Shine I / IG4 - Run 5, Round 1

We support the filed process because it protects value and buys time to determine a sustainable capital structure. Support for a framework is not a public commitment to write an equity cheque.

BATNA: negotiate an updated EJ that preserves a meaningful residual stake, or defend value in a broader court process. We will not agree to dilution or control loss merely because the first 39.6% is characterized as a completed deal.

Non-negotiables: any equity contribution, backstop and equitization needs a defined amount, valuation, governance approval and reciprocal creditor concessions. Petrobras should not be treated as the sole sponsor of a final solution.

Move available: participate meaningfully in the creditor process, accept reporting and performance-based economics, and consider junior or contingent capital only as part of a fully negotiated package. A cash contribution is not assumed in this run.