<SEC-DOCUMENT>0000950103-19-006327.txt : 20190514
<SEC-HEADER>0000950103-19-006327.hdr.sgml : 20190514
<ACCEPTANCE-DATETIME>20190514060035
ACCESSION NUMBER:		0000950103-19-006327
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190514
FILED AS OF DATE:		20190514
DATE AS OF CHANGE:		20190514

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:		19820301

	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>dp106739_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K<BR>
</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-align: center"><FONT STYLE="font-size: 10pt">For the month
of May, 2019</FONT></P>

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



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Commission
File Number: 001-13742</B></FONT></P>

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

<P STYLE="font: 20pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLPADDING="2" CELLSPACING="2" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 70%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%; text-align: center; vertical-align: bottom">Form 20-F</TD>
    <TD STYLE="width: 20%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">X</TD>
    <TD STYLE="width: 20%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center; vertical-align: bottom">Form 40-F</TD>
    <TD STYLE="width: 20%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><TABLE CELLPADDING="2" CELLSPACING="2" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 70%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: bottom; width: 20%">Yes</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 20%"></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 20%">No</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 20%">X</TD></TR>
</TABLE></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 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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><TABLE CELLPADDING="2" CELLSPACING="2" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 70%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: bottom; width: 20%">Yes</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 20%">No</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 20%">X</TD></TR>
</TABLE></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This report on Form 6-K shall
be deemed to be incorporated by reference into the registration statement on Form S-8 (Registration Number: 333-205518) of Israel
Chemicals Ltd. and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents
or reports subsequently filed or furnished. In addition, this report on Form 6-K shall be deemed to be incorporated by reference
into the Israeli Shelf Prospectus of Israel Chemicals Ltd. filed with the Israel Securities Authority and dated March 4, 2019
(Filing Number: 2019-02-018507) and to be a part thereof from the date on which this report is filed, to the extent not superseded
by documents or reports subsequently filed or furnished.</FONT></P>

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


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Notice of Annual General Meeting
                                         of Shareholders and Proxy Statement, dated May 14, 2019</FONT></TD></TR></TABLE>

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


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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>NOTICE
OF</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ANNUAL
GENERAL MEETING OF SHAREHOLDERS </B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="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 June 27, 2019, 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:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: black">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: black">Re-election
of Messrs. Yoav Doppelt, Aviad Kaufman, Avisar Paz, </FONT><FONT STYLE="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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: black">Reappointment
</FONT><FONT STYLE="font-size: 10pt">of Somekh Chaikin, a member of KPMG International, as our independent auditor;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: black">Review
</FONT><FONT STYLE="font-size: 10pt">of our audited financial statements for the year ended December 31, 2018;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: black">(4)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Approval of a New Compensation
Policy for Office Holders<FONT STYLE="color: black">; and</FONT></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Approval of an equity
compensation grant to our Chief Executive Officer, Mr. Raviv Zoller for 2019-2021.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">Shareholders
of record at the close of business on May 28, 2019 (the &ldquo;<B>Record Date</B>&rdquo;) are entitled to participate in, and
to vote at, the Meeting and any adjournments or postponements thereof. All shareholders are cordially invited to attend the Meeting
in person.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
a shareholder&rsquo;s shares are held through a member of the Tel Aviv Stock Exchange (&ldquo;<B>TASE</B>&rdquo;), such shareholder
should deliver or mail (via registered mail) his, her or its completed Hebrew written ballot (in the form filed by the Company
via MAGNA, the online platform of the Israel Securities Authority (&quot;<B>ISA</B>&quot;)) to the offices of the Company not
less than 4 hours prior to the time scheduled for the Meeting, at the address set forth above, attention: Aya Landman, 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: 235pt"><FONT STYLE="font-size: 10pt">By
Order of the Board of Directors,</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2.25in; text-indent: 235pt"><FONT STYLE="font-size: 10pt">Aya Landman,
Adv.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2.25in; text-indent: 235pt"><FONT STYLE="font-size: 10pt">ICL Corporate Secretary</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 233.9pt; text-indent: -233.9pt"><FONT STYLE="font-size: 10pt">Dated:
May 14, 2019</FONT></P>

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


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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt 233.9pt; text-align: center; text-indent: -233.9pt"><FONT STYLE="font-size: 10pt"><B>ISRAEL
CHEMICALS LTD.</B></FONT></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
Proxy Statement is furnished to the holders of Ordinary Shares, par value NIS 1.00 per share (the &ldquo;<B>Ordinary Shares</B>&rdquo;),
of Israel Chemicals Ltd. (the &ldquo;<B>Company</B>&rdquo; or &quot;<B>ICL</B>&quot;) in connection with the solicitation by the
Board of Directors of the Company (the &ldquo;<B>Board of Directors</B>&rdquo; or &ldquo;<B>Board</B>&rdquo;) of proxies for use
at the 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 June 27, 2019,
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.</FONT></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: black">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: black">Re-election
of Messrs. Yoav Doppelt, Aviad Kaufman, Avisar Paz, </FONT><FONT STYLE="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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Reappointment
                                         </FONT><FONT STYLE="font-size: 10pt">of Somekh Chaikin, a member of KPMG International,
                                         as our independent auditor;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Review
                                         </FONT><FONT STYLE="font-size: 10pt">of our audited financial statements for the year
                                         ended December 31, 2018;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: black">(4)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Approval of a New Compensation
Policy for Office Holders<FONT STYLE="color: black">; and</FONT></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Approval
                                         of an equity compensation grant to our Chief Executive Officer, Mr. Raviv Zoller for
                                         2019-2021.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company currently is not aware of any other matters that will come before the Meeting. If any other matters properly come before
the Meeting, the persons designated as proxies may vote in accordance with their judgment on such matters. As more fully described
in this Proxy Statement, shareholders may present proposals for consideration at the Meeting by submitting their proposals to
the Company no later than May 21, 2019<FONT STYLE="color: black">. </FONT></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A
form of proxy for use at the Meeting is enclosed. Unless otherwise indicated specifically on the form of proxy, Ordinary Shares
represented by any proxy in the enclosed form will be voted in favor of all the matters to be presented at the Meeting, as recommended
by the Board. To be valid, a proxy must be properly executed and received by the Company 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.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
a shareholder&rsquo;s shares are held through a member of the Tel Aviv Stock Exchange (&ldquo;<B>TASE</B>&rdquo;), such shareholder
should deliver or mail (via registered mail) his, her or its completed Hebrew written ballot (in the form filed by the Company
via MAGNA, the online platform of the Israel Securities Authority (&ldquo;<B>MAGNA</B>&rdquo; and &ldquo;<B>ISA</B>&rdquo;, respectively)
to the offices of the Company no less than 4 hours prior to the time scheduled for the Meeting, at the address set forth above,
attention: Aya Landman, 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Shareholders
may revoke the authority granted by their execution of proxies by delivering to the Company a written notice of revocation or
duly executed proxy bearing a later date, provided such revocation notice or later-dated proxy is received by the Company at least
48 hours before the Meeting, or by voting in person at the Meeting. On all matters considered at the Meeting, abstentions will
be treated as neither a vote &ldquo;for&rdquo; or &ldquo;against&rdquo; the matter, although they will be</FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt">counted
in determining whether a quorum is present.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Proxies
for use at the Meeting are being solicited by the Board of Directors of the Company. Only shareholders of record at the close
of business on May 28, 2019 (the &ldquo;<B>Record Date</B>&rdquo;) will be entitled to vote at the Meeting. Proxies are being
mailed to shareholders on or about May 21, 2019 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
May 6, 2019, <FONT STYLE="color: black">1,304,890,778</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 July 8, 2019, 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 constitute a quorum and be permitted to discuss and decide on the issues for which the Meeting was convened.</FONT></P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify; background-color: white; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents as of May 6, 2019 (unless otherwise noted below) the beneficial ownership of our Ordinary Shares by each
person who is known by us to be the beneficial owner of 5% or more of our outstanding Ordinary Shares. The data presented is based
on information provided to us by the holders or disclosed in public regulatory filings.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ordinary
    Shares</FONT><FONT STYLE="font-size: 10pt"><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Beneficially Owned<SUP>(1)</SUP></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Shareholder</FONT></TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number</FONT></TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Percentage</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 56%; text-align: left; padding-bottom: 1pt">Israel Corporation&nbsp;Ltd.<SUP>(2)</SUP></P> <P STYLE="margin: 0pt 0"></TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">587,178,761</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">45.86</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD></TR>
</TABLE>



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

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 3pt"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; color: black">The
                                         percentages shown are based on 1,280,301,147 Ordinary Shares issued and outstanding as
                                         of May 6, 2019 (after excluding shares held by us or our subsidiaries). </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; 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 the 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., 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 6,479,768 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, subject to their terms,
                                         in components, on a number of settlement dates over a period of approx. 0.45 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> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"></TD></TR></TABLE>

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


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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">For
information regarding compensation paid to our five highest compensated officers in 2018, please see &ldquo;Item 6. Directors,
Senior Management and Employees &ndash; B. Compensation&rdquo; in our 2018 Annual Report on Form 20-F </FONT><FONT STYLE="font-size: 10pt">(the
<FONT STYLE="color: black">&ldquo;</FONT><B>2018 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 February 27, 2019.</FONT></FONT></P>

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


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

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">At
the Meeting, seven of our directors, Messrs. Yoav Doppelt,<SUP>1</SUP> Aviad Kaufman, Avisar Paz, Sagi Kabla, Ovadia Eli, Reem
Aminoach and Lior Reitblatt, 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. Nadav
Kaplan and Ms. Ruth Ralbag, will constitute the entire Board of Directors.<SUP>2</SUP> In addition to our external directors,
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>

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

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
re-elected, each director who is not an office holder of Israel Corp., will be entitled to receive compensation as detailed in
Item 6. 'Directors, Senior Management and Employees' &ndash; B. 'Compensation' in our 2018 20-F. The directors who are office
holders of Israel Corp. (the &quot;<B>IC Directors</B>&quot;) do not receive compensation from the Company for their services
as Company directors. Instead, their fees are included in the annual management fees we pay to Israel Corp. pursuant to our agreement
with them (the &quot;<B>Management Fees</B>&quot;). With respect to Mr. Yoav Doppelt, whom is expected to enter into office as
Israel Corp's new CEO during the second quarter of 2019, and concurrently replace Mr. Johanan Locker as our new Executive Chairman
of the Board - his compensation as our new Executive Chairman of the Board is proposed to be as set forth in the Company's Proxy
Statement for the Extraordinary General Meeting of Shareholders that will take place on May 29, 2018 (as published on April 18,
2019, Reference No: 2019-02-035718), and subject to its approval.</FONT></P>

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black"><I>Yoav
Doppelt</I>. </FONT><FONT STYLE="font-size: 10pt">Mr. Doppelt currently serves, among other things, as Chairman of the Board of
OPC Energy Ltd. (TASE:OPCE), and a member of the Board of Directors of Zim Integrated Shipping Services&nbsp;Ltd., and is expected
to hold office therein until assumes his position as ICL's new Chairman of the Board. He previously served as CEO of Kenon Holdings
Ltd. (NYSE:KEN) and as an Executive </FONT></P>

