Allstate Announces Program For Shareholders Owning Odd-Lot Shares

The Allstate Corp. has come out with a program that will provide shareholders who hold less than 100 shares of common stock with a convenient and inexpensive opportunity to purchase additional stock to reach 100 shares or to sell all of their shares.

Many shareholders who own odd-lot shares continue to hold them because of the cost of brokerage commissions or the inconvenience of selling in small amounts. Many Allstate shareholders owning fewer than 100 shares received them because of the spin-off of Allstate from Sears, Roebuck & Co. in 1995.

The program, administered by Shareholder Communications Corp. of New York, is voluntary and expires Dec. 29, 1998, unless extended by Allstate. Participants will pay or receive a price per share equal to the weighted average price for the program. Participants also will pay a transactional fee of $1.25 per share, up to a maximum of $40 per account.

Program materials will be mailed today to eligible shareholders. Shares held in any Allstate-sponsored employee benefits plan are not eligible for this program.