<SEC-DOCUMENT>0000950103-20-004934.txt : 20200309
<SEC-HEADER>0000950103-20-004934.hdr.sgml : 20200309
<ACCEPTANCE-DATETIME>20200309163247
ACCESSION NUMBER:		0000950103-20-004934
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200309
FILED AS OF DATE:		20200309
DATE AS OF CHANGE:		20200309

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:		20698391

	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>dp123544_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K<BR>
</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of March, 2020&nbsp;</P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 21%; color: black">

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

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

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ISRAEL CHEMICALS LTD.</B>&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>(Exact
name of registrant as specified in its charter)</B></FONT></P>

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(972-3) 684-4400</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address
of principal executive office)</B></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">X</FONT></P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; width: 14%"><FONT STYLE="font-size: 10pt"></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(1):</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; width: 14%"><FONT STYLE="font-size: 10pt"></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">X</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(7):</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; width: 14%"><FONT STYLE="font-size: 10pt"></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">X</FONT></P></TD></TR>
</TABLE>


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

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

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

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

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

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

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

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

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

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

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



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

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


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

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

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

</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">1.</TD><TD>Notice of Annual General Meeting of Shareholders and Proxy Statement, dated March 9, 2020</TD></TR></TABLE>

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



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



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


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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; color: #222222"></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020 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 the 2020 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 Thursday, April 23, 2020, 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">Election
of Yoav Doppelt, Aviad Kaufman, Avisar Paz, </FONT><FONT STYLE="font-size: 10pt">Sagi Kabla, <FONT STYLE="color: black">Ovadia
Eli, Reem Aminoach, Lior Reitblatt and Tzipi Ozer Armon to serve as directors, effective as of the date of the Meeting, </FONT>until
the next annual general meeting of shareholders of the Company or until any of their earlier resignation or removal<FONT STYLE="color: black">;</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 Firm of KPMG International, as the Company&rsquo;s independent
auditor until the next annual general meeting of shareholders of the Company;</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">Approval of the award
of equity-based compensation, consisting of restricted shares, to each director (who is not an officer or director of Israel Corporation
Ltd.) serving in such capacity immediately following the Meeting, <FONT STYLE="color: black">and to each other such director who
may be duly appointed subsequent to the Meeting by the Company&rsquo;s Board of Directors in 2020 (if any)</FONT>; 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"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Approval of an amendment
to the Company&rsquo;s Memorandum of Association and Articles of Association, to facilitate a change in the Company's formal name
to <I>&quot;</I>ICL<I>&quot;</I> or to a similar name.</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">At
the Meeting, we will also present and discuss our audited financial statements for the year ended December 31, 2019 as previously
made available to our shareholders as part of our Annual Report on Form 20-F for the year ended December 31, 2019, filed with
the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on March 5, 2020, which may be accessed at www.sec.gov and via
the &ldquo;Investor&rdquo; section of our Company&rsquo;s website, <FONT STYLE="color: blue"><U>www.icl-group.com</U></FONT>,
and as published on Magna (reference number 2020-02-018772).</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"><B>Our
Board of Directors recommends that you vote &ldquo;FOR&rdquo; the election of each of the director nominees set forth in Item
1 and each of the other proposals that are described in the attached Proxy Statement.</B></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">Shareholders
of record at the close of business on March 19, 2020 (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; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">Shareholders
of record can vote either by mailing in a proxy or in person by attending the Meeting. Shareholders of record 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 48 hours before the Meeting, in the pre-addressed envelope provided. No postage is required if mailed in the United States.
If a shareholder of record attends the Meeting, you may revoke your proxy (if previously submitted) and vote in person.</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: 35.45pt"><FONT STYLE="font-size: 10pt">If your shares
are held in a stock brokerage account or by a bank or other nominee, you are considered the beneficial owner of shares held in
&ldquo;street name.&rdquo; Your broker, bank or nominee will provide you with instructions that you must follow in order to have
your shares voted. Because a beneficial holder is not a shareholder of record, if you are a beneficial holder and wish to vote
in</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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; text-align: justify"><FONT STYLE="font-size: 10pt">person at
the Meeting, you must first obtain a &ldquo;legal proxy&rdquo; from your broker, bank or nominee that holds your shares giving
you the right to vote the shares at the Meeting. &#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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
a shareholder&rsquo;s shares are held through a member of the Tel Aviv Stock Exchange (&ldquo;<B>TASE</B>&rdquo;), such shareholder
should deliver or mail (via registered mail) his, her or its completed Hebrew written ballot (in the form filed by the Company
via MAGNA, the online platform of the Israel Securities Authority (&ldquo;<B>ISA</B>&rdquo;)) to the offices of the Company not
less than four 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</FONT><FONT STYLE="font-size: 10pt">'<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">s
electronic voting system up to six 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. If your shares are held through a TASE member and
you wish to vote in person at the Meeting, you must deliver to us a proof of ownership (<I>ishur baalut</I>), as of the Record
Date, issued by that member of the TASE. </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: 10pt 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">Shareholders
may review the full version of the proposed resolutions in the Proxy Statement as well as the accompanying proxy card, via the
website of the U.S. Securities and Exchange Commission at <FONT STYLE="color: windowtext"><U STYLE="text-decoration: none">www.sec.gov</U></FONT> or via the
ISA&rsquo;s electronic filing system at http://www.magna.isa.gov.il or the website of the TASE at </FONT><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">http://maya.tase.co.il</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">,
and also at our offices during regular business hours, upon coordination (Millennium Tower, 23 Aranha Street, 22<SUP>nd</SUP>
Floor, Tel Aviv, Israel; Tel: +972-3- 6844400). Our company&rsquo;s representative is Aya Landman, Corporate Secretary (Millennium
Tower, 23 Aranha Street, 22<SUP>nd</SUP> Floor, Tel Aviv, Israel; Tel: +972-</FONT>3-<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6844197).
</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By
    Order of the Board of Directors,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aya
    Landman, Adv.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICL
    Corporate Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 233.9pt; text-indent: -233.9pt">&nbsp;</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:
March 9, 2020</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>ISRAEL
CHEMICALS LTD.</B></FONT></P>

