ICL Group Ltd. — Investor Presentation 2020

Nov 12, 2020

Important LegalNotes

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 ICL Group Ltd. ("ICL Group" or "Company") securities or in any securities of its affiliates or subsidiaries.

This presentation and/or other oral or written statements made by ICL Group 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 Group'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, 2019, 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 Group 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 Group 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, adjusted EBITDA, adjusted net income, adjusted EPS, segment EBITDA, segment EBITDA margin and free cash flow, designed to complement the financial information presented in accordance with IFRS because management believes such measures are useful to investors. Please note that other companies may calculate similarly titled non-GAAP financial measures differently than ICL Group and that our definitions of these measures may differ from those used by other companies or such companies may use other measures to evaluate their performance, which may reduce the usefulness of our non-GAAP financial measures as tools for comparison. 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 Q3 2020 press release for the quarter ended September 30, 2020 and the appendix to this presentation 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.

Q32020: Resilient Performance Amid COVID-19 and Low Commodity Prices

• Continuous strong cash generation despite COVID-19 and commodity challenges: operating cash flow and free cash flow of \$203 million and \$60 million, respectively
• All operating divisions delivered positive profitability
• RecordpotashproductionattheDeadSea during first nine months of year
• Record operating income for phosphate specialties and YPH JV
• Strategic cost reduction initiatives progressing according to plan
• Acquisition of Fertilaqua supports execution of growth strategy
• Quarterly dividendof\$29 million, demonstratescommitmenttoshareholderreturnsandbalancedcapitalallocation

Key FinancialParameters

1.Adjusted EBITDA and adjusted net income are non-GAAP financial measures. See appendix to this presentation for reconciliation tables.

All figures shown in US \$ millions

4

IndustrialProducts Segment

Global economic slowdown related to COVID-19 impacted demand for clear brine fluids and bromine-basedflame retardants

(1) Segment EBITDA is a non-GAAP financial measure and is calculated as segment profit net of depreciation and amortization. See reconciliation tables in the appendix to this presentation.

Bromine prices in China increased towards

Increased sales and market share of phosphorus-based flame retardants

Demand for flame retardants recovering, mainly in construction and electronics

Potash Segment

On track to achieve record annual potash production attheDeadSea

Average realized price dropped by \$64 per tonne, 23%lowerthanQ32019

Sales mix expected to improve in Q4 2020, leadingtohigher averagerealizedprice

Vilafrunssiteclosureontrack

(1) Segment EBITDA is a non-GAAP financial measure and is calculated as segment profit net of depreciation and amortization. See reconciliation tables in the appendix to this presentation.

PhosphateSolutions Segment

Improved performance of commodity phosphates due to better sales mix and costreduction initiatives

Record operating income from phosphate specialties

Seasonality expected to negatively impact Q4 2020

Record operating income for YPH JV in

(1) Segment EBITDA is a non-GAAP financial measure and is calculated as segment profit net of depreciation and amortization. See reconciliation tables in the appendix to this presentation.

Cost reductions, including lower cost of raw materials, led to significant increase

Sales increased by 8%, due to higher sales volumes in most product lines, despite seasonalweakness

Generated operating cash flow of \$38mn, a 60% improvement overQ3 2019

Sales continued to increase in fastgrowing emerging markets

(1) Segment EBITDA is a non-GAAP financial measure and is calculated as segment profit net of depreciation and amortization. See reconciliation tables in the appendix to this presentation.

Signed an agreement to acquire Fertilaqua

Acquisitionof Executing on our GrowthStrategy

Executing Growth Strategy in CropNutrition

• Significant foothold for ICL's Crop Nutrition business in thehighgrowth,highmarginBrazilianagriculturemarket
• Strong sales platform and access to a broad customer base to expand ICL's specialty and commodityfertilizer penetration into the Brazilianmarket
• Provides incremental R&D capabilities to generate additional innovativeproducts
• Further expands ICL's product portfolio withhigher growth, higher marginproducts
• Balance ICL's crop nutrition salesseasonality
• Biostimulants company providing plantnutrition, stimulation and soil revitalizationsolutions
• Broad product portfolio of 100+ productsspanning full croplifecycle
• Base of 500+ customers include ag-inputretailers, cooperatives and largefarms
• Active across all key Brazilian crops including soybean, corn,sugarcane,coffee,fruits&vegetables andother

Company info

Summary &Outlook

Notable achievements despite market challenges:

