> to be granted on January 1, 2019
(in this item: the <B>&quot;Grant Date</B>&quot;), in the form of restricted Ordinary Shares to each Non-Executive Director (as
such term is defined in Item 1 above) with a value per grant of NIS 310,000 (approximately $85,635) (the &ldquo;<B>Restricted
Shares</B>&rdquo;).</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Based
on the indicative closing price of the Ordinary Shares on the TASE </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on
the trading day immediately preceding the <FONT STYLE="color: black">date of the Board's approval of the grant, which is NIS </FONT>17.37
<FONT STYLE="color: black">(approximately $</FONT>4.8<FONT STYLE="color: black">0) per share, each applicable director will be
entitled to </FONT>17,847 <FONT STYLE="color: black">Restricted Shares. The actual amount of Restricted Shares </FONT>that will
be allocated to each applicable director<FONT STYLE="color: black">, however, will be determined according to the closing price
of the Ordinary Shares on the TASE on the trading day immediately preceding the Grant Date. The Restricted Shares will fully vest
in three tranches over a period of three years, as follows: (i) 33.33% will vest on the first anniversary of the Grant Date; (ii)
33.33% will vest on the second anniversary of the Grant Date; and (iii) 33.33% will vest on the third anniversary of the date
of the Grant Date. If an eligible director is appointed by the Board of Directors in 2019 and prior to our next Annual General
Meeting of Shareholders, he or she will receive a pro-rata amount of such equity based compensation on the same terms and conditions
as the other serving directors, <I>mutatis mutandis</I> (while the amount of Restricted Shares that will be granted will be calculated
based on the closing price of the Ordinary Shares on the TASE on the trading day immediately preceding the date of his or her
appointment). Assuming the re-election, or election as the case may be, of our Non-Executive Director nominees at the Meeting,
an indicative amount of 89,235 Restricted Shares will be issued to five directors pursuant to this resolution, constituting 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). Dr. Miriam Haran whose tenure ends in 2018 will not be entitled to the equity based compensation for 2019.</FONT></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Restricted Shares are governed by our Equity Compensation Plan (2014), as amended in June 2016 (the &ldquo;<B>Equity Plan</B>&rdquo;),
as partially described herein. 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.</FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">The
                                         grant to our Non-Executive Directors for 2018 (the &quot;<B>2018 Grant</B>&quot;), was
                                         approved by our shareholders at the General Meeting held on January 10, 2018. Our former
                                         board members, Messrs. Geoffery Merszei and Yaacov Dior, whose term of office ended on
                                         February 13 and 26, resepctively, were granted the relative portion of the 2018 Grant,
                                         with a value of NIS 51,666 (approximately $14,272).</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
accordance with the Equity Plan, the Board has determined that vesting of the Restricted Shares would fully accelerate if the
holder thereof ceases to serve as a director of the Company, unless he ceased to hold office due to those certain circumstances
regarding early termination of office or imposition of enforcement measures, as set forth in section 231-232a and 233(2) of the
Israeli Companies Law.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Restricted Shares granted to Israeli residents 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 restricted shares
being held by a trustee for two years after the date of grant.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Until
vested, the Restricted Shares will not be transferable and will be held by the trustee. Any dividends or other distribution paid
in respect of unvested Restricted Shares will be held in trust by the trustee until such shares have vested. The voting rights
in respect of unvested Restricted Shares will be exercised by the trustee.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Reasons
for the Proposal </U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
believe that by granting equity based compensation we provide direct economic alignment between our directors and shareholders.
The proposed vesting schedule of the Restricted Shares is in line with our Compensation Policy for Officeholders, as approved
by our shareholders on August 29, 2016, that provides for a gradual three-year vesting schedule. Furthermore, the applicable provisions
of the Compensation Regulations require that all of our Non-Executive Directors receive the same compensation.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Given
the three-year vesting schedule, which is longer than the vesting schedules of directors' equity grants at many other companies,
we have decided not to impose a minimum share ownership requirement on our directors. We may consider imposing minimum share ownership
requirements in future grants.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Compensation Committee and Board of Directors noted in their approval that the proposed equity compensation, together with the
cash compensation paid to our directors, is intended to compensate our Non-Executive Directors for their services and their contributions
to our development and in order to help ensure the Company&rsquo;s continued ability to attract and retain Board members of the
