Bazan Oil Refineries Ltd. — Capital/Financing Update 2026

Jun 1, 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")

June 1, 2026

To

Israel Securities Authority

www.isa.gov.il

To

The Tel-Aviv Stock Exchange Ltd.

www.tase.co.il

Dear Sir/Madam,

Re: Immediate report regarding issuance results based on a shelf offering report

In accordance with the provisions of Section 30 of the Securities Law, 1968 and the Securities Regulations (Notification of Results of the Offering in the Prospectus), 1969, the Company is pleased to hereby announce the results of the issuance based on a shelf offering report dated June 1, 2026 ("Shelf Offering Report"), published by virtue of a shelf prospectus of the Company dated November 12, 2025.

Based on the Shelf Offering Report, the Company offered the public securities as follows:

Up to 466,960,000 NIS par value BONDS (Series 17), registered in name ("BONDS") (whereby in accordance with the provisions of Section 1.1.6 of the Shelf Offering Report, the Company undertook not to issue more than 400,000,000 NIS par value BONDS (Series 17)).

The BONDS were offered to the public in 466,960 units ("Series 17 Units"), by way of a tender on the unit price ("the Tender"), which shall not be less than 987 NIS ("the Minimum Price per Unit"), with the composition of each Series 17 Unit and its minimum price as follows:

1,000 NIS par value BONDS (Series 17) at a price of	987 NIS
Total Minimum Price per Series 17 Unit	987 NIS

As detailed in Section 3.2 of the Shelf Offering Report, the Company received an early commitment from qualified investors to purchase 400,000 Series 17 Units, representing approximately $85.66\%$ of the total Series 17 Units offered to the public in the tender for BONDS 17.

The offering of the BONDS was not guaranteed by underwriting.

The results obtained in the Tender were as follows:

In the Tender, 47 applications were submitted to the Company for the purchase of 400,000 Series 17 Units.

The price per Series 17 Unit determined in the Tender is 987 NIS ("the Determined Unit Price").

In accordance with the results of the Tender, an allocation was carried out as follows:

A. 37 orders from qualified investors for the purchase of 372,046 Series 17 Units that specified a unit price higher than the Determined Unit Price, were fully accepted.

1 Reference No. 2026-01-051667.

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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. .

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B. 10 orders from qualified investors for the purchase of 27,954 Series 17 Units that specified the Determined Unit Price, were fully accepted.

C. No orders were received from public investors for the purchase of Series 17 Units.

The total orders accepted are for 400,000 Series 17 Units, for 400,000,000 NIS par value BONDS (Series 17).

The BONDS (Series 17) will be issued at the Determined Unit Price, which is lower than their adjusted value, and therefore will be issued at a discount rate of 1.3%.

Issuance Proceeds

The gross proceeds to be received by the Company for the issuance of the BONDS (Series 17) amount to a total of approximately 395 million NIS. The expected clearing date is June 2, 2026.

The Company thanks the investing public for its response to the offer.

Respectfully,

Oil Refineries Ltd.

By Adv. Eli Mordoch

Company Secretary

6/1/2026 | 4:28:35 PM | v1.2.5