<SEC-DOCUMENT>0001178913-21-002114.txt : 20210621
<SEC-HEADER>0001178913-21-002114.hdr.sgml : 20210621
<ACCEPTANCE-DATETIME>20210621162650
ACCESSION NUMBER:		0001178913-21-002114
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210621
FILED AS OF DATE:		20210621
DATE AS OF CHANGE:		20210621

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICL Group 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:		211030929

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ISRAEL CHEMICALS LTD
		DATE OF NAME CHANGE:	19950314
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk2126212.htm
<DESCRIPTION>6-K
<TEXT>
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        <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">SECURITIES AND EXCHANGE COMMISSION</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">Washington, D.C. 20549</div>
        <div style="text-align: center; text-indent: -6.85pt; margin-left: 6.85pt; line-height: 1.25; font-weight: bold;">&#160;</div>
        <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">FORM 6-K</div>
        <div style="text-align: center; text-indent: -6.85pt; margin-left: 6.85pt; line-height: 1.25;">&#160;</div>
        <div style="text-align: center; text-indent: -6.85pt; margin-left: 6.85pt; line-height: 1.25; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</div>
        <div style="text-align: center; text-indent: -6.85pt; margin-left: 6.85pt; line-height: 1.25; font-weight: bold;">THE SECURITIES EXCHANGE ACT OF 1934</div>
        <div style="text-align: center; text-indent: -6.85pt; margin-left: 6.85pt; line-height: 1.25;">&#160;</div>
        <div style="text-align: center; line-height: 1.25;">For the month of June 2021</div>
        <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">Commission File Number: 001-13742</div>
        <div style="text-align: center; line-height: 1.25;">&#160;</div>
        <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">ICL GROUP LTD.</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">(Exact name of registrant as specified in its charter)</div>
        <div style="text-align: center; line-height: 1.25;">&#160;</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">ICL Group Ltd.</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">Millennium Tower</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">23 Aranha Street</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">P.O. Box 20245</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">Tel Aviv, 61202 Israel</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">(972-3) 684-4400</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">(Address of principal executive office)</div>
        <div style="text-align: center; line-height: 1.25;">&#160;</div>
        <div style="text-align: center; line-height: 1.25;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&#160;20-F or Form 40-F:</div>
        <div style="text-align: center; line-height: 1.25;"> <br>
        </div>
        <div style="text-align: center; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Form 20-F &#9746;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-family: 'Times New Roman',Times,serif;">Form 40-F &#9744;</font></div>
        <div style="text-align: center; line-height: 1.25;">&#160;</div>
        <div style="text-align: center; line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&#160;S-T&#160;Rule&#160;101(b)(1):</div>
        <div style="text-align: center; line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">
          <div style="text-align: center; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Yes &#9744;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-family: 'Times New Roman',Times,serif;">No &#9746;</font></div>
        </div>
        <div style="text-align: center; line-height: 1.25;">&#160;</div>
        <div style="text-align: center; line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&#160;S-T&#160;Rule&#160;101(b)(7):</div>
        <div style="text-align: center; line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">
          <div style="text-align: center; line-height: 1.25;">
            <div style="line-height: 1.25;">
              <div style="line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Yes &#9744;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">No &#9746;</font></div>
            </div>
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        <div style="text-align: center; line-height: 1.25; font-weight: bold;">ICL GROUP LTD.</div>
        <div style="text-align: center; line-height: 1.25;">&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z42a008f5324c403080d3ff9a36d0c7f9">

