ICL Group Ltd.

Earnings Release • May 10, 2017

Q1 2017 Results

Asher Grinbaum | Acting CEO May 10, 2017

Important Legal Notes

Disclaimer and Safe Harbor for Forward-Looking Statements

The information contained herein in this presentation or delivered or to be delivered to you during our presentation does not constitute an offer, expressed or implied, or a recommendation to do any transaction in Israel Chemicals Ltd. ("ICL" or "Company") securities or in any securities of its affiliates or subsidiaries.

This presentation and/or other oral or written statements made by ICL during its presentation or from time to time, may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Whenever words such as "believe," "expect," "anticipate," "intend," "plan," "estimate", "predict" or similar expressions are used, the Company is making forward-looking statements. Such forward-looking statements may include, but are not limited to, those that discuss strategies, goals, financial outlooks, corporate initiatives, existing or new products, existing or new markets, operating efficiencies, or other non-historical matters.

Because such statements deal with future events and are based on ICL's current expectations, they could be impacted or be subject to various risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in our Annual Report on Form 20-F for the year ended December 31, 2016, and in subsequent filings with the Tel Aviv Securities Exchange (TASE) and/or the U.S. Securities and Exchange Commission (SEC). Therefore actual results, performance or achievements of the Company could differ materially from those described in or implied by such forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can provide no assurance that expectations will be achieved. Except as otherwise required by law, ICL disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. Readers, listeners and viewers are cautioned to consider these risks and uncertainties and to not place undue reliance on such information.

Certain market and/or industry data used in this presentation were obtained from internal estimates and studies, where appropriate, as well as from market research and publicly available information. Such information may include data obtained from sources believed to be reliable, however ICL disclaims the accuracy and completeness of such information which is not guaranteed. Internal estimates and studies, which we believe to be reliable, have not been independently verified. We cannot assure that such data is accurate or complete.

Included in this presentation are certain non-GAAP financial measures, such as Adjusted Operating income and Adjusted Net income, designed to complement the financial information presented in accordance with IFRS because management believes such measures are useful to investors. These non-GAAP financial measures should be considered only as supplemental to, and not superior to, financial measures provided in accordance with IFRS. Please refer to our Q1 2017 press release for the quarter ended March 31, 2017 for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with IFRS.

ICL's Highly Experienced Management Team

Asher Grinbaum, Acting CEO 42 years in ICL

Kobi Altman, CFO 2 years in ICL

Charles Weidhas, 10 years in ICL Ofer Lifshitz, President, ICL Essential Minerals 21 years in ICL

Eli Glazer, President, ICL Specialty Solutions 34 years in ICL

Yakir Menashe, EVP Global HR 11 years in ICL

Lisa Haimovits, General Counsel & Company Secretary 8 years in ICL Rani Loebenstein, Head of Global CR 3 years in ICL

Hezi Israel, EVP BD & Strategy 10 years in ICL

Over 140 years of ICL experience

COO

Q1 2017 Results Summary

• Growth in the Specialty Solutions division continues to provide a solid balancing effect on our operations
• Modest sequential recovery in potash prices and year over year volumes despite commodity downturn cycle
• Continued reduction of G&A expenses , CapEx and increased free cash flow shows management's strict focus on cash generation

\$ millions	Q1 17	Q1 16	% change	Q4 16	% change
Sales	1,295	1,265	2%	1,338	(3%)
Adjusted operating income	116	115	1%	140	(17%)
Net income	68	66	3%	32	113%
Adjusted net income	68	85	(20%)	114	(40%)
Free Cash flow	104	38	174%	127	(18%)
External potash sales (thousand tonnes)	942	893	5%	1,632	(4%)
Average potash selling price - FOB	216	235	(8%)	202	7%

See Q1 2017 press release for a reconciliation of Adjusted operating income to operating income and Adjusted net income to net income.

