Bazan Oil Refineries Ltd. — Capital/Financing Update 2026

May 27, 2026

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.

("the Company")

May 27, 2026

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

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

Subject: Intention to publish an institutional tender for debt raising through new series of BONDS (Series 17 and Series 18)

Following the report dated April 28, 2026 (Ref: 2026-01-039074) and the report dated May 27, 2026 (Ref: 2026-01-049173), regarding the possibility of debt raising from the public through the issuance of new series of BONDS – BONDS (Series 17) not linked to the Consumer Price Index or any currency and BONDS (Series 18) linked to the US Dollar, and their listing for trading on the Tel Aviv Stock Exchange Ltd., and following the publication of the rating report dated April 29, 2026 (Ref: 2026-15-039440), the Company is pleased to update that it intends to conduct on May 28, 2026, a tender for classified investors on unit price, without a minimum price (as defined in the Securities Regulations (Manner of Offering Securities to the Public), 2007) ("Classified Investors" and the "Institutional Tender", respectively).

The Classified Investors who submit orders in the Institutional Tender (if submitted and if held), will be entitled to an early commitment fee at a rate of 0.6% regarding each of the BONDS series (Series 17 and Series 18), of the total (gross) proceeds for the BONDS regarding which the Classified Investors committed to submit orders in the public tender (if held), all as detailed in the shelf offering report that the Company will publish (if and to the extent published).

The scope of the issuance and the terms of the BONDS will be as determined in the shelf offering report that the Company will publish (if and to the extent published) in connection with the issuance of the BONDS.

It is clarified that the Company does not commit to the execution of the BONDS issuance, as detailed above. Additionally, it is clarified that as of the date of this report, the date of the raising, its scope, and the terms of the BONDS (Series 17) and/or BONDS (Series 18) that may be offered to the public, if and to the extent offered, have not yet been finally determined. Furthermore, the publication of the shelf offering report is subject to obtaining all required approvals by law, including the approval of the Company's Board of Directors regarding the terms and structure of the issuance and regarding the publication of the shelf offering report, as well as obtaining the approval of the Tel Aviv Stock Exchange Ltd. for listing the BONDS for trading. Accordingly, there is no certainty regarding the publication of such shelf offering report and/or regarding the completion of the BONDS issuance.

Nothing in this immediate report constitutes an offer to the public or an invitation to purchase securities.

Sincerely,

Oil Refineries Ltd.

By Adv. Eli Murdoch

Company Secretary

5/27/2026 | 4:39:21 PM | v1.2.5