<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"></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"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020 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">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; &quot;<B>ICL</B>,&quot; &ldquo;<B>we</B>,&rdquo; &ldquo;<FONT STYLE="color: black"><B>us</B></FONT>&rdquo;
or &ldquo;<B>our</B>&rdquo;) 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 2020 Annual General Meeting of Shareholders (the
&ldquo;<B>Meeting</B>&rdquo;), or at any postponement or adjournment thereof, pursuant to the accompanying Notice of 2020 Annual
General Meeting of Shareholders. The Meeting will be held on Thursday, April 23, 2020, 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: -1in"><FONT STYLE="font-size: 10pt"><B><I>Agenda
Items&#9;</I></B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">The
agenda of the Meeting is to consider the approval of the following<FONT STYLE="color: black">: </FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1in"><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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: black">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Election
                                         of Yoav Doppelt, Aviad Kaufman, Avisar Paz, </FONT><FONT STYLE="font-size: 10pt">Sagi
                                         Kabla, <FONT STYLE="color: black">Ovadia Eli, Reem Aminoach, Lior Reitblatt and Tzipi
                                         Ozer Armon to serve as directors, effective as of the date of the Meeting </FONT>until
                                         the next annual general meeting of shareholders of the Company or until any of their
                                         earlier resignation or removal<FONT STYLE="color: black">;</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" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></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 Firm of KPMG International,
                                         as the Company&rsquo;s independent auditor until the next annual general meeting of shareholders
                                         of the Company;</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: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></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">A</FONT><FONT STYLE="font-size: 10pt">pproval
                                         of the award of equity-based compensation, consisting of restricted shares, to each director
                                         (who is not an officer or director of Israel Corporation Ltd.) serving in such capacity
                                         immediately following the Meeting, <FONT STYLE="color: black">and to each other such
                                         director who may be duly appointed subsequent to the Meeting by the Company&rsquo;s Board
                                         of Directors in 2020 (if any)</FONT>; 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" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Approval
                                         of an amendment to the Company&rsquo;s Memorandum of Association and Articles of Association,
                                         to facilitate a change in the Company's formal name to <I>&quot;</I>ICL<I>&quot;</I> or to a similar name.</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">At
the Meeting, we will also present and discuss our audited financial statements for the year ended December 31, 2019 as previously
made available to our shareholders as part of our Annual Report on Form 20-F for the year ended December 31, 2019, filed with
the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on March 5, 2020, which may be accessed at www.sec.gov and via
the &ldquo;Investor&rdquo; section of our Company&rsquo;s website, www.icl-group.com, and as published on Magna (reference number
2020-02-018772).</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 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.</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"><B><I>Board
Recommendation</I></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">Our
Board of Directors recommends a vote FOR the election of each of the director nominees set forth in Item 1 and each of the other
proposals set forth in this Proxy Statement.</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"><B><I>Who
Can Vote</I></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">You
are entitled to notice of, and to vote in person or by proxy at, the Meeting, if you are a holder of record of our ordinary shares
as of the close of business on March 19, 2020. You are also entitled to notice of the Meeting and to vote at the Meeting if you
held ordinary shares through a bank, broker or other nominee that is one of our shareholders of record at the close of business
on March 19, 2020, or which appeared in the participant listing of a securities depository on that date, and if you held your
shares through the Tel Aviv Stock Exchange (&ldquo;<B>TASE</B>&rdquo;). See below &ldquo;How You Can Vote.&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"><FONT STYLE="font-size: 10pt"><B><I>How
You Can Vote</I></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 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Shareholders
of Record</I></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>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
you are a shareholder of record (that is, a share certificate or book-entry position is registered in your name at our transfer
agent), you can submit your vote by completing, signing and submitting (in the enclosed envelope) the enclosed proxy card. 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 48 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 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Shareholders
in &ldquo;Street Name&rdquo;&#9;</I></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>

<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 nominee, you are considered the beneficial owner of shares
held in &ldquo;street name.&rdquo; Your broker, bank or nominee will provide you with instructions that you must follow in order
to have your shares voted. Because a beneficial holder is not a shareholder of record, if you are a beneficial holder and wish
to vote in person at the Meeting, you must first obtain a &ldquo;legal proxy&rdquo; from your broker, bank or nominee that holds
your shares giving you the right to vote the shares at the Meeting. &#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; 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 TASE, 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; &ldquo;<B>ISA</B>&rdquo; to the offices of the Company no less than four 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 six 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.
If you are a beneficial owner of shares held through a TASE member and you wish to vote in person at the Meeting, you must deliver
to us a proof of ownership (<I>ishur baalut</I>), as of the Record Date, issued by that member of the TASE.</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"><B><I>Change
or Revocation of Proxy</I></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">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 attending the Meeting and voting in person. Attendance at the Meeting will not cause your previously
granted proxy to be revoked unless you specifically so request.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
your shares are held in &ldquo;street name,&rdquo; you may change your vote by submitting new voting instructions to your broker,
bank, trustee or nominee or, if you have obtained a legal proxy from your broker, bank, trustee or nominee giving you the right
to vote your shares, by attending the Meeting and voting in person. If you are a beneficial owner of shares registered in the
name of a member of the TASE and wish to change your voting instructions, you must contact the TASE member through which you hold
your 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"><B><I>Solicitation
of Proxies&#9;</I></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">Proxies
for use at the Meeting are being solicited by the Board of Directors of the Company. Proxies are being mailed to shareholders
on or about March 16, 2020 and will be solicited mainly by mail. 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"><FONT STYLE="font-size: 10pt"><B><I>Quorum</I></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">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 April 30, 2020, 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 hold in the aggregate 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. This notice
will serve as notice of such reconvened meeting if no quorum is present at the original date and time and no further notice of
the reconvened meeting will be given to 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
the case of joint holders of Ordinary Shares, pursuant to Article 75 of the Articles of Association of the Company, the vote of
the most senior of such joint holders who tenders a vote, in person or by proxy, will be accepted to the exclusion of the vote(s)
of the other joint holder(s). For this purpose, seniority will be determined by the order in which the names stand in the Company&rsquo;s
Shareholders Register.</FONT></P>