• Resilient results amid COVID-19 and commodity challenges
• Continued solid cash generation fueled by cross-company cost saving initiatives
• Record nine months potash production at the Dead Sea
• Record operating income for phosphate specialties
• Record operating income for YPH JV in China
• Continued improved results for IAS
• Acquisition of Fertilaqua supports execution of growth strategy

Improving market conditions and business environment:

• Demand for bromine-based flame retardants recovering
• Commodity prices trending higher
• Solid demand for fertilizers expected to continue

Key FinancialMetrics

1.Adjusted operating income, adjusted EBITDA and adjusted net income are non-GAAP financial measures. See reconciliation tables in the appendix to this presentation. 2.Free cash flow is a non-GAAP financial measure. See reconciliation tables in the appendix to thispresentation. All figures shown in US \$millions

	Q3 2020	Q3 2019	% change	Q2 2020	% change
Sales	1,204	1,325	(9%(	1,203	~
Operating income	100	201	)50%(	)169(	NA
Adjusted operating income(1)	106	201	(47%(	128	)17%(
Adjusted EBITDA(1)	226	307	)26%(	246	)8%(
Net income	54	130	)58%(	)168(	NA
Adjusted net income(1)	58	130	)55%(	72	)19%(
Operating cash flow	203	368	)45%(	177	15%
Free cash flow(2)	60	221	)73%(	20	200%

Positive Pricing Momentum Across Mineral ValueChains

Elementalbromine, China(\$/tonne)

Numbers may not add due to rounding and set offs Allfigures shown in US \$ millions

1. Adjusted EBITDA is a non-GAAP financial measure. See appendix to this presentation for reconciliation tables.

Profitability Impacted by CommodityPrices

Allfigures shown in US \$ millions

Number may not add to rounding and set offs

\$1.2Bn

Strong Cash Generation and Liquidity

Free cash flow(2)

\$60Mn

Operating cash flow

Immediately available liquidity of over

1. Based on last four dividend distributions and LTM average share price

2. Adjusted EBITDA and free cash flow are non-GAAP financial measures. See appendix to this presentation for reconciliation tables

3. Renewal of \$300Mn Securitization

4. \$900Mn credit facility extended to 2025
5. No major maturities in the near-term
6. Q3 2020 dividend yield(1)3.2%

Net Debt to adjusted EBITDA(2)

2.6X

Key Takeaways

Notable achievements despite market challenges:

• Resilient results amid COVID-19 and commodity challenges
• Continued solid cash generation fueled by cross-company cost saving initiatives
• Record nine months potash production at the Dead Sea
• Record operating income for phosphate specialties
• Record operating income for YPH JV in China
• Continued improved results for IAS
• Acquisition of Fertilaqua supports execution of growth strategy

Improving market conditions and business environment:

• Demand for bromine-based flame retardants recovering
• Commodity prices trending higher
• Solid demand for fertilizers expected to continue
• Fourth quarter results are expected to reflect the usual end of the year seasonality

Thank You

Financial	ESG	<<		<<	Description Period Ended On (MM/DD/YYYY)	FY 17 12/27/2017	FY 18 12/31/2018	FY 19 12/31/2019
ESG Metrics (Y)					Company Information
		\$	Million	all	Sales	5,418	5,556	5,271
		69	Million	all	Operating income (loss)	629	1,519	756
		\$	Million	all	Community Spending	5.0	7.9	7.4
X # Export Data
					Environmental Performance
Build a Chart 11					Environmental Protection Spending
		\$	Million	all	Investments	33.9 R	43.8 R	51.1
S Stock Chart		6	Million	all	Expenditures	51.9 R	67.2 R	62.3
					Certifications
			Actual		ISO 14001 or an eqv.standard for environmentalma	89%	91%	93%
			Actual	=	ISO 50001 or an eqv.standard for energy (% of pro	32%	32%	35%
					Energy
			Million	all	Total energy use (GJ)	30.8	34.9 R	36.5
			Million	all	Direct (GJ)	23.0	28.5 R	31.1
			Million	all	Indirect (GJ)	7.9 R	6.4 R	5.4
			Million	all	Electricity (GJ)	7.2	5.7 R	4.2
			Million	=	Natural gas (GJ)	19.8	25.8	29.8
					Water
			Million	all	Total water use (m3)	70.9 R	72.1 R	71.9
			Million		Potable (m3)	20.2	19.2	18.5
			Million	all	Non-potable (m3)	50.7 R	53.0 R	53.4
			Million	all	Grid (Municipal) water use (m3)	18.6	17.4	16.7
			Million	all	Wastewater discharge (m3)	24.4	24.4	23.2
					GHG
			Thousand	all	Total GHG emissions (CO2e tonnes)	3,162	3,323	3,194
			Thousand	all	Scope 1 (CO2e tonnes)	1,932	2,278	2,496
			Thousand	all	Scope 2 (CO2e tonnes)	1,140	952	612
			Thousand		Scope 3 (CO2e tonnes)	90	93	86