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

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<P STYLE="margin-top: 0; margin-bottom: 3pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mr.
                                         Yoav Doppelt is proposed to be elected as a board member in the Company's Extraordinary
                                         General Meeting on May 29, 2019, to hold office until the close of our next Annual General
                                         Meeting of shareholders, and therefore (and subject to his election) is being brought
                                         for re-election pursuant to Israeli law, herein.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currently
                                         Mr. Johanan Locker serves as our Chairman of the Board, and is expected to be replaced
                                         by Mr. Yoav Doppelt during the second quarter of 2019.</FONT></TD></TR></TABLE>

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

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Chairman of ICpower Ltd. as well as the Founder and CEO of the Ofer Group private equity fund.
Mr. Doppelt was recently appointed as the CEO of Israel Corporation Ltd., and is expected to enter into office during the second
quarter of 2019. Mr.&nbsp;Doppelt holds a BA in economics and management from the Faculty of Industrial Management at the Technion
and an MBA degree from Haifa University</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt"><I>Aviad
Kaufman</I>. Mr. Kaufman is the chief executive officer of Quantum Pacific (UK) LLP, chairman of the board of Israel Corporation
Ltd., a board member of Kenon Holdings Ltd., and other private companies, each of which may be associated with the same ultimate
beneficiary, Mr. Idan Ofer. Previously, he served as chief financial officer of Quantum Pacific (UK) LLP (2008-2017). 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.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt; color: black"><I>Avisar
Paz</I>. Mr. Paz is the Chief Executive Officer of Israel Corporation, and has informed that he will be retiring from this position
during the second quarter of 2019. Mr. Paz was previously Israel Corporation's Chief Financial Officer. Mr. Paz serves as a director
in various companies that are held by Israel Corporation, including in Oil Refineries Ltd. Mr. Paz holds a BA in economics and
accounting from Tel Aviv University and is a Certified Public Accountant in Israel. Mr. Paz is expected to be appointed as the
Chairman of the Board of OPC</FONT> <FONT STYLE="font-size: 10pt">Energy Ltd. (TASE:OPCE)<FONT STYLE="color: black">. </FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt"><I>Sagi
Kabla</I>. Mr. Kabla is the Chief Financial Officer of Israel Corporation since December 2015. He serves as a director in Bazan
Group and previously served as Senior Executive of Business Development, Strategy and IR in Israel Corporation. Prior to joining
Israel Corp. he held various management roles in KPMG Corporate Finance. Mr. Kabla holds a B.A. in Economics and Accounting from
Bar-Ilan University and was qualified as CPA (Isr.), and an MBA (Finance) from COMAS.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt; color: black"><I>Ovadia
Eli</I>. Mr. Eli is Chairman of the Board of Oil Refineries Ltd., and has informed that he will be retiring from this
position during the second quarter of 2019. He served as Chairman of the Board of the Israel Airports Authority, Israel
Military Industry (I.M.I), Shmanim Besisyim Haifa Ltd. and </FONT><FONT STYLE="font-size: 10pt">ICpower Ltd<FONT STYLE="color: black">.
He was a member of the Boards of Directors of Salt Industries Israel Ltd., Shaarei Ribit Ltd., Zim Integrated Shipping
Services Ltd. and OPC Rotem Ltd. Mr. Eli holds a BA in educational counseling and bible studies from the Haifa University and
is a graduate of the Lifshitz Teachers College in Jerusalem. </FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt"><I>Reem
Aminoach</I>. Mr. Aminoach is a Certified Public Accountant, and holds a BA in accounting and economics, Tel-Aviv University (academic
honors, Dean's honor list) and an MBA in business administration, Tel-Aviv University. Until recently, Mr. Aminoach served as
the founding partner of the accounting firm Shtainmetz Aminoach &amp; Co. In his military service, Mr. Aminoach, Brigadier general,
served as a member of the General Staff Forum of the IDF, Head of Budgets at the Ministry of Defense, financial advisor to the
IDF Chief of Staff and Head of the IDF Budget Division. Mr. Aminoach served as a director at Ofer Investments Ltd. and as director
and Chairman of the Audit Committee at Zim Ltd., of the Israel Corporation group. Mr. Aminoach also served as a member of the
Board of Governors of Hadassah Medical Center.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt"><I>Lior
Reitblatt. </I>Mr. Reitblatt is a Certified Public Accountant, and holds a BA in accounting and economics from Tel Aviv University
and an MBA from the University of California, Berkeley. Until recently, Mr. Reitblatt served as CEO and Chairman of the Board
of Super-Pharm (Israel) Ltd. Mr. Reitblatt has also previously served, among other things, as Chairman of the Board of Life Style
Ltd. and as a member of the board of Office Depot Israel Ltd.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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 re-election of each of the directors set forth above.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 2
&ndash; Reappointment of Somekh Chaikin, a Member of KPMG International, as our Independent Auditor</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">At
the Meeting, pursuant to the approval and 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.</FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
additional information about the fees of Somekh Chaikin for 2018, please see Item 16C. 'Principal Accountant Fees and Services'
in our 2018 20-F.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Item 3 &ndash; Review of the
2018 Financial Statements</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our
audited financial statements for the year ended December 31, 2018, are included in the 2018 20-F. The SEC maintains a website
that contains reports, proxy and information statements and other information that we file electronically with the SEC at <FONT STYLE="color: Blue"><U>http://www.sec.gov</U></FONT>.
These SEC reports are also available on our website at <FONT STYLE="color: Blue"><U>www.icl-group.com</U></FONT> 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: black"><B>Item 4 &ndash;
</B></FONT><B><FONT STYLE="font-size: 10pt">Approval of a New Compensation Policy for Office Holders</FONT></B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant
to the Israeli Companies Law, <FONT STYLE="color: black">5759-1999 (the &ldquo;<B>Israeli Companies Law</B>&rdquo;)</FONT>, ICL
has adopted a compensation policy for Office Holders, as such term is defined in the Israeli Companies Law, which creates a coherent
system of rules and principles for compensation and incentives for these executives. Our current compensation policy was approved
by the general meeting of our shareholders on August 29, 2016 (the &ldquo;<B>Current Compensation Policy</B>&rdquo;). According
to the Israeli Companies Law, the compensation policy must generally be re-approved once every three years by the Board of Directors,
following recommendation by the HR &amp; Compensation Committee, and by a special majority of the Company&rsquo;s shareholders.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Accordingly,
and in light of the experience gained during the implementation of the Current Compensation Policy, and with the aim to better
support ICL's current business goals by, among other things, increasing focus on performance according to budget, certain changes
are proposed to be included in the proposed New Compensation Policy, as defined below and as hereinafter set forth.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 45.8pt"><FONT STYLE="font-size: 10pt">Following
the discussions and recommendation of the HR &amp; Compensation Committee from March 20 and 27, 2019, April 8, 2019 and May 2,
2019, on April 15, 2019, the Board of Directors discussed and on May 6, 2019, approved and recommended that the shareholders approve,
the new compensation policy, substantially in the form attached to this proxy statement as &ldquo;<B>Appendix A</B>&rdquo; (the
&ldquo;<B>New Compensation Policy</B>&rdquo;). <FONT STYLE="color: black">The New Compensation Policy shall be in effect as of
its date of approval hereunder.</FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 45.8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
New Compensation Policy includes the formulas for the annual bonuses (&quot;<B>Short Term Incentive</B>&quot; or &quot;<B>STI</B>&quot;)
of the Executive Chairman of the Board and the CEO, and therefore the approval of the New Compensation Policy also constitutes
approval of the STI plans and of the payment of STI to ICL's Executive Chairman of the Board, Mr. Doppelt and ICL's President
&amp; CEO, Mr. Zoller in accordance with the New Compensation Policy.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Similar
to our Current Compensation Policy, the New Compensation Policy is intended to enable ICL to attract and retain, on a global basis,
highly experienced executives capable of managing vast, complex and global operations, and to motivate them to drive our long-term
goals by structuring a compensation package that maintains the balance between fixed and variable components. ICL seeks to establish
a base salary and total compensation that is competitive with the base salary and total compensation paid to Executive Officers
in similar industries and positions, in both global and/or local companies, as relevant and if applicable for each position.</FONT></P>

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


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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>The material
changes introduced in the New Compensation Policy in comparison to the Current Compensation Policy, are substantially as follows</U>:<SUP>3</SUP></FONT></P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 22%; border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; border-left: black 1.5pt double; color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Item</B></FONT></TD>
    <TD STYLE="width: 35%; border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Current
    Compensation Policy</B></FONT></TD>
    <TD STYLE="width: 43%; border-top: black 1.5pt double; border-right: black 1.5pt double; border-bottom: black 1.5pt double; color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>New
    Compensation Policy</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Ratio
    between Fixed and Variable Components </I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">Executive
Chairman and the CEO: Fixed Component Range &ndash;</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">15% - 60%.</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">Variable Component Range
&ndash;</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">40% - 85%.</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">CEO
&ndash; no change.</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt"><U>Executive Chairman</U>:</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">Fixed Component Range
&ndash;</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">0% - 40%.</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">Variable Component Range
&ndash;</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">60% - 100%.</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">This change relates to
a situation whereby the Executive Chairman does not receive a fixed component and reaches his maximum caps of entitlement in the
variable components in a given year.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Ratio
    to average of other employees' Overall Compensation</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">CEO
&ndash; approximately 15.5 times</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">Other Executive Officers*
&ndash; approximately 5.5 times</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">CEO
&ndash; approximately 16.4 times</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt">Other Executive Officers*
&ndash; approximately 5.3 times</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>Ratio
    to median of other employees' Overall Compensation</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">CEO
                                         &ndash; approximately 27 times</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">Other Executive
        Officers* &ndash; approximately 7.5 times</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">CEO
                                         &ndash; approximately 20.5 times</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">Other Executive
        Officers* &ndash; approximately 6.3 times</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>Maximum
    annual base salary amounts</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">No
    caps included</FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">Executive
                                         Chairman &ndash; $700,000 &#9;</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">CEO &ndash;
        $850,000 &#9;</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">Other Executive
        Officers &ndash; $500,000</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>Gross
    up of compensation</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Restriction
    regarding gross up for certain compensation items</FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Restriction
    removed to allow gross up when applicable and as customary in the market</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>30%
    cap on additional benefits</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Cap
    of 30% of base salary for certain additional benefits </FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Cap
    removed, additional benefits will be as customary in the Company&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>Annual
    Cash Bonus or Short-Term Incentive (&quot;STI&quot;) for CEO</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">The
                                         CEO&rsquo;s &ldquo;Bonus Pool&rdquo; is determined by multiplying his target STI by the
                                         &ldquo;Financial Factor&rdquo;.</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">The Financial
        Factor is the sum of the adjusted net and operating income of current year to the applicable <I>average performance for
        the preceding three years</I>, each with a 50% weight.</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">The outcome
        may be increased or decreased based on: (a) 50% measurable KPIs (set by the HR &amp; Compensation Committee and the Board
        of Directors at the beginning of the year), and (b) </FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">80%
                                         of his target STI is measured against <I>Measurable Financial Goals that will be included
                                         in ICL's Annual Budget</I> and other <I>Measurable Non-Financial Goals</I>. The Measurable
                                         Financial Goals will constitute at least 60% from the STI target, and together with the
                                         Non-Financial Goals will be determined by the HR &amp; Compensation Committee and the
                                         Board of Directors at the beginning of the year, and chosen out of a closed list set
                                         forth in the Compensation Policy according to the performance levels set forth in the
                                         New Compensation Policy and/or set by the HR &amp; Compensation Committee and the Board,
                                         as </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"></P></TD></TR>
</TABLE>

