Bazan Oil Refineries Ltd. — Capital/Financing Update 2026

May 28, 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. .

Bazan Group

Committed to tomorrow

Oil Refineries Ltd. ("the Company")

May 28, 2026

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

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

Dear Sir/Madam,

Subject: Tender Results to Classified Investors for Receiving Early Commitment

Further to the Company's immediate report dated May 27, 2026¹ regarding the intention to publish an institutional tender for debt raising through BONDS of new series (Series 17 and Series 18), the Company is pleased to announce as follows:

1. Today, May 28, 2026, a tender was held for receiving early commitments from classified investors, as defined in Regulation 1 of the Securities Regulations (Manner of Offering Securities to the Public), 2007 ("classified investors"), in connection with a possible public offering of BONDS (Series 17) of the Company only, according to a shelf offering report ("the Tender" and "BONDS", respectively).

2. The BONDS were offered to classified investors in units including, each, NIS 1,000 par value BONDS (Series 17) ("Unit"), by way of a tender on the Unit price within which the classified investors submitted early commitments to purchase 853,769 units, in a total financial scope of approximately NIS 843,496,189, out of which the Company accepted early commitments from classified investors to purchase 400,000 units. The price per Unit determined in the tender is NIS 987, which will constitute the minimum price per Unit in the public offering.

3. The final Unit price will be determined within the framework of the tender to the public, if it takes place.

The public offering, if performed, will be made within the framework of a shelf offering report to be published by the Company (if and to the extent published), by way of a uniform offer. The scope of the public offering and other terms of the offering will be detailed within the framework of the shelf offering report, if and to the extent published.

The publication of the shelf offering report and the execution of the offering thereunder are subject to receiving all approvals required for this purpose by law, including the TASE approval for the listing of the BONDS (Series 17) for trade, as well as the publication of an updated rating report in connection with the scope of the BONDS (Series 17) which will be issued.²

It is clarified that there is no certainty as to the actual execution of the offering, its scope and its date, which are subject to the Company's sole discretion.

It is further clarified that nothing in the above constitutes an obligation on the part of the Company to perform an offering of the BONDS as stated and nothing in it constitutes a public offering or an invitation to purchase securities of the Company.

Respectfully,

Oil Refineries Ltd.
By Adv. Eli Murdoch
Company Secretary

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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. .

1. Reference: 2026-01-049553.
2. For a rating report dated April 29, 2026, which was given to the Company by S&P Global Ratings Ltd. ("Maalot") for the rating of BONDS (Series 17 and 18) in a scope of up to NIS 350 million par value, see the immediate report published by Maalot on this date (Reference: 2026-15-039440).

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