            <tr>
              <td style="width: 3.46%; vertical-align: top;">&#160;</td>
              <td style="width: 3.46%; vertical-align: top;">
                <div style="line-height: 1.25;">1.</div>
              </td>
              <td style="width: 93.07%; vertical-align: top;">
                <div style="line-height: 1.25;">FITCH Affirms ICL's BBB- Rating with a Stable Outlook</div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">2/13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      <div style="line-height: 1.25;">
        <div style="text-align: right; line-height: 1.25; font-weight: bold;">Item 1</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>FITCH Affirms ICL's BBB- Rating with a Stable Outlook</u></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: justify; line-height: 1.25;">The Company hereby reports that FITCH has reaffirmed its Long-term Issuer Default Rating at BBB- with a Stable Outlook.</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: justify; line-height: 1.25;">The FITCH report is attached.</div>
        <div style="line-height: 1.25">&#160;</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">3/13</font></div>
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        <br>
      </div>
      <br>
      <div style="margin-left: 7.15pt; line-height: 1.25;"><img width="158" height="32" src="image0.jpg"></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">RATING ACTION COMMENTARY</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Fitch Affirms
        ICL's IDR at 'BBB- '; Outlook Stable</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Mon 21 Jun, 2021 - 12:53 PM ET</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Fitch Ratings - Barcelona - 21 Jun 2021: Fitch Ratings has affirmed ICL Group Ltd's Long- Term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB-'. The Outlook
        on the Long-Term IDR is Stable.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The ratings of ICL reflect a strong business profile stemming from its strategic assets in the Dead Sea, stable earnings due to its leadership in bromine, focus on specialty
        products accounting for about 60% of revenue and efficient diversification of geographies and end- markets, as well as its strong liquidity.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Stable Outlook reflects our view that ICL will be able to maintain its funds from operations (FFO) net leverage below 3x through the cycle despite recent acquisitions.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">KEY RATING DRIVERS</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Leverage Within Sensitivities: ICL's FFO net leverage increased to 3x in 2020, due mainly to low fertiliser prices, but remained within the rating sensitivities. Fitch
        expects higher volumes and prices, as well as growth of acquired companies to drive a progressive decrease in ICL's FFO net leverage to 2.8x in 2021, despite significant M&amp;A cash outflows this year, and to 2.5x by 2023. We forecast EBITDA to
        grow to USD1.3 billion by 2024 from USD900 million in 2020. Based on our price assumptions, which reflect sustainable mid- cycle prices, ICL would be well-positioned within our rating sensitivities through the cycle.</div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">4/13</font></div>
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    <div><br>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Market Leader in Bromine: ICL controls about 40% of the world's bromine capacity, used to manufacture flame retardants and industrial solution in diverse industries. Volumes
        of clear brine fluids to the oil and gas sector, which was the driver of profit growth before the pandemic, have weakened following a slump in oil prices. However, the recovery of the automotive and electronics sectors, and capacity
        rationalisations in China led to a strong increase in bromine prices since 4Q20. Fitch sees ICL's position in the bromine industry as a key strength given the stability of margins at around 30% and solid growth prospects as highlighted by the
        earlier-than-expected full utilisation of the company's new capacity.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Increasing Potash Volumes, Prices: In 2020, record potash volumes produced following the completion of the Dead Sea facility upgrade were not sufficient to offset a fall in
        prices, resulting in a 35% decrease in the segment's EBITDA. Production capacity is expected to grow to 5 million tonnes (mt) in 2022 from about 4.8mt in 2020 following the completion of its two mines consolidation in Spain, with a further 0.3mt
        gain expected within three years. Moreover, higher realised prices from 3Q21 following a supply agreement with Indian buyers at a price USD50/tonne higher than the previous contract, and reduced cost per tonne will lift potash EBITDA to USD350
        million-USD400 million in the coming years.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Focus on Specialty Phosphates: Increasing earnings from phosphate food specialties and acids, and cost reductions managed to offset a fall in phosphate prices in 2020,
        resulting in steady phosphate EBITDA compared with 2019. The phosphate division has lower EBITDA margins than potash or industrial products, but benefits from robust demand for food- grade specialties, and will see its contribution improving
        materially in 2021 as a result of a significant increase in phosphate prices. We expect this division to contribute around USD330 million in EBITDA per year over the next four years, corresponding to a 15% margin on average.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">M&amp;A Increases Specialty, Brazil Focus: The acquisition of Fertilaqua in 1Q21 and Compas Minerals' South American plant nutrition division, which is expected to close in
        2H21, will add about USD300 million revenue with accretive EBITDA margins and USD500 million in net debt. We expect growing earnings to support deleveraging and acknowledge that ICL can divest non-core assets such as non-controlling interests, as
        seen in 1Q21. However, we expect ICL to have limited headroom for further M&amp;A in 2021 under its current rating sensitivities, but to pursue bolt-on acquisitions farther out.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">5/13</font></div>
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      <br>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Efficient Diversification: We see ICL's diversification between industrial products, commodity and specialty fertilisers as effective as the markets they address are not
        correlated. The bromine division generates steady margins that help offset the cyclicality of fertilisers, while potash is able to generate high earnings with EBITDA margins in mid-20%. Moreover, ICL's increased focus on specialty fertiliser offers
        growth opportunities.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">DERIVATION SUMMARY</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">ICL's business profile is a combination of fairly volatile fertiliser and resilient specialty products (around 60% of revenue) segments. ICL's fertilisers portfolio has a
        higher exposure to specialty fertilisers, comparable margins but smaller scale than its US fertiliser peer The Mosaic Company (BBB-/Stable), and weaker cost positioning across its phosphate products than its EMEA peers PJSC PhosAgro (BBB-/Stable)
        and OCP S.A. (BB+/Stable).</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">ICL's diversification across fertilisers and non-agro chemicals is similar to OCI N.V.'s (BB/Stable), which is split between nitrogen-based fertilisers and industrial
        chemicals. OCI exhibits higher margins than ICL owing to access to low-cost feedstock in the US and north Africa but its credit profile is constrained by high leverage.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">KEY ASSUMPTIONS</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Fitch's Key Assumptions Within Our Rating Case for the Issuer</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 4.25pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z299e89c46932485eb78228232a4d3237">