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

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

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<P STYLE="margin: 3pt 0pt 0pt"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>3</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">All
                                         definitions are as included in the New Compensation Policy unless otherwise expressly
                                         indicated.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt"></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt">*</FONT></TD><TD><FONT STYLE="font-size: 9pt">Except
                                         for the Executive Chairman of the Board</FONT><FONT STYLE="font-size: 10pt">.</FONT></TD>
</TR></TABLE>

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

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; border-left: black 1.5pt double; color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Item</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Current
    Compensation Policy</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt double; border-right: black 1.5pt double; border-bottom: black 1.5pt double; color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>New
    Compensation Policy</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1.5pt double; color: gray; width: 22%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid; width: 35%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt">50%
qualitative evaluation.</P>

<P STYLE="margin: 0pt 0pt 3pt">If the Financial Factor is negative or zero (0), there is no payout for the CEO under the Annual Bonus
Plan.</P>

<P STYLE="margin: 0pt 0pt 3pt">&nbsp;</P>


</TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: Black 1pt solid; width: 43%"><P STYLE="margin: 0pt 0pt 3pt">applicable.</P>
                                                                                             <P STYLE="margin: 0pt 0pt 3pt">20% of his target STI is discretionary.</P>
                                                                                <P STYLE="margin: 0pt 0pt 3pt">The Measurable Financial Goals must include Adjusted Operating and/or Net Income. If either the Adjusted Operating or Net Income's actual performance will not meet a threshold of 60% of budget, there will be no payout for the 80% of STI.<SUP>4</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>STI
    for Executive Chairman of the Board (&quot;CoB&quot;)</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Same
    bonus mechanism as for the CEO but without adjustments based on KPIs and Manager Score.</FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">50%
    of his target STI is measured against the adjusted net income and 50% against the adjusted operating income, actual vs. budget.
    The same threshold metrics set forth above with respect to the CEO will apply also to the CoB's formula. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>STI
    for other Executive officers</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">In
    the New Compensation Policy a clarification was added, according to which the HR &amp; Compensation Committee and Board of
    Directors may determine, in any given year, that the STI payout, in whole or in part, for Executive Officers, other than the
    CEO and Executive Chairman, will be granted according to a qualitative evaluation or while applying discretion of the said
    organs, subject to the maximum payout caps set forth in the Policy. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>STI
    Targets </I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">CEO
- 120% of the annual base salary.</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">Executive
Chairman &ndash; 120% of annual base salary.</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">CEO
&ndash; no change.</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">Executive
Chairman &ndash; we added with respect to a CoB that does not receive an annual base salary or management fee, that the maximun
target STI will be $630,000.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>STI
    Caps</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">CEO
- the lower of 180% of the CEO target bonus or $2,500,000</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">Executive
Chairman &ndash; the lower of 150% of the Chairman&rsquo;s Target Bonus or $1,000,000.</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">CEO
- the lower of 130% of the CEO target bonus or $1,500,000.</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">Executive
Chairman &ndash; no change.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>Adjustments</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">The
    Adjusted Net and Operating Income are equal to the adjusted <I>reported</I> figures. There is a general statement that allows
    further adjustments by the Committee and Board</FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">The
    Policy includes a closed list of adjustments to be applied on the measurable financial goals. Adjustments under $2 million
    will not be applied.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>Dilution
    from equity-based compensation (&quot;Long Term Incentive&quot; or &quot;LTI&quot;)</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Three
    year maximal average burn rate of 1%, total maximal potential dilution of 15% &amp; shares deriving from outstanding LTI plans
    will be 5% from outstanding share capital over a 10-year period.</FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Total
    potential dilution from outstanding and proposed LTI plans will not exceed 10%.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>LTI
    caps per vesting annum</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">Executive
Chairman &ndash; $1,000,000</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">CEO - $2,000,000</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">Executive
Chairman &ndash; $1,200,000 for a an Executive CoB that does not receive </FONT></P></TD></TR>
</TABLE>

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

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

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">It
                                         is clarified, that subject to the approval of the New Compensation Policy hereunder,
                                         the bonus mechanism set forth in the New Comepnsation Policy will be applied with respect
                                         to 2019 in its entirety.</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; border-left: black 1.5pt double; color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Item</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Current
    Compensation Policy</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt double; border-right: black 1.5pt double; border-bottom: black 1.5pt double; color: gray; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>New
    Compensation Policy</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray; width: 22%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 35%">&nbsp;</TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; width: 43%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt">base
salary, otherwise $1,000,000.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt">CEO - $1,500,000 (excluding LTI Awards granted prior to the
publication of the New Compensation Policy).</P>

<P STYLE="margin: 0pt 0pt 3pt">Caps for other Executive Officers remain unchanged from Current Copensation Policy.</P>



</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>Additional
    Severances</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Option
    to provide additional severances </FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Going
    forward, the option to provide additional severances will no longer exist</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>STI
    entitlement during the Advanced Notice Period</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">The
    CEO's annual bonus with respect to the notice period will be calculated according to the Bonus Formula while only applying
    ICL's Financial Measures (without amending for personal KPI's or manager score). </FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">During
    the Notice Period the CEO's STI formula provided above will not be applied and the STI payout will be calculated with 50%
    of his target STI measured against the adjusted Net Income and 50% against the adjusted Operating Income vs. budget. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt double; border-left: black 1.5pt double; color: gray; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>Termination
    Benefits</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt double; color: gray; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Cap
    of 24 months (excluding with respect to additional severances under existing agreements).</FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1.5pt double"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Cap
reduced to 12 months (excluding with respect to additional severances under existing agreements).</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">CoB that
does not receive a monthly base salary or management fee, may continue to be entitled to his terms of tenure for an additional
period of 12 month&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">It
is clarified, that the maximum compensation items' amounts set forth in the table above and in the New Compensation Policy with
respect to the Chairman of the Board, will not result in any increase to the compensation terms of ICL's newly appointed Executive
Chairman, Mr. Yoav Doppelt, as set forth in the Proxy Statement for the Company's Extraordinary General Meeting of Shareholders,
expected to be convened on May 29, 2019 (as published by the Company on April 18, 2019, Reference No: 2019-02-035718).</FONT></P>

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

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">The
overview of the New Compensation Policy detailed in the table above is not exhaustive, and is superseded in its entirety by the
form of the New Compensation Policy, a copy of which is attached as </FONT><FONT STYLE="font-size: 10pt"><U>Appendix A</U> <FONT STYLE="font-weight: normal">hereto.</FONT></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Description
of Actual Implementation of the Current Compensation Policy on the CEO and CoB in 2018</U>:<SUP>5</SUP></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 27%; border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; border-left: black 1.5pt double; padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Compensation Component</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="width: 31%; border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Caps under Current Compensation Policy </B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1.5pt double; border-right: black 1.5pt double; border-bottom: black 1.5pt double; padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Actual Compensation </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-left: black 1.5pt double; padding: 2pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Annual Base Salary</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">President &amp; CEO</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Cap</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1.5pt double; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$420,000<SUP>6</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive Chairman</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Cap</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1.5pt double; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$534,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt double; padding: 2pt; border-bottom: black 1.5pt double; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>STI (Annual Cash Bonus)</I></B>&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt double; padding: 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">President &amp; CEO</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt double; padding: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lower of 180% of the CEO's target bonus or $2,500,000</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt double; padding: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$523,000<SUP>7</SUP></FONT></TD></TR>
</TABLE>


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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 3pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
                                         additional information regarding Mr. Zoller and Mr. Locker's actual pay in 2018, please
                                         see &ldquo;Item 6. Directors, Senior Management and Employees &ndash; B. Compensation&rdquo;
                                         in our 2018 20F. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>6</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This
                                         amount represents the actual base salary paid to Mr. Zoller in 2018 since he entered
                                         into office in May 14, 2018. Mr. Zoller's annual base salary per his employment agreement
                                         is NIS 2,400,000 (Approximately $667,000).</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This
                                         amount represents the outcome of the impelementation of the CEO's bunos formula set forth
                                         in the Current Compensation Policy with respect to the period in 2018 that Mr. Zoller
                                         actually served as our President &amp; CEO, i.e. since May 14, 2018. Mr. Zoller's target
                                         STI as set forth in his employment agreement and approved by the General Meeting of our
                                         shareholders on April 24, 2018, is NIS 2,500,000 (approximately $695,000).</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 27%; border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; border-left: black 1.5pt double; padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Compensation Component</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="width: 31%; border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Caps under Current Compensation Policy </B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1.5pt double; border-right: black 1.5pt double; border-bottom: black 1.5pt double; padding: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Actual Compensation </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt double; padding: 2pt; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive Chairman</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lower of 150% of the COB's target bonus or $1,000,000</FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$492,000<SUP>8</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-left: black 1.5pt double; padding: 2pt; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>LTI (Equity Compensation)</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">President &amp; CEO</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,000,000 (per vesting annum)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1.5pt double; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$433,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive Chairman</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000,000 (per vesting annum)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1.5pt double; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$544,000<SUP>9</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-left: black 1.5pt double; padding: 2pt; border-bottom: black 1.5pt double; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Special Bonus</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">President &amp; CEO</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3 monthly salaries</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt; border-right: black 1.5pt double; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>N.A.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt double; padding: 2pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive Chairman</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding: 2pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3 monthly salaries</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding: 2pt; border-right: black 1.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$134,000 &nbsp;(=3 monthly salaries)<SUP>10</SUP></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Areas
of deviation from the Current and/or New Compensation Policy</U>:</FONT></P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 19%; border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; border-left: black 1.5pt double; color: gray; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Compensation
    Policy</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Compensation
    Item of incompliance with policy</B></FONT></TD>
    <TD STYLE="width: 57%; border-top: black 1.5pt double; border-right: black 1.5pt double; border-bottom: black 1.5pt double; color: gray; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Description
    of incompliance</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1.5pt double; color: gray; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>Current
    Policy</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Special
    Bonus to ICL's former acting CEO, Mr. Asher Grinbaum</FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: Black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Upon
    his retirement as acting CEO, the 2018 AGM that convened on August 20, 2018, approved a Special Bonus in an amount of NIS
    1,800,000 (approximately $500,000), to Mr. Grinbaum. According to the Current Compensation Policy, the maximum special bonus
    payout to the CEO in any given year cannot exceed the difference between 3 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 Special Bonus to Mr. Grinbaum was approved in a deviation from
    the Current Compensation Policy according to section 272(C) to the Israeli Companies Law. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>Current
    Policy</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Termination
    arrangement for the New Executive Chairman of the Board, Mr. Doppelt</FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">According
    to the Current Compensation Policy, the Executive Chairman of the Board is entitled to up to 12 months of advance notice,
    during which employer-employee relations continue to apply and he is entitled to all of his compensation terms, including
    annual</FONT></TD></TR>
</TABLE>

