GENWORTH FINANCIAL INC (Form: 8-K, Received: 08/14/2018 16:27:02)

Date: August 14, 2018

GENWORTH FINANCIAL, INC.

/s/ Ward E. Bobitz

Ward E. Bobitz

Executive Vice President and General Counsel

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

August 14, 2018

Date of Report

(Date of earliest event reported)

LOGO

GENWORTH FINANCIAL, INC.

(Exact name of registrant as specified in its charter)


Delaware	001-32195	80-0873306
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

6620 West Broad Street, Richmond, VA		23230
(Address of principal executive offices)		(Zip Code)

(804) 281-6000

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01

Entry into a Material Definitive Agreement.

As previously reported, on October 21, 2016, Genworth Financial, Inc. (the “ Company ”), Asia Pacific Global Capital Co., Ltd., a limited liability company incorporated in the People’s Republic of China (“ Parent ”), and Asia Pacific Global Capital USA Corporation, a Delaware corporation and an indirect, wholly owned subsidiary of Parent (“ Merger Sub ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”), pursuant to which, subject to the terms and conditions set forth therein, the Company will be acquired by Parent through a merger effected under Delaware law. The Merger Agreement provides that, subject to the satisfaction or waiver of certain conditions, Merger Sub will merge with and into the Company (the “ Merger ”). As a result of the Merger, Merger Sub will cease to exist and the Company will survive as an indirect, wholly owned subsidiary of Parent. In addition to the Merger Agreement, the Company, Parent and Merger Sub have entered into that certain (i) Waiver and Agreement, dated as of August 21, 2017, (ii) Second Waiver and Agreement, dated as of November 29, 2017, (iii) Third Waiver and Agreement, dated as of February 23, 2018; (iv) Fourth Waiver and Agreement, dated as of March 27, 2018, and (v) Fifth Waiver and Agreement, dated as of June 28, 2018. Capitalized terms used but not defined in the Current Report on Form 8-K have the meanings ascribed to such terms under the Merger Agreement.

On August 14, 2018, the Company, Parent and Merger Sub entered into a Sixth Waiver and Agreement (the “ Waiver Agreement ”) pursuant to which the Company and Parent each agreed to extend the End Date (as defined under the Merger Agreement) to December 1, 2018, and accordingly waive until December 1, 2018 its right to terminate the Merger Agreement and abandon the Merger due to a failure of the Merger to have been consummated on or before August 15, 2018.

Under the terms of the Waiver Agreement, the Company, Parent and Merger Sub, as applicable, waived (i) the unstacking condition under Section 7.2(d) of the Merger Agreement (“ Unstacking Condition ”); (ii) compliance by the other party or parties with Section 6.5 of the Merger Agreement to the extent relating to approvals of the Unstacking Condition (“ Unstacking Approvals ”); and (iii) any claim that it may have against the other party or other parties under the Merger Agreement or otherwise, including any claim that the other party or parties has or have failed to comply with Section 6.5 of the Merger Agreement, resulting from, arising out of or relating to obtaining or failing to obtain any of the Unstacking Approvals.

In addition, the Company waived (i) Parent’s obligation to contribute $525,000,000 to the Company to facilitate the Unstacking Condition (“ Unstacking Capital Commitment ”); (ii) Parent’s obligation to contribute $600,000,000 to the Company for the repayment of the Company’s 6.515% senior unsecured notes due May 2018 (“ 2018 Debt Capital Commitment ” and together with the Unstacking Capital Commitment, the “ Capital Commitments ”); (iii) compliance with the terms of the Equity Commitment Letter (as defined under the Merger Agreement) to the extent relating to the Capital Commitments, and (iv) any claim that the Company may have against Parent, Merger Sub or their respective Affiliates under the Merger Agreement, the Equity Commitment Letter or otherwise, resulting from, arising out of or relating to the failure of Parent to contribute the Capital Commitments, including any such claim that Parent has failed to comply with Section 6.16 or Section 6.17 of the Merger Agreement, and any such claim of the Company under Section 7 of the Equity Commitment Letter.

The Waiver Agreement recites that Parent has agreed to make or cause certain of its Affiliates to make capital contributions of approximately $1,500,000,000 in aggregate to the Company between the consummation of the Merger and March 31, 2020, subject to (i) the occurrence of the closing the merger, and (ii) any notice or filing required to be made, or approval, consent or authorization required to be obtained, from any Governmental Entity with respect to such capital contributions.