4

Main Quarter Highlights

External factors Internal factors

• Delay in Chinese contract
• Exchange rate impact
• Freight rates (seaborne)

• Commodity fertilizer prices

• Strong FCF

• Strong specialties performance
• YPH JV operational improvement
• G&A expenses reduction
• Reduced CapEx
• ICL UK production outage

Business performance & Major Developments

% change 5%		Essential Minerals
8%

• Continued strong performance of ICL's bromine business supported by a focus on value, continued cost reduction and long-term commercial engagements with customers
• Solid performance and operating margin improvement in ICL Advanced Additives
• Decline in dairy protein sales volumes in our Food business due to a customer's destocking activity, partially offset by an increase in phosphate based food additives in Europe and a 40% growth in new accelerated growth products

\$ million	Q1 2017	Q1 2016	% change
Sales*	734	723	2%
Division O/I**	66	93	(30)%

• Moderate increase in potash volumes vs. Q1 2016
• Potash operating income negatively impacted by ICL UK production outage due to operational breakdown in December 2016 and increased seaborne transportation cost
• Commodity phosphate fertilizer market continues to operate under challenging business environment
• Continued efficiency and cost reduction efforts result in a sequential decrease in operating loss at our YPH JV
• Strong growth in Latin America and China, operational efficiency and cost reduction initiatives, resulted in solid performance of our specialty fertilizers business.

* Including inter-business lines' sales

Continued Balance Sheet Improvement

** Working capital = trade and other receivables +inventories – trade and other payables (recalculated for prior years)

*** CapEx – additions to property plant and equipment and intangible assets not including PPA adjustments (recalculated for prior years)

7

Diversified Business Model

8

Financial Results

Kobi Altman CFO

Main Financial Figures and Analysis

\$ millions	Q1 17	Q1 16	% change	Q4 16	% change
Sales	1,295	1,265	2%	1,338	(3%)
Adjusted operating income	116	115	1%	140	(17%)
Net income	68	66	3%	32	113%
Adjusted net income	68	85	(20%)	114	(40%)
Cash flow from operations	195	222	(12%)	257	(24%)
Capital Expenditures	112	163	(31%)	138	(20%)
Free cash flow	104	38	174%	127	(18%)

Q1 2017 Sales (\$M) Q1 2017 Adjusted operating income (\$M)

Numbers may not add up due to rounding and set offs See Q1 2017 financial reports for a reconciliation of Adjusted operating income to operating income and Adjusted net income to net income.

Focus on Specialty Solutions Promoting Stability Despite Fertilizer Cycle

* Before elimination of inter-business lines' sales

** Excluding G&A, unallocated expenses and eliminations

Strict CapEx Management while still Investing in Future Growth

CapEx* (\$M)

* CapEx – additions to property plant and equipment and intangible assets not including PPA adjustments (recalculated for prior years)

Specialty Solutions Bridge Analysis

Excluding G&A and unallocated expenses

Numbers may not add due to rounding and set offs

Essential Minerals Bridge Analysis Sales (\$M) Segment operating income (\$M) 734 19 75

Excluding G&A and unallocated expenses

1,067 1,103 1,203 1,297 1,347 1,274 1,406 1,179 1,309 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 ^{104 127} 85 96 38 -36 -89 170 -72 195 ^{249 257 238 222 58 124} 325 66 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Improving Working Capital Management and Cash Flow Generation \$ Million Cash Flow \$ Million Working Capital** Free Cash flow* Operating Cash flow

* Free cash flow - cash flow from operations and dividend from investees net of CapEx

** Working capital = trade and other receivables + inventories – trade and other payables (recalculated for prior years)

15

Thank You

Appendix

Specialty Solutions Division

Specialty Solutions' Business Line SalesQ1 2017

Industrial Products Advanced Additives

ICL Essential Minerals Division

Essential Minerals' Business Line Sales Q1 2017

Numbers may not add due to rounding and set offs

Potash Business Stand-Alone Bridge Analysis Q1 2017

Sales (\$M) Business unit operating income (\$M)

Excluding G&A and unallocated expenses

See Q1 2017 financial reports for a reconciliation of Adjusted operating income to operating income and Adjusted net income to net income.

Numbers may not add due to rounding and set offs