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

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

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<P STYLE="margin: 0 0 3pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>8</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This
                                         amount represents the outcome of the impelementation of the CoB's bonus formula set forth
                                         in the Current Compensation Policy in 2018</FONT><FONT STYLE="font-size: 9pt">. <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mr.
                                         Locker's target STI as set forth in his employment agreement and approved by the General
                                         Meeting of our shareholders on August 29, 2016, is NIS 1,900,000 (approximately $528,000).&#9;</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>9</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On
                                         August 20, 2018, the General Meeting of our Shareholders approved an additional grant
                                         of the Company's Options to Mr. Locker with a value of NIS 1,500,000 (approximately $416,000),
                                         in addition to his regular equity grant of NIS 1,800,000 per annum (comprised in half
                                         of Options and in half of Restricted Shares), as set forth in his agreement with the
                                         Company and approved by the General Meeting of our shareholders on August 29, 2016</FONT><FONT STYLE="font-size: 9pt">.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>10</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Subject
                                         to shareholders approval at the Extraordinary General Meeting of Shareholders that will
                                         take place on May 29, 2018 (see the Company's Proxy Statement that was published on April
                                         18, 2019, Reference No: 2019-02-035718).</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; border-left: black 1.5pt double; color: gray; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Compensation
    Policy</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt double; border-right: black 1pt solid; border-bottom: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Compensation
    Item of incompliance with policy</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt double; border-right: black 1.5pt double; border-bottom: black 1.5pt double; color: gray; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B>Description
    of incompliance</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; color: gray; text-align: justify; width: 19%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; color: gray; width: 24%">&nbsp;</TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; color: gray; width: 57%"><FONT STYLE="color: Black">bonus.
    The Current Compensation Policy, however, does not refer to a situation similar to that of Mr. Doppelt's, whereby no employer-employee
    relations exist between the Company and the Executive Chairman, and the Executive Chairman does not receive an annual base
    salary. The proposed termination arrangements for the 12 months following Mr. Doppelt's termination (as included in the Proxy
    Statement for the Company's Extraordinary General Meeting of Shareholders, expected to take place on May 29, 2019), are similar
    to the arrangement under the Current Policy, and include: (1) a grant in an amount equal to the STI, calculated in accordance
    with the CoB's STI Formula in the applicable Compensation Policy (including the Board's discretion to reduce it), that will
    be paid together with the payment of STI to other Executive Officers; (2) Mr. Doppelt's LTI awards, as granted from time to
    time, will continue to vest according to their vesting schedule and terms.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt double; border-left: black 1.5pt double; color: gray; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><B><I>New
    Policy</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt double; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Cap
    on termination benefits</FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1.5pt double"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">The
Current Compensation Policy provides that the aggregate amounts of the termination benefits paid to Executive Officers, shall
not exceed an amount equal to 24 months base salary. The New Compensation Policy is proposed to be revised in this respect to
provide for an aggregate termination benefits amount that will equal 12 months base salary, except for a few existing Executive
Officers or employees that will be appointed as Executive Officers, that according to previous commitments of the company to them,
are entitled to severance pay in amounts that together with their other termination benefits exceed the aforementioned maximum.
Messrs. Raviv Zoller, Johanan Locker and Charles Weidhas' employment agreements include an entitlement to additional severance
payment upon termination equal to their last monthly salary multiplied by the number of years in ICL.</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt"><FONT STYLE="font-size: 10pt; color: Black">Messrs.
Locker and Zoller are each entitled to a 12 months Notice Period per their agreement, and Mr. Weidhas is entitled to a 6 months'
Notice Period and a 6 months' Adjustment Period per his agreement. Therefore, together with the additional severance payment,
their termination benefits are expected to exceed the total of 12 months.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Other
than as set forth above, there are no further material arrangements in deviation from the New Compensation Policy.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">It
is clarified, that insofar as the General Meeting of our Shareholders objects to the approval of the New Compensation Policy,
the Company's Board of Directors may approve the New</FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">Compensation
Policy even if the shareholders object to its approval, to the extent that the HR &amp; Compensation Committee and thereafter
the Company's Board of Directors decide that the approval of the New Compensation Policy, despite the objection of the general
meeting of shareholders, is in the best interests of the Company.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal; color: black">For
further details regarding our President &amp; CEO's compensation, as well as the compensation paid to the five highest earning
Executive Officers in 2018, please see &quot;Item 6. Directors, Senior Management and Employees &ndash; B. 'Compensation&quot;
in our 2018 20-F. For details regarding the </FONT><FONT STYLE="font-size: 10pt; font-weight: normal">compensation terms of our
new Executive Chairman, see the Company's Proxy Statement for the Extraordinary General Meeting of Shareholders expected to take
place on May 29, 2019 (as published by the Company's on April 18, 2019, Reference No: 2019-02-035718)<FONT STYLE="color: black">.
</FONT></FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
stated above, following the recommendation of the HR &amp; Compensation Committee from its meeting at May 2, 2019, on May 6, 2019,
the Board of Directors approved and recommended that shareholders approve, the New Compensation Policy, substantially in the form
attached to this Proxy Statement as <B><U>Appendix A</U></B>.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
HR &amp; Compensation Committee and the Board of Directors reviewed and considered the New Compensation Policy taking into account
the latest strategic long-term goals of ICL and the risk management policy of the Board of Directors, in an attempt to create
proper incentives for the executive officers of the Company, taking into account, among other things, the desire of the Company
to match the principles of the compensation for executive officers with the compensation of the other senior executives of the
Company in Israel and in its global centers of operations.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">After
thorough discussions of the proposed changes to the Compensation Policy, the HR &amp; Compensation Committee and the Board of
Directors concluded that the New Compensation Policy is appropriate and suitable for the needs of the Company, and that it reflects
better expression of the desired compensation structure for executive officers and directors, and of the right balance between
creating proper incentives for executive officers and the risk management policy of the Company. In addition, the HR &amp; Compensation
Committee and the Board of Directors believe that the proposed changes to the Current Compensation Policy will help strengthen
the alignment of interests and the connection between the compensation of executive officers and the return of the shareholders
of the Company (among others, as a material portion of the compensation is based on performance), and are consistent with the
aim of the Company to attract, recruit, retain and promote high quality and experienced office holders. In particular, the HR
&amp; Compensation Committee and the Board of Directors believe that the new STI mechanism for the President &amp; CEO and the
Executive Chairman will help strengthen the alignment between the Company's financial results and the Company's annual budget,
and accordingly, the actual CEO's and Executive Chairman's STI payout.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Considering
the foregoing, the HR &amp; Compensation Committee recommended the approval of the New Compensation Policy and the Board of Directors
approved the New Compensation Policy and has recommended that the shareholders approve as well.</FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant
to the Israeli Companies Law, the approval of this resolution requires 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 (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
non-vote are disregarded) or (ii) the total number of shares</FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">of
non-controlling shareholders and of shareholders who do not have a personal interest in the resolution and who voted against it
does not exceed two percent of the outstanding voting power in the Company.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Israel
Corp. is considered a &quot;controlling shareholder&quot; for this purpose, and all of our office holders are deemed to have a
&quot;personal interest&quot; in this matter. According to the Israeli Companies Law, even if the shareholders do not approve
the New Compensation Policy, the Human Resources &amp; 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 New Compensation Policy, that the
New Compensation Policy is in the best interests of the Company despite the opposition of the shareholders.&nbsp;</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">The
</FONT><FONT STYLE="font-size: 10pt">Israeli <FONT STYLE="color: black">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. </FONT>According to the Israeli Companies Law, a &ldquo;personal interest&rdquo; of a shareholder
includes (i)&nbsp;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 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) excluding an interest arising solely from the ownership of our Ordinary Shares.&nbsp;</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>RESOLVED</B>,
that the New Compensation Policy, substantially in the form attached as <B><U>Appendix A</U></B> to this Proxy Statement, be,
and it hereby is, approved.&rdquo;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 5
&ndash; Approval of a Long Term Incentive Award to our Chief Executive Officer, Mr. Raviv Zoller for 2019-2021</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Per
the Company's internal long-term incentive plan, as implemented in recent years, Executive Officers (including the CEO and Executive
Chairman) and a group of certain other senior managers and Company employees are entitled to receive an annual equity grant at
a fixed value per annum, of which half was attributed to non-marketable options exercisable into Ordinary Shares (the &ldquo;<B>Options</B>&rdquo;)
and half was attributed to restriced Ordinary Shares (the &ldquo;<B>Restricted Shares</B>&rdquo;).</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Accordingly,
following the approval of the general meeting of our shareholders from April 24, 2018, on May 14, 2018 (upon entry into office),
Mr. Zoller received an equity grant for 2018 in a total value of NIS 4 million (approximately $1.1 million), comprised in half
of Options at a value of NIS 2 million (approximately $560 thousand) and in half of Restricted Shares at a value of NIS 2 million
(approximately $560 thousand) (the &quot;<B>Annual Equity Grant for 2018</B>&quot;).</FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company now wishes, concurrently with the launch of its New Compensation Plan, as described in Item 4 above, to amend also its
internal long-term incentive plan for the next three years, <I>inter alia</I>, in such way that: (1) only ICL's top management
forum (including the President &amp; CEO and the Executive Chairman of the Board) will be entitled to long term incentive (&quot;<B>LTI</B>&quot;)
awards in the form of equity;<SUP>11</SUP> (2) the LTI awards will be granted once every three years, with a grant value that
will reflect a trinniel grant; (3) the entire LTI award will be granted in Options (instead of half Options and half Restricted
Shares); (4) vesting of the Options will be amended to two equal tranches, with one-half of the Options vesting upon the lapse
of 24 months from Grant Date and one-half upon the lapse of 36 months from the Grant Date (as opposed to three equal annual tranches,
with one-third of the Options vesting upon the lapse of 12 months from the Grant Date, one-third upon the lapse of 24 months from
the Grant Date, and one-third at the end of 36 months from the Grant Date).</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">It
is therefore proposed, that Mr. Zoller will be entitled to a three-year LTI grant, for no consideration, in the form of Options,
in a total value of NIS 14.4 million (approximately $4 million) (the &quot;<B>2019-2021 LTI Grant</B>&quot;), which consititute
NIS 4.8 million (approximately $1.33 million) per vesting annum, as part of the LTI plan. The proposed increase of the President
&amp; CEO's value per vesting annum from NIS 4 million or approximately $1.1 million to NIS 4.8 million or approximately $1.33
million, was decided upon, among other things, in light of the following: (1) the HR &amp; Compensation Committee and Board of
Directors' decision to change of the equity mix of the LTI grant for the next three years from half Options and half Restricted
Shares to solely Options; (2) the proposed changes to the vesting schedule, of two tranches, with the first vesting following
24 months from the Grant Date as opposed to three tranches, with the first vesting following 12 months from the Grant Date; and
(3) the reduction of the President &amp; CEO's maximum annual STI payout to the lower of 130% of the CEO's target STI for such
year or $1,500,000 in the New Compensation Policy, instead of 180% of the CEO's target STI for such year or $2,500,000 in the
Current Compensation Policy.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">According
to the Current Compensation Policy, the LTI awards granted to our President &amp; CEO, will not exceed in value (based on accepted
valuation methods), on the date of grant, $2,000,000 per one (1) vesting annum. According to the New Compensation Policy, the
LTI awards granted to our President &amp; CEO, will not exceed in value (based on accepted valuation methods), on the date of
grant, $1,500,000 per one (1) vesting annum (excluding LTI Awards granted prior to the publication of the New Compensation Policy).</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">By
approving the 2019-2021 LTI Grant, the General Meeting of the Shareholders is also asked to approve an amendment to Mr. Zoller's
terms of service and employment, as approved by the General Meeting of our Shareholders on April 24, 2018, in such way that the
Company will not be limited to issue to Mr. Zoller an <I>annual equity grant</I> of NIS 4 million (approximately $1.1 million)
per annum, but instead, beginning in 2019, will be able to grant Mr. Zoller LTI awards with a value of NIS 4.8 million (approximately
$1.33 million) per vesting annum or any other amount per annum, as approved by the authorized organs, including the Company's
shareholders with the applicable majority required .</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Based
on the indicative <FONT STYLE="color: black">closing price of the Ordinary Shares on the TASE </FONT>during the 30 trading days
preceding the date of the Board's approval of the 2019-2021 LTI Grant, or NIS 19.21 (approximately $5.33) per share, Mr. Zoller
will be entitled to 3,380,282 Options. <FONT STYLE="color: black">The actual amount of the Options, however, will be calculated
</FONT>on the basis of a Black-Scholes model<FONT STYLE="color: black">, using the average closing price of the Ordinary Shares
on the TASE </FONT>during the 30 trading days preceding the approval of our shareholders at the General Meeting (in this item:
the &quot;<B>Grant Date</B>&quot;)<FONT STYLE="color: black">.</FONT></FONT></P>