<P STYLE="font: 11pt 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">Abstentions
and broker non-votes will be counted towards the quorum. Broker non-votes occur when brokers that hold their customers&rsquo;
shares in street name sign and submit proxies for such shares, and vote such shares on some matters but not on others. This occurs
when brokers have not received any instructions from their customers, in which case the brokers, as the holders of record, are
permitted to vote on &ldquo;routine&rdquo; matters, but not on non-routine matters.</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"><B><I>Vote
Required for Approval of the Proposals </I></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">On
March 4, 2020, <FONT STYLE="color: black">1,305,040,778</FONT> Ordinary Shares were outstanding.</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">Each
Ordinary Share is entitled to one vote upon each of the matters to be presented at 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">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 each of the proposals in Items 1-3.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
addition, the approval of the proposal in Item 3 is also subject to the fulfillment of one of the following additional voting
requirements: (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) voted in favor of the matter (abstentions and broker non-votes are disregarded); or (ii) the total number of shares
of non-controlling shareholders and shareholders who do not have a personal interest in the resolution voted against the proposal
does not exceed two percent of the outstanding voting power in the Company. The Israeli Companies Law, 1999 (the &ldquo;<B>Israeli
Companies Law</B>&rdquo;) requires that each shareholder voting on Item 3 inform the Company prior to voting on the matter at
the Meeting, whether or not the shareholder has a personal interest in the proposal. Otherwise, the shareholder is not eligible
to vote on Item 3 proposal and his/her/its vote will not be counted for the purposes of such proposal. For additional details,
see Item 3.</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
affirmative vote of the holders of 75% 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 proposal in Item 4.</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; background-color: white"><FONT STYLE="font-size: 10pt"><B>PRINCIPAL
ORDINARY SHAREHOLDERS&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">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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 March 4, 2020 (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="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ordinary
    Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Beneficially
    Owned<SUP>(1)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 71%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Shareholder</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Percentage</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Israel Corporation&nbsp;Ltd.<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">587,178,761</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.86% </FONT></TD></TR>
</TABLE>




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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 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: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">The
                                         percentages shown are based on 1,280,451,147 Ordinary Shares issued and outstanding as
                                         of March 4, 2020 (after excluding shares held by us or our subsidiaries). </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>

<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: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Our
                                         controlling shareholder is Israel Corporation Ltd. (&ldquo;<B>Israel Corp.</B>&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 joint controlling shareholders of Israel Corp. for purposes of
                                         the Israeli Securities Law, 1968 (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 holds 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. As previously reported, Israel Corp. entered
                                         into certain forward sale agreement with respect to certain number of Ordinary Shares.
                                         Based on the information provided by Israel Corp., as of the date hereof settlement of
                                         such forward agreements was finalized, and Israel Corp. did not regain voting rights
                                         and dispositive power with respect to the Ordinary Shares that were subject to such forward
                                         agreements (&quot;<B>physical settlement</B>&quot;). Even though Israel Corp. has less
                                         than 50% of our Ordinary Shares, it still has a significant influence over the matters
                                         being presented for approval at the Meeting, including the election of the directors
                                         at the Meeting. </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>


