ICL Group Ltd.

Investor Presentation • May 12, 2020

Q1 2020 Results Raviv Zoller President & CEO May 12, 2020

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 and free cash flow, 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 2020 press release for the quarter ended March 31, 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.

• Diversityofbusinesssoftenedimpactoflowcommodityprices
  • Achievedoperatingincomeof\$132million,EBITDA(1)of\$250millionandoperatingcashflowof\$166million
  • Record business and financial performance of IndustrialProducts
  • Strong performance in phosphatespecialties
• Limited impact from COVID-19 pandemic, although more significant impact is expected in the near-term
• Record firstquarterpotashproductionattheDeadSeafollowingthecompletionoffacilitiesupgradeinQ42019
• Well positionedfinanciallywithover\$1.1billionofavailableliquidity
• Dividendofabout\$30millionapproximately50%of\$60millionnetincomerecordedinthequarter, reflectsICL's commitmenttoshareholdersreturnandbalancedcapitalallocation

• Safety of employees is toppriority
• •Safety measures implemented in all company sites
• •Immediate delivery of medicaland protective equipment to ICL sites globally
• •Donating medical and protective equipment as well as services to local communities

• Limited impact on operations; all sites are operational
• •Experience acquired in China implemented in all sites globally
• •Iberpotash (Spain) and ICL Boulby (UK) operating at 50- 70% and gradually ramping up

-

-

• Strong liquidity of over \$1.1 billion in cash and available credit facilities

•Very limited impact on Q1 2020 financials

• Some impact expected in the near term

• Efficiency and cost reduction measures to mitigate COVID-19 impact

Numbers may not add due to rounding and set offs

Q1 2020adjusted

Numbers may not add due to rounding and set offs

Adjusted EBITDA is a non-GAAP financial measure. See appendix tothis presentation for reconciliationtables. 6

Achieved record quarterlyoperating income driven by strongsales in most products

Higher salesof specialtyminerals due to high demandforfood and pharmaapplications

Signed additionallong-term contracts with Asiancustomers

(1) Segment EBITDA is a non-GAAP financial measure and is the segment profit net of depreciation and amortization. See appendix to this presentation for reconciliation tables. 7

Facilities upgrade in Q4 2019 resulted in record first quarter potash production at the DeadSea

Average realized price dropped \$44 per tonne compared to Q12019

Polysulphate production of 177 thousand tonnes, an increase of 34% over Q12019

Potash production in Spain resumed after about three weeks of shutdown and is currently at 60% capacity and rampingup

Post quarter signing of potash supply contracts with our customers in China for 910 thousand tonnes and an option for additional 490 thousandtonnes

(1) Segmented EBITDA is a non-GAAP financial measuresand is segment profit net of depreciation andamortization. See appendix to this presentation for reconciliation tables. 8

Continued focus on Phosphate Specialties growth partially compensated for a 30% declinein commodity phosphate prices

Solid performance for YPH JV inChina despite impact ofCOVID-19

Strong demand for phosphate fertilizers reflected in highersales volumes

Strong demand for food andother phosphatespecialties

Post quarter divestment of Hagesud followingstrategicdecisiontodivest lowsynergybusinesses

(1) Segmented EBITDA is a non-GAAP financial measure. See appendix to this presentation for reconciliation tables. Segment profit net of depreciation and amortization

Stable business and financial

Decrease in sale of third-party products contributed to valueover volumestrategy

Continued sales growthin emergingmarkets

Completed acquisition of US-based precision agriculture company, Growers Holdings,Inc.