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

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

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>11</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
                                         Company's managers and Company emloyees that were previously part of the Company's equity
                                         plans may be entitled to be part of another LTI plan, as may be determined by the authorized
                                         organs.</FONT></TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Ordinary Shares that will be issuable upon exercise of the Options to be issued to Mr. Zoller, as of the date of this Proxy Statement,
constitute approximately 0.23% of the issued and outstanding share capital of the Company and approximately 0.26% of the voting
rights (approximately 0.26% of the issued and outstanding share capital of the Company and approximately 0.26% of the voting rights,
on a fully diluted basis).</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
indicative exercise price of the Options based on the average closing price per share of the Ordinary Shares on the TASE during
the 30 trading days preceding the date of the Board's approval of the grant, is NIS 19.21 (approximately $5.33). The actual exercise
price of the Options however, will be determined based on the average <FONT STYLE="color: black">closing price of the Ordinary
</FONT>Shares on the TASE during the 30 trading days preceding the Grant Date. The exercise price of the Options will be linked
to the Israeli Consumer Price Index and subject to adjustements for dividend payments commencing at the Grant date.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Further
to discussions of the HR &amp; Compensation Committee on March 27 and April 8, 2019, on April 15, 2019 our HR &amp; Compensation
Committee and Board of Directors approved the 2019-2021 LTI Grant to Mr. Zoller, which terms are in compliance with the terms
and conditions set forth both in the Company's Current and in the New Compensation Policy.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
vesting of the 2019-2021 LTI Grant will be in two equal tranches, with one-half of the Options vesting upon the lapse of 24 months
from Grant Date and one-half upon the lapse 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, the Options may be exercised, in whole or in part, as of the date of &ldquo;maturity&rdquo;
of each tranche and until the lapse of 5 years after the Grant Date (as opposed to 7 years in previous Long Term Incentive plans
to Executive Officers of the Company, including the President &amp; CEO).</FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
2019-2021 LTI Grant is governed by our 2014 Equity Plan, as amended on June 2016 (the &quot;<B>Equity Plan</B>&quot;). According
to the Equity Plan, vesting of the Options would fully accelerate if the holder thereof is no longer employed by the Company and
such termination of the employment relationship is within 365 days following a change of or in 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 any severance pay, including the carrying out of criminal offenses and breach
of fiduciary duties (&ldquo;<B>Cause</B>&rdquo;)). The HR &amp; Compensation Committee and Board of Directors exercised the authority
granted to them in the Equity Plan to amend the terms thereof, and resolved in connection with the aforementioned trinniel LTI
grants to the Company's senior management, that in the event that at the time of termination of employment (excluding termination
for Cause), the age plus years&rsquo; of service with the Company of the applicable holder equals 75 or more (&quot;<B>Rule 75</B>&quot;),
instead of a full acceleration of the Options as provided in the Equity Plan, a graded acceleration would be implemented in such
way that if the termination occurs during the first year of the grant &ndash; 1/3 of the Options will vest, if occurs during the
second year &ndash; 2/3 of the Option will vest and if during the third year it would fully accelerate.<SUP>12</SUP> In any
event the Options shall be exercisable into shares during the 12 months</FONT></P>

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

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

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>12</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">It
                                         is noted, however, that considering the term of the grant and the life expectancy of
                                         the Options pursuant to the 2019-2021 LTI Grant, Rule 75 will not apply to Mr. Zoller.
                                         It is further noted, that although the above clarification regarding the implemetation
                                         of the graded acceleraion in the event Rule 75 applies was not included in the Proxy
                                         Statement we published on April 18, 2019, in connection with the proposed LTI grant to
                                         our new Executive Chairman of the Board, Mr. Yoav Doppelt, considering the term of the
                                         grant and the life expectancy of the Options pursuant to Mr. Doppelt proposed LTI Grant,
                                         Rule 75 will not apply to Mr. Doppelt</FONT><FONT STYLE="font-size: 9pt">.</FONT></TD></TR></TABLE>

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

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


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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">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 (i.e., not for reason of termination pursuant to change of control or when Rule
75 applies), the holder shall be entitled to exercise only the vested portion of its Options over a period of ninety (90) days
from the day of his employment termination. Any unvested Options and Restricted Shares will be cancelled upon termination of employment.
In addition, according to the Equity Plan, in case of termination of employment relations due to disability or death &ndash; the
holder thereof (or inheritors or transferee thereof) will be entitled to exercise the matured Options which have not been exercised
into Shares during a period of twelve (12) months following the termination of employment relations.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Options will not be transferable and will be held by the trustee at least for a period of two years as aforementioned.</FONT></P>

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">It
is further noted that the allocation hereunder is subject to the approval of the TASE for the registration for trade of the Ordinary
Shares that will derive from the exercise of the Options.</FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">The
HR &amp; Compensation Committee and Board of Directors noted in their approval the importance of creating a long term incentive
plan that will motivate Mr. </FONT><FONT STYLE="font-size: 10pt">Zoller <FONT STYLE="color: black">to enhance long-term shareholder
value by aligning his interests with those of our shareholders. The HR &amp; Compensation Committee and Board of Directors noted
in this respect that the grant to Mr. Zoller of LTI in the form of options only, provides him with a direct and personal financial
incentive to improve the Company&rsquo;s performance. In addition, the HR &amp; Compensation Committee and the Board of Directors
further noted, that </FONT>the proposed increase of Mr. Zoller's LTI value per vesting annum, is appropriate and reasonable, among
other things, in light of the change in the equity mix to Options alone, the proposed changes to the vesting schedule (as detailed
above) and the proposed significant reduction in the President &amp; CEO's maximum bonus amount in the New Compensation Policy,
and as detailed above<FONT STYLE="color: black">. In light of all of the above, the HR &amp; Compensation Committee and Board
of Directors stated that the proposed LTI grant of Mr. </FONT>Zoller, as well as the amendment to his employment agreement, <FONT STYLE="color: black">is
in alignment with the Current and New Compensation Policy of the Company and is in the best interests of the Company and our shareholders.</FONT></FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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 this resolution requires 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-</FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">controlling
shareholders and of shareholders who do not have a personal interest in the resolution who voted against it does not exceed </FONT><FONT STYLE="font-size: 10pt">2%
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">of the outstanding voting power in the Company. According to the Israeli
Companies Law, even if the shareholders do not approve this compensation matter, the Human Resources &amp; 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></FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">&ldquo;<B>RESOLVED</B>,
to approve the LTI grant to our President &amp; CEO, Mr. Zoller, for 2019-2021, and accordingly to amend Mr. Zoller employment
agreement to allow an LTI grant</FONT> <FONT STYLE="font-size: 10pt">of NIS 4.8 million (approximately $1.33 million) per vesting
annum, or any other amount, as may be decided by the authorized organs, beginning in 2019<FONT STYLE="color: black">, all as described
in Item 5 of the Proxy Statement&rdquo;</FONT></FONT></P>

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

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

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


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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal; text-transform: none">Any
shareholder of the Company who intends to present a proposal at the 2019 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.: ICL 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 May 21, 2019. </FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
accordance with the Israeli Companies Law and regulations promulgated thereunder, any shareholder of the Company may submit to
the Company a position statement on its behalf, expressing its position on an item on the agenda of the Meeting to Millennium
Tower, 23 Aranha Street, P.O.&nbsp;Box&nbsp;20245, Tel Aviv, 61202 Israel, Attn.: Corporate Secretary, no later than June 17,
2019. 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: 212.65pt"><FONT STYLE="font-size: 10pt">By
Order of the Board of Directors,</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3in; text-indent: 215pt"><FONT STYLE="font-size: 10pt">Aya Landman</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3in; text-indent: 215pt"><FONT STYLE="font-size: 10pt"><I>ICL Corporate
Secretary</I></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Dated: May 14, 2019</FONT></P>

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


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

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"><IMG SRC="icl-comp.jpg" ALT="">&nbsp;</FONT></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Appendix
A</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>June 2019</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Israel
Chemicals Ltd.</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Compensation
Policy for Office Holders</U></B></FONT></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>General</B></FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">1.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                         document is designed to detail the compensation policy of Israel Chemical Ltd. (&quot;<B>ICL</B>&quot;
                                         or the &quot;<B>Company</B>&quot;) for its Office Holders, as such term is defined in
                                         the Companies Law, 1999 (&quot;<B>Companies Law</B>&quot;). </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">1.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                         policy does not grant any legal rights to ICL's Office Holders. ICL's Office Holders
                                         shall be entitled only to the compensation granted to each of them specifically by the
                                         HR &amp; Compensation Committee, the Board of Directors (&quot;<B>Board</B>&quot;), and
                                         where required, subject to the approval of the shareholders of the Company. For purposes
                                         of this policy, the term &quot;Authorized Organ&quot; shall refer to the relevant corporate
                                         organ or organs stated above, the approval of which is required under the Companies Law
                                         for the relevant compensation.</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">1.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                         the event that an Office Holder shall receive compensation which is less favorable than
                                         the compensation described under this policy for an Office Holder in the same position
                                         at ICL, this shall not constitute an exception to this policy. </FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">1.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For
                                         purposes of this policy, &ldquo;<B>Executive Officers</B>&rdquo; shall refer to Office
                                         holders (as such term is defined in the Companies Law, 5759-1999) that have an active
                                         executive role with the Company, including a (full or part time) executive chairman of
                                         the Board (&quot;<B>Executive Chairman</B>&quot;), and shall not refer to non-executive
                                         members of the Board, unless otherwise expressly indicated.</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">1.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                         policy is written in the masculine form for convenience only and is intended for women
                                         and men alike.</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">1.6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Upon
                                         the approval of this policy by the shareholders of the Company, the compensation policy
                                         that was in place until such date shall be replaced in its entirety by this amended and
                                         restated compensation policy.</FONT></TD></TR></TABLE>