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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>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 the compensation incurred by us in relation to our five highest compensated officers in 2019, please see
&ldquo;Item 6. Directors, Senior Management and Employees &ndash; B. Compensation&rdquo; in our Annual Report on Form 20-F for
the year ended December 31, 2019 </FONT><FONT STYLE="font-size: 10pt">(the <FONT STYLE="color: black">&ldquo;</FONT><B>2019 20-F</B><FONT STYLE="color: black">&rdquo;</FONT>),
<FONT STYLE="color: black">filed with the U.S. Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;) on March 5, 2020.</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"><FONT STYLE="font-size: 10pt"><B>Item 1 &ndash; Election of
Directors </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">According
to our Articles of Association, we must have no less than seven and no more than 20 directors serving on our Board of Directors.
Our Board of Directors is currently comprised of ten directors, including two external directors elected pursuant to the requirements
of the Israeli Companies Law. A director who is not an external director is elected annually and holds office until the next annual
general meeting of shareholders following the general meeting at which such director was elected, or until his or her earlier
resignation or removal pursuant to a resolution of a general meeting of shareholders or applicable law.</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">At
the Meeting, all of our currently serving directors who are not external directors, Yoav Doppelt, Aviad Kaufman, Avisar Paz, Sagi
Kabla, Ovadia Eli, Reem Aminoach, Lior Reitblatt and Tzipi Ozer Armon, are standing for election, each to hold office until the
close of the next Annual General Meeting of Shareholders and until each of their successors is duly appointed and qualified, unless
any office is earlier vacated due to their earlier resignation or removal. All of the director nominees were elected to serve
at our 2019 annual general meeting of shareholders, other than Ms. Ozer Armon who was appointed to serve as a director by our
Board of Directors on January 16, 2020, to hold office until our next annual general meeting of shareholders and in accordance
with our Articles of Association. Both of our external directors, Ms. Ruth Ralbag and Dr. Nadav Kaplan, will continue to serve
in serve in accordance with their respective three-year terms until January 9, 2021 and August 19, 2021, respectively.</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">Lior
Reitblatt and Tzipi Ozer Armon (as well as our external directors) qualify as independent directors under the Israeli Companies
Law. Reem Aminoach, Lior Reitblatt and Ozer Armon (as well as our external directors) are deemed independent directors under the
rules applicable to companies listed on the NYSE. Each of the director nominees has confirmed that he or she complies with all
requirements of a director under the Israeli Companies Law, and possesses the necessary qualifications and is able to dedicate
sufficient time, to fulfill his or her duties as a director of the Company, taking into consideration our company&rsquo;s size
and special needs.</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">We
are not aware of any reason why any of the nominees, if elected, would be unable to serve as directors.</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
elected at the Meeting, each director nominee who is not an officer or director of Israel Corp., will be paid an annual fee in
the amount of NIS 365,000 (approximately $105,613) and per meeting attendance fees in an amount equal to the minimum fee payable
to external directors of companies of the Company&rsquo;s shareholders&rsquo; equity pursuant to the Companies Regulations (Rules
Regarding Compensation and Expenses to External directors), 5760-2000 (the &ldquo;<B>Compensation Regulations</B>&rdquo;), as
adjusted from time to time, currently NIS 2,438 (equivalent to approximately $705) per meeting for directors who do not meet the
qualifications of an expert director and NIS 3,244 (equivalent to approximately $939) per meeting for directors who meet the qualifications
of expert directors in accordance with the Compensation Regulations, in accordance with the approval of our shareholders. Effective
as of January 9, 2021, the compensation of our external directors and all other directors that are entitled to compensation for
their service in such capacity, will be reduced to the fixed annual and per meeting compensation amounts payable to expert directors
under the</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; color: black">Compensation
Regulations. The directors who are office holders of Israel Corp. (other than Mr. Yoav Doppelt) 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. Mr. Yoav Doppelt, the Chief Executive Officer of Israel Corp., who serves as
Executive Chairman of our Board of Directors, is entitled to compensation for services as the Executive Chairman of the Board
as described in Item 6. 'Directors, Senior Management and Employees' &ndash; B. 'Compensation' of our 2019 20-F. In addition,
if elected, each director will continue to benefit from the indemnification and exemption arrangements previously entered into
with each of them, as well as from directors&rsquo; and officers&rsquo; liability insurance as we shall procure from time to time.
The Company also covers and/or reimburses its directors for expenses (including travel expenses) incurred in connection with meetings
of the Board of Directors and its committees or performing other services for the Company in their capacity as directors, in accordance
with the Company's Compensation Policy and the Compensation Regulations. In addition, subject to the approval of the shareholders
at the Meeting, we propose to grant to each director nominee (</FONT><FONT STYLE="font-size: 10pt">who is not an officer or director
of Israel Corporation Ltd.<FONT STYLE="color: black">), if elected at the Meeting, an annual equity-based compensation award for
2020, as further detailed in Item 3 below.</FONT></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-weight: normal"><U>Nominees
for Director </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">A
brief biography of each nominee is set forth below, based upon the records of the Company and information provided to us by the
nominees:</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, CEO of Israel Corp. Ltd. Previously served as CEO of Kenon Holdings
Ltd., a global company (NYSE: KEN), and Executive Chairman of IC Power Ltd., a power generation company, from March 2014 to September
2017. Prior thereto, Mr. Doppelt was the founder and CEO of the Ofer Group&rsquo;s private equity fund where he was involved in
numerous investments in the private equity and technology sectors. Mr. Doppelt served as the Chief Executive Officer of XT Investments
(formerly known as XT Capital and Ofer Hi-Tech) since 2001. Mr. Doppelt has actively led several public offerings of equity and
debt offerings in the US and Europe, and he has extensive operational and global business experience with growth companies. Mr.
Doppelt also serves as Chairman of OPC Energy Ltd. (TASE: OPC) as well as a director of Zim Integrated Shipping Services Ltd.
Mr. Doppelt holds a BA in Economics and Management from the Technion &ndash; Israel Institute of Technology, and an MBA 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, Mr. Kaufman served as chief financial officer of Quantum Pacific (UK) LLP (2008-2017).
Mr. Kaufman 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"><I>Avisar
Paz</I>. Mr. Paz currently serves as the Chairman of the Board of Directors of O.P.C. Energy Ltd. and as a director of several
subsidiaries of Israel Corporation. Previously, Mr. Paz served as the Chief Executive Officer of Israel Corporation and beforehand
as the Chief Financial Officer of Israel Corporation. Mr. Paz holds a B.A. in Economics and Accounting from Tel-Aviv University
and is a certified public accountant in Israel (CPA).</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. Mr. Kabla serves as a director
in Bazan Group and previously served as Senior Executive of Business Development, Strategy and IR of Israel Corporation. Prior
to joining Israel Corp., Mr. Kabla held various</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">management
roles in KPMG Corporate Finance and M&amp;A. Mr. Kabla holds a B.A. in Economics and Accounting from Bar-Ilan University, an MBA
(Finance) from COMAS and is a qualified as certified public accountant (Isr.).</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: 35.45pt"><FONT STYLE="font-size: 10pt; color: black"><I>Ovadia
Eli</I>. Mr. Eli is Chairman of the Board of Oil Refineries Ltd. Mr. Eli 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">I.C.P.I. <FONT STYLE="color: black">Mr.
Eli 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 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 currently serves as a director of Israel Aerospace Industries. Until recently, Mr. Aminoach served
as the founding partner of the accounting firm Shtainmetz Aminoach &amp; Co. During 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. Previously, Mr. Aminoach served as a director of Ofer Investments
Ltd. and as a 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. 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 MBA in business administration, both
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"><I>Lior
Reitblatt. </I>Mr. Reitblatt served as CEO and Chairman of the board of directors of Super-Pharm (Israel) Ltd. Mr. Reitblatt has
also previously served, among other things, as Chairman of the board of directors of Life Style Ltd. and member of the board of
directors of Office Depot Israel Ltd. Mr. Reitblatt and holds a BA in Accounting and Economics from Tel Aviv University and an
MBA from the University of California, Berkeley and is a certified public accountant.</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>Tzipi
Ozer Armon</I>. </FONT><FONT STYLE="font-size: 10pt">Ms. Ozer Armon is the CEO of Lumenis Ltd. Before joining Lumenis, Ms. Ozer-Armon
headed the Japanese market activities of Teva Pharmaceutical Industries Ltd. and served as Senior Vice President of Sales and
Marketing at SanDisk. Previously, Ms. Ozer-Armon also served as VP &amp; General Manager at MSystems. Ms. Ozer-Armon is also a
director at Itamar Medical Ltd., Rambam MedTech, Israel&rsquo;s National Technological Innovation Authority&rsquo;s Commission
and Tel Aviv University. Ms. Ozer-Armon holds a BA (magna cum laude) in Economics and MBA majoring in Finance and Marketing, both
from Tel Aviv University and is an AMP graduate of the Harvard Business School.</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; font-weight: normal"><U>Proposed
Resolutions</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 therefore 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>&ldquo;RESOLVED,
</B>that Yoav Doppelt be elected to serve as a director of the Company, effective immediately, until the next annual general meeting
of shareholders or until his earlier resignation or removal.&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"><B>&ldquo;RESOLVED,
</B>that Aviad Kaufman be elected to serve as a director of the Company, effective immediately, until the next annual general
meeting of shareholders or until his earlier resignation or removal.&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"><B>&ldquo;RESOLVED,
</B>that Avisar Paz be elected to serve as a director of the Company, effective immediately, until the next annual general meeting
of shareholders or until his earlier resignation or removal.&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>


