Israel Electric Financial and Sector Reform Update

☐ Natural Gas Overview Firm gas supply from Tamar Field(¹) A long term Gas Sale and Purchase Agreement (GSPA) was signed on March 2012. חברת החשמל Israel Electric An amendment to the agreement was signed with all Tamar partners on January 24, 2022, following the contractual first price reopening date. The amendment is subject to regulatory approvals, and will apply retroactively from 1 July 2021: Reduction of the contractual gas price applicable for the Take or Pay (TOP) quantity ■ ☐ Limit of the linkage rate for price adjustment of the gas price applicable for the TOP quantity Second price reopener for the TOP quantity scheduled on December 31,2024 Additional Operational gas quantity, in accordance with company needs Reduced gas price for the Operational gas quantity Extension of the agreement term until December 31, 2030, with no additional TOP obligations Price reopener for the Operational gas quantity scheduled on July 1, 2028 Commitment to purchase additional 16 BCM according to the Company's expected needs Price for gas beyond the minimum quantity will be less than $ 4 per MMBTU without linkage Company will undertake to order a minimum daily quantity Source: IEC's Financial Statements for 2021FY 1. The Validity of the amendment to the Tamar agreement is subject to conditions that have not yet been held. After the fulfilment of the conditions, the amendment to the agreement will be retroactive applicable from July 1, 2021 Investor Relations 17

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