Business: Allstate Corp., 5.10% Fixed-To-Floating Rate Subordinated Debentures due 2053, issued in $25 denominations, redeemable at the issuer's option on or after 1/15/2023 at $25 per share plus accrued and unpaid interest, and maturing 1/15/2053. <p> Fixed interest distributions of 5.10% per annum ($1.275 per annum or $0.31875 per quarter) will be paid quarterly up to and including 1/15/2023 on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date which will be 1/1, 4/1, 7/1 & 10/1 respectively (NOTE: the ex-dividend date is at least one business day prior to the record date). Commencing on 1/15/2023, the Debentures will bear interest at an annual rate equal to three-month LIBOR plus 3.165%, payable quarterly in arrears on 1/15, 4/15, 7/15 & 10/15 of each year. <p> Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> The debentures are redeemable at the issuer's option at any time prior to 1/15/2023, within 90 days after the occurrence of a tax event or a rating agency event (see prospectus for further information). The issuer has the right, on one or more occasions, to defer the payment of interest on the debentures for one or more consecutive interest periods of up to five years. <p> Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. <p> The Notes are unsecured subordinated obligations of the company, will rank equally with all existing and future unsecured subordinated indebtedness of the company, and junior to all of senior indebtedness of the company. See the IPO prospectus for further information on the debentures by clicking on the ‘Link to IPO Prospectus’ provided below.