highest professional level and reputation, domestically and internationally. In particular, the Compensation Committee and Board
of Directors noted that the purpose of the proposed grant of Restricted Shares is to motivate the directors to seek to enhance
long-term shareholder value by aligning their interests with those of our shareholders. They further noted that the overall compensation
of the directors, including the proposed equity grant are reasonable, taking into consideration, among other things, the amount
of time and effort required by our directors and their additional responsibility in light of our dual listing on the TASE and
NYSE. Finally, the proposed equity based compensation, along with the overall compensation package for our Non-Executive Directors,
is meant to provide the same compensation to all of our Non-Executive Directors, whether or not they are external directors. In
light of all of the above, the Compensation Committee and Board of Directors stated that the proposed compensation is in the best
interest of the Company and our shareholders.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Required
Approval </U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pursuant
to the Israeli Companies Law and the Compensation Regulations, the approval of the equity compensation of our Non-Executive Directors
requires the affirmative vote of a majority of the Ordinary Shares present, in present or by proxy, and voting on the matter,
provided that either: (i) at least a majority of the shares of non-controlling shareholders and shareholders who do not have a
personal interest in the resolution (other than a personal interest that is not the result of the shareholder's relationship with
a controlling shareholder) are voted in favor thereof (abstentions and brokers&rsquo; non-vote are disregarded); or (ii) the total
number of shares of non-controlling shareholders and of shareholders who do not have a personal interest in the resolution who
voted against it does not exceed two percent of the outstanding voting power in the Company.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Israeli Companies Law requires that each shareholder voting on this proposal specifically indicate whether or not the shareholder
has such a personal interest. Otherwise, the shareholder is not eligible to vote on this proposal. According to the Israeli Companies
Law, a &ldquo;personal interest&rdquo; of a shareholder (i) includes a personal interest of the shareholder and any members of
the shareholder&rsquo;s family, family members of the shareholder&rsquo;s spouse, or a spouse of any of the foregoing, or a personal
interest of a company in which the shareholder (or such family member) serves as a director or the CEO, owns at least 5% of the
shares or holds 5% of the voting rights or has the right to appoint a director or the CEO; (ii) includes a personal interest of
anyone voting by proxy or granting a proxy with respect to the proposal; and (iii) excludes an interest arising solely from the
ownership of our Ordinary Shares.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A
shareholder shall notify the Company prior to the Meeting, whether the shareholder constitutes a controlling shareholder in the
Company or has a personal interest in the proposal or not, as a condition for that shareholder's right to vote and be counted.
Shareholders who will not attend the Meeting in person should follow the instructions on the form of proxy card or form of written
ballot or ISA's electronic voting system form, as applicable, to indicate whether or not they have a personal interest in this
matter</B>.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Proposed
Resolutions </U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It
is proposed that at the Meeting the following resolutions be adopted:</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;<B>RESOLVED</B>,
that the equity based compensation of the Company's Non-Executive Directors who shall serve from time to time, whether or not
they are external directors, all as described in Item 5 of the Proxy Statement, be, and the same hereby are, approved.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The
Board of Directors recommends a vote FOR approval of the proposed resolutions</B>.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item
6 &ndash; Equity compensation grant to our Executive Chairman of the Board, Mr. Johanan Locker, for 2018 </B></FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: -0.1pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">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 2018 of non-marketable options exercisable into Ordinary Shares (the &ldquo;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options<FONT STYLE="font-weight: normal">&rdquo;)
and restricted Ordinary Shares (the &ldquo;</FONT>Restricted Shares<FONT STYLE="font-weight: normal">&rdquo;) in a total value
of NIS 3,300,000 (approx. $911,602). This amount is comprised of NIS 2,400,000 or $662,983 is attributable to the Options (calculated
on the basis of a Black &amp; Scholes model, and comprised of NIS 900,000 ($248,619) which is the same amount of Options that
was granted in 2017, as well as an additional amount of Options for 2018 in the amount of NIS 1,500,000 ($414,365)), and NIS 900,000
or $248,619 is attributable to the Restricted Shares, which is the same amount that was granted in 2017). 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></FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">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 17.37 (approximately $4.80) per share, Mr. Locker will be entitled to 443,623 Options and 51,813
Restricted Shares. The</FONT></P>