10 (1) Segmented EBITDA is a non-GAAP financial measure. See appendix to this presentation for reconciliation tables. Segment profit net of depreciation and amortization

Summary & Outlook

• o All of ICL's manufacturing facilities are up and running; ICL Iberia and ICLUK expected ramp-up to full production by the end of Q2.
• o Impact of COVID-19 will mainly be reflected in a near-term decline in demand for clear brine fluids and some flame retardants
• o Commodity prices are expected to remain low in the near-term. Potash prices are expected to rise following signing of potash supply contract to China
• o Agricultural season is in full swing, and there is good demand for our commodity and specialty fertilizers
• · Specialty phosphate businesses outlook remains solid. Strategic focus on value added specialty business provides stability amid weaker commodity environment
• · Strength of balance sheet provides stability and flexibility to continue to execute strategic initiatives and capture opportunities

Kobi Altman CFO

\$ millions	Q1 2020	Q1 2019	% change	Q4 2019	% change 19%
Sales	1,319	1,415	(7%)	1,106
Operating income	132	227	(42%)	88	50%
Adjusted EBITDA(1)	250	350	(29%)	201	24%
Netincome	60	139	(57%)	48	25%
EPS (Presented in US\$)	0.05	0.11	(55%)	0.04	25%
Operating cash flow	166	173	(4%)	212	(22%)

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

\$US/tonne

Source: CRU Fertilizer Historical Prices April 30 2020

GMOP CFRBrazil GTSP CFRBrazil

\$ millions		Q12020
Liabilities(1)		2,684
Interestrate		4.0%
Interest expenses		26	30
Interest capitalization		(5)	(4)
Interest expenses, net		21	26
Total hedging transactions, balance sheet revaluation &	other	44	(7)
Interest & exchange rate impact on long-term liabilities leasing and employees	of	(13)	16
Net financial expenses		52	35
Exchange rate impact (\$ million)	Q1'20 vs.Q1'19		Main currency
Sales Operating income	(16) (12)

Q1 2019

Numbers may not add due torounding 1.Average liabilities during the given quarter

Main currency Depreciation of the Euro against the US\$ Appreciation of ILS against theUS\$

Total cash balance as of March 31, 2020amounts to \$524million

Available creditfacilities as of March 31, 2020 amounts to \$590million

1.Net debt to adjusted EBITDA is calculated as short term credit + long term debt & debentures – cash & cash equivalents – short term investments & deposits, divided by last twelve months adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure. See reconciliation table in the appendix for thispresentation 2.Not including ~\$300 million leasing liability due to implementation of IFRS16 accountingstandard 3.Excluding securities and creditfacilities

Gross debt as ofMarch 31, 2020: \$2.6bn(2)

DIVERSE, RESILIENT BUSINESS FINANCIAL STRENGTH

Differentiated business model and growth of specialty products provides a strong foundation

POSITIVE LONG-TERM OUTLOOK

Expectations for improving commodity price environment and continued growth of specialty business despite short-term headwinds

Significant liquidity profile and no significant near-term principal repayments ensures flexibility to manage and opportunistically grow the business

APPENDIX

Q1 2020 Operating Income

Q1 2020 Industrial Products Sales and Segment Profit Analysis

Q1 2020 Potash Sales and Segment Profit Analysis

Numbers may not add due to rounding and set offs.

Q1 2020 Phosphate Solutions Sales and Segment Profit Analysis

SEGMENT SALES

SECMENT PROFIT

Q1 2020 Innovative Ag Solutions Sales and Segment Profit Analysis

Effective Tax Rate

\$ millions	01 2020	01 2019
Adjusted income before tax(1)	81	206
Normalized tax rate	21%	2196
Normalized tax expenses	17	44
Carryforward losses not recorded for tax purposes	2
Exchange rate impact and other items	l	9
Adjusted tax expenses	20	154.
Adjusted Effective tax rate	25%	26%
Tax adjustments		3
Reported provision for income taxes	20	51

Reconciliation Tables (1/2)

Calculation of adjusted income before tax

Adjusted operating income(1)

Finance expenses

Share in earnings (losses) of equity-accounted investees and adjustments to financial expenses

Adjusted income before tax

Calculation of segment EBITDA	Industrial Products		Potash		Phosphate Solutions		IAS
			Q12020 Q12019 Q12020 Q12019 Q12020 Q12019 Q12020 Q12019
Segment profit	103	97	14	79	O	35	14	13/
Depreciation & Amortization	17	16	39	39	49	43	5	5
Segment EBITDA	120	113	53	118	58	781	19	18