Further, pursuant to the Waiver Agreement, each of Parent and Merger Sub, on the one hand, and the Company, on the other hand, acknowledges that as of August 14, 2018, there has been no breach of the Merger Agreement on the part of the other party and irrevocably waives any claim against such other party based upon or arising out of any actual or alleged breach of any representation, warranty, covenant or agreement set forth in the Merger Agreement based upon the facts or circumstances existing or occurring on or prior to August 14, 2018.

The foregoing description of the Waiver Agreement is qualified in its entirety by reference to the Waiver Agreement, a copy of which is filed as Exhibit 2.1 hereto and incorporated herein by reference.

Item 8.01

Other Events.

On August 14, 2018, the Company issued a press release (the “ Press Release ”) announcing the execution of the Waiver Agreement. The Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.


2.1		Sixth Waiver and Agreement, dated as of August 14, 2018, among the Company, Parent and Merger Sub

99.1		Press Release issued by the Company, dated August 14, 2018

Cautionary Note Regarding Forward-Looking Statements

This communication includes certain statements that may constitute “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will” or words of similar meaning and include, but are not limited to, statements regarding the outlook for the company’s future business and financial performance. Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially from those in the forward-looking statements and factors that may cause such a difference include, but are not limited to, risks and uncertainties related to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect Genworth’s business and the price of Genworth’s common stock; (ii) the parties’ inability to obtain regulatory approvals, or the possibility that regulatory approvals may further delay the transaction or will not be received prior to December 1, 2018 (and either or both of the parties may not be willing to further waive their End Date termination rights beyond December 1, 2018) or that materially burdensome or adverse regulatory conditions may be imposed in connection with any such regulatory approvals (including those conditions that either or both of the parties may be unwilling to accept); (iii) the risk that the parties will not be able to obtain other regulatory approvals, including in connection with the parties’ intent to seek approval of the Oceanwide transaction with no unstacking or in connection with the current geo-political environment; (iv) the parties’ inability to obtain any necessary regulatory approvals for the post-closing capital plan; (v) the risk that a condition to closing of the transaction may not be satisfied; (vi) potential legal proceedings that may be instituted against Genworth following announcement of the transaction; (vii) the risk that the proposed transaction disrupts Genworth’s current plans and operations as a result of the announcement and consummation of the transaction; (viii) potential adverse reactions or changes to Genworth’s business relationships with clients, employees, suppliers or other parties or other business uncertainties resulting from the announcement of the transaction or during the pendency of the transaction, including but not limited to such changes that could affect Genworth’s financial performance; (ix) certain restrictions during the pendency of the transaction that may impact Genworth’s ability to pursue certain business opportunities or strategic transactions; (x) continued availability of capital and financing to Genworth before the consummation of the transaction; (xi) further rating agency actions and downgrades in Genworth’s financial strength ratings; (xii) changes in applicable laws or regulations; (xiii) Genworth’s ability to recognize the anticipated benefits of the transaction; (xiv) the amount of the costs, fees, expenses and other charges related to the transaction; (xv) the risks related to diverting management’s attention from Genworth’s ongoing business operations; (xvi) the impact of changes in interest rates and political instability; and (xvii) other risks and uncertainties described in the Definitive Proxy Statement, filed with the SEC on January 25, 2017, and Genworth’s Annual Report on Form 10-K, filed with the SEC on February 28, 2018. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Genworth’s consolidated financial condition, results of operations, credit rating or liquidity. Accordingly, forward-looking statements should not be relied upon as representing Genworth’s views as of any subsequent date, and Genworth does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Exhibit 2.1

Execution Version

CONFIDENTIAL

SIXTH WAIVER AND AGREEMENT

This SIXTH WAIVER AND AGREEMENT, dated as of August 14, 2018 (this “ Waiver ”), is by and among Genworth Financial, Inc., a Delaware corporation (the “ Company ”), Asia Pacific Global Capital Co., Ltd., a limited liability company incorporated in the People’s Republic of China (“ Parent ”), and Asia Pacific Global Capital USA Corporation, a Delaware corporation (“ Merger Sub ”) (each of the Company, Parent and Merger Sub, a “ Party ” and collectively, the “ Parties ”). Any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Merger Agreement (as defined below).