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


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Compensation
                                         Objectives and Principles</B></FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">2.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ICL
                                         is a global specialty minerals and chemicals company operating bromine, potash and phosphate
                                         mineral value chains in a unique, integrated business model. ICL extracts raw materials
                                         from well-positioned mineral assets and utilizes technology and industrial know-how to
                                         add value for customers in key agricultural and industrial markets worldwide. ICL focuses
                                         on strengthening leadership positions across the company.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">2.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                         policy is intended to enable ICL to attract and retain, on a global basis, highly experienced
                                         executives capable of managing vast, complex and global operations, and to motivate them
                                         to drive the Company's long-term goals by structuring a compensation package that maintains
                                         the balance between fixed and variable components. As such, the compensation package
                                         for Executive Officers will generally have the following characteristics:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.2.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">compensation elements
                                                                                                        will be clear and transparent;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.2.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">components of                                          the
                                                                                                        compensation package will be aligned with ICL's short-term and long-term goals;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.2.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">compensation will                                          be
                                                                                                        structured in ways that aligns Executive Officers' interests with shareholders' interests;</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.2.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a significant                                          portion
                                                                                                         of the compensation package will be &quot;at risk&quot; and based on corporate
                                                                                                         performance as well as individual performance;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.2.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">equity-based compensation
                                                                                                        will be subject to a vesting period of over at least three (3) years.</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">2.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                         addition to the characteristics above, the compensation will be structured so as to ensure
                                         balanced and effective risk management by encouraging excellent performance without promoting
                                         excessive risk-taking deviating from the framework outlined by the Board. ICL believes
                                         that the following factors may help to discourage inappropriate risk-taking:</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.3.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         balanced mix of compensation components: fixed component, short-term variable component
                                         and long-term variable component;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.3.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         compensation goals should reflect a mix of quantitative and qualitative performance measures;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">2.3.3.</FONT></TD><TD><FONT STYLE="font-size: 10pt">setting caps on the variable
compensation components;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.3.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">determining
                                         claw-back provisions with respect to variable compensation.</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Compensation
                                         Components</B></FONT></TD></TR></TABLE>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-align: justify"><FONT STYLE="font-size: 10pt">The
overall compensation of ICL's Executive Officers shall be composed of various components, fixed and variable. ICL&rsquo;s Executive
Officers&rsquo; Total Compensation is composed of the following elements:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Base Salary</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Social&nbsp;and other
benefits</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Annual Cash Bonus
(Short term Incentive or STI)</FONT></TD>
</TR></TABLE>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Equity-based compensation
(Long-Term Incentive or LTI)</FONT></TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Retirement and Termination
arrangements</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">It should
be noted that this policy refers, among others, also to the terms of service and/or employment of an Executive Chairman that is
employed by the Company or that provides services thereto.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">ICL seeks
to establish a base salary and total compensation that is competitive with the base salary and total compensation paid to Executive
Officers in similar industries and positions, in both global and/or local companies, as relevant and if applicable for each position.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Ratio
                                         between Fixed and Variable Components </B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The ranges
for the desirable ratios between the fixed and the variable components of the Executive Officers compensation are detailed below.
The ratios represent the ratio of the fixed or variable component out of the overall compensation:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; border-left: Black 1.5pt double; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Office
    Holders</B></FONT></TD>
    <TD STYLE="width: 26%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; padding: 4pt; text-align: left"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Fixed
        Component </B></FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>(Base
        Salary)</B></FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    <TD STYLE="width: 31%; border-top: Black 1.5pt double; border-right: Black 1.5pt double; border-bottom: Black 1.5pt double; padding: 4pt; text-align: left"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Variable
        Components</B></FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>(Bonuses
        &amp; LTI)</B></FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;CEO<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15%
    - 60%</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40%
    - 85%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive
    Chairman<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%
    &ndash; 40%</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60%
    - 100%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double; padding: 4pt; text-align: left"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Executive
        Officers</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">(other
        than Executive Chairman, CEO)</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20%
    - 60%</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40%
    - 80%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; border-left: Black 1.5pt double; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Board
    Members</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%
    - 100%</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1.5pt double; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%
    - 50%</FONT></TD></TR>
</TABLE>