            <tr>
              <td style="width: 12.45pt; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Fertiliser prices in line with Fitch's fertiliser price deck over the next four years</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 4.25pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5740dfa571ce493485c1ce0443a4fba8">

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              <td style="width: 12.45pt; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Sales of industrial products growing in mid-single digits per year, driven by prices and volumes, over the next four years</div>
              </td>
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.15pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze3690a474ef44f11972ef016955f47bb">

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              <td style="width: 12.45pt; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Sales of potash growing 12% in 2021, driven by higher volumes and realised prices, followed by low single digits to 2024</div>
              </td>
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        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.15pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d08552fd94b48378646062fdfaba44e">

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              <td style="width: 12.45pt; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Sales of phosphate specialties growing 19% in 2021, driven by prices, before declining 12% in 2022 as prices ease, and then growing 2% in 2023-2024</div>
              </td>
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.1pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1a5800723e4c421a9548a99323fee0f9">

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              <td style="width: 12.45pt; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">EBITDA margins in high 30% for bromine, low 20% for potash, mid-10% for phosphate and high single digits for innovative agriculture solutions</div>
              </td>
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        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.15pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze2e8964e681b408fb985f37bf0f52635">

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              <td style="width: 12.45pt; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Capex of USD550 million to USD580 million per year to 2024</div>
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 4.25pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z074054a6473c4b4786aec26709febb32">

            <tr>
              <td style="width: 12.45pt; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Dividend at 50% of net income, growing from USD214 million in 2021 to USD292 million in 2024</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.15pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36f2e59a2ec14686b9d21e0dff123747">

            <tr>
              <td style="width: 12.45pt; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Net M&amp;A cash outflows of USD439 million in 2021, followed by USD50 million per year to 2024</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6/13</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <br>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">RATING SENSITIVITIES</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Factors that could, individually or collectively, lead to positive rating action/upgrade:</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf77743a348664e7284f0e0d49ea7f528">

            <tr>
              <td style="width: 12.45pt; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">FFO net leverage below 2.2x on a sustained basis</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25;">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfe8d742ea0b342ce961ed83a6f807f16">

            <tr>
              <td style="width: 12.45pt; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Adherence to a conservative financial policy</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Factors that could, individually or collectively, lead to negative rating action/downgrade:</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.05pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd1c2ca530804ce1acd07aa74f3290a3">

