Israel Corporation

Investor Presentation • Jul 29, 2020

Q2 2020 Results Raviv Zoller President & CEO

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. 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 Q2 2020 press release for the quarter ended June 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.

Q2 2020: Resilience In The Face Of Market Headwinds

• Positive operating income in all segments and positive free cash flow despite the impact of COVID-19 and low commodity prices
• Improvementin adjusted net income and operating cash flow vs. the prior quarter, which was not materially impacted by COVID-19
• Recordfirst half potashproductionattheDeadSea
• Continued strategic execution to reduce unprofitable exposure to commodities and implement efficiency plans, will result in ~\$50 million in enhanced profitability and cash savings annually
  • Discontinuation of Israeli-based production and sales of phosphate rock
  • Accelerated closure of potash production activity in the Vilafrunsmine in Spain, previously planned for 2021
  • Headcount reductions, primarily through early retirements
  • One-time impact of \$297 million in the quarter, most of which is non-cash
• Consolidation of crop nutrition business sales and marketing organization is expected to drive synergies, optimize distribution channels and increase efficiency of global operations
• Dividendof\$36millionreflectscommitmenttoshareholdersreturnandbalancedcapitalallocation

	Q2 2020	Q2 2019	% change	Q1 2020	% change
Sales	1,203	1,425	(16%)	1,319	(9%)
Operating income	(169)	240	NA	132	NA
Adjustedoperating income(1)	128	230	(44%)	132	(3%)
Adjusted EBITDA(1)	246	340	(28%)	250	(2%)
Net income	(168)	158	NA	60	NA
Adjusted net income(1)	72	151	(52%)	60	20%
Operating cash flow	177	239	(26%)	166	7%
Free cash flow(2)	20	99	(80%)	28	(29%)

Key FinancialMetrics

1.Adjustedoperating income, adjustedEBITDAand adjusted net income are non-GAAP financial measures. See appendix to this presentation for reconciliationtables.

2.Free cash flow is a non-GAAP financial measure, and consists of cash flow from operations excluding additions to property plant and equipment. 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 flame retardants

Continued strong performance in specialty minerals due to high demand forsupplements and pharma applications

(1) Segment EBITDA and segment EBITDA margin are non- GAAP financial measures. Segment EBITDA is segment profit net of depreciation and amortization and segment EBITDA margin is segment EBITDA divided by revenue. See appendix to this presentation for reconciliation tables.

Achieved a healthy EBITDA margin of 31%despite 19%decrease in EBITDA

Segment's performance is expected to follow the recovery in global industrial

Record first half potash production at theDeadSea

Average realized price dropped by \$63 per tonne, 22% lower compared to

COVID-19 impact of about \$23 million (ICL Iberia:\$13mnandICLUK:9mn)

Efficiency and cost reduction plans implemented, including shutdown of theVilafrunsmineinSpain

Polysulphate production increased by 38% over Q2 2019 to 184 thousand

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

PhosphateSolutions Segment

A 20% increase in operating income for phosphate specialties, coupled with lower cost of raw materials, partially compensated for a large decline in phosphate commodityprices

Solid performance for YPHJV in China with positive operating income

Continued strong demand for food additives

Cost reduction measures taken, including discontinuation of unprofitable phosphate rock production in Israel

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

EBITDA and EBITDA margin increased by 29% and 33%, respectively, due to lower cost of raw materials and internal cost efficiency initiatives

Sales decreased by 3% due to exchange rates and lower sales to the turf and ornamental markets as a result of

Continued sales growth in emerging

Integration of Growers' digital platform

(1) Segment EBITDA and segment EBITDA margin are non- GAAP financial measures. Segment EBITDA is segment profit net of depreciation and amortization and segment EBITDA margin is segment EBITDA divided by revenue. See appendix to this presentation for reconciliation tables.

New Focused Crop Nutrition Sales & Marketing

Integrated perspective of the Agriculture market to address current gaps and missedopportunities

From asiloed organizationstructure toa singleunifiedcommercialfrontfacingtheAgsector

Multiple locations

~\$2.5B sales Multiple back officesystems

Thousands of end-customers

Thenewoperatingmodelachieves:

• Optimizationofsalesandmarketingchannels
• Driveinternalsynergiesbyextendingofferingglobally
• IncreasetheICLbrandawareness
• Leverage ICL's region-specific market knowledge,logistic assets andstrong agronomic capabilities
• Noimpactonsegment reporting

Summary &Outlook

• Second quarter results resemble prior period, despite the impact of COVID-19 on the former. All four operating segments were profitable
• Production in all sites is back online according to plan, and operating under health and safety regulations related to COVID-19
• COVID-19primarily impacted demand for clear brine fluids and flame retardants. Performance is expected to follow the recovery of the market
• Commoditypriceswere still at trough levels in Q2, but are firming
• Diversity of ICL's businesses providingstability and continued cash generationamid weaker commodityenvironment
• Continued strategic execution on efficiency and cost saving plans across all operating segments
• Strengthofbalancesheetprovidesflexibilitytocontinuetoexecutestrategic initiativesandcapture opportunities

Kobi Altman CFO

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

Numbers may not add due to rounding and set offs

Allfigures shown in US \$ millions

1. Adjusted EBITDA is a non-GAAP financial measures. 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

TOTAL IMPAIRMENTS

Early retirement

TOTAL EARLY RETIREMENT

TOTAL DISCONTINUATION OFOPERATIONS

TOTALNET

Impairment and write-downs of assets

	Q2 2020
Impairment and write-downs of assets
Rotemsite (Israel)	175
Vilafruns mine (Spain)	12
TOTAL IMPAIRMENTS	187
Early retirement
Rotemsites	52
Bromine compounds	15
Magnesium	11
TOTAL EARLY RETIREMENT	78
Discontinuation of operations
Rotem(Israel)	22
Vilafruns(Spain)	10
TOTAL DISCONTINUATION OFOPERATIONS	32
TOTAL	297
Tax impact	(57)
TOTALNET	240

