Allstate Prices Series J Preferred Shares

NORTHBROOK, Ill., May 16, 2023 – The Allstate Corporation (NYSE: ALL) announced that on May 15, 2023 it purchased a $600 million public offering of 7.375% Fixed Rate Noncumulative Perpetual Preferred Stock, Series J (Series J Preferred Stock). . The Company intends to use the proceeds for business purposes, resulting from the redemption of all outstanding shares of Series G Preferred Stock on April 17, 2023, for a total redemption value of $575 million. Loop Capital Markets is the bookrunner for the deal, making it the first time that a small, women-owned or veteran-owned business has acted as joint bookrunners in a preferred stock offering.

Series J Preferred Stock, with preferred stock of $25,000 per share (equivalent to $25 per Depositary Share, the security that will be provided to investors) will pay dividends, if declared, quarterly after Jan. 15, April 15, July 15 and Oct. 15, starting in October 2023, at a rate of 7.375% per year. Series J Preferred Stock is fixed and has no maturity date. An application will be made to register the Depositary Shares on the New York Stock Exchange under the symbol “ALL PR J” (CUSIP No. 020002788). The offering is expected to close on May 18, 2023, subject to customary closing conditions.

The Depositary Shares are being offered for purchase pursuant to the prospectus and supplemental information that forms part of The Allstate Corporation’s shelf registration statement filed with the Securities and Exchange Commission (SEC) on Form S-3 on April 30, 2021. Before making. investment, potential investors should first read the accompanying supplemental prospectus, prospectus and other documents that The Allstate Corporation has filed or will file with the SEC in connection with the offering. Alternatively, copies may be obtained by calling Morgan Stanley & Co. LLC toll free at 1-866-718-1649, BofA Securities Inc. toll free at 1-800-294-1322, JP Morgan Securities LLC collect at 1- 212-834-4533, Loop Capital Markets LLC at 1-312-913-4900, or Wells Fargo Securities LLC toll free at 1-800-645- 3751.

Financial information, including announcements about The Allstate Corporation, is posted regularly at


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