Bank of America Merrill Lynch 2014 Insurance Conference. February 12, Thomas J. Wilson Chairman, President, and Chief Executive Officer

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1 Bank of America Merrill Lynch 2014 Insurance Conference February 12, 2014 Thomas J. Wilson Chairman, President, and Chief Executive Officer

2 1 Safe Harbor This presentation contains forward-looking statements and information. Additional information on factors that could cause results to differ materially from those projected in this presentation is available in the 2012 Form 10-K, our Form 10-Q for the quarter ended September 30, 2013, the last slide of this presentation, and in our most recent earnings release, available on our website, allstate.com. This presentation also contains some non-gaap measures. You can find the reconciliation of those measures to GAAP measures on the Investor Relations portion of our website, allstate.com, under the Quarterly Investor Info link and Conference Call Archive link.

3 Continuing to Effectively Execute Our Strategy to Provide Competitively Unique Offerings to Distinct Consumer Segments 2 Market Premium Share Auto: ~30% Property: ~35% Encompass Rank #15 Brand Neutral Market Premium Share Auto: <1% Property: <1% Local Advice and Assistance Self- Serve Market Premium Share Auto: ~45% Property: ~55% Allstate Rank #2 Brand Sensitive Market Premium Share Auto: ~25% Property: ~10% Esurance Rank #7

4 Excellent 2013 Return on Equity and Policy Growth 2013 Operating Priorities and Results Grow insurance premiums Positive premium growth; all brands contributing Maintain auto profitability Protection Auto recorded combined ratio: 96.4 Allstate Brand Auto maintaining underlying performance; Esurance & Encompass profit improvement underway Raise returns in homeowners & annuity businesses Allstate Brand Homeowners underlying combined ratio: 62.7 Divestiture of LBL, subject to regulatory approval Proactively manage investments Protection portfolio duration reduced to mitigate rate risk Annuity returns improved; long-term outlook remains challenging Reduce the cost structure Financial Highlights ($ in Millions, PIF in thousands, except per share data) 2013 % Change Revenues $34, Allstate Protection Policies 33, Net Income (1) 2,263 (1.9) Per Diluted Common Share (1) Operating Income 2, Per Diluted Common Share Book Value Per Common Share Reported Excluding the impact of unrealized net capital gains and losses on fixed income securities ROE Net Income 11.0% (0.9)pts Operating Income 14.5% 2.1pts Pursuing continuous improvement, simplifying processes and streamlining technology (1) Available to common shareholders 3

5 4 Operating Priorities for 2014 Our priorities have evolved to reflect success in achieving return improvement goals established in 2011 and a focus on balancing growth and returns 2013 Priorities 1. Grow insurance premiums 2. Maintain auto profitability 3. Raise returns in the homeowners and annuity businesses 4. Proactively manage investments 5. Reduce the cost structure 2014 Priorities 1. Grow insurance policies in force 2. Maintain the underlying combined ratio 3. Proactively manage investments to generate attractive risk-adjusted returns 4. Modernize the operating model 5. Build long-term growth platforms

6 Growth Momentum Continues to Build Each Brand is positively contributing to growth Allstate Brand auto growing over prior year Homeowners rate of decline decreasing; positioned for profitable growth Esurance, Encompass growth rates are expected to slow given profit improvement actions 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% Protection Written Premium & Policies in Force 5.3% 4.7% 4.0% 4.2% 1.5% 0.8% 2.5% 0.8% 0.0% -0.2% 0.3% -2.4% -0.7% -1.1% (1) Q1 13 Q2 13 Q3 13 Q4 13 Exclusive Agency force is energized and engaged Net Written Premium PIF Footprint is growing year over year Allstate Brand Auto and Homeowners Policies in Force Agencies are larger and better capitalized Agency relationship survey results 2% 0% -0.9% -1.4% -1.3% -1.0% -0.3% 0.7% 1.5% significantly improved Agency engagement in writing Allstate Financial products continues to rise -2% -4% -6% -3.8% -4.6% -5.8% -5.4% -4.4% -3.2% -2.2% -8% Q1 13 Q2 13 Q3 13 Q4 13 Auto Homeowners (1) Growth rate in 2012 reflects acquisition of Esurance in

7 6 Proactively Responding to External Change: Drivewise & DriveSense More Touchpoints, Safer Drivers Drivewise currently in 30 states; DriveSense in 15 states Nearly 1.5 billion miles of data recorded since inception Extending the value proposition beyond pricing: Improve driving behaviors Teen safe driving Platform for future services

8 7 Long-Term Growth Platform: Allstate Business to Business Organization created to better serve business customers under one leadership structure Includes Encompass (~50% of B2B premiums written) and Ivantage in addition to the entities on the right Combined entity provides a focused platform for growth: Earned Premium of $2.1B for 2013 grew 7.5% versus 2012 (8.3% excluding Encompass) Policies in Force of 2.5 million grew 3.0% in 2013 (-0.2% excluding Encompass) Consolidated underlying combined ratio: 93.4 was 0.7pts higher than 2012 Benefits YE 2013 % Var to PY Revenue (1) $0.9B 9.3% Business Insurance YE 2013 % Var to PY Revenue (1) $0.5B 2.7% Policies in Force 301K 6.4% Roadside Services YE 2013 % Var to PY Revenue (1) $0.4B 17.7% Good Hands Roadside Members 1.6M 82.2% Dealer Services YE 2013 % Var to PY Revenue (1) $0.3B 52.6% (1) Revenue defined as premiums written for Business Insurance, Roadside, and Dealer Services; and total premiums & contract charges plus net investment income for Allstate Benefits.

9 Allstate Is An Attractive Investment Opportunity Strategy creates sustainable revenue and earnings growth by offering unique products to four distinct consumer segments Focused, consistent priorities and a history of delivering on our commitments Attractive auto and underlying homeowner margins Well-established track record of strong cash returns to shareholders Valuation continues to have significant upside potential Strong Cash Returns Returned over $32 Billion to Shareholders since 1995 Spin-off from Sears Cash Returned per Common Share % Returned 2013 $ % 2012 (2) $ % Price / Book Multiple (1) Price per share at: Mean = $63 +1 Std Dev = $81-1 Std Dev = $ $ % 0 Q Q Q Q (1) Price/Book and Book Value metrics stated on a Tangible Book Value basis. Source: Bloomberg (2) There were five dividend payments made in

10 9 Safe Harbor This presentation contains a forward-looking statement about our outlook for the Property-Liability underlying combined ratio. This statement is made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of Actual results may differ materially from those described in the forward-looking statement for a variety of reasons, including the following: Premiums written and premiums earned, the denominator of the underlying combined ratio, may be materially less than projected. Policyholder attrition may be greater than anticipated resulting in a lower amount of insurance in force. We undertake no obligation to publicly correct or update any forward-looking statements.

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