# EDGAR Filing Document

**Accession Number:** 0001432364
**File Stem:** 0001011438-26-000166
**Filing Date:** 2026-2
**Character Count:** 23664
**Document Hash:** 4a815466f9ab355a82a8b8e13ab1e67e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001011438-26-000166.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001011438-26-000166

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AZUL SA
- **CENTRAL INDEX KEY:** 0001432364
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90373
- **FILM NUMBER:** 26702973

**BUSINESS ADDRESS:**
- **STREET 1:** AV. MARCOS PENTEADO ULHOA RODRIGUES
- **STREET 2:** NO. 939, 9 FLOOR, ED. JATOBA
- **CITY:** BARUERI
- **STATE:** D5
- **ZIP:** 06460-040
- **BUSINESS PHONE:** 55 11 4831 2880

**MAIL ADDRESS:**
- **STREET 1:** AV. MARCOS PENTEADO ULHOA RODRIGUES
- **STREET 2:** NO. 939, 9 FLOOR, ED. JATOBA
- **CITY:** BARUERI
- **STATE:** D5
- **ZIP:** 06460-040

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALEB II PARTICIPACOES SA
- **DATE OF NAME CHANGE:** 20080415
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VR Advisory Services Ltd
- **CENTRAL INDEX KEY:** 0001348145

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** INTERTRUST CORPORATE SERVICES (CAYMAN)
- **STREET 2:** ONE NEXUS WAY
- **CITY:** CAMANA BAY, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9005
- **BUSINESS PHONE:** 646.571.1870

**MAIL ADDRESS:**
- **STREET 1:** INTERTRUST CORPORATE SERVICES (CAYMAN)
- **STREET 2:** ONE NEXUS WAY
- **CITY:** CAMANA BAY, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9005

## Exhibit 99.1

EXHIBIT 99.1

#### JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Common Shares with no par value of Azul S.A., a company organized under the laws of the Federative Republic of Brazil, and further agree that this Joint Filing Agreement shall be included as an Exhibit to such joint filings.

The undersigned further agree that each party hereto is responsible for the timely filing of such Statement on Schedule 13G and any amendments thereto, and for the accuracy and completeness of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to believe that such information is inaccurate.

This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of February 27, 2026.

#### VR Global Partners, L.P.

By: VR Advisory Services Ltd, its general partner

By: <u>/s/ Richard Deitz</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richard Deitz

Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Person

#### VR Advisory Services Ltd

By: <u>/s/ Richard Deitz</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richard Deitz

Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Person

#### VR Capital Participation Ltd.

By: <u>/s/ Emile du Toit</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emile du Toit

Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Person

#### VR Capital Group Ltd.

By: <u>/s/ Emile du Toit</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emile du Toit

Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Person

#### VR Capital Holdings Ltd.

By: <u>/s/ Emile du Toit</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emile du Toit

Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Person

<u>/s/ Richard Deitz</u> 

Richard Deitz

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Azul S.A.

**Title of Class of Securities:** Common Shares with no par value

**CUSIP Number:** 000000000

**Date of Event Which Requires Filing of this Statement:** 02/20/2026

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [x] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>VR Advisory Services Ltd | Names of Reporting Persons<br>VR Advisory Services Ltd |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>2877742163070 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>2877742163070 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2877742163070 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2877742163070 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.3% | Percent of Class Represented by Amount in Row (9)<br>5.3% |
| 12. | Type of Reporting Person (See Instructions)<br>CO, IA | Type of Reporting Person (See Instructions)<br>CO, IA |

**Comment for Type of Reporting Person:** The full amount of Sole Voting Power, Sole Dispositive Power, and Aggregate Amount Beneficially Owned is 2,877,742,163,070 Common Shares. Filing software limitations may truncate the full ownership.

