Altria (MO) & Philip Morris International (PM.US): 2Q6-1H26 Model Updates

Research evidence excerpt

Altria (MO) & Philip Morris International (PM.US): 2Q6-1H26 Model Updates

Callum Elliott, CFA, ACA +44 20 7676 7183 callum.elliott@bernsteinsg.com 4 August 2026

• Neutral (N): The total return of the preferred instrument is expected to perform in line with preferred securities of other issuers

operating in similar sectors or rating categories over the next six months.

• Underperform (UP): The total return of the preferred instrument is expected to underperform preferred securities of other

issuers operating in similar sectors or rating categories over the next six months.

Autonomous preferred stock ratings are based on a 6-month time horizon.

AUTONOMOUS CREDIT RESEARCH

Where this report contains investment recommendations for credit instruments, as defined in article 3(1)(35) of the Market Abuse

Regulation, the information below is presented to comply with its disclosure requirements.

The report may also include reference(s) to published opinions by other Autonomous or Bernstein analysts covering the equity

securities of the issuer(s) referenced herein. Please note an investment recommendation for credit instruments published by the

author(s) of this report may differ from the published view of the analyst covering equity securities for the issuer(s) contained in

this report and vice versa.

CREDIT RATINGS DEFINITIONS

The Autonomous brand has three categories of credit ratings:

• Credit Outperform (C-OP): The total return of the Reference Credit Instrument is expected to outperform the credit spread of

bonds of other issuers operating in similar sectors or rating categories over the next six months.

• Credit Neutral (C-N): The total return of the Reference Credit Instrument is expected to perform in line with the credit spread