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

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

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


<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 3pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"> <TD STYLE="width: 0"></TD><TD STYLE="width: 22.7pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;<SUP>1</SUP></FONT></P></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
                                         minimal ratio of 15% or 0% fixed component out of the overall compensation, and respectively,
                                         the maximum ratio of 85% or 100% variable component out of the overall compensation,
                                         represents a situation whereby the Executive Chairman or the CEO, as the case may be,
                                         reach their maximum caps of entitlement to the variable components (Bonuses &amp; LTI)
                                         in a given year or whereby the Executive Chairman does not receive a Fixed Component
                                         and reaches his maximum caps of entitlement to the Variable Components in a given year.</FONT></TD></TR></TABLE>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="icl-comp.jpg" ALT="">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The ratios
stated in the table above represent the potential pay mix; however, the actual ratios may vary based on performance in a given
year. For example, in a year with no or limited variable component, the ratio between the fixed compensation and the overall compensation
may be higher than stated above.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Internal
                                         Company Comparison</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Upon approval
of compensation for an Executive Officer, the Authorized Organs will examine, inter alia: the ratio between the base salary of
the Executive Officer and the average and median salary of the other employees of ICL (including contractors&rsquo; workers employed
with ICL); and the ratio between the cost of the employment of the Executive Officer and the average and median cost of employment
of the other employees (including contractors&rsquo; workers employed with ICL), and the influence of such ratios on the working
relations in the Company, taking into consideration the Company's size, nature of operations, and the market in which it operates.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The table
below shows the current ratio based on 2018 cost of labor data, between the overall cost of employment of ICL&rsquo;s CEO and
the average and median overall cost of employment for all other ICL employees (i.e. the employees of the public company only,
including the contractor&rsquo;s workers), and the current ratio between the average cost of employment of Executive Officers
(other than the CEO) and the average and median overall cost of employment for all other ICL employees, assuming 12 months of
employment, payment of the Target STI (as defined below) for 2018 and assuming the value of equity-based compensation for one
vesting annum as valued at the date of grant according to the most updated equity based compensation plan:</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-bottom: 5.5pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; border-left: Black 1.5pt double; padding: 4pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; padding: 4pt; text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Ratio
    to average of other employees' Overall Compensation</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt double; border-right: Black 1.5pt double; border-bottom: Black 1.5pt double; padding: 4pt; text-align: left; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Ratio
    to median of other employees' Overall Compensation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1.5pt double; padding: 4pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">CEO</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 4pt; border-right: Black 1pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Approx.
    16.4 times</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 4pt; border-right: Black 1.5pt double; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Approx.
    20.5 times</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1.5pt double; padding: 4pt; border-bottom: Black 1.5pt double; border-right: Black 1pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Executive
    Officers (other than CEO)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding: 4pt; border-right: Black 1pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Approx.
    5.3 times</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding: 4pt; border-right: Black 1.5pt double; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Approx.
    6.3 times</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Fixed
                                         Compensation</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">6.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Base
                                         Salary</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">The
base salary may vary between the Executive Officers in ICL and shall be individually determined according to some or all of the
following considerations:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Executive Officer's educational
background, qualifications, skills, specializations, prior professional and business experience, past performance and achievements;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Executive Officer's position
and scope of responsibility;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Executive Officer's previous
compensation agreements;</FONT></TD>
</TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="icl-comp.jpg" ALT="">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Comparable compensation
agreements within ICL;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Comparable positions
in other local and/or global companies as relevant and if applicable to the position;</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">ICL seeks
to establish a base salary and total compensation that is competitive with the base salaries and total compensation paid to Executive
Officers in similar positions, in both global and local companies, as relevant for each position.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Annual
Base Salary Review</U> - The Authorized Organs may conduct an annual review of the base salary of the Executive Officers, while
considering some or all of the following factors:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">the position of the relevant
Executive Officer;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">scope of responsibility;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">relevant Executive Officer's
achievements;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">professional and business
experience of the Executive Officer;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">previous salary agreements
signed with the relevant Executive Officer;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">salary levels for comparable
positions within ICL;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">size of the company and
nature of its operations</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">ICL's macroeconomic environment;
and</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">comparative relevant
market analysis</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
base salary includes cash benefits (such as convalescence pay, clothing and welfare package) and it may be linked to the applicable
index.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">6.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         maximum annual base salary for Executive Officers shall not exceed the following amounts:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">6.2.1.Executive
Chairman &ndash; &#9;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: -11pt; margin-bottom: 0pt; margin-left: 2.75in; text-indent: 0in"><FONT STYLE="font-size: 10pt">$700,000</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">6.2.2.CEO
&ndash;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: -11pt; margin-bottom: 0pt; margin-left: 2.75in; text-indent: 0in"><FONT STYLE="font-size: 10pt">$850,000</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">6.2.3.Other
Executive Officers &ndash;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: -11pt; margin-bottom: 0pt; margin-left: 2.75in; text-indent: 0in"><FONT STYLE="font-size: 10pt">$500,000</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">6.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Sign-on
                                         Bonus</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
order to attract highly qualified executives, the Authorized Organs may grant an Executive Officer a sign-on bonus, as an incentive
to join the Company. The sign-on bonus shall be granted if the HR &amp; Compensation Committee and the Board will deem that in
the specific circumstances there is a special need to grant the sign-on bonus in order to hire the specific Executive Officer.
The amount of the sign-on bonus shall be determined while considering, among others, the market conditions, the specific circumstances
involved in hiring of such Executive Officer, including circumstances of relocation and such other criteria as specified in Section
6.1 above with</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">respect
to base salary. In addition, consideration may be given to the compensation the Executive Officer was likely denied (as a high
probability) from his previous employer due to joining the Company. In the event the Executive Officer leaves the Company within
twenty-four (24) months of joining the Company, the Executive Officer may be required to return such sign-on bonus to the Company.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">6.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Social
                                         and Other Benefits </U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">ICL's
Executive Officers may be entitled to social and other benefits as mandated or afforded by law, or that are customary in the Company
and that the Authorized Organs deems advisable to provide a competitive employment package. Such benefits may include, <I>inter
alia</I>:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Annual vacation as customary;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Annual sick leave as
customary;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Company contributions
to pension funds and disability and life insurance policies;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Company contributions
to educational funds or other savings vehicles;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Additional benefits
may include, inter alia, the following benefits (&quot;<B>Additional Benefits</B>&quot;):</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Providing
                                         a Company car or a car allowance; </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Providing
                                         communication packages, including telephone, and computers with internet access;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subscriptions
                                         to relevant literature;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Life
                                         insurance;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Health
                                         insurance;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Relocation
                                         and housing allowances;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Courses
                                         and trainings; </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Professional
                                         association membership fees (lawyers bar, accountants bar, etc.);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Financial/Tax
                                         planning in case of relocation.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">.
In addition, ICL's Executive Officers are also entitled to reimbursement of expenses related to their duties, as is customary
in the Company and when applicable tax gross-ups as customary in the market. If the Executive Officer provides services to the
Company as an independent contractor or through a management company controlled by him, the payment to that Executive Officer
or to the said company will reflect the components of the fixed compensation (plus applicable taxes, such as VAT) in accordance
with the principles of this policy.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Annual
                                         Cash Bonus </B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">7.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ICL's
                                         Executive Officers may be entitled to an annual compensation in accordance with the short-term
                                         incentive plan (the &quot;<B>STI Plan</B>&quot; or &quot;<B>STI</B>&quot;). The STI Plan
                                         is aimed to create an alignment between the compensation of the Executive Officers and
                                         the Company's annual and long-term goals while focusing, among other things, on individual
                                         goals that will be defined for each of the Executive Officers. The STI Plan may include
                                         rules for eligibility in cases the Executive Officer serves for only part of the relevant
                                         year. STI Plans payouts to Executive Officers, excluding the CEO and the Executive Chairman,
                                         may be calculated by using measurable financial metrics and/or measurable non-financial
                                         metrics, as pre-determined or pre-approved by the HR &amp; Compensation Committee and
                                         the Board, and\or a qualitative evaluation. It is clarified that, the HR &amp; Compensation
                                         Committee and Board of Directors may determine in any given year, that the STI payout
                                         for Executive Officers, other than the CEO and Executive Chairman, in whole or in part,
                                         will be granted according to a qualitative evaluation of non-measurable items of the
                                         said organs, subject to the maximum payouts set forth in Section 7.4 below. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">7.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Annual
                                         STI for the CEO</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Target STI for the CEO represents the conceptual payout amount for 100% performance level (i.e. achieving 100% of all targets)
in a given year. The Target STI for the CEO shall not exceed 120% of the CEO' annual base salary.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">80%
of the CEO's STI target will be measured against performance level of annual measurable financial and measurable non-financial
goals set forth by the HR &amp; compensation committee and the board of directors at the beginning of each fiscal year, as detailed
below.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">20%
of the CEO's STI target will be measured based on a qualitative evaluation by the HR &amp; compensation committee and the board
of directors after receiving a recommendation of the Executive CoB.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">7.2.1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Measurable Financial
and measurable non-financial goals</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
HR &amp; compensation committee and the board of directors will define the goals and the weight of each goal at the beginning
of each year after receiving a recommendation of the CoB. Out of the 80% STI target, at least 60% of STI target will be measured
against financial goals that will be included in the annual budget. The financial goals shall be selected out of the following
list: meeting working capital objectives, meeting cash flow objectives, meeting CAPEX objectives, improving capital structure,
economic profit objectives, meeting sales' increase objectives, meeting budget objectives of sales, operating income, gross income,
EBITDA and net income. Such measurable financial goals shall be determined by the HR &amp; Compensation committee and the board
of directors in the beginning of the year, according to ICL's annual budget for the respective year, and shall be measured against
the budget for purposes of determining the actual performance. The financial goals must include operating income and/or net income.
The Financial actual performance figures shall be adjusted according to paragraph 7.6 below.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
other 30% (or less) of STI target will be measured against other measurable non-financial goals.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
non-financial goals shall be selected out of the following list: achieving strategic objectives selected from ICL's strategic
plan, completing strategic projects' milestones, achieving efficiency improvements' objectives, meeting safety and environmental
objectives, meeting compliance programs' objectives, meeting human resources strategic objectives and meeting merger and acquisition
objectives and related integration objectives.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
HR &amp; Compensation committee and the board of directors shall define at the beginning of each year the performance level, as
detailed in the table below, for each measurable non-financial goal.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
achievement level of each goal will be measured independently of other goals. Below are two tables which illustrate the way measurable
financial goals and measurable non-financial goals are measured and then translated to payout factors.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Table
A- Measurable <B>Financial</B> goals</U>:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top; background-color: #8DB3E2">
    <TD STYLE="width: 48%; border: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Performance
    level</FONT></TD>
    <TD STYLE="width: 52%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payout
    factor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Below
    60% of budget (threshold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Between
    60% - 90% of budget</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Between
    90% - 120% of budget</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.9
    &ndash; 1.2&nbsp;(linear and continuous)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Above
    120%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Table
B- Measurable <B>Non-Financial</B> goals</U>:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 65%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top; background-color: #8DB3E2">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Performance
    level</FONT></TD>
    <TD STYLE="width: 44%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payout
    factor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Threshold</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Partial
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Good</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Excellent</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
performance level of each goal is determined by comparing the actual relevant year performance to the goal set forth in the beginning
of the year. The performance level is then converted to payout factor according to the above tables. Then payout factor is applied
by the relative weight of the relevant goal from the STI target. All products are then being added to form the payout for measurable
financial and measurable non-financial performance.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">7.2.2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Qualitative evaluation
of the CEO overall performance</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">20% of the STI target
will be measured based on a qualitative evaluation by HR &amp; compensation committee and the board of directors of the CEO's
performance during the relevant fiscal year. The maximum payout for this component cannot exceed the higher of 3 base monthly
salaries or 25% of total actual STI payout.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">7.2.3.</FONT></TD><TD><FONT STYLE="font-size: 10pt">If either ICL operating
income and/or net income actual performance (as adjusted according to paragraph 7.6 below) will not meet the threshold performance
level (60% of budget), there will be no payout under this plan for the 80% of STI that is measured against measurable financial
and measurable non-financial goals.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">7.2.4.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The maximum STI payout
for the CEO cannot exceed for any given year, the lower of 130% of the CEO's target STI for such year or $1,500,000.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">7.2.5.</FONT></TD><TD><FONT STYLE="font-size: 10pt">In case the CEO&rsquo;s
employment terminates prior to the end of the fiscal year, the HR &amp; Compensation Committee and the board of directors may
approve prorated STI payout for the CEO after the end year results are published. The prorated calculation will reduce the CEO&rsquo;s
Target STI relatively to his employment period during the fiscal year.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">7.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Annual
                                         STI for ICL Executive Chairman of the Board (&quot;<B>CoB</B>&quot;) </U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Target STI for the CoB represents the conceptual payout amount for 100% performance level (i.e. achieving 100% of all targets)
in a given year. The target STI for the CoB shall not exceed 120% of the CoB annual base salary. To the extent an Executive Chairman
of the Board does not receive an annual base salary or management fee, the target STI for the CoB shall not exceed $630,000.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><FONT STYLE="font-size: 10pt">50%
of the CoB's STI target will be measured against the performance level of ICL net income (as adjusted according to paragraph 7.6
below) and 50% of the CoB's STI target will be measured against the performance level of ICL operating income (as adjusted according
to paragraph 7.6 below). These goals will be taken from ICL budget for the relevant fiscal year.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
achievement level of each goal will be measured independently of the other goal. The performance level of each goal is determined
by comparing the actual relevant year performance to the goal set forth in the ICL budget. The performance level is then converted
to payout factor according to <B>Table A</B>. Then payout factor is applied by the relative weight of the relevant goal from the
STI target. The two products are then being added to form the payout for the CoB under this plan.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">7.3.1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">If ICL Operating income
and/or Net income (as adjusted according to paragraph 7.6 below) will not meet the threshold performance level (60% of budget),
there will be no payout for the CoB under this plan.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">7.3.2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The maximum STI payout
for the CoB shall not exceed, for any given fiscal year the lower of 150% of the CoB target STI or $1,000,000.</FONT></TD>
</TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">7.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         maximum STI payout for Executive Officers, other than the CEO and Executive Chairman,
                                         shall not exceed, for any given fiscal year, the lower of 225% of the Executive Officer
                                         target STI for such year or $1,000,000.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">7.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Discretion
                                         of the Board to Reduce Bonus - The Board shall have the discretion to reduce the amount
                                         of the STI Payout of an Executive Officer in any given year, based on circumstances determined
                                         by the Board. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">7.6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Measurable Financial Goals for purposes of calculating the CEO and the Executive CoB's
                                         STI, for any given year, will be calculated according to the figures from ICL's annual
                                         reports and will be adjusted by applying the following adjustments<SUP>2</SUP>:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mergers,
                                         acquisitions, restructuring or divestments (&quot;<B>M&amp;A</B>&quot;) of entities,
                                         businesses or assets, including adjustment of the capital gain or loss; accounting impact
                                         of such M&amp;A and any related costs. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes
                                         in the company's applicable GAAP or new/revised accounting standards, that were not considered
                                         for purposes of determining the annual budget. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
                                         or expense from legal claims or tax impacts, that are not related to the current year,
                                         including tax assessments, that were not considered for purposes of determining the annual
                                         budget.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Environmental
                                         undertakings, that were not considered for purposes of determining the annual budget.
                                         </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
                                         or loss resulting from updates to provisions (that are included in the last annual financial
                                         statements) due to changes in the underlying assumptions relating to: regulations, interest
                                         or exchange rates, that were not considered for purposes of determining the annual budget.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Income
                                         or loss resulting from impairment of assets, that were not considered for purposes of
                                         determining the annual budget.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">7.7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Compensation
                                         Recovery (&quot;Claw-Back&quot;)</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Each
Executive Officer will be required to refund any part of the annual bonus paid to him in excess based on financial results that
are proven to be inaccurate and which are restated in the consolidated financial statements of the Company during the 3 years
following the approval of the annual bonus by the Authorized Organs. The Authorized Organs shall decide upon the timing, form
and terms of the aforementioned repayment. It is hereby clarified, that restatement resulting from changes to the applicable law,
regulations of accounting principles will not be regarded as a restatement that will trigger this &quot;Claw-Back&quot; provision.</FONT></P>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.7pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Any
                                         Adjustment (counted separately) under $2 million will not be applied</FONT><FONT STYLE="font-size: 9pt">.</FONT></TD>
</TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">7.8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Special
                                         Bonus</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Company may grant, subject to approvals required by law, a special bonus for those of the Executive Officers that have shown a
unique contribution and/or considerable efforts and/or special achievements, that were accomplished &#8203;&#8203;as part of a
unique or extraordinary business activity, or other special circumstances, and that the Executive Officer was dominant in their
achievement (the &quot;<B>Special Bonus</B>&quot;). The Special Bonus will be determined by quantitative and/or qualitative parameters
(which shall be disclosed in retrospect in accordance with the provisions of the law), and the personal contribution of the Executive
Officer.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
maximum Special Bonus payout with respect to the CEO in any given year cannot exceed the difference between 3 base monthly salaries
and the components of the Annual STI payout under the Annual Plan that are not determined in accordance with measurable parameters.
The maximum Special Bonus with respect to the Executive Chairman in any given year cannot exceed 3 base monthly salaries.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
maximum Special Bonus payout with respect to any other Executive Officer in any given year cannot exceed 6 base monthly salaries.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Special Bonus is a separate bonus from the STI under the STI Plan mentioned above.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Equity-Based
                                         Compensation</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-align: justify"><FONT STYLE="font-size: 10pt">From
time to time, ICL may offer its Executive Officers an equity-based compensation in the framework of an equity-based compensation
plan (the &quot;<B>Long Term Incentive Plan</B>&quot; or &quot;<B>LTI</B>&quot;), aiming to retain the Executive Officers in their
offices for long-term periods, while creating compensation that connects, for a long-term period, between the Executive Officers&rsquo;
interest and the interest of the shareholders of the Company. The scope of LTI compensation granted to an Executive Officer shall
be determined in accordance with each Executive Officer's position, responsibilities, achievements and skills. Such long-term
plans shall be subject to the following criteria:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">8.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Long
                                         term incentives may be granted in the form of, stock options, restricted shares, restricted
                                         share units (RSU), Performance-based restricted shares, Performance-based restricted
                                         share units or other equity-based compensation vehicles (&quot;<B>LTI Awards</B>&quot;).
                                         Vesting and/or release from restriction of restricted shares and restricted share units
                                         may be subject to the Company's and/or the Executive Officer's performance.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">8.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each
                                         LTI Award shall be subject to a minimum vesting period over at least three (3) years,
                                         and subject to the continuing service of the Executive Officer. Unless otherwise approved
                                         by the relevant authorized organs, vesting of outstanding long-term LTI Awards may be
                                         pro-rated for time and/or performance for departing Executive Officers. The terms of
                                         LTI Awards may include provisions for acceleration of vesting in certain events and corporate
                                         transactions, such as in the event of a merger, a consolidation, and an acquisition of
                                         the Company or of its assets or certain </FONT></TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="icl-comp.jpg" ALT="">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-align: justify"><FONT STYLE="font-size: 10pt">retirement
provisions (as these terms will be defined in the applicable LTI compensation plan). Acceleration of LTI Awards will be allowed
only in certain circumstances determined by the applicable authorized organs.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">8.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         exercise price of any stock options will be determined either based on the average 30
                                         trading days of ICL&rsquo;s share price during the period prior to the date of Board
                                         approval of the grant or the average 30 trading days of ICL&rsquo;s share price during
                                         the period prior to the grant date. The exercise price may be linked to the Israeli consumer
                                         price index. The exercise price may include an adjustment to dividend, to the extent
                                         distributed by the Company, and an adjustment to additional events in the Company's share
                                         capital, such as: distribution of bonus shares, rights issuance, consolidation or split
                                         of share capital, etc. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">8.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         exercise period of the options shall be of no more than ten (10) full years from the
                                         date of grant.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">8.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         total potential dilution from outstanding and proposed LTI plans will not exceed 10 percent.
                                         The restrictions described in paragraph 8.5 will not be applicable in case of grant of
                                         LTI Awards-based compensation to management and employees of a target company, in the
                                         event of a merger or acquisition of the target company. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">8.6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">LTI
                                         Awards granted to an Executive Officer, will not exceed in value (based on accepted valuation
                                         methods), on the date of grant, per one (1) vesting annum, the following amounts:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Executive
                                         Chairman of the Board &ndash; $1,200,000<SUP>3</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">CEO
                                         &ndash; $1,500,000<SUP>4</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Other
                                         Executive Officers &ndash; $1,000,000</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
addition, the Authorized Organs may consider determining a cap for the benefit deriving from the exercise of LTI Awards for any
specific grant.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">Except
in cases of transactions that the Company is party to, that include, among others, distribution of shares in kind, stock split,
consolidation of stock, payment of dividend, merger, reorganization, split or share exchange, the conditions of the equity-based
grant will not be changed in a way of reduction of the exercise price of the options granted or cancellation of options in exchange
for cash or in exchange for options with an exercise price that is lower than the exercise price of the options that were already
approved.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">8.7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         HR &amp; Compensation committee and the Board may resolve in the future to introduce
                                         shareholding guidelines to Executive Officers, according to which, Executive Officers
                                         will be </FONT></TD></TR></TABLE>