            <tr>
              <td style="width: 12.45pt; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Under-performance or M&amp;A leading to FFO net leverage above 3.2x on a sustained basis</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25;">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9e4a261b5845408ea0e82b60ad19eebe">

            <tr>
              <td style="width: 12.45pt; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">-</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Operating EBITDA margin consistently below 15%</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">BEST/WORST CASE RATING SCENARIO</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured
        in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The
        complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to
        determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">LIQUIDITY AND DEBT STRUCTURE</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Strong Liquidity: As of 31 March 2021, ICL maintained strong liquidity of USD1 billion, consisting of USD895 million availability under its USD1.1 billion revolving facility
        and USD216 million of cash and short-term deposits, excluding USD40 million that Fitch deems not readily available.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Two debt instruments totalling USD202 million were repaid during 1Q21. Available liquidity is sufficient to comfortably cover the remaining USD0.4 billion financial
        liabilities due in 2021 as well as an estimated USD0.3 billion cash outflow for the acquisition of Compas Minerals' South American plant nutrition assets that is expected to close in 2H21. ICL also has USD123 million unused securitisation facility.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">7/13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">ICL's revolving facility is provided by a pool of 11 international banks, with USD200 million expiring in March 2023 and USD900 million in March 2025. Although the facility
        is subject to financial covenants, we assume it will remain available to the company until maturity given significant headroom under its covenanted ratios.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Fitch expects ICL to maintain a healthy debt maturity profile, underpinned by its proven access to long-term funding from international financial institutions and public debt
        markets, as recently exhibited through its successful bond issue despite adverse capital- market conditions in 2020.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ISSUER PROFILE</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">ICL is a global producer of fertilisers and chemicals using phosphate, potash and bromine feedstocks.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SUMMARY OF FINANCIAL ADJUSTMENTS</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Depreciation of rights-of-use assets of USD67 million and lease-related interest expense of USD15 million deducted from EBITDA. Lease liabilities of USD325 million excluded
        from financial debt. Cash flow from operations reduced by USD67 million, cash flow from financing activities increased by USD67 million.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">USD40 million cash and short-term investments excluded from readily available cash as they are deemed not readily available to repay consolidated financial debt.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The principal sources of information used in the analysis are described in the Applicable Criteria.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">8/13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="line-height: 1.25;"><br>
        <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ESG CONSIDERATIONS</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal
          credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: center; margin-right: 161.7pt; margin-left: 71.55pt; line-height: 1.25; font-weight: bold;">RATING ACTIONS</div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="line-height: 1.25;">
          <table cellspacing="0" cellpadding="0" border="0" id="zaaac7770dc0b415dbd6c5b074fed1a99" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 20%; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">ENTITY/DEBT</font> <br>
                </td>
                <td style="width: 20%; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;"><font style="font-weight: bold;">RATING</font>&#160; <br>
                  </font></td>
                <td style="width: 20%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>&#160;</div>
                </td>
                <td style="width: 20%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>&#160;</div>
                </td>
                <td style="width: 20%; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">PRIOR</font></td>
              </tr>
              <tr>
                <td style="width: 20.00%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 20.00%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 20.00%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 20.00%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 20.00%;">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 20.00%;">ICL Group Ltd. <br>
                </td>
                <td style="width: 20.00%;"> LT IDR</td>
                <td style="width: 20.00%;">BBB- Rating Outlook Stable</td>
                <td style="width: 20.00%;">Affirmed</td>
                <td style="width: 20%;">
                  <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">BBB- Rating Outlook Stable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 20.00%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 20.00%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 20.00%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 20.00%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 20.00%;">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 20%;">
                  <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><font style="font-family: Times New Roman;">&#9679;</font>&#160;&#160; senior unsecured</div>
                </td>
                <td style="width: 20.00%;">LT&#160; <br>
                </td>
                <td style="width: 20.00%;"> BBB-</td>
                <td style="width: 20.00%;">Affirmed <br>
                </td>
                <td style="width: 20.00%;">BBB-</td>
              </tr>

