Allstate - You're in good hands

10/31/2006 Northbrook, Ill. -

The Allstate Corporation today announced that it will redeem all of the 7.83% Junior Subordinated Deferrable Interest Debentures, Series B that it issued in 1996, thereby triggering the redemption of all 7.83% Capital Securities, issued by Allstate Financing II, a Delaware business trust, in 1996.

The debentures and the capital securities will be redeemed on December 1, 2006 at a redemption price of 103.915% of the principal amount plus accrued and unpaid interest to the date of redemption and payment will be made at the principal Corporate Trust Office of U.S. Bank, 60 Livingston Avenue, St. Paul, MN 55107. Holders of these securities will receive a formal notice of redemption. Questions regarding the redemption procedures should be directed to U.S. Bank at 1-800-934-6802.

Now celebrating the 75th anniversary of the founding of Allstate Insurance Company, The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate^®" slogan, Allstate helps individuals in approximately 17 million households protect what they have today and better prepare for tomorrow through approximately 14,100 exclusive agencies and financial professionals in the U.S. and Canada. Customers can access Allstate products and services such as auto insurance and homeowners insurance through Allstate agencies, or in select states at allstate.com and 1-800 Allstate^®. Encompass^SM and Deerbrook^® Insurance brand property and casualty products are sold exclusively through independent agents. The Allstate Financial Group provides life insurance, supplemental accident and health insurance, annuity, banking and retirement products designed for individual, institutional and worksite customers that are distributed through Allstate agencies, independent agencies, financial institutions and broker-dealers.