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<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>&ldquo;RESOLVED,
</B>that Sagi Kabla be elected to serve as a director of the Company, effective immediately, until the next annual general meeting
of shareholders or until his earlier resignation or removal.&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"><B>&ldquo;RESOLVED,
</B>that Ovadia Eli be elected to serve as a director of the Company, effective immediately, until the next annual general meeting
of shareholders or until his earlier resignation or removal.&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"><B>&ldquo;<FONT STYLE="color: black">RESOLVED</FONT></B><FONT STYLE="color: black">,
that Reem Aminoach be elected to serve as a director of the Company, effective immediately,</FONT> until the next annual general
meeting of shareholders or until his earlier resignation or removal<FONT STYLE="color: black">.&rdquo;</FONT></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>&ldquo;RESOLVED</B>,
that Lior Reitblatt&nbsp;be elected to serve as a director of the Company, effective immediately, until the next annual general
meeting of shareholders or until his earlier resignation or removal.<FONT STYLE="color: black">&rdquo;</FONT></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 40pt; text-align: justify; text-indent: 32pt"><FONT STYLE="font-size: 10pt; color: black">&ldquo;<B>RESOLVED</B>,
that Tzipi Ozer Armon be elected to serve as a director the Company, effective immediately,</FONT> <FONT STYLE="font-size: 10pt">until
the next annual general meeting of shareholders or until her earlier resignation or removal<FONT STYLE="color: black">.&rdquo;</FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 32pt"><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">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 election of each of the director nominees named 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: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>The Board
of Directors recommends a vote FOR the election of each nominee for director named above.</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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 Firm 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 Somekh Chaikin, a Member Firm of KPMG International, independent certified public accountants
in Israel, as our independent auditor until the close 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 regarding the fees of Somekh Chaikin for 2019, please see Item 16C. &ldquo;Principal Accountant Fees and
Services&rdquo; of our 2019 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>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 therefore 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 Somekh Chaikin, a Member Firm of KPMG International, be reappointed as the independent auditors of the Company until the
Company's next annual general meeting of shareholders.&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>