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<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">actual
amount of Options and Restricted Shares, however, will be determined according to the closing price of the Ordinary Shares on
the TASE on August 19, 2018 the trading day immediately preceding the approval of our shareholders at the General Meeting (in
this item: the &quot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Grant Date<FONT STYLE="font-weight: normal">&quot;).</FONT></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">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 0.0003% of the issued and outstanding share capital of the Company and approximately 0.0003% of the voting
rights (approximately 0.0003% of the issued and outstanding share capital of the Company and approximately 0.0003% of the voting
rights, on a fully diluted basis).<FONT STYLE="letter-spacing: -0.1pt"><SUP>4</SUP></FONT> 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 Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&#9;On
June 19, 2018, our Compensation Committee and our Board of Directors, approved the equity compensation grant described in this
Item 5, 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 5. &#9;The Options and the Restricted Shares are governed by our Equity Plan, 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 Grant Date, one-third at the end of 24 months from the Grant Date, and one-third at the end of 36 months from the
Grant Date. 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 Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">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 Grant Date.</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">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;Cause&rdquo;)),
or (ii) in the event such holder'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 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 12 months following
the termination of employment relations.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">The
Options and Restricted Shares will not be transferable and will be held by the trustee at least for a period of two years as aforementioned.
Any dividends or other distribution paid in respect</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal; font-style: normal; font-variant: normal"><SUP>4</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: -0.1pt">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></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">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 Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">The
indicative exercise price of the Options, calculated on the basis of 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, is NIS 16.65 (approximately $4.60).
However, the actual exercise price of the Options will be calculated according to the 30-day average closing price per share of
the Ordinary Shares on the TASE during the 30 trading days preceding the Grant Date. The Exercise Price will be linked to the
Israeli Consumer Price Index and will include adjustments per dividends. 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></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">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 Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">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: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Reasons
for the proposal</U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Compensation Committee and Board of Directors noted in their approval that Mr. Locker is deeply involved in the Company's activities
and supervises the management closely. Furthermore, Mr. Locker does an extraordinary work, among others, in leading ICL's strategy,
its formation and execution, while focusing on the Company's core business and the continued streamlining trend. The Compensation
Committee and Board of Directors noted that they believe that these actions are extremely valuable for the Company's shareholders,
and therefore Mr. Locker deserves an additional equity compensation grant in the form of Options, in an amount of NIS 1,500,000
(approximately $414,365), in addition to the annual equity compensation grant he received for 2017.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal"><U>Required
Approval</U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Pursuant
to the Israeli Companies Law, the 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 2018. </FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal"><U>Proposed
Resolution </U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">It
is proposed that at the Meeting the following resolution be adopted: </FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">&ldquo;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RESOLVED<FONT STYLE="font-weight: normal">,
that the equity compensation grant to our Executive Chairman, Mr. Locker, for 2018, all as described in Item 6 of the Proxy Statement,
be, and the same hereby are, approved.&rdquo;</FONT></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item
7 &ndash; Approval of the annual bonus for 2017 and a Special Bonus, to our retiring Acting CEO of the Company, Mr. Asher Grinbaum
</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mr.
Asher Grinbaum served as ICL's Acting CEO from September 11, 2016, until May 13, 2018, after almost 45 years of employment in
the Company and its subsidiaries. ICL's newly appointed Chief Executive Officer, Mr. Raviv Zoller succeeded Mr. Grinbaum, on May
14, 2018. Prior</FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to
his appointment as ICL's Acting CEO, Mr. Grinbaum served as ICL's Chief Operating Officer (&quot;<B>COO</B>&quot;) from January
2008 to July 2016.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
Acting CEO, Mr. Grinbaum&rsquo;s terms of employment remained unchanged and similar to the terms of employment as COO.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subsquent
to his retirement and pursuant to his employment agreement, Mr. Grinbaum is entitled to an accrued vacation period, between May
14, 2018 and July 16, 2018, to be followed by a 6 months advanced notice period. In the course of the two periods thereof, employer-employee
relations will continue to apply, and will cease only on January 16, 2019.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
the Meeting, you will be asked to approve: (1) for sake of caution and good order, the annual bonus to be paid to Mr. Grinbaum