WHEREAS, the Company, Parent and Merger Sub have entered into that certain (i) Agreement and Plan of Merger, dated as of October 21, 2016 (the “ Merger Agreement ”), (ii) Waiver and Agreement, dated as of August 21, 2017, (iii) Second Waiver and Agreement, dated as of November 29, 2017, (iv) Third Waiver and Agreement, dated as of February 23, 2018, (v) Fourth Waiver and Agreement, dated as of March 27, 2018, and (vi) Fifth Waiver and Agreement, dated as of July 28, 2018 (the “ Fifth Waiver ”);

WHEREAS, pursuant to Section 7.1(b) of the Merger Agreement, it is a condition to the obligations of each of the Parties to effect the merger that, prior to the Effective Time, the Parties shall have obtained the required non-PRC Regulatory Approvals including the Parent Approvals referred to in Section 7.1(b) of the Parent Disclosure Letter, the Company Approvals referred to in Section 7.1(b) of the Company Disclosure Letter and any other approvals from any Government Entity with competent jurisdiction for which the failure to obtain such approval would subject the Company, Parent, or their respective Affiliates, or any of their respective directors, officers, other employees or Representatives to any criminal liability;

WHEREAS, Section 8.2(a) of the Merger Agreement provides that the Merger Agreement may be terminated and the Merger abandoned at any time prior to the Effective Time by action of the board of directors of either Parent or the Company if the Merger shall not have been consummated by August 31, 2017 (the “ End Date ”), whether such date is before or after the date of adoption of the Merger Agreement by the stockholders of the Company referred to in Section 7.1(a) of the Merger Agreement; provided , that the right to terminate the Merger Agreement under Section 8.2(a) of the Merger Agreement shall not be available to any Party if such failure of the Closing to occur on or prior to the End Date is principally caused by or is the result of a material breach of the Merger Agreement by such Party;

WHEREAS, pursuant to Section 1 of the Fifth Waiver, each of the Parties waived its right to terminate the Merger Agreement and abandon the Merger pursuant to Section 8.2(a) of the Merger Agreement prior to August 15, 2018;

WHEREAS, as of the date hereof, certain approvals required under Section 7.1(b) of the Merger Agreement have not been obtained (the “ Outstanding Approvals ”) and the Parties have reasonably determined that certain of such Outstanding Approvals will not be obtained by August 15, 2018;

WHEREAS, in light of the above-referenced Outstanding Approvals, the Parties acknowledge that it is reasonably expected that each Party will have the right to terminate the Merger Agreement pursuant to Section 8.2(a) of the Merger Agreement on August 16, 2018;

WHEREAS, the board of directors of each of the Parties has determined that it is in such Party’s best interests and the best interests of its stockholder or stockholders (as applicable) for the Parties to continue to be bound by the Merger Agreement and each of the Parties desires to waive its right to terminate the Merger Agreement pursuant to Section 8.2(a) of the Merger Agreement prior to December 1, 2018 as set forth in Section 1 of this Waiver;

WHEREAS, pursuant to Section 7.2(d) of the Merger Agreement, it is a condition (the “ Unstacking Condition ”) to the obligations of Parent and Merger Sub to effect the Merger that, prior to the Effective Time, the Company shall have obtained the Company Approvals referred to in Section 7.2(d) of the Company Disclosure Letter (the “ Unstacking Approvals ”);

WHEREAS, pursuant to Section 6.16 of the Merger Agreement and subject to the conditions set forth therein, Parent agreed to contribute to the Company $525,000,000 to facilitate the Unstacking (the “ Unstacking Capital Commitment ”);

WHEREAS, while certain of the Unstacking Approvals have been obtained and certain of the transactions contemplated thereby have been implemented, the Parties have determined that the Company will not be able to obtain certain other Unstacking Approvals on the terms contemplated in the Merger Agreement prior to the Effective Time;

WHEREAS, pursuant to Section 6.16 of the Merger Agreement and subject to the conditions set forth therein, Parent agreed to contribute to the Company $600,000,000 to pay the Company 2018 Notes (the “ 2018 Debt Capital Commitment ” and together with the Unstacking Capital Commitment, the “ Capital Commitments ”);

WHEREAS, on March 7, 2018, the Company completed a $450,000,000 senior secured term loan (the “ Term Loan ”), and the proceeds of the Term Loan, together with the Company’s cash on hand, were used to pay the Company 2018 Notes;