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<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.</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>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; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 3
&ndash; Approval of equity-based compensation for fiscal year 2020 to certain directors.</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: 35.45pt"><FONT STYLE="font-size: 10pt">At
the Meeting, our shareholders will be asked to approve an annual equity-based award for fiscal year 2020, consisting of restricted
Ordinary Shares, to each of our directors (who are not executives or directors of Israel Corp.), namely Avisar Paz, Ovadia Eli,
Reem Aminoach, Lior Reitblatt, Nadav Kaplan, Ruth Ralbag and Ozer Armon (collectively, the &ldquo;<B>Non-Executive Directors</B>&rdquo;),
that will be serving in such capacity following the Meeting. Accordingly, if any of our director nominees is not elected at the
Meeting, he/she shall not be entitled to the equity-based award.</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">Under
the Israeli Companies Law, the compensation of directors, including the award of equity-based compensation, generally requires
the approval of the Compensation Committee, Board of Directors and shareholders, in that order. Subject to the approval of the
shareholders, on November 3, 2019 and on March 4, 2020, our HR &amp; Compensation Committee (the &ldquo;<B>Compensation Committee</B>&rdquo;)
and Board of Directors , respectively, approved the award to the Non-Executive Directors of the equity-based compensation described
below, which is in compliance with the Company&rsquo;s Compensation Policy for Office Holders, as approved by our shareholders
at the 2019 </FONT><FONT STYLE="font-size: 10pt">Annual General Meeting <FONT STYLE="color: black">held on June 27, 2019 (the
&ldquo;<B>Compensation Policy</B>&rdquo;).</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"><FONT STYLE="font-size: 10pt"><U>Proposed
equity-based compensation</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: 35.45pt"><FONT STYLE="font-size: 10pt">The
proposed equity-based compensation award for 2020, which, if approved, would be granted on the date of the Meeting, consists of
restricted Ordinary Shares, with a value per grant of NIS 310,000 (approximately $89,699) and with respect to Ms. Ozer Armon,
a pro rata grant based on the date of her appointment as a director on January 16, 2020, with a value of NIS 297,083 (approximately
$85,962) (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: 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: 0.5in"><FONT STYLE="font-size: 10pt; color: black">Based
on the indicative closing price of the Ordinary Shares on the TASE </FONT><FONT STYLE="font-size: 10pt">on the trading day immediately
preceding the <FONT STYLE="color: black">date of the approval of the grant by our Board of Directors, which was NIS </FONT>12.65
<FONT STYLE="color: black">(approximately $</FONT>3.66<FONT STYLE="color: black">) per share, each of the Non-Executive Directors
serving following the Meeting (other than Ms. Ozer Armon) would be entitled to </FONT>24,506 <FONT STYLE="color: black">Restricted
Shares and Ms. Ozer Armon (if elected) would be entitled to 23,485 Restricted Shares. The actual number of Restricted Shares </FONT>that
will be issued to each applicable director<FONT STYLE="color: black">, however, will be determined according to the closing price
of the Ordinary Shares on the TASE on the trading day immediately preceding the date of the Meeting. The Restricted Shares will
fully vest in three equal tranches over a period of three years, commencing January 1, 2020 or with respect to Ms. Ozer Armon,
commencing January 16, 2020, the date of her appointment as a director, such that 33.33% of the Restricted Shares will vest on
each of the three anniversaries of the vesting commencement date. Assuming that all of the director nominees are elected at the
Meeting, based on the indicative closing price of the Ordinary Shares on the TASE on the trading day immediately preceding the
approval of grant by our Board of Directors, an aggregate of 170,521 Restricted Shares would be issued to the seven Non-Executive
Directors, constituting less than 0.0001% of the Company&rsquo;s issued and outstanding share capital and voting rights. </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">If
a director (who is not an executive or director of Israel Corp) is duly appointed by our Board of Directors in 2020 subsequent
to the Meeting and prior to our next annual general meeting of</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">shareholders
in accordance with our Articles of Association, he or she will receive a pro-rata award of such equity-based compensation on the
same terms and conditions described above, such that the number of Restricted Shares will be determined based on an award value
of NIS 310,000 and the pro-rata 2020 period from the date of his/her appointment, calculated based on the closing price of the
Ordinary Shares on the TASE on the trading day immediately preceding the date of his/her appointment.</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
Restricted Shares shall be awarded under and shall be subject to our Equity Compensation Plan (2014), as amended in June 2016
(the &ldquo;<B>Equity Plan</B>&rdquo;). In accordance with the Equity Plan, the Board has determined that the vesting of the Restricted
Shares would fully accelerate if the holder ceases to serve as a director of the Company, unless he/she ceased to hold office
due to those certain circumstances regarding early termination of office or imposition of enforcement measures, as set forth in
Sections 231-232a and 233(2) of the Israeli Companies Law.</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
Restricted Shares granted to directors who are Israeli residents will be issued pursuant to the capital gains route under Section
102 of the Israeli Income Tax Ordinance [New Version], 1961, which, among other things, conditions the applicable tax benefits
upon restricted shares being held by an Israeli trustee for two years after the date of grant.</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">Until
vested, the Restricted Shares will not be transferable and will be held by the trustee. Any dividends or other distribution paid
in respect of unvested Restricted Shares will be held in trust by the trustee until such shares have vested. The voting rights
in respect of unvested Restricted Shares will be exercised by the trustee.</FONT></P>

<P STYLE="font: 11pt 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 the Equity Plan, the Board of Directors has determined that the Non-Executive directors will not pay the par value
of the Restricted Shares upon their grant and that the Company will capitalize a portion of its profits into share capital in
an amount equal to the par value, in accordance with the Israeli Companies Law.</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>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">We
believe that by granting equity-based compensation to the Non-Executive Directors, we provide direct economic alignment between
such directors and our shareholders. The proposed vesting schedule of the Restricted Shares is in line with our Compensation Policy,
which provides for a gradual three-year vesting schedule. Furthermore, the Compensation Regulations require that all of our non-executive
directors receive the same compensation.</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
Compensation Committee and Board of Directors noted in their approval that the proposed equity-based compensation, together with
the cash compensation paid to our directors (as described in Item 1 above), is intended to compensate the Non-Executive Directors
for their services and their contributions to our development and in order to assist to ensure the Company&rsquo;s continued ability
to attract and retain Board members of the highest professional level and reputation, domestically and internationally. In particular,
the Compensation Committee and Board of Directors noted that the purpose of the proposed grant of Restricted Shares is to motivate
the directors to seek to enhance long-term shareholder value by aligning their interests with those of our shareholders. They
further noted that the overall compensation of the directors, including the proposed equity-based grant is reasonable, taking
into consideration, among other things, the amount of time and effort required by our directors and in view of their responsibilities
as directors of our company, an Israeli public company dual-listed on the TASE and NYSE. In addition, the proposed equity based
compensation, along with the overall compensation package for the Non-Executive Directors, is intended to provide the same compensation
to all of our Non-Executive Directors (including external directors). In light of all of the above, the Compensation Committee
and Board of Directors believes that the proposed equity-based compensation is in the best interest of the Company and our 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>