Visit our new Interactive Data Tool at WWW.ICL-GROUP.COM

Q3 2020sales

1,325	92	50	21	1,204
Q3 2019	Prices	Quantities	Exchange rates	Q3 2020

Numbers may not add due to rounding and set offs.All figures shown in US \$ millions

1,325	69	63	2	13	1,204
Q3 2019	Industrial Products	Potash	Phosphate Solutions	IAS	Q3 2020

Q32020 OperatingIncome

	6
Q3 2020 adjusted	Adjustments to operating income (Q3 '20)

Q32020 IndustrialProducts Sales and Segment ProfitAnalysis

Numbers may not add due to rounding and set offs.All figures shown in US \$ millions

Q32020Potash Sales and Segment Profit Analysis

Q32020 Phosphate Solutions Sales and Segment Profit Analysis

Numbers may not add due to rounding and set offs.All figures shown in US \$ millions

	6	4	2	4	6
Q3 2019 )2(	Raw materials	Quantities	Operating and other expenses	Prices	Q3 2020

Q32020 Innovative Ag Solutions Sales and Segment Profit Analysis

FinanceExpenses

Numbers may not add due to rounding and set offs.All figures shown in US \$ millions

1. Average liabilities during the given quarter

\$ millions	Q3 2020	Q3 2019
Liabilities(1)	2,825	2,650
Interest rate	3.7%	4.2%
Interest expenses	26	28
Interest capitalization	(6)	(4)
Interest expenses, net	20	24
Total hedging transactions, balance sheet revaluation & other	3	(6)
Interest & exchange rate impact on long term liabilities of leasing and employees	6	14
Net financial expenses	29	32

\$ millions	Q3 2020	Q3 2019
Adjusted income before tax(1)	79	169
Normalized tax rate	20%	21%
Normalized tax expenses	16	36
Carryforward losses not recorded for tax purposes	(1)	(6)
Exchange rate impact and other items	1	5
Adjusted tax expenses	16	35
Adjusted effective tax rate	20%	21%
Tax adjustments	(2)	-
Reported provision for income taxes	14	35

Effective TaxRate

1. See calculation in the appendix of this presentation

Numbers may not add due to rounding and set offs.All figures shown in US \$ millions

Q3 2019
169
21%
36
(6)
5
35
21%
35

Numbers may not add due to rounding. All figures shown in US \$ millions

1.See detailed reconciliation table "Adjustments to reported operating and net income (Non-GAAP)" in the corresponding quarters' PR and 6-K

Reconciliation Tables(1/3)

Calculation of adjusted income before tax Q3 2020 Q3 2019

Calculation of adjusted income before tax	Q3 2020	Q3 2019
Adjusted operating income(1)	106	201
Finance expenses	(29)	(32)
Share in earnings (losses) of equity-accounted investees and adjustments to financial expenses	1	-
Adjusted income before tax	79	169

Calculation of segment EBITDA and margin	Industrial Products		Potash		Phosphate Solutions		IAS
	Q3 2020	Q3 2019	Q3 2020	Q3 2019	Q3 2019	Q3 2019	Q3 2019	Q3 2019
Segment profit	50	88	28	83	28	32	6	(2)
Depreciation and amortization	19	17	42	37	55	44	7	5
Segment EBITDA	69	105	70	120	83	76	13	3
Segment EBITDA margin	26%	31%	22%	32%	16%	15%	8%	2%

Numbers may not add due to rounding. All figures shown in US \$ millions

1.See detailed reconciliation table "Adjustments to reported operating and net income (Non-GAAP)" in the corresponding quarters' PR and 6-K 2. Last 4 quarters EBITDA

Reconciliation Tables(2/3)

Calculation of adjusted EBITDA	Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019
Net income attributable to the shareholders of the Company	54	(168)	60	48	130
Depreciation and Amortization	123	119	118	113	110
Financing expenses, net	29	31	52	25	32
Taxes on income	14	(33)	20	15	35
(1) Adjustments	6	297	-	-	-
Adjusted EBITDA	226	246	250	201	307

Net debt to adjusted EBITDA	Q3 2020
Net debt	2,425
Adjusted EBITDA	923
Net debt to adjusted EBITDA	2.6X

Reconciliation Tables (3/3)