Numbers may not add due to rounding

See detailed reconciliation table in the Q1 2020 PR

206 81
-----------	--

Reconciliation Tables (2/2)

Calculation of adjusted EBITDA Q1 2020 Q4 2019 Q3 2019 FY 2019 FY 2019 FY 2018 FY 2017								F2016
Net income attributable to the	60	48	130	158 1	475		1 364	(122)
shareholders of the Company						1,240
Depreciation and Amortization	118	113	110	109	443	403	390	401
Financing expenses, net	52	25	32	37	129	158	124	132
Taxes on income	20	15	35	4.6	147	1999	158	55
Adjustments(1)				(10)	기	(766)	23	585
Adjusted EBITDA	250	201	307	340	1,198	1,164	1,059	1,051
Adjusted EBITDA	250	1 201	307	340	1,198	1,160	904 9 968

Calculation of Net debt to adiusted EBITDA(2)			01 2020 FY 2020 FY 2018 FY 2017 FY 2016
Net debt	2.435	2.4107	2,212	3,037	3,268
Adjusted EBITDA	1,098	1,198	1,164	1,059	1,051
Net debt to adjusted EBITDA	2.22	220	119	29	B.IV

Numbers may not add due to rounding

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

Non-GAAP Financial Measures

We disclose in this Quarterly Report non-lead operating income, adjusted net income attributable to the Company's shareholders, adjusted EPS and free cash flow. Our managenent uses such facilitate perating nerformance comparisons from period to period and present free cash flow to facilitate review of our cash flows in periods. We calculate our adjusting our operating income to ad certain items, as set och above and in the reconciliation table "Mijustments to reported operating and net income". Certain of these items of adjusted net income attributable to the Company's shareholders by adjusting our adjusted operating income, net income attributable to the Conpany's shareholders, as set forth above and in the reconcliation table "Adjustments or reported operating and net income (Non-GAP)" in the accompanying ress release, excluding the total adjustments and adjustments attributable to the non-controlling interests. We calculate our adjusted EBTDA by adding back to the adjusted operating income the depection. Adjusted PS is calculated net income divided by weighted average diluted number of ordinary of ordinary of ordinary outdanding a provided in the reconcliation of Adjusted EPS". We calculate our segment EBTDA by adding back to our segment profit the deprect. We calculate our free cash flow as our cash flow it is net of our purchase of property, plant, equipment and intangible assets, and adding Proceeds from sale of property, plant and dividends from equity accounted in research in the resorciliation table under "Caculation of free cash flow" You should not iev adjusted operating income, adjusted net income attributable to the edited EBTDA as a substitute for operating income or net income or net income attributable to the Company's shareholders determined in accordance with FRS, adjustitute for EPS of free cash flow as a substitute and cash flows substinc activities, and your hat our definitions of adjusted net income attributable to the Company's shareholders, adjusted EBTDA and free cash flow may differ from those used by other conpanies. However, we believe that such information to both management and investors by excluding certain expenses that maragenert believes are not indicative of our organisms. In particular or Caper to include any Proceeds from sale of property, plant and equipment because we believe such anounts offeet the inpact of our purchand intangible assets. Ile further adjust free cash flow to add Dividents from equity accounted investes because receipt of such dividends affects our residual cash flow does not reflect adjustment for additional items that may impact our residual cash flow for discretionary expericles, a quistments for charges relating to aquisitions, changes in our deposit account balances that relate to our investing activities and other non-discetionary expenditures. Our nanagement uses hese non-lFRS measures and management's performance. Weblieve that these non-FFS measure provide useful information to investors because they improve the comparability of the between periods and provide for greater transparency of key measures used to evaluate our performance. We present a discussion in the period comparisons of changes in the company's results of operations. This discussion's based in part on management's best estimates of the impact of the maint in its businesses. Ne have a sur financial statements. You should read the fiber in the many of the with our financial statements.

visit us at www.icl-group.com

THANK