ICL Announced Withdrawal of Appeal Over Tax Assessment

TEL AVIV, Israel, December 8, 2016

ICL (NYSE and TASE: ICL) today announced pursuant to the Company's immediate report dated December 31, 2013, and to Note 20D of the Company's annual financial statements for 2015, regarding an assessment by the Israeli Tax Authority, that the Company withdrew the appeal filed on February 2015 in respect of the aforementioned tax assessment. The additional tax for payment, in excess of the amounts already paid by the Company to date, is NIS 228 million (about $60 million), including interest and linkage as of the date of this report. Accordingly, the Company is expected to update the provisions booked in its financial statements for the fourth quarter and for 2016 in the amount of about NIS 130 million (about $34 million).

Name of the authorized signatory on the report and name of authorized electronic reporter: Lisa Haimovitz

Position: SVP, Global General Counsel and Company Secretary

Signature Date: December 8, 2016

INVESTOR RELATIONS CONTACT
Limor Gruber
Head of Investor Relations, ICL
+972-3-684-4471
Limor.Gruber@icl-group.com

INVESTOR RELATIONS CONTACT
Limor Gruber
Head of Investor Relations, ICL
+972-3-684-4471
Limor.Gruber@icl-group.com

SOURCE ICL