for 2017, and (2) a Special Bonus to be paid to Mr. Grinbaum for his special efforts to lead ICL during his term as Acting CEO,
all as more fully set forth below.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Annual
Bonus for 2017</U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
annual bonus for 2017 to Mr. Asher Grinbaum is in an amount of NIS 1,198,000 (approximately $330,939).<SUP>5</SUP> This amount
reflects the outcome of implementing the annual bonus formula stipulated in the Company&rsquo;s Compensation Policy, as approved
by our Compensation Committee and Board of Directors on March 5 and 6, 2018, respectively<SUP>6</SUP> and on June 19, 2018.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pursuant
to our Compensation Policy, a formula was determined for the calculation of the annual bonus to our CEO and Chairman of the Board.
With respect to our other executive officers, the Compensation Policy provides that the annual bonuses may be determined by our
Compensation Committee and Board of Directors, by means of financial indicators and/or coefficients of meeting measurable targets
(key performing indicators or KPIs) and/or a qualitative evaluation. According to the resolutions of the Compensation Committee
and Board of Directors, for purposes of determining the annual bonuses for 2017, the annual bonus calculation formula was applied
also to the Company's other officers, including Mr. Grinbaum.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
annual bonus calculation formula (the &ldquo;<B>Annual Bonus Calculation Formula</B>&rdquo;), as per our Compensation Policy,
is calculated according to multiplication of the annual target bonus by an annual financial factor. The product of this multiplication
is updated upwards or downwards according to the satisfaction of measureable quantitative personal targets set in the beginning
of the year (KPIs), at a rate of 50%, and according to a qualitative evaluation performance performed by the Board, at a rate
of 50%. The target bonus represents the complete satisfaction (100%) of all annual targets.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
annual financial factor is calculated by adding two &ldquo;sub-factors&rdquo;, each having a weight of 50%. The first sub-factor
is the outcome of the reported adjusted net profit for the relevant year (subject to further adjustments, if any, as approved
by the Compensation Committee and the Board), divided by the average reported adjusted net profit in the three preceding years.
The second financial sub-factor is the outcome of the reported adjusted operating profit for the relevant year (subject to further
adjustments, if any, as approved by the Compensation Committee and the</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>5</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Mr.
                                         Grinbaum, as well as other Company Officers, were not granted an annual bonus for 2016,
                                         as per the Board of Directors' decision from March 14, 2017.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>6</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">The
                                         Compensation Committee and Board of Directors approval in March 2018 did not constitute
                                         a final approval of Mr. Grinbaum's annual bonus for 2017. The annual bonus for 2017 was
                                         reapproved by our Compensation Committee and Board of Directors in June 2018, and will
                                         be paid to Mr. Grinbaum subject to the approval of our Company's shareholders.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Board),
divided by the average reported adjusted operating profit in the three preceding years. In 2017, no further adjustments were made
by the Compensation Committee and the Board beyond the adjusted net and\or operating profit, as reported in the annual financial
statements <FONT STYLE="color: black">in our 2017 20-F</FONT>.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
aforesaid, the annual bonus amount for 2017 to Mr. Grinbaum, reflects the outcome of implementation of the Annual Bonus Calculation
Formula, in accordance with Mr. Grinbaum&rsquo;s target bonus as set in his previous position as COO of the Company (and not as
Acting CEO), i.e. 100% of his annual salary. The outcome of multiplying Mr. Grinbaum's target bonus with ICL's financial factor
for 2017 (70%), was then increased according to an excellent satisfaction of his KPIs and exceptional satisfaction of his qualitative
performance.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
that Mr. Grinbaum may be entitled to an annual bonus for 2018, subject to the approval of <FONT STYLE="color: black">our Compensation
Committee and Board of Directors, in accordance with the Annual Bonus Calculation Formula and subject to the provisions of our
Compensation Policy</FONT>. In respect of the accrued vacation period and the advanced notice period, no Specific Personal Measurables
(KPIs) will be applied.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Special
Bonus </U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
propose to pay Mr. Grinbaum a Special Bonus in an amount of NIS 1,800,000 (approximately $497,238), in light of his exceptional
contribution and remarkable efforts when serving as our Acting CEO, as further detailed in the &quot;Reasons for the Proposal&quot;
section below. The Special Bonus was approved by our Compensation Committee and Board of Directors on June 19, 2018 (the &quot;<B>Special
Bonus</B>&quot;). Subject to shareholders' approval, the Special Bonus will be paid in two installments, as follows:<SUP>7</SUP></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 56.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NIS
                                         1,270,000 (approximately $350,830), reflecting the relative portion of the Special Bonus
                                         for Mr. Grinbaum as Acting CEO in 2017, will be paid immediately upon the shareholders&rsquo;
                                         approval;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NIS
                                         530,000 (approximately $146,408), reflecting the relative portion of the Special Bonus
                                         for the period Mr. Grinbaum had served as Acting CEO in 2018 (i.e., until May 2018),
                                         will be paid during 2019 and subject to:</FONT></TD></TR></TABLE>

