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.
OIL REFINERIES LTD
Number in the Register: 520036658 |
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| To: Israel Securities Authority
www.isa.gov.il | To: Tel-Aviv Stock Exchange Ltd.
www.tase.co.il | T076 (Public) | Filed on MAGNA: 25/05/2026
Reference: 2026-01-048041 |
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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. To report a change in holdings in securities of a held company of the reporting corporation, if its activity is material to the activity of the reporting corporation, Form T121 must be used.

1. Name of corporation / surname and first name of the holder: Nira Dror

Name of corporation / surname and first name of the holder in English as registered in the Companies Register or in the passport:

Nira Dror

Type of identification number: Identity card number

Identification number of the holder: 052726551

Type of holder: Director/CEO

The hedge fund has the right to appoint a director or its representative to the company's board of directors

Does the holder serve as a representative for the purpose of reporting several shareholders who hold together with him/her securities of the corporation: No

Name of the controlling shareholder of the interested party -

Identification number of the controlling shareholder of the interested party -

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

Country of citizenship / incorporation or registration:

Stock exchange security number: 1207570

Name and type of the security: Option for directors 4/24

Nature of the change: Decrease in convertible securities due to their conversion into shares or their redemption

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 providing disclosure in the free text field that the transaction was carried out in this manner.

Is the change in one transaction or several transactions (cumulative change): One transaction

Date of change: 25/05/2026

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: 1,000,000 Holding percentage of total securities of the same type in the last report: % 25

Change in quantity of securities: 666,667-

Current balance (in quantity of securities): 333,333 Current holding percentage of total 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.

16.67
Holding percentage after the change: In equity: % 0 In voting power: % 0 Explanation: The holding percentage after the change does not refer to convertible securities.
Holding percentage after the change on a fully diluted basis: In equity: % 0.1 In voting power: % 0.01
Note no. ___
2 Name of corporation / surname and first name of the holder: Nira Dror Name of corporation / surname and first name of the holder in English as registered in the Companies Register or in the passport: Nira Dror Type of identification number: Identity card number
Identification number of the holder: 052726551
Type of holder: Director/CEO The hedge fund has the right to appoint a director or its representative to the company's board of directors ___
Does the holder serve as a representative for the purpose of reporting several shareholders who hold together with him/her securities of the corporation: No
Name of the controlling shareholder of the interested party - Identification number of the controlling shareholder of the interested party - Citizenship / country of incorporation or registration: Private individual with Israeli citizenship
Country of citizenship / incorporation or registration: ___
Stock exchange security number: 2590248
Name and type of the security: Ordinary share Nature of the change: Increasein shares due to conversion of securities_____
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 providing disclosure in the free text field that the transaction was carried out in this manner.
Is the change in one transaction or several transactions (cumulative change): One transaction
Date of change: 25/05/2026
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 total securities of the same type in the last report: % 0
Change in quantity of securities: 229,768+
Current balance (in quantity of securities): 229,768 Current holding percentage of total securities of the same type: % 0
Holding percentage after the change: In equity: % 0 In voting power: % 0 Explanation: The holding percentage after the change does not refer to convertible securities.
Holding percentage after the change on a fully diluted basis: In equity: % 0.1 In voting power: % 0.1
Note no. 1

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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.

3 Name of corporation / surname and first name of the holder: Nira Dror Name of corporation / surname and first name of the holder in English as registered in the Companies Register or in the passport: Nira Dror Type of identification number: Identity card number Identification number of the holder: 052726551 Type of holder: Director/CEO The hedge fund has the right to appoint a director or its representative to the company's board of directors Does the holder serve as a representative for the purpose of reporting several shareholders who hold together with him/her securities of the corporation: No Name of the controlling shareholder of the interested party - Identification number of the controlling shareholder of the interested party - Citizenship / country of incorporation or registration: Private individual with Israeli citizenship Country of citizenship / incorporation or registration: __ Stock exchange security number: 2590248 Name and type of the security: Ordinary share Nature of the change: Decrease due to sale on the stock exchange 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 providing disclosure in the free text field that the transaction was carried out in this manner. Is the change in one transaction or several transactions (cumulative change): One transaction Date of change: 25/05/2026 Transaction price: 159 Currency agorot Whether they are dormant shares or securities convertible into dormant shares: No Balance (in quantity of securities) in the last report: 229,768 Holding percentage of total securities of the same type in the last report: % 0 Change in quantity of securities: 229,768- Current balance (in quantity of securities): 0 Current holding percentage of total securities of the same type: % 0 Holding percentage after the change: In equity: % 0 In voting power: % 0 Explanation: The holding percentage after the change does not refer to convertible securities. Holding percentage after the change on a fully diluted basis: In equity: % 0.01 In voting power: % 0.01 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 therefore the lending transaction became a forced purchase and the lending operation became a forced sale.

No.	Note
1	The allocation of the shares was made in accordance with a cashless exercise mechanism, based on the amount of the financial benefit embedded in the options only. After their allocation as detailed in Section 2, the shares were sold as detailed in Section 3.

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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. Was all consideration paid on the date of the change Yes

If not all consideration was paid on the date of the change, please state the date of completion of payment:

1. If the change is by way of signing a loan agreement (securities lending), please provide details regarding the manner of termination of the loan:

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

1. The date and time on which the corporation first became aware of the event or matter 25/05/2026 at 16:00

2. Details of the actions that caused the change

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

	Name of signatory	Position
1	Eliyahu Mordoch	Company Secretary

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

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

Securities of the corporation are listed for trading on the Tel-Aviv Stock Exchange. Form structure update date: 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: 04-8788741E-mail: emordoch@bazan.co.il