Bazan Oil Refineries Ltd. — Director's Dealing 2026

May 25, 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 Oil Refineries Ltd. |
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| OIL REFINERIES LTD |
| Number in the register: 520036658 |
| To: Israel Securities Authority
www.isa.gov.il | To: Tel Aviv Stock Exchange Ltd.
www.tase.co.il | T076 (Public) | Filed via MAGNA: 25/05/2026
Reference: 2026-01-047703 |
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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 a change in holdings in securities of the reporting corporation only. For reporting a change in holdings in securities of an investee company of the reporting corporation whose activity is material to the activity of the reporting corporation, form T121 should be used.

1. Name of corporation / last name and first name of the holder: Shlomo Basson
   Name of corporation / last name and first name of the holder in English as registered with the Registrar of Companies or in the passport:
   Shlomo Basson
   Type of identification number: Identity card number
   Identification number of the holder: 059033514
   Type of holder: Senior officer who is not the CEO or a director and is not an interested party by virtue of holdings
   The hedge fund has the right to appoint a director or its representative to the company's board of directors
   Is the holder serving as a representative for the purpose of reporting of several shareholders who hold together with him securities of the corporation: No
   Name of the controlling shareholder in the interested party -
   Identification number of the controlling shareholder in the interested party -
   Citizenship / country of incorporation or registration: Individual with Israeli citizenship
   Country of citizenship / incorporation or registration:
   Security number on the stock exchange: 1212513
   Name and type of the security: Option for employees 8/24
   Nature of the change: IncreaseOther
   Allocation of options to a senior officer pursuant to the amended meeting convening report of 30.4.2026 (reference: 2026-01-039935)
   Note: Purchase or sale of shares on the stock exchange by way of a matched transaction, as defined in Part Three of the TASE Regulations, will be classified as an off-exchange transaction, while disclosing in the free-text field that the transaction was carried out in this manner.
   Is this a change in a single transaction or several transactions (cumulative change): Single transaction
   Date of change: 24/05/2026
   Transaction price: 0 Currency agorot
   Whether they are dormant shares or securities convertible into dormant shares: No
   Balance (in quantity of securities) in the last report: 0 Holding percentage of all securities of the same type in the last report: % 0
   Change in quantity of securities: 9,395,000+
   Current balance (in quantity of securities): 9,395,000 Current holding percentage of all securities of the same type: %

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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.

14.86
Holding percentage after the change: In equity: % 0 In voting power: % 0 Explanation: The holding percentage after the change does not relate to convertible securities.
Holding percentage after the change on a fully diluted basis: In equity: % 0.29 In voting power: % 0.29
Note no. 1
2 Name of corporation / last name and first name of the holder: Guy Liberman Name of corporation / last name and first name of the holder in English as registered with the Registrar of Companies or in the passport: Guy Liberman Type of identification number: Identity card number
Identification number of the holder: 060938032
Type of holder: Senior officer who is not the CEO or a director and is not an interested party by virtue of holdings The hedge fund has the right to appoint a director or its representative to the company's board of directors _
Is the holder serving as a representative for the purpose of reporting of several shareholders who hold together with him securities of the corporation: No
Name of the controlling shareholder in the interested party -
Identification number of the controlling shareholder in the interested party -
Citizenship / country of incorporation or registration: Individual with Israeli citizenship
Country of citizenship / incorporation or registration: _
Security number on the stock exchange: 1212513
Name and type of the security: Option for employees 8/24
Nature of the change: IncreaseOther_
Allocation of options to a senior officer pursuant to the amended meeting convening report of 30.4.2026 (reference: 2026-01-039935)
Note: Purchase or sale of shares on the stock exchange by way of a matched transaction, as defined in Part Three of the TASE Regulations, will be classified as an off-exchange transaction, while disclosing in the free-text field that the transaction was carried out in this manner.
Is this a change in a single transaction or several transactions (cumulative change): Single transaction
Date of change: 24/05/2026
Transaction price: 0 Currency agorot
Whether they are dormant shares or securities convertible into dormant shares: No
Balance (in quantity of securities) in the last report: 0 Holding percentage of all securities of the same type in the last report: % 0
Change in quantity of securities: 9,395,000+
Current balance (in quantity of securities): 9,395,000 Current holding percentage of all securities of the same type: % 14.86
Holding percentage after the change: In equity: % 0 In voting power: % 0 Explanation: The holding percentage after the change does not relate to convertible securities.
Holding percentage after the change on a fully diluted basis: In equity: % 0.29 In voting power: % 0.29

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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.

Note no. 1

Note: If the value "Increase due to forced purchase of borrowed securities" or the value "Decrease due to forced sale of borrowed securities" is selected, then borrowed securities that were not returned to the lender and as a result the lending transaction became a forced purchase and the loan transaction a forced sale.

No.	Note
1	The holding percentages after the change on a fully diluted basis detailed above are theoretical, since upon exercise of the options, Messrs. Basson and Liberman will be allotted shares in a scope that reflects the value of the financial benefit embedded in the options in accordance with the cashless exercise mechanism.

1. Was the entire consideration paid on the date of the change No

If the entire consideration was not paid on the date of the change, please specify the date of completion of payment: There is no consideration paid on the date of the change since the warrants were granted without consideration as part of the terms of office and employment.

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 the securities held by the interested party.

1. Date and time on which the corporation first became aware of the event or matter 24/05/2026 At 16:00
2. Details of the actions that caused the change

Details of the signatories authorized to sign on behalf of the corporation:

Name of signatory	Position
Mr. Eliyahu Mordoch	Company Secretary

Explanation: Pursuant to Regulation 5 of the Securities Regulations (Periodic and Immediate Reports), 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 subject can be found on the ISA website: Click here.

Reference numbers of previous documents on the subject (such reference does not constitute incorporation by reference):

The corporation's securities are listed for trading on the Tel-Aviv Stock Exchange

Date of form structure update: 04/02/2025

Short name: Bazan

Address: P.O.B.4, Haifa3100001 Telephone: 04-8788135, 04-8788115Fax: 073-2928115

E-mail: info@bazan.co.il Company website: https://www.bazan.co.il/

Previous names of the reporting entity:

Name of electronic reporter: Mordoch Eliyahu Position: Company Secretary Name of employing company:

Address: P.O.B.4, Haifa31000 Telephone: 04-8788135Fax: 04-8788741 E-mail: emordoch@bazan.co.il