---

| 1. | Names of Reporting Persons<br>VR Global Partners, L.P. | Names of Reporting Persons<br>VR Global Partners, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>2877742163070 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>2877742163070 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2877742163070 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2877742163070 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.3% | Percent of Class Represented by Amount in Row (9)<br>5.3% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** The full amount of Sole Voting Power, Sole Dispositive Power, and Aggregate Amount Beneficially Owned is 2,877,742,163,070 Common Shares. Filing software limitations may truncate the full ownership.

---

| 1. | Names of Reporting Persons<br>VR Capital Participation Ltd. | Names of Reporting Persons<br>VR Capital Participation Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>2877742163070 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>2877742163070 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2877742163070 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2877742163070 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.3% | Percent of Class Represented by Amount in Row (9)<br>5.3% |
| 12. | Type of Reporting Person (See Instructions)<br>CO, HC | Type of Reporting Person (See Instructions)<br>CO, HC |

**Comment for Type of Reporting Person:** The full amount of Sole Voting Power, Sole Dispositive Power, and Aggregate Amount Beneficially Owned is 2,877,742,163,070 Common Shares. Filing software limitations may truncate the full ownership.

---

| 1. | Names of Reporting Persons<br>VR Capital Group Ltd. | Names of Reporting Persons<br>VR Capital Group Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>2877742163070 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>2877742163070 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2877742163070 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2877742163070 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.3% | Percent of Class Represented by Amount in Row (9)<br>5.3% |
| 12. | Type of Reporting Person (See Instructions)<br>CO, HC | Type of Reporting Person (See Instructions)<br>CO, HC |

**Comment for Type of Reporting Person:** The full amount of Sole Voting Power, Sole Dispositive Power, and Aggregate Amount Beneficially Owned is 2,877,742,163,070 Common Shares. Filing software limitations may truncate the full ownership.

---

| 1. | Names of Reporting Persons<br>VR Capital Holdings Ltd. | Names of Reporting Persons<br>VR Capital Holdings Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>2877742163070 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>2877742163070 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2877742163070 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2877742163070 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.3% | Percent of Class Represented by Amount in Row (9)<br>5.3% |
| 12. | Type of Reporting Person (See Instructions)<br>CO, HC | Type of Reporting Person (See Instructions)<br>CO, HC |

**Comment for Type of Reporting Person:** The full amount of Sole Voting Power, Sole Dispositive Power, and Aggregate Amount Beneficially Owned is 2,877,742,163,070 Common Shares. Filing software limitations may truncate the full ownership.

---

| 1. | Names of Reporting Persons<br>Deitz Richard | Names of Reporting Persons<br>Deitz Richard |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>2877742163070 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>2877742163070 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2877742163070 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2877742163070 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.3% | Percent of Class Represented by Amount in Row (9)<br>5.3% |
| 12. | Type of Reporting Person (See Instructions)<br>IN, HC | Type of Reporting Person (See Instructions)<br>IN, HC |

**Comment for Type of Reporting Person:** The full amount of Sole Voting Power, Sole Dispositive Power, and Aggregate Amount Beneficially Owned is 2,877,742,163,070 Common Shares. Filing software limitations may truncate the full ownership.

---

**Item 1(a). Name of Issuer:**
Azul S.A.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
ED. JATOBA, 8TH FLOOR, AV. MARCOS PENTEADO ULHOA RODRIGUES, 939, TAMBORE, BARUERI, SAO PAULO, Brazil, 06460-040

**Item 2(a). Name of Person Filing:**
The Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons"): 
 
(i)	VR Global Partners, L.P. (the "Fund"); 
 
(ii)	VR Advisory Services Ltd ("VR"); 
 
(iii)	VR Capital Participation Ltd. ("VRCP"); 
 
(iv)	VR Capital Group Ltd. ("VRCG"); 
 
(v)	VR Capital Holdings Ltd. ("VRCH"); and 
 
(vi)	Richard Deitz.

