What is the correct procedure when a tire experiences a sudden high-speed blowout on the highway?

1. Hold the steering wheel firmly with both hands to maintain lane tracking, ease off the accelerator smoothly, and brake gently only after the car stabilizes before pulling onto the shoulder
2. Slam on the brakes as hard as possible immediately
3. Yank the steering wheel sharply onto the grass median
4. Pull the handbrake lever forcefully