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

<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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 92.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                         approval of the Compensation Committee and Board of Directors in 2019 to pay bonuses
                                         to Office holders in  ICL for 2018;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 92.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                         relevant provisions of our Compensation Policy.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">According
to the Company's Compensation Policy, the maximum special bonus payout with respect to the CEO in any given year cannot exceed
the difference between three base monthly salaries and the non-measurable components of the annual bonus payout. In addition the
maximum Special Bonus payout in any given year with respect to any Executive Officer cannot exceed 6 base monthly salaries. Therefore,
the proposed Special Bonus to Mr. Grinbaum is being approved in a deviation from the Company's Compensation Policy according to
section 272(C) <FONT STYLE="color: black">to the Israeli Companies Law</FONT>.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">The
following table and accompanying footnotes describe the</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">total
compensation for 2017 and proforma for 2018 for Mr. Grinbaum assuming the approval of the proposed 2017 annual bonus</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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

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

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

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<TD STYLE="text-align: right; width: 0%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>7</SUP></FONT></TD><TD STYLE="width: 6pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Special
Bonus is proposed to be granted in respect of such period, however, effectively this Special Bonus excludes the respective period
in which Mr. Grinbaum had served as Acting CEO in 2016 (i.e. September to December 2016), as per the Board of Directors' decision
from March 14, 2017 not to pay bonuses for 2016 to certain Company officers.</FONT></TD>
</TR>
</TABLE>