**Item 2(b). Address of Principal Business Office:**
For the Fund, VRCP, VRCG and VRCH:  c/o Intertrust (Cayman) Limited, One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands 
 
For VR:  601 Lexington Avenue, 59th Floor, New York, New York, 10022, USA 
 
For Mr. Deitz:  The Kensington Building, 1 Wrights Lane, Fourth Floor, London W8 5RY, United Kingdom

**Item 2(c). Citizenship:**
(i)	 The Fund is a Cayman Islands exempted limited partnership; 

(ii)	 VR is a Cayman Islands exempted company; 
 
(iii)	 VRCP is a Cayman Islands exempted company; 
    
(iv)	 VRCG is a Cayman Islands exempted company; 
 
(v)	 VRCH is a Cayman Islands exempted company; and 
 
(vi)	 Mr. Deitz is a United States citizen.

**Item 2(d). Title of Class of Securities:**
Common Shares with no par value

**Item 2(e). CUSIP Number:**
000000000

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [x] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [x] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

5,659,968 American Depositary Shares ("ADS"), each representing five hundred thousand Common Shares ("Common Shares") of Azul S.A. (the "Issuer") reported as beneficially owned herein are directly held by the Fund, representing a total of 2,829,984,000,000 Common Shares. In addition to the ADSs, the Fund was awarded warrants exercisable for 47,758,163,070 Common Shares of the Issuer, which are exercisable within sixty days (the "Warrants"). Therefore, the Fund may be deemed to exercise sole dispositive power over an aggregate of 2,877,742,163,070 Common Shares.
VR, as the general partner and investment adviser of the Fund, may be deemed to exercise voting and investment power over the 2,877,742,163,070 Common Shares held by the Fund and thus may be deemed to beneficially own such Common Shares.  VRCP, as the sole shareholder of VR, also may be deemed to beneficially own the 2,877,742,163,070 Common Shares held by the Fund.  VRCG, as the sole shareholder of VRCP, also may be deemed to beneficially own the 2,877,742,163,070 Common Shares held by the Fund.  VRCH, as the sole shareholder of VRCG, also may be deemed to beneficially own the 2,877,742,163,070 Common Shares held by the Fund.  Mr. Deitz, as the control person of VR and VRCP, also may be deemed to beneficially own the 2,877,742,163,070 Common Shares held by the Fund.
The amounts reported on the cover pages and Item 4(c) may be limited by filing software. The full amount is 2,877,742,163,070 Common Shares. The Common Shares do not currently have a CUSIP. The CUSIP for the ADSs is 05501U403.

**(b) Percent of class:**

As of the date hereof, each of the Fund, VR, VRCP, VRCG, VRCH and Mr. Deitz may be deemed to beneficially own 2,877,742,163,070 Common Shares of the Issuer, representing approximately 5.3% of the Common Shares outstanding.
The above percentages are based on 54,730,851,778,811 Common Shares of the Issuer outstanding as of February 20, 2026, as reported in the Issuer's 6-K.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

2,877,742,163,070.00

**(ii) Shared power to vote or to direct the vote:**

0

**(iii) Sole power to dispose or to direct the disposition of:**

2,877,742,163,070.00

**(iv) Shared power to dispose or to direct the disposition of:**

0

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**VR Advisory Services Ltd**

**Date:** 02/27/2026

**By:** /s/ Emile du Toit

**Name & Title:** Emile du Toit / Authorized Person

**VR Global Partners, L.P.**

**Date:** 02/27/2026

**By:** /s/ Emile du Toit

**Name & Title:** Emile du Toit / Authorized Person of VR Advisory Services Ltd, its general partner

**VR Capital Participation Ltd.**

**Date:** 02/27/2026

**By:** /s/ Emile du Toit

**Name & Title:** Emile du Toit / Authorized Person

**VR Capital Group Ltd.**

**Date:** 02/27/2026

**By:** /s/ Emile du Toit

**Name & Title:** Emile du Toit / Authorized Person

**VR Capital Holdings Ltd.**

**Date:** 02/27/2026

**By:** /s/ Emile du Toit

**Name & Title:** Emile du Toit / Authorized Person

**Deitz Richard**

**Date:** 02/27/2026

**By:** /s/ Richard Deitz

**Name & Title:** Richard Deitz / Self