Bazan Oil Refineries Ltd.

Major Shareholding Notification • Nov 25, 2025

This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.

OIL REFINERIES LTD

Registry Number: 520036658

To: Israel Securities Authority www.isa.gov.il

To: Tel Aviv Stock Exchange Ltd. www.tase.co.il

Form No.: T076 (Public) MAGNA filing: 25/11/2025 Reference: 2025-01-091827

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 to report a change in holdings of the reporting corporation's securities only. For reporting a change in holdings of securities of a subsidiary that is material to the activities of the reporting corporation, use Form T121.

1. Holder name: Guy Liberman ID Type: Identity Card ID: 060938032 Holder type: Senior officer who is not a CEO or director and
not an interested party by virtue of holdings Hedge fund right to appoint a director: Is acting as representative for other
shareholders: No Controlling shareholder of the interested party: _ Controlling shareholder's ID of the interested party: _

Citizenship/Registration: Individual with Israeli citizenship Country of citizenship/Registration: _________ Security number: 1193549

Type of security: Employee Warrant 11/22 Nature of change: Decrease Nature of decrease: In convertible securities due to their conversion to shares or their redemption

Transaction type: Single transaction Date of change: 24/11/2025 Transaction price: 0 agorot Are these dormant shares or convertible securities to dormant shares: No Previous holding (quantity): 1,000,000 | Previous holding (%): 100 Change in quantity: -1,000,000 Current balance: 0 | Current holding (%): 0 Holding after change - Capital: 0% | Voting rights: 0% Explanation: Holding rate after change does not refer to convertible securities. Holding after full dilution - Capital: 0% | Voting rights: 0% Notes: 1

This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.
2. Holder name: Guy Liberman ID Type: Identity Card ID: 060938032 Holder type: Senior officer who is not a CEO or director and not an interested party by virtue of holdings Hedge fund right to appoint a director: Is acting as representative for other shareholders: No Controlling shareholder of the interested party: - Controlling shareholder's ID of the interested party: -
Citizenship/Registration: Individual with Israeli citizenship Country of citizenship/Registration: Security number: 2590248
Type of security: Ordinary share, 1 NIS par value Nature of change: Increase Nature of increase: In shares due to conversion of securities
Transaction type: Single transaction Date of change: 24/11/2025 Transaction price: 0 agorot Are these dormant shares or convertible securities to dormant shares: No Previous holding (quantity): 0 Previous holding (%): 0 Change in quantity: +190,665 Current balance: 190,665 Current holding (%): 0 Holding after change - Capital: 0% Voting rights: 0% Explanation: Holding rate after change does not refer to convertible securities. Holding after full dilution - Capital: 0% Voting rights: 0% Notes: 1
3. Holder name: Guy Liberman ID Type: Identity Card ID: 060938032 Holder type: Senior officer who is not a CEO or director and not an interested party by virtue of holdings Hedge fund right to appoint a director: Is acting as representative for other shareholders: No Controlling shareholder of the interested party: - Controlling shareholder's ID of the interested party: -
Citizenship/Registration: Individual with Israeli citizenship Country of citizenship/Registration: Security number: 2590248
Type of security: Ordinary share, 1 NIS par value Nature of change: Decrease Nature of decrease: Due to selling on the exchange
Transaction type: Multiple transactions Date of change: 24/11/2025 Transaction price: 103.64 agorot Are these dormant shares or convertible securities to dormant shares: No Previous holding (quantity): 190,665 Previous holding (%): 0 Change in quantity:

-190,665 Current balance: 0 | Current holding (%): 0 Holding after change - Capital: 0% | Voting rights: 0% Explanation: Holding rate

after change does not refer to convertible securities. Holding after full dilution - Capital: 0% | Voting rights: 0% Notes: 1

This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer. Note: If an increase is selected due to compulsory acquisition of lent securities, or a decrease due to compulsory sale, then lent securities not returned to the lender are considered a compulsory purchase or sale.
1. The allocation of shares was executed according to a Cashless Exercise mechanism, based only on the monetary benefit embedded in the warrants. After their allocation as detailed in Section 2, the shares were sold as detailed in Section 3.
1. Was the full consideration paid on the date of the change: Yes If not, provide date of completion of payment:
2. If the change was by way of signing a loan agreement, specify the details of the termination of the loan:
Explanation: Holding rates should be specified regarding all securities held by the interested party.
3. Date and time when the corporation was first informed of the event or matter: 24/11/2025 at 17:30
4. Details of the actions that caused the change:
Authorized signatories on behalf of the company:

1. Mr. Eliyahu Mordoch | Corporate Secretary

Explanation: According to regulation 5 of the Periodic and Immediate Reports Regulations (1970), a report filed under these regulations shall be signed by the authorized signatories of the company. Staff position on the subject can be found on the Authority's website: Click here

Previous document references on the subject (no inclusion or referral by default):

Short company name: Oil Refineries

This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.

Address: P.O.B. 4, Haifa 3100001 | Phone: 04-8788135, 04-8788115 | Fax: 073-2928115 Email: info@bazan.co.il | Company website: https://www.bazan.co.il/

Electronic reporting party: Uri Borla Noa | Position: Legal Adviser Address: Oil Refineries Complex, P.O.B. 4, Haifa 3100001 | Phone: 04- 8788359 | Email: unoa@bazan.co.il

The company's securities are listed on the Tel Aviv Stock Exchange

Form structure update date: 04/02/2025

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