NON-GAAP Adjustments

Number may not add to rounding and setoffs

All figures shown in US \$millions

Net Debt to EBITDA ratio

Operating cash flow Q2 2020dividend

Fitch and S&P credit rating reaffirmed BBB-

with stable outlook

Total cash balance and available credit facilities \$1.15 Bn

2.4X

\$177 Mn

SeriesGbondalmostdoubled by issuingadditional ~\$110 Mn

\$36 Mn

Strong Balance Sheet and Liquidity

Key Takeaways

DIVERSE, RESILIENT BUSINESS

Differentiated business model and growth of specialty businesses provides strong support in challenging market conditions

FINANCIAL STRENGTH

Strong liquidity profile and no significant nearterm principal repayments ensures flexibility to manage and opportunistically grow the business

STRATEGIC EXECUTION

Continued focus on optimizing operations, achieving cost efficiencies and growing sales of specialty businesses

POSITIVE OUTLOOK

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

DIVERSE, RESILIENT BUSINESS

Differentiated business model and growth of specialty businesses provides strong support in challenging market conditions

Strong liquidity profile and no significant nearterm principal repayments ensures flexibility

FINANCIAL STRENGTH to manage and opportunistically grow the business

STRATEGIC EXECUTION

Continued focus on optimizing operations,

achieving cost efficiencies and growing sales of specialty businesses

POSITIVE OUTLOOK

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

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

APPENDIX

Q2 2020sales

Q22020 OperatingIncome

	297	Q2 2020
Q2 2020 Adjusted	Adjustments to operating Income (Q2 '20)	(169)

Q22020 OperatingIncome Segment Contribution

	297	Q2 2020
Q2 2020	Adjustments
Adjusted	to operating
	income	(169)
	(Q2 '20)

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

Q22020 IndustrialProducts Sales and Segment ProfitAnalysis

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

Q22020Potash Sales and Segment Profit Analysis

Q22020 Phosphate Solutions Sales and Segment Profit Analysis

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

Q22020 Innovative Ag Solutions Sales and Segment Profit Analysis

	Q2 2019
17	10

	Q2 2020	Q2 2019
Liabilities(1)	2,800	2,711
Interest rate	3.9%	4.3%
Interest expenses	27	29
Interest capitalization	(6)	(4)
Interest expenses, net	21	25
Total hedging transactions, balance sheet revaluation & other	(7)	2
Interest & exchange rate impact on long-term liabilities ofleasing and employees	17	10
Net financial expenses	31	37

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	Q2 2020	Q2 2019
Adjusted income before tax(1)	98	194
Normalized tax rate	20%	21%
Normalized tax expenses	20	40
Carryforward losses not recorded for tax purposes	6	3
Exchange rate impact and other items	(2)	-
Adjusted tax expenses	24	43
Adjusted Effective tax rate	25%	22%
Tax adjustments	(57)	(3)
Reported provision for income taxes	(33)	46

Effective TaxRate

1. See calculation in the appendix of this presentation

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

98	194

Reconciliation Tables(1/3)

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

1. See detailed reconciliation table in the Q2 2020 PR

CalculationofsegmentEBITDAandmargin	IndustrialProducts		Potash		PhosphateSolutions		IAS
	Q2 2020	Q2 2019	Q2 2020	Q2 2019	Q2 2020	Q2 2019	Q2 2020	Q2 2019
Segment profit	70	93	38	105	8	32	15	12
Depreciation & Amortization	18	16	42	35	52	46	7	5
Segment EBITDA	88	109	80	140	60	78	22	17
Segment EBITDA margin	31%	32%	24%	32%	14%	15%	11%	8%

NetdebttoadjustedEBITDA(2)	Q2 2020
Netdebt	2,432
AdjustedEBITDA	1,004
Net debt to adjusted EBITDA	2.4

Calculation of adjustedEBITDA	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019
Net income attributable tothe	(168)	60	48	130	158
shareholders of theCompany
Depreciation andAmortization	119	118	113	110	109
Financing expenses,net	31	52	25	32	37
Taxes onincome	(33)	20	15	35	46
Adjustments(1)	297	-	-	-	(10)
AdjustedEBITDA	246	250	201	307	340

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)

Reconciliation Tables (3/3)

Calculation free cash flow	Q2 2020	Q2 2019	Q1 2020
Cash flow from operations	177	239	166
Additions to property plantand equipment and dividends from equity-accountedinvestees	(157)	(140)	(138)
Free cash flow	20	99	28

Calculation of adjusted net income to netincome	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019
Net income attributable to the shareholders of the Company	(168)	60	48	130	158
Total adjustments to operatingincome(1)	297	(140)	(138)	(140)	(10)
Adjustments to financeexpenses(1)	-	-	-	-
Total taximpactoftheaboveoperatingincome&financeexpensesadjustments(1)	(57)	-	-	-	3
Totaladjustednetincome-shareholdersoftheCompany	72	60	48	130	151

Calculation of adjusted operating income	Q2 2020	Q2 2019	Q1 2020
Operating income	(169)	240	132
Impairment loss(reversal)	187	(10)	-
Provisionforearlyretirementanddismissalofemployees	78	-	-
Provisionforpriorperiodswasteremovalandsiterestorationcosts	32	-	-
Total adjustments(1)	297	(106)	-
Adjusted operatingincome	128	230	123

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 in periods. 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

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