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

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

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

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

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and
the proposed Special Bonus, as well as assuming a grant of the 2018 annual bonus, according to the Annual Bonus Calculation Formula
(as described above and below):</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asher Grinbaum<SUP>(1)</SUP></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #4F81BD 1pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-top: #4F81BD 1pt solid; border-right: white 2.25pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Details of the Recipient</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments for services</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: #4F81BD 1pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Position</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Scope of</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">position</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Holding in</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equity</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; padding-right: 4.25pt; padding-left: 4.25pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Base</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center">Salary <SUP>(2)</SUP></P></TD>
    <TD STYLE="width: 12%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Compensation <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bonus</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #4F81BD 1pt solid; border-right: white 2.25pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity based compensation <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #4F81BD 1pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: white 2.25pt solid; border-right: white 2.25pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 2.25pt solid; border-right: white 2.25pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: white 2.25pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$ thousands</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2017</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acting&nbsp;&nbsp;CEO, ICL</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">460</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">699</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">346<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">796<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #4F81BD 1pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,840</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2018<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">173</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">262</FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">945<SUP>(8)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; border-right: black 1pt dashed; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-<SUP>(9)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #4F81BD 1pt solid; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,207</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 9pt/14pt Eras Medium ITC; margin: 0 14.2pt 12pt 56.7pt; letter-spacing: 0.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*
Less than 1%</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/14pt Calibri, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black; letter-spacing: 0pt">As
                                         aforesaid, as Acting CEO of ICL, Mr. Grinbaum&rsquo;s terms of employment remained as
                                         they were in his last position in the Company &ndash; Chief Operating Officer (COO),
                                         prior to his appointment as Acting CEO. Mr. Grinbaum&rsquo;s employment agreement (including
                                         amendments thereto), provides that Mr. Grinbaum&rsquo;s basic salary would be updated
                                         twice a year according to the rise in the Consumer Price Index in the months that passed
                                         since such previous update. The employment contract is for an unlimited period and may
                                         be terminated by either party at any time by prior written notice. Mr.&nbsp;Grinbaum
                                         is entitled to an advance notice period of 6&nbsp;months. According to the employment
                                         contract and the salary updates, as decided by our Board of Directors from time to time,
                                         Mr.&nbsp;Grinbaum&rsquo;s monthly basic salary, as of December&nbsp;31, 2017 and as of
                                         this Proxy Statement, is NIS 137,774 (approximately $38,060). Mr.&nbsp;Grinbaum is entitled,
                                         in addition to regular provisions for pension and severance, to additional severance
                                         pay at the rate of his last salary multiplied by the number of years that he served in
                                         ICL companies.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0 14.2pt 12pt 0.5in; letter-spacing: 0.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
above 2018 total compensation includes all proforma compensation components, as follows:</FONT></P>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9643;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                         proposed Special Bonus.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/14pt Eras Medium ITC; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9643;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An
                                         assumption about the 2018 annual bonus (in an amount equal to his Target Bonus, which
                                         is circa NIS 1.6M).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/14pt Eras Medium ITC; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9643;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
                                         base salary cost.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/14pt Eras Medium ITC; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9643;</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mr.
                                         Grinbaum will not be granted equity compensation for 2018.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0 14.2pt 0 71.7pt; letter-spacing: 0.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/14pt Calibri, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black; letter-spacing: 0pt">Mr.
                                         Grinbaum's annual base salary in the above table was calculated according to the actual
                                         term of office in the Company, i.e., in 2017 &ndash; a full calendar year and in 2018
                                         - the relative portion calculated until the last day in office, May 13, 2018. As of December
                                         31, 2017, the Company has booked full provisions respecting the base salary for the remaining
                                         period of 2018.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/14pt Calibri, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black; letter-spacing: 0pt">The
                                         salary and salary ancillaries component set out in the above table includes all of the
                                         following components: salary, social benefits, customary social and related provisions,