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<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 therefore 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 the award of equity-based compensation to each of the Non-Executive Directors that shall serve in such capacity following
the Meeting, and to each other such director who may be duly appointed subsequent to the Meeting by the Company&rsquo;s Board
of Directors in 2020 (if any), in such amounts and with such terms and conditions as described in Item 3 of the Proxy Statement
for the Meeting, be, and the same hereby is, approved. &ldquo;</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"><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 and the Compensation Regulations, the approval of the payment of the equity-based compensation to
the Non-Executive Directors requires the affirmative vote of a majority of the Ordinary Shares present, in present or by proxy,
and voting on the matter, provided that either: (i) at least a majority of the shares of non-controlling shareholders and shareholders
who do not have a personal interest in the resolution (other than a personal interest that is not the result of the shareholder<I>'</I>s
relationship with a controlling shareholder) voted in favor of the matter (abstentions and broker non-votes are disregarded);
or (ii) the total number of shares of non-controlling shareholders and shareholders who do not have a personal interest in the
resolution voted against the proposal 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"><B>Shareholders
are required to notify the Company prior to the Meeting, whether the shareholder constitutes a controlling shareholder of the
Company or has a personal interest in this proposal as a condition for a shareholder to be entitled to vote on this proposal and
his/her/its vote to be counted for purposes of this proposal. 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<I>'</I>s electronic voting system form, as applicable,
to indicate whether they are a controlling shareholder of the Company and 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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>The
Israeli Companies Law requires that each shareholder voting on this proposal specifically inform us prior to voting on the matter
at the Meeting, whether or not the shareholder has a personal interest in the proposal. Otherwise, the shareholder is not eligible
to vote on this proposal and his/her/its vote will not be counted for the purposes of this proposal. </B>According to the Israeli
Companies Law, a &ldquo;personal interest&rdquo; of a shareholder (i) includes a personal interest of the shareholder and any
spouse, sibling, parent, grandparent or descendant of the shareholder, any descendant, sibling or parent of a spouse of the shareholder,
or the spouse of any of the foregoing, or a personal interest of a company in which the shareholder (or any such family member)
serves as a director or the chief executive officer, owns at least 5% of the shares or voting rights or has the right to appoint
a director or the chief executive officer; (ii) includes a personal interest of anyone voting by proxy or granting a proxy with
respect to the proposal; and (iii) excludes a personal 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>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 4 &ndash; Amendment to
our Memorandum and Articles of Association, to facilitate a change in the Company's formal name to &quot;ICL&quot; or to a similar name</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">According
to our Memorandum of Association and Articles of Association, our name is &quot;ISRAEL CHEMICALS LTD.&quot; As we conduct our
operations under our brand name &ldquo;ICL&rdquo; and the ICL brand name</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">is more greatly
recognized (including by our customers and employees), our Board of Directors believes that the Company would greatly benefit
from aligning our Company name with the recognized brand name. Accordingly, on March 4, 2020, our Board of Directors approved,
and recommends that the shareholders approve, to change our Company name to &quot;ICL Ltd.&quot;, or a similar name as shall be
approved by the Israeli Register of Companies. The name change will not have any effect on the rights of our existing shareholders.</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">In
the event that the proposed name change is not approved by the Israeli Registrar of Companies, our Chief Executive Officer and
the Chairman of our Board of Directors will be authorized to select a similar name containing the name &ldquo;ICL&rdquo; in
combination with another word or expression or to leave the name unchanged. The change of the Company&rsquo;s name (if approved
at the Meeting) will become effective following the approval and authorization of the Israeli Register of Companies and receipt
of a Name Change Certificate.</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 therefore 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>,
to approve an amendment to the Company&rsquo;s Memorandum of Association and Articles of Association to facilitate the change
in the Company's name from &ldquo;Israel Chemicals Ltd.&rdquo; to &ldquo;ICL Ltd.&rdquo; Or, to the extent this name is not approved by the Israeli Register of Companies, to a similar name containing the name &ldquo;ICL&rdquo;,
as approved by our Chief Executive Officer and Chairman of the Board of Directors.&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; 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 75% 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.</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">Under
the Israeli Companies Law and our Articles of Association, the amendment of our Articles of Association requires an ordinary majority;
however, as under the Israeli Companies Law the approval of an amendment to our Memorandum of Association requires a special majority
of 75% of the voting power represented at a general meeting of shareholders and voting on the matter, the approval of the proposed
resolution is subject to the 75% special majority described 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: 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; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>PRESENTATION
AND DISCUSSION </B></FONT><B><FONT STYLE="font-size: 10pt">OF THE 2019 AUDITED FINANCIAL STATEMENTS</FONT></B></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">At
the Meeting, the audited consolidated financial statements of the Company for the fiscal year ended December 31, 2019 will be
presented. Our audited financial statements for the year ended December 31, 2019, are included in the 2019 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 http://www.sec.gov. These SEC reports are also available on our website at www.icl-group.com under &ldquo;Investors&mdash;Reports&mdash;Financial
Reports&rdquo;. These reports are not a part of this Proxy Statement.</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>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-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Any
shareholder of the Company who intends to present a proposal at the 2020 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 at
a</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">future shareholder
meeting, provided that such proposal is appropriate for consideration by shareholders at such meeting, by submitting such proposal
within seven days of publication of a company&rsquo;s notice with respect to its general meeting of shareholders. Accordingly,
any 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 at the Meeting, our Corporate Secretary must
receive the written proposal together with the accompanying documentation and information required to be submitted under Israeli
law, no later than March 16, 2020. If our Board of Directors determines that a shareholder proposal is duly and timely received
and is appropriate under applicable Israeli law for inclusion on the agenda for the Meeting, we will publish a revised agenda
for the Meeting no later than March 23, 2020, by way of issuing a press release or 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-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 April 13,
2020. 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; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>OTHER
BUSINESS</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">Other
than as set forth above, we are not aware of any other business to be transacted at the Meeting. If any other matters are properly
presented at the Meeting, Ordinary Shares represented by executed and unrevoked proxies will be voted by the persons named in
the enclosed form of proxy upon such matters in accordance with the judgment and recommendation of the Board of Directors.</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 CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">By
    Order of the Board of Directors,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Aya
    Landman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><I>ICL
    Corporate Secretary</I></FONT></TD></TR>
</TABLE>
<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"><FONT STYLE="font-size: 10pt">Dated: March 9, 2020</FONT></P>

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



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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Israel Chemicals Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kobi Altman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 30%"><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="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><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: 27%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 30%"><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 Corporate Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Date:
 March 9, 2020</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>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 85%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Form of Proxy Card</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>

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<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"></P>