          </table>
        </div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25;">
          <div>
            <div style="line-height: 1.25;">
              <div style="line-height: 1.25;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">VIEW ADDITIONAL RATING DETAILS</div>
                <div style="line-height: 1.25;"><br style="line-height: 1.25;">
                </div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">FITCH RATINGS ANALYSTS</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
                </div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Guillaume Daguerre</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Director</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Primary Rating Analyst</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">+34 93 323 8404</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">guillaume.daguerre@fitchratings.com</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Fitch Ratings Ireland Spanish Branch, Sucursal en Espa&#241;a </div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Av. Diagonal 601 Barcelona 08028</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
                </div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">Nikos Kousiantzas </font></div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;"></font>Associate Director </div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Secondary Rating Analyst</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">+34 93 323 8417</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">nikolaos.kousiantzas@fitchratings.com</div>
                <div style="line-height: 1.25;">&#160;</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Angelina Valavina</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Senior Director</div>
              </div>
            </div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Committee Chairperson</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">+44 20 3530 1314</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">angelina.valavina@fitchratings.com</div>
            <div style="line-height: 1.25;">&#160;</div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">9/13</font></div>
              <div id="DSPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
            </div>
            <div style="line-height: 1.25;"><br style="line-height: 1.25;">
            </div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">MEDIA CONTACTS</div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Adrian Simpson</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">London</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">+44 20 3530 1010</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">adrian.simpson@thefitchgroup.com</div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Pilar Perez</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Barcelona</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">+34 93 323 8414</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">pilar.perez@fitchratings.com</div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Additional information is available on www.fitchratings.com</div>
            <div style="line-height: 1.25">&#160;</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">APPLICABLE CRITERIA</div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Corporate Rating Criteria (pub. 21 Dec 2020) (including rating assumption sensitivity)</div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Corporates Recovery Ratings and Instrument Ratings Criteria (pub. 09 Apr 2021) (including rating assumption sensitivity)</div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Sector Navigators - Addendum to the Corporate Rating Criteria (pub. 30 Apr 2021)</div>
            <div style="line-height: 1.25;"><br style="line-height: 1.25;">
            </div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">APPLICABLE MODELS</div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).</div>
            <div style="line-height: 1.25;"><br style="line-height: 1.25;">
            </div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Corporate Monitoring &amp; Forecasting Model (COMFORT Model), v7.9.0 (1)</div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ADDITIONAL DISCLOSURES</div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Dodd-Frank Rating Information Disclosure Form </div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Solicitation Status</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Endorsement Policy</div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ENDORSEMENT STATUS</div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">ICL Group Ltd.</font>&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman',Times,serif;">EU Issued, UK
                Endorsed</font></div>
            <div style="line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
              </font></div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">10/13</font></div>
              <div id="DSPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
            </div>
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                  <td rowspan="1" style="width: 16.67%; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td rowspan="1" style="width: 16.67%; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td rowspan="1" style="width: 16.67%; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td rowspan="1" style="width: 16.67%; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td rowspan="1" style="width: 16.67%; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
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                  <td style="width: 16.67%;">Chemicals and Fertilizers</td>
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                  <td style="width: 16.67%;"> Middle East</td>
                  <td style="width: 16.67%;">Asia-Pacific</td>
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                    <div>&#160;</div>
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                  <td style="width: 16.67%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 16.67%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 16.67%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 16.67%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 16.67%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
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              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">12/13</font></div>
              <div id="DSPFPageBreak" style="page-break-after: always;">
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          <div style="text-indent: 18pt; line-height: 1.25;">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.</div>
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                <td style="width: 50%; vertical-align: top;">
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                </td>
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                <td style="width: 50%; vertical-align: top;">
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              <tr>
                <td style="width: 50%; vertical-align: top;">
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                  <div style="line-height: 1.25;">/s/ Aya Landman</div>
                </td>
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                <td style="width: 50%; vertical-align: top;">
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                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="line-height: 1.25;">&#160;</div>
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              </tr>
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                <td style="width: 50%; vertical-align: top;">
                  <div style="line-height: 1.25;">&#160;</div>
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              </tr>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