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


<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.7pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">$1,200,000
                                         is maximum value for an Executive CoB that does not receive base salary. The maximum
                                         value for an Executive CoB that does receive base salary is $1,000,000</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 3pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.7pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">This
                                         maximum amount does not include LTI Awards granted prior to the publication of this Compensation
                                         Policy.</FONT></TD>
</TR></TABLE>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="icl-comp.jpg" ALT="">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-align: justify"><FONT STYLE="font-size: 10pt">required
to hold a minimum number or value of shares, not inclusive of unvested holdings in unvested LTI Awards.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Retirement
                                         arrangements</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">9.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All
                                         of the Executive Officers may be entitled to release of funds accumulated in their favor
                                         and in their name in designated compensation funds for pension benefits and severance
                                         pay. To certain Executive Officers, additional funds may be paid, if and when there is
                                         a difference between the funds that were actually accumulated in the designated funds
                                         and the amount that equals their last base monthly salary upon termination multiplied
                                         by the number of years of seniority accumulated in the Company. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">9.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Advance
                                         Notice</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">ICL's
Executive Officers shall be entitled to an advance notice upon termination as specified in the table below (&quot;<B>Advance Notice
Period</B>&quot;), and as shall be determined in the applicable employment agreement (or any amendment thereof).</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; border-left: Black 1.5pt double; padding: 4pt; text-align: justify;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Executive
    Officer</B></FONT></TD>
    <TD STYLE="width: 70%; border-top: Black 1.5pt double; border-right: Black 1.5pt double; border-bottom: Black 1.5pt double; padding: 4pt; text-align: justify;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Advance
    Notice Period</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double; padding: 4pt; text-align: justify;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive
    Chairman, CEO</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding: 4pt; text-align: justify;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Up
    to 12 months</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; border-left: Black 1.5pt double; padding: 4pt; text-align: justify;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    Executive Officers</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1.5pt double; padding: 4pt; text-align: justify;  unicode-bidi: embed"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Up
    to 6 months</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">During
the Advance Notice Period, the Executive Officer may be required to continue to be employed by the Company. During the Advance
Notice Period, employer-employee relations will continue to apply and thus the Executive Officer may be entitled to all of his
or her compensation terms, including STI payouts. With respect to the CEO - for any period in which the CEO is not actually providing
services to the Company throughout the notice period, the CEO's STI payout for such period will be calculated with 50% of the
CEO's STI target measured against the performance level of ICL net income (as adjusted according to paragraph 7.6 above) and 50%
of the CEO's STI target measured against the performance level of ICL operating income (as adjusted according to paragraph 7.6
above). These goals will be taken from ICL budget for the relevant fiscal year. It is clarified, that with respect to the CEO,
during such period the STI formula provided in Section 7.2 above will not be applied, nor will the discretionary qualitative evaluation
part of the formula.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">9.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Adjustment
                                         Period and non-compete obligations</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
addition, ICL's Executive Officers may be entitled to an adjustment period of up to 6 months (the &quot;<B>Adjustment Period</B>&quot;),
during which the Executive Officer may be entitled to the base salary and Social Benefits. The Executive Officer may be obliged
to obligate to non-compete provisions during the Adjustment Period. The Adjustment Period may apply only to such Executive Officer
that his employment was not terminated as a result of &quot;cause&quot; or other circumstances that</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">according
to the Authorized Organ entitles evocation of severance payments. The Adjustment Period will be determined while taking into account
the following considerations: the period of service or employment of the Executive Officer, the employment terms during the Executive
Officer's service or employment period, ICL's corporate performance during such period, Executive Officer's contribution to the
achievement of ICL's objectives and performance, and the particular circumstances of termination of employment or service. Eligibility
for the aforementioned Adjustment Period will not be given as a matter of routine, and it will be included in the terms of employment
of the Executive Officer, according to the terms of this section, only if the Authorized Organs will be of an opinion that in
the specific circumstances exists a special need for the inclusion of this condition, in order to recruit or retain the specific
Executive Officer.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">9.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Termination
                                         Grant</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
addition to the above, the Authorized Organs may determine that an Executive Officer may be granted a termination payment (the
&quot;<B>Termination Grant</B>&quot;), provided the Executive Officer was employed by, or provided services to, the Company for
at least one (1) year. The Termination Grant shall be determined while considering: the period of service or employment of the
Executive Officer, the employment terms during the Executive Officer's service or employment period, ICL's corporate performance
during such period, Executive Officer's contribution to the achievement of ICL's objectives and performance, and the particular
circumstances of termination of employment or service.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Eligibility
for the aforementioned Termination Grant will not be given as a matter of routine, and it will be included in the terms of employment
of the Executive Officer, according to the terms of this section, only if the Authorized Organs will be of an opinion that in
the specific circumstances exists a special need for the inclusion of this condition, in order to recruit or retain the specific
Executive Officer.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">9.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Termination
                                         Grant upon Change of Control </U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">In
addition, ICL Executive Officers may be entitled to a one-time payment of up to 1 annual base salary, upon involuntary termination
of the Executive Officer's employment with the Company, or a material demotion in the Executive Officer's position in the Company
and/or in his terms of employment, during a 24-month period following the occurrence of a change in control of the Company (as
defined by the Authorized Organs or in a relevant employment agreement or plan). Such arrangement enables retention and certainty
for Executive Officers to support potential transactions that may be beneficial to shareholders.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">9.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Acceleration
                                         of LTI Awards</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
terms of LTI Awards may include provision for acceleration of vesting in certain circumstances of termination or cessation of
service initiated by the Company or as a result of change of control.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">9.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         aggregate amounts paid to Executive Officers <B><U>pursuant to Sections 9.2 to 9.4, shall
                                         not exceed an amount equal to 12 months base salary</U></B>, except for a few existing
                                         Executive Officers or employees that will be appointed as Executive Officers, that according
                                         to previous commitments of the company to them, are entitled to severance pay in amounts
                                         that together with their other termination benefits exceed the aforementioned maximum.
                                         To the extent an Executive Chairman of the Board does not receive a monthly base salary
                                         or management fee, he may continue to be entitled to his terms of tenure for an additional
                                         period of 12 month following his end of tenure, including, for avoidance of any doubt,
                                         his annual STI payout and continued vesting of his existing LTI plans during such period.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Compensation
                                         of Members of the Board</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The compensation
of the Company&rsquo;s non-executive members of the Board (&quot;<B>Directors</B>&quot;), may be comprised of a per-meeting compensation
and/or an annual compensation and/or board committee chair compensation and/or board committee member compensation and/or LTI
(as discussed below), all subject to any applicable law. Non-executive directors are not eligible to participate in the company's
pension plans.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
ICL may reimburse or cover certain expenses of the Directors (including travel expenses) incurred in attending Board and committee
meetings or performing other services for ICL in their capacity as directors.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Non-executive
Directors may be eligible to participate in the Company&rsquo;s LTI plans. The value of the LTI Awards granted to a non-executive
Director on the date of grant, will not exceed (based on accepted valuation methods), per vesting annum, an amount of $250,000.
The terms of LTI Awards for non-executive directors may include provision for acceleration of vesting in certain circumstances
of termination or cessation of service.<SUP>5</SUP> The Non-executive directors will not be entitled to any performance based
LTIs nor LTI in the form of options.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Directors
that take on executive roles (for example, an Executive Chairman of the Board) will be subject to the provisions of this policy
that apply to Executive Officers (as defined above).</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Management
                                         Fee</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Subject to
approval by the Authorized Organs, ICL may pay its controlling shareholder (as such term is defined under the law) annual management
fees, which will equal the compensation for services provided to the Company by Executive Officers, including members of the Board,
that are employed by, or providing services to, said Controlling Shareholder.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Exculpation,
                                         Indemnification and Insurance</B></FONT></TD></TR></TABLE>

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




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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"> <TD STYLE="width: 0"></TD><TD STYLE="width: 22.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
                                         this regards it should be clarified, that termination of a Director's term and renewal
                                         for an additional term will not be regarded as termination of service.</FONT></TD></TR></TABLE>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">ICL may exculpate
its Executive Officers (including its Directors) from a breach of duty of care, and may indemnify its Executive Officers (including
its Directors) for any liability and expense that may be imposed on them, to the extent permitted by applicable law. ICL may provide
insurance coverage through directors and officers liability insurance to its Executive Officers (including its Directors). The
maximum aggregate coverage for any such insurance policy will not exceed $350 Million, as may be increased from time to time by
the approval of the Authorized Organs.</FONT></P>

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








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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 22.7pt; text-align: justify; text-indent: -22.7pt"><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>SIGNATURE</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Israel Chemicals Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kobi Altman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Kobi Altman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Israel Chemicals Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Aya Landman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Aya Landman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Global Company Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Date:
May 14, 2019</FONT></P>

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



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