NORTHBROOK, Ill., May 16, 2023 – The Allstate Corporation (NYSE: ALL) announced that on May 15, 2023 it had priced a public offering of $600 million fixed-rate noncumulative perpetual preferred stock at 7.375%, Series J (Series J Preferred Stock) . The Company intends to use the net proceeds for general corporate purposes, due to the redemption of all outstanding shares of Series G Preferred Stock on April 17, 2023, at par for a total redemption payment of $575. millions. Loop Capital Markets is a bookbroker in the transaction, making it the first time that a minority-, women- or veteran-owned business company has acted as joint bookbroker in a preferred stock issuance.

Series J Preferred Stock, with a liquidation preference of $25,000 per share (equivalent to $25 per depository share, the value to be issued to investors) will pay dividends, as and if declared, quarterly annually in arrears on January, April 15, July 15 and October 15, beginning in October 2023, at a rate of 7.375% per annum. Series J Preferred Stock is perpetual and has no expiration date. The Depositary Shares will be listed 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 offered for sale pursuant to a prospectus and related prospectus supplement that constitute a 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 an investment, prospective investors should first read the prospectus supplement and accompanying prospectus, registration statement, and other documents that The Allstate Corporation filed or will file with the SEC in connection with the offer. 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 important announcements about The Allstate Corporation, is routinely published in

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