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<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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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dp123544_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>THIS PROXY
IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
undersigned hereby appoint(s) Lilach Geva Harel, Adv. and Aya Landman, Adv., or either of them, attorneys or attorney of the undersigned,
for and in the name(s) of the undersigned, with power of substitution and revocation in each to vote any and all ordinary shares,
par value NIS 1.00 per share, of Israel Chemicals Ltd. (the &ldquo;<B>Company</B>&rdquo;), which the undersigned would be entitled
to vote as fully as the undersigned could if personally present at the 2020 Annual General Meeting of Shareholders of the Company
(the &ldquo;<B>Meeting</B>&rdquo;) to be held on Thursday, April 23, 2020, 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, and at any adjournment or adjournments thereof, and
hereby revoking any prior proxies to vote said shares, upon the following items of business more fully described in the Notice
of and Proxy Statement for the Meeting (receipt of which is hereby acknowledged):</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>THIS
PROXY WILL BE VOTED AS SPECIFIED ON THE REVERSE. IN THE ABSENCE OF SUCH SPECIFICATION, THE SHARES REPRESENTED BY THIS PROXY CARD
WILL BE VOTED FOR THE ITEMS SET FORTH ON THE REVERSE. ON ANY OTHER BUSINESS THAT MAY PROPERLY COME BEFORE THE MEETING, THIS PROXY
WILL BE VOTED IN ACCORDANCE WITH THE JUDGMENT OF THE PERSONS NAMED ABOVE AS PROXIES. </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>VOTES
CAST ON ITEM 3 SET FORTH ON THE REVERSE WILL NOT BE COUNTED UNLESS &ldquo;YES&rdquo; OR &ldquo;NO&rdquo; HAS BEEN SPECIFIED AS
TO WHETHER THE SHAREHOLDER IS A CONTROLLING SHAREHOLDER OF THE COMPANY OR HAS A PERSONAL INTEREST (AS DEFINED IN THE PROXY STATEMENT)
WITH RESPECT TO SUCH PROPOSAL.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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>(Continued
and to be signed on the reverse side)</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>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020 ANNUAL
GENERAL MEETING OF SHAREHOLDERS OF</B></FONT></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>APRIL
23, 2020</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>GO GREEN</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">e-Consent
                            makes it easy to go paperless. With e-Consent, you can quickly access your proxy</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">material,
        statements and other eligible documents online, while reducing costs, clutter and</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">paper
        waste. Enroll today via www.amstock.com to enjoy online access.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

<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>envelope
provided as soon</B></FONT></P>

<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>as possible.</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 Courier; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Symbol; font-size: 10pt"><B>&macr;
</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please detach along perforated line and mail
in the envelope provided. </FONT><FONT STYLE="font-family: Symbol; font-size: 10pt"><B>&macr;</B></FONT></P>

<P STYLE="font: 12pt Courier; 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"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>THE BOARD
OF DIRECTORS RECOMMENDS A VOTE &ldquo;FOR&rdquo; THE ELECTION OF THE DIRECTORS NAMED IN ITEM 1 AND EACH OF THE OTHER ITEMS SET
FORTH BELOW. PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN
HERE [X]</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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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 STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To
                                         elect eight directors to serve as members of the Board of Directors of the Company, effective
                                         as of the date of the Meeting until the next annual general meeting of shareholders of
                                         the Company and until each of their successors is duly appointed and qualified, or until
                                         any of their earlier resignation or removal.</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>FOR</B></FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>AGAINST</B></FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>ABSTAIN</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Yoav Doppelt</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Aviad Kaufman</FONT></TD>
    <TD STYLE="padding-left: 51.75pt; text-align: center; text-indent: -51.75pt"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;]
    </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Avisar Paz</FONT></TD>
    <TD STYLE="padding-left: 51.75pt; text-align: center; text-indent: -51.75pt"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;]
    </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Sagi Kabla</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ovadia Eli</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Reem Aminoach</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Lior Reitblatt</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tzipi Ozer Armon</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Reappointment
                                         of Somekh Chaikin, a member Firm of KPMG International, as the Company&rsquo;s independent
                                         auditor until the next annual general meeting of shareholders of the Company.</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>FOR</B></FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>AGAINST</B></FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>ABSTAIN</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD></TR>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Approval
                                         of the award of equity-based compensation, consisting of restricted shares, to each director
                                         (who is not an officer or director of Israel Corporation Ltd.) serving in such capacity
                                         immediately following the Meeting, and to each other such director who may be duly appointed
                                         subsequent to the Meeting by the Company&rsquo;s Board of Directors in 2020 (if any).</FONT></TD></TR></TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>FOR</B></FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>AGAINST</B></FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>ABSTAIN</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD></TR>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3A.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Are
                                         you a controlling shareholder of the Company or do you have a &ldquo;personal interest&rdquo;
                                         (as defined in the Proxy Statement) with respect to the subject matter of Proposal 3?
                                         <B>(Please note: if you do not mark either &ldquo;YES&rdquo; or &ldquo;NO&rdquo; your
                                         shares will not be voted on Proposal 3)</B></FONT></TD></TR></TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>YES</B></FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>NO</B></FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Approval of an amendment to the Company&rsquo;s Memorandum of
                                                                                                     Association and Articles of Association to facilitate a change in the Company&rsquo;s formal name to &ldquo;ICL&rdquo; or to
                                                                                                     a similar name.</FONT></TD></TR></TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>FOR</B></FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>AGAINST</B></FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>ABSTAIN</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;] </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">To change
the address on your account, please check the box at right and indicate your new address in the address space above. Please note
that changes to the registered name(s) on the account may not be submitted via this method. [ ]</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Signature of Shareholder _______
Date _____ Signature of Shareholder__________ Date _____</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>Note</B>:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Please
                                         sign exactly as your name or names appear on this Proxy. When shares are held jointly,
                                         each holder should sign. When signing as executor, administrator, attorney, trustee or
                                         guardian, please give full title as such. If the signer is a corporation, please sign
                                         full corporate name by duly authorized officer, giving full title as such. If signer
                                         is a partnership, please sign in partnership name by authorized person.</FONT></TD></TR></TABLE>

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

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