WHEREAS, (i) each of the Investors has executed the Equity Commitment Letter, pursuant to which, among other things, each Investor agreed to provide Parent its pro rata share of the Capital Commitments, subject to the conditions set forth therein, and (ii) pursuant to Section 6.17 of the Merger Agreement and subject to the conditions set forth therein, Parent agreed to, among other things, enforce the Investors’ funding obligations under the Equity Commitment Letter;

WHEREAS, in light of the Parties’ determination that the Company will not be able to obtain certain Unstacking Approvals on the terms contemplated in the Merger Agreement prior to the Effective Time, Parent and Merger Sub have agreed to waive the Unstacking Condition, and the Parties have mutually agreed to cease their efforts to obtain the Unstacking Approvals, and waive (i) the Unstacking Capital Commitment and (ii) certain other terms and covenants in the Merger Agreement and the Equity Commitment Letter related to the Unstacking Approvals, on the terms and subject to the conditions set forth herein;

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WHEREAS, in light of the completion of the Term Loan and the retirement of the Company 2018 Notes, the Company has agreed to waive (i) the 2018 Debt Capital Commitment and (ii) certain other terms and covenants in the Merger Agreement and the Equity Commitment Letter related thereto, on the terms and subject to the conditions set forth herein;

WHEREAS, Parent has agreed to make or cause certain of its Affiliates to make capital contributions of approximately $1,500,000,000 in aggregate to the Company between the consummation of the Merger and March 31, 2020, subject to (i) the occurrence of the Closing and (ii) any notice or filing required to be made, or approval, consent or authorization required to be obtained, from any Governmental Entity with respect to such capital contributions; and

WHEREAS, as of the date hereof, each of the Parties has reasonably determined and therefore acknowledges that (i) each of the Parties has performed its obligations under the Merger Agreement in all material respects including the obligation to use its reasonable best efforts to take or cause to be taken all actions, and do or cause to be done all things, reasonably necessary, proper or advisable on its part under the Merger Agreement and applicable Laws to consummate and make effective the Merger and the other transactions contemplated by the Merger Agreement, as soon as practicable, and (ii) there has been no breach of any representation, warranty, covenant, or agreement under the Merger Agreement on the part of any of the Parties.

NOW, THEREFORE, in consideration of the mutual covenants, agreements and undertakings contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to and on the terms and conditions set forth in this Waiver, the Parties, each intending to be legally bound, hereby acknowledge and agree as follows:

SECTION 1. Waiver of Termination Right . Each of the Company and Parent hereby irrevocably waives its right to terminate the Merger Agreement and abandon the Merger pursuant to Section 8.2(a) of the Merger Agreement prior to December 1, 2018. For the avoidance of doubt, all references to “End Date” in the Merger Agreement shall mean December 1, 2018.

SECTION 2. Waiver of Unstacking . Each of Parent and Merger Sub, on the one hand, and the Company, on the other hand, hereby irrevocably waives: (i) the Unstacking Condition; (ii) compliance by the other Party or Parties with Section 6.5 of the Merger Agreement to the extent relating to the Unstacking Approvals; and (iii) any claim that it may have against the other Party or Parties and its or their Affiliates under the Merger Agreement or otherwise, including any claim that the other Party or Parties has or have failed to comply with Section 6.5 of the Merger Agreement, in each case, resulting from, arising out of or relating to obtaining or failing to obtain any of the Unstacking Approvals.

SECTION 3. Waiver of Capital Commitments .

(a) The Company hereby irrevocably waives: (i) compliance by Parent with Section 6.16 and Section 6.17 of the Merger Agreement with respect to the Capital Commitments; (ii) compliance by the Investors with the terms of the Equity Commitment Letter

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to the extent relating to the Capital Commitments; and (iii) any claim that it may have against Parent, Merger Sub, the Investors or their respective Affiliates under the Merger Agreement, the Equity Commitment Letter or otherwise, resulting from, arising out of or relating to the Capital Commitments, including (i) any such claim that Parent has failed to comply with Section 6.16 or Section 6.17 of the Merger Agreement, and (ii) any such claim of the Company under Section 7 of the Equity Commitment Letter.

SECTION 4. General Acknowledgements and Waivers .

(a) The Company hereby (i) acknowledges that, as of the date hereof, there has been no breach of the Merger Agreement on the part of Parent or Merger Sub and (ii) irrevocably waives any claim against each of Parent and Merger Sub based upon or arising out of any actual or alleged breach by Parent or Merger Sub of any representation, warranty, covenant or agreement set forth in the Merger Agreement based upon the facts or circumstances existing or occurring on or prior to the date hereof for all purposes under the Merger Agreement, including Section 8.3(a) and Section 8.5 (as applicable).

