INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade Altria Group, Inc . (MO) Updated: Oct 1, 2015 Trade Idea: ► Altria: stable operating and credit outlook supported by strong profitability and substantial free cash flow. Relatively wide spreads reflect the negative perception of tobacco and concerns over litigation which we believe are overstated. Investment Rationale: ► Recommendation moved to Neutral. Trade Ratings Issue Spread Cash View Horizon Ticker CPN Maturity CCY size Yield Price ISIN SEP Moodys Entry Target Loss Outperform 612 months MO 4.25 819/2042 BBB Baal USD 900 4.88 188 168 208 90.60 U502209 SAM52 Deutsche Asset & Werith Management 6 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075476 SDNY_GM_00221660 EFTA01378307