Bazan Oil Refineries Ltd.

Major Shareholding Notification • Aug 12, 2025

OIL REFINERIES LTD

OIL REFINERIES LTD

Registration Number: 520036658

To: Israel Securities Authority To: Tel Aviv Stock Exchange Ltd. Form Number: T076 (Public) Transmitted via MAGNA: 12/08/2025 www.isa.gov.il www.tase.co.il Reference: 2025-01- 059814

Immediate Report on Changes in Holdings of Interested Parties and Senior Officers

Regulation 33(b) of the Securities Regulations (Periodic and Immediate Reports), 1970

Note: This form is intended for reporting changes in holdings of securities of the reporting corporation only. To report changes in holdings of securities of a subsidiary of the reporting corporation, if its activity is material to the activity of the reporting corporation, use Form T121.

1

Name of corporation/Last name and first name of holder: Moshe Kaplinski Peleg

Name of corporation/Last name and first name of holder in English as registered with the Companies Registrar or in the passport: Moshe Kaplinski Peleg

Type of identification number: Identity card number

Holder's identification number: 054679550

Type of holder: Director/CEO

Does the hedge fund have the right to appoint a director or its representative to the company's board? _________

Is the holder acting as a representative for the purpose of reporting several shareholders holding together with him securities of the corporation? No

Name of controlling shareholder in the interested party: _(none)

Identification number of controlling shareholder in the interested party: _(none)

Citizenship/ Country of incorporation or registration: Private individual with Israeli citizenship

Country of citizenship / incorporation or registration: _________

Security number on the stock exchange: 2590602

Name and type of security: Employee Warrants - 8/21

Nature of change: Decrease In convertible securities due to their conversion to shares or redemption

Other: _________

Note: Purchase or sale of shares on the stock exchange by way of a matched transaction, as defined in the third part of the stock exchange regulations, will be classified as an offexchange transaction, with disclosure in the free text field that the transaction was carried out in this way.

Is this a change in a single transaction or multiple transactions (cumulative change): Single transaction

Date of change: 12/08/2025

Transaction rate: 0 Currency: _________

Are these dormant shares or securities convertible to dormant shares: No

Balance (in number of securities) in the last report: 600,000 Holding percentage of total securities of the same type in the last report: 100%

Change in number of securities: 600,000 -

Current balance (in number of securities): 0 Current holding percentage of total securities of the same type: 0%

Holding percentage after the change: In capital: % 0.13 In voting rights: 0.13%

Explanation: The holding percentage after the change does not refer to convertible securities.

Holding percentage after the change on a fully diluted basis: In capital: % 0.41 In voting rights: 0.41%

Note number: 1

2

Name of corporation/Last name and first name of holder: Moshe Kaplinski Peleg

Name of corporation/Last name and first name of holder in English as registered with the Companies Registrar or in the passport: Moshe Kaplinski Peleg

Type of identification number: Identity card number

Holder's identification number: 054679550

Type of holder: Director/CEO

Does the hedge fund have the right to appoint a director or its representative to the company's board? _________

Is the holder acting as a representative for the purpose of reporting several shareholders holding together with him securities of the corporation? No

Name of controlling shareholder in the interested party: _(none)

Identification number of controlling shareholder in the interested party: _(none)

Citizenship/ Country of incorporation or registration: Private individual with Israeli citizenship

Country of citizenship / incorporation or registration: _________

Security number on the stock exchange: 2590248

Name and type of security: OIL REFINERIES LTD. Ordinary share of 1 NIS par value

Nature of change: IncreaseIn shares due to conversion of securities

Other: _________

Note: Purchase or sale of shares on the stock exchange by way of a matched transaction, as defined in the third part of the stock exchange regulations, will be classified as an offexchange transaction, with disclosure in the free text field that the transaction was carried out in this way.

Is this a change in a single transaction or multiple transactions (cumulative change): Single transaction

Date of change: 12/08/2025

Transaction rate: 0 Currency: agorot

Are these dormant shares or securities convertible to dormant shares: No

Balance (in number of securities) in the last report: 3,831,453 Holding percentage of total securities of the same type in the last report: 0.12%

Change in number of securities: 301,469 +

Current balance (in number of securities): 4,132,922 Current holding percentage of total securities of the same type: 0.13%

Holding percentage after the change: In capital: % 0.13 In voting rights: 0.13%

Explanation: The holding percentage after the change does not refer to convertible securities.

Holding percentage after the change on a fully diluted basis: In capital: % 0.41 In voting rights: 0.41%

Note number: 1

Note: If the value 'increase due to forced purchase of loaned securities' or 'decrease due to forced sale of loaned securities' is selected, then loaned securities that were not returned to the lender and thus the lending action became a forced purchase and the lending action a forced sale.

No.	Note
1	The allocation of shares was made according to the Cashless exercise mechanism, benefit according to the monetary embedded in the options only. In addition, as stated in this report, Mr. Kaplinski holds an additional 9,000,000 options, as detailed in the company's reports. For the sake of clarity, it is noted that the exercise of the warrants was made at the last possible date for their exercise.

1. Was the entire consideration paid at the date of the change? No

If not all the consideration was paid at the date of the change, please specify the date of completion of the payment: Exercise of options according to the Cashless exercise mechanism, therefore no consideration was paid

1. If the change is by way of signing a loan agreement, please specify details regarding the manner of ending the loan: _________

Explanation: The holding percentages should be stated taking into account all securities held by the interested party.

• 1. The date and time the corporation first became aware of the event or matter: 12/08/2025 at 13:00
• 1. Details of the actions that caused the change: _________

Details of the authorized signatories on behalf of the corporation:

	Name of Signatory	Position
1	Eliyahu Mordoch	Company Secretary

Explanation: According to Regulation 5 of the Periodic and Immediate Reports Regulations (1970), a report submitted under these regulations shall be signed by those authorized to sign on behalf of the corporation. The staff's position on the matter can be found on the Authority's website: Click here.

Previous reference numbers of documents on the subject (the mention does not constitute inclusion by reference):

Securities of the corporation are listed for trading on the Tel Aviv Stock Exchange

Short name: OIL REFINERIES LTD.

Address: P.O. Box 4, Haifa 3100001 Phone: 04-8788135, 04-8788115 Fax: 073-2928115

Email: info@bazan.co.il Company website: https://www.bazan.co.il/

Previous names of the reporting entity:

Electronic signatory name: Mordoch Eliyahu Position: Company Secretary Employer company name:

Address: P.O. Box 4, Haifa 31000 Phone: 04-8788135 Fax: 04-8788741 Email: emordoch@bazan.co.il