(b) Parent hereby (i) acknowledges that, as of the date hereof, there has been no breach of the Merger Agreement on the part of the Company and (ii) irrevocably waives any claim against the Company based upon or arising out of any actual or alleged breach by the Company of any representation, warranty, covenant or agreement set forth in the Merger Agreement based upon the facts or circumstances existing or occurring on or prior to the date hereof for all purposes under the Merger Agreement, including Section 8.4(b) and Section 8.5 (as applicable).

SECTION 5. General Provisions .

(a) Except as expressly provided herein, nothing in this Waiver shall be deemed to constitute a waiver of compliance by any Party with respect to any other term, provision or condition of the Merger Agreement or shall be deemed or construed to amend, supplement or modify the Merger Agreement or otherwise affect the rights and obligations of any Party thereto, all of which remain in full force and effect.

(b) The following provisions from the Merger Agreement shall be incorporated into, and be effective with respect to, this Waiver as if set forth herein in their entirety: Section 9.2 (Modification or Amendment), Section 9.4 (Counterparts), Section 9.5 (Governing Law; Arbitration; Specific Performance; Sovereign Immunity), Section 9.6 (Notices), Section 9.9 (Obligations of Parent and of the Company), Section 9.11 (Severability) and Section 9.13 (Assignment).

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IN WITNESS WHEREOF, the Parties have duly executed this Waiver as of the date first written above.


GENWORTH FINANCIAL, INC.

By:	/s/ Thomas J. McInerney
	Name:	Thomas J. McInerney
	Title:	President and Chief Executive Officer

ASIA PACIFIC GLOBAL CAPITAL CO., LTD.

By:	/s/ Zhiqiang Lu
	Name:	Zhiqiang Lu
	Title:	Chairman

ASIA PACIFIC GLOBAL CAPITAL USA CORPORATION

By:	/s/ Zhiqiang Lu
	Name:	Zhiqiang Lu
	Title:	Chairman

Exhibit 99.1

LOGO

Genworth and Oceanwide Extend Merger Agreement

Richmond, VA (Aug. 14, 2018) – Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today announced they have agreed to a sixth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The sixth waiver and agreement extends the previous deadline of August 15, 2018 to December 1, 2018 to allow additional time to complete the regulatory review process.

The sixth waiver and agreement also waives the unstacking of Genworth Life and Annuity Insurance Company (GLAIC) from Genworth Life Insurance Company (GLIC), regulatory approval of which had been a condition of Oceanwide’s obligation to close the merger, as well as each party’s respective covenants with respect to the unstacking, including Oceanwide’s obligation to contribute $525 million to facilitate the unstacking. The waiver also waives Oceanwide’s obligation to contribute $600 million to Genworth for the repayment of the company’s debt obligations due May 2018, which, as previously disclosed, has been retired with the proceeds from a term loan and cash on hand.

Separately, Oceanwide has agreed to a capital investment plan under which Oceanwide and/or its affiliates will contribute an aggregate of $1.5 billion to Genworth over time following consummation of the merger, with the final amounts of the plan to be contributed by March 31, 2020. Such contribution will be subject to the closing of the merger and the receipt of required regulatory approvals. The contribution would be used to further improve Genworth’s financial stability, which may include retiring Genworth’s debt due in 2020 and 2021 or enabling future growth opportunities.

The closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China and other international jurisdictions and other closing conditions. As previously announced, the Committee on Foreign Investment in the United State (CFIUS) completed its review of the proposed transaction and concluded that there are no unresolved national security concerns.

“Oceanwide and Genworth are working hard to close the transaction as quickly as possible,” said Tom McInerney, Genworth president and CEO. “Genworth continues to believe that the transaction is the best path forward for our stockholders and other stakeholders.”

Added LU Zhiqiang, chairman of Oceanwide: “I am pleased with our progress to date and look forward to closing the transaction, which will bring financial stability to Genworth’s businesses in the U.S. and allow us to export Genworth’s insurance expertise and insurance solutions to China.”

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com .

From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the “Investors” section of genworth.com . From time to time, Genworth’s publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their operations. This information can be found at http://genworth.ca and http://www.genworth.com.au .

About