                                         company car and reimbursement of telephone expenses. The compensation is in accordance
                                         with our compensation policy.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/14pt Calibri, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black; letter-spacing: 0pt">The
                                         expense or income for the share-based payment component was calculated according to IFRS.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/14pt Calibri, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black; letter-spacing: 0pt">The
                                         amount specified in the table above reflects the Annual Bonus for 2017 that is proposed
                                         to be granted to Mr. Grinbaum, as further detailed in Item 7 of the Proxy Statement.</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/14pt Calibri, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black; letter-spacing: 0pt">Mr.
                                         Grinbaum is subject to &ldquo;Rule 75&rdquo;, provided in the Company&rsquo;s equity
                                         plan, as amended in June 2016, whereby in case of termination of employment relations,
                                         and provided that the years of the offeree&rsquo;s age plus his years of service with
                                         the Company equal or exceed 75, all option warrants and/or restricted share units and/or
                                         restricted shares allocated thereto and yet to vest until termination of the employment
                                         relationship shall become vested, and may be exercised into shares for a period of 12
                                         months following the termination of employer-employee relations. Therefore, the equity
                                         compensation amount in 2017, as specified in the above table, reflects the expense recorded
                                         by the Company in 2017 for the total of option warrants and restricted shares allocated
                                         to Mr. Grinbaum, based on generally accepted accounting principles.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0 14.2pt 12pt 0.5in; letter-spacing: 0.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt">For
more information regarding Mr. Grinbaum's equity compensation, please see &ldquo;Item 6. Directors, Senior Management and Employees
&ndash; B. Compensation&rdquo; in our 2017 20-F.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/14pt Calibri, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7)</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black; letter-spacing: 0pt">The
                                         data above respecting 2018 reflect a proforma of Mr. Grinbaum's entitlement to compensation
                                         in 2018. Mr. Grinbaum acted as Acting CEO until May 13, 2018. As of May 14, 2018, Mr.
                                         Grinbaum is entitled to an accrued vacation period, which will be followed by a 6 months
                                         advanced notice period, as per his employment agreement. During such periods employer-employee
                                         relations will continue to apply, and will cease on January 16, 2019. As of December
                                         31, 2017, the Company has booked full provisions respecting the accrued vacation period,
                                         the advanced notice period and Mr. Grinbaum's retirement benefits, ecept for the proposed
                                         Special Bonus.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/14pt Calibri, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8)</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black; letter-spacing: 0pt">The
                                         amount specified in the table above reflects the sum of: (a) the Special Bonus proposed
                                         to be granted to Mr. Grinbaum per his significant contribution and remarkable efforts
                                         during his term as Acting CEO, as further detailed hereinabove, and (b) a sum of about
                                         $450,000, which is equal to Mr. Grinbaum's target bonus as per his previous position
                                         as the Company's COO (and, for avoidance of doubt, not as Acting CEO). This amount reflects
                                         a &quot;proforma&quot; annual bonus for 2018, based solely on Mr. Grinbaum's annual Target
                                         Bonus (which is NIS 1.6 million), before applying the financial factor for 2018 (as will
                                         be determined in 2019), and the KPIs and qualitative evaluation performance for 2018,
                                         the latter for the period he had served as Acting CEO in 2018 (i.e., until May 13, 2018).
                                         The actual annual bonus for 2018 will be calculated and approved in 2019, as further
                                         detailed in Item 7 of the Proxy Statement, subject to the approval of our Compensation
                                         Committee and Board of Directors, in accordance with the Annual Bonus Calculation Formula
                                         and subject to the provisions of our Compensation Policy.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/14pt Calibri, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9)</FONT></TD><TD STYLE="text-align: justify; padding-right: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black; letter-spacing: 0pt">Mr.
                                         Grinbaum did not receive equity based compensation in 2018.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Reasons
for the proposal</U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Compensation Committee and Board of Directors noted in their approval that the annual bonus amount for 2017 to Mr. Grinbaum reflects
the outcome of implementation of the Annual Bonus Calculation Formula according to Mr. Grinbaum&rsquo;s target bonus as set in
his previous position as an Executive Vice President and COO of the Company (prior to his role as Acting CEO), and is brought
for the approval of our shareholders solely for sake of caution and good order.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Compensation Committee and Board of Directors noted in their approval of the Special Bonus, that after retiring from the Company,
Mr. Grinbaum was asked in September 2016 to return to the Company as an Acting CEO. Our Company faced difficult and challenging
times, following the</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">resignation
of our previous CEO and serious business decisions had to be made, some of which resulted in a write-off of certain investments
in significant amounts. As Acting CEO, Mr. Grinbaum focused our business model; performed extensive cost reduction plans; reduction
in ICL's net debt, and managed ICL's risks successfully. Mr. Grinbaum has acheived significant improvement of the working relations
with the Company's Board od Directors as well as its management and employees and enjoyed their full trust.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
light of all of the above, the Compensation Committee and Board of Directors stated that the proposed Annual Bonus for 2017 and
the Special Bonus for Mr. Grinbaum are in the best interests of the Company and our shareholders.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Required