Calculation free cash flow			Q3 2020 Q3		2019	Q2 2020
Cash flow fromoperations			59	134		177
(2) Additions to property plant and equipment and dividends from equity-accounted investees				1		87	(157)
Free cash flow			60		221	20
Calculation of adjusted net income to net income		Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019
Net income attributable to the shareholders of the Company		54	(168)	60	48	130	158
(1) Total adjustments to operating income		6	297	-	-	-	(10)
(1) Adjustments to finance expenses		-	-	-	-	-	--
Total tax impact of the above operating income & finance expenses adjustments	(1)	(2)	(57)	-	-	-	3
Total adjusted net income -shareholders of the Company		58	72	60	48	130	151
Calculation of adjusted operating income	Q3 2020	Q2 2019		Q2 2020
Operating income	100	201		(169)
Impairment loss (reversal)	6	-		187
Provision for early retirement and dismissal of employees	-	-		78
Provision for prior periods waste removal and site restoration costs	-	-		32
Total adjustments	6	-		297
Adjusted operating income	106	201		128

Numbers may not add due to rounding. All figures shown in US \$ millions

1.See detailed reconciliation table "Adjustments to reported operating and net income (Non-GAAP)" in the corresponding quarters' PR and 6-K 2.Also includes proceeds from sale of Property, Plants & Equipment (PP&E)

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We disclose in this Quarterly Report non-IFRS financial measures titled, adjusted operating income, adjusted net income attributable to the Company's shareholders, adjusted EBITDA, adjusted EPS, segment EBITDA, segment EBITDA margin and free cash flow. Our management uses such non-GAAP measures to facilitate operating performance comparisons from period to period and present free cash flow to facilitate a review of our cash flows. We calculate our adjusted operating income by adjusting our operating income to add certain items, as set forth above and in the reconciliation table "Adjustments to reported operating and net income". Certain of these items may recur. We calculate our adjusted net income attributable to the Company's shareholders by adjusting our adjusted operating income, net income attributable to the Company's shareholders to add certain items, as set forth above and in the reconciliation table "Adjustments to reported operating and net income (Non-GAAP)" in the accompanying press release, excluding the total tax impact of such adjustments and adjustments attributable to the non-controlling interests. We calculate our adjusted EBITDA by adding back to the adjusted operating income the depreciation and amortization. Adjusted EPS is calculated as adjusted net income divided by weighted-average diluted number of ordinary shares outstanding as provided in the reconciliation table under "Calculation of Adjusted EPS". We calculate our segment EBITDA by adding back to our segment profit the depreciation and amortization for each segment. We calculate our segment EBITDA margin by dividing segment EBITDA by revenue. We calculate our free cash flow as our cash flows from operating activities net of our purchase of property, plant, equipment and intangible assets, and adding Proceeds from sale of property, plant and equipment and dividends from equity-accounted investees during such period as presented in the reconciliation table under "Calculation of free cash flow". You should not view adjusted operating income, adjusted net income attributable to the Company's shareholders, adjusted EPS or adjusted EBITDA as a substitute for operating income or net income attributable to the Company's shareholders determined in accordance with IFRS, adjusted EPS as a substitute for EPS or free cash flow as a substitute for, cash flows from operating activities and cash flows used in investing activities, and you should note that our definitions of adjusted operating income, adjusted net income attributable to the Company's shareholders, adjusted EBITDA and free cash flow may differ from those used by other companies. However, we believe that such non-GAAP measures provide useful information to both management and investors by excluding certain expenses that management believes are not indicative of our ongoing operations. In particular for free cash flow, we adjust our Capex to include any Proceeds from sale of property, plant and equipment because we believe such amounts offset the impact of our purchase of property, plant, equipment and intangible assets. We further adjust free cash flow to add Dividends from equity-accounted investees because receipt of such dividends affects our residual cash flow. Free cash flow does not reflect adjustment for additional items that may impact our residual cash flow for discretionary expenditures, such as adjustments for charges relating to acquisitions, servicing debt obligations, changes in our deposit account balances that relate to our investing activities and other non-discretionary expenditures. Our management uses these non-IFRS measures to evaluate the Company's business strategies and management's performance. We believe that these non-IFRS measures provide useful information to investors because they improve the comparability of the financial results between periods and provide for greater transparency of key measures used to evaluate our performance. We present a discussion in the period-to-period comparisons of the primary drivers of changes in the company's results of operations. This discussion is based in part on management's best estimates of the impact of the main trends in its businesses. We have based the following discussion on our financial statements. You should read the following discussion together with our financial statements.

Non-GAAP FinancialMeasures