Approval</U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Altough
Mr. Grinbaum had served as an Acting CEO and not a CEO and his terms of employment remained as they were in his last position
in the Company, for the sake of caution and good order, <FONT STYLE="color: black">at the Meeting, </FONT>the Annual Bonus of
Mr. Grinbaum for 2017 will be approved in a special <FONT STYLE="color: black">majority</FONT> as specified below, according to
section 272(C1) <FONT STYLE="color: black">of the Israeli Companies Law, and the </FONT>proposed Special Bonus to Mr. Grinbaum
will be approved as a deviation from the Company's compensation policy according to section 272(C) <FONT STYLE="color: black">to
the Israeli Companies Law. </FONT></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accordingly,
the approval of the resolutions require the affirmative vote of a majority of the shares present, in person or by proxy, and voting
on the matter, provided that either (i) at least a majority of the shares of non-controlling shareholders and shareholders who
do not have a personal interest in the resolution are voted in favor thereof (abstentions and brokers non-vote are disregarded)
or (ii) the total number of shares of non-controlling shareholders and of shareholders who do not have a personal interest in
the resolution who voted against it does not exceed 2% of the outstanding voting power in the Company. According to the Israeli
Companies Law, even if the shareholders do not approve the above proposed bonuses, the Compensation Committee and the Board of
Directors may thereafter approve it, provided that they have determined based on detailed reasoning and a re-evaluation of the
matter, that the proposed compensation is in the best interests of the Company despite the opposition of the shareholders.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Israeli Companies Law requires that each shareholder voting on this proposal specifically indicate whether or not the shareholder
has such a personal interest. Otherwise, the shareholder is not eligible to vote on this proposal. According to the Israeli Companies
Law, a &ldquo;personal interest&rdquo; of a shareholder (i)&nbsp;includes a personal interest of the shareholder and any members
of the shareholder&rsquo;s family, family members of the shareholder&rsquo;s spouse, or a spouse of any of the foregoing, or a
personal interest of a company with respect to which the shareholder (or such family member) serves as a director or the CEO,
owns at least 5% of the shares or holds at least 5% of the voting rights or has the right to appoint a director or the CEO including
(ii) personal interest of anyone voting by proxy or granting a proxy with respect to the proposal and (iii) excludes an interest
arising solely from the ownership of our Ordinary Shares.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A
shareholder shall notify the Company prior to the Meeting, whether the shareholder constitutes a controlling shareholder in the
Company or has a personal Interest in the proposal or not, as a condition for that shareholder's right to vote and be counted.
Shareholders who will not attend the Meeting in person should follow the instructions on the form of proxy card or form of written
ballot or ISA's electronic voting system form, as applicable, to indicate whether or not they have a personal interest in this
matter.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Proposed
Resolutions</U></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It
is proposed that at the Meeting the following resolutions be adopted:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">&ldquo;<B>RESOLVED</B>,
that the Annual Bonus for 2017 for our </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">retiring
Acting CEO of the Company, Mr. Asher Grinbaum<FONT STYLE="color: black">, as described in Item 7 of the Proxy Statement, be, and
the same hereby is, approved.&rdquo;</FONT></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">&ldquo;<B>RESOLVED</B>,
that the </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Special Bonus <FONT STYLE="color: black">to
our retiring Acting CEO of the Company, Mr. Asher Grinbaum, for the year 2017, all as described in Item 7 of the Proxy Statement,
be, and the same hereby is, approved.&rdquo;</FONT></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">&ldquo;<B>RESOLVED</B>,
that the </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Special Bonus <FONT STYLE="color: black">to
our retiring Acting CEO of the Company, Mr. Asher Grinbaum, for the relative portion he had served as Acting CEO in 2018, all
as described in Item 7 of the Proxy Statement, be, and the same hereby is, approved.&rdquo;</FONT></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The
Board of Directors recommends a vote FOR approval of the proposed resolutions.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SHAREHOLDER
PROPOSALS</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; text-transform: none">Any
shareholder of the Company who intends to present a proposal at the 2018 Annual 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. 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 23, 2018. </FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>POSITION
STATEMENTS</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt">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 August 10,
2018. Any position statement received will be filed on a Current Report on Form 6-K to the SEC and the ISA.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.15pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt"><B>UPDATES</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.15pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 submitting a Current Report on Form 6-K to the SEC and the ISA.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-transform: uppercase; text-align: justify"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 53%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By
Order of the Board of Directors,</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Lisa
Haimovitz</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Senior
Vice President, Global General Counsel</I></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>and
Corporate Secretary</I></FONT></P>
</TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dated:
July 16, 2018</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 25.4pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>SIGNATURE</B></FONT></P>

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

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

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<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" STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Israel
    Chemicals Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">/s/
    Kobi Altman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%; padding-right: 5.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.75pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Kobi Altman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><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" STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Israel
    Chemicals Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">/s/
    Lisa Haimovitz</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%; padding-right: 5.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.75pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Lisa Haimovitz</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><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: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Date:
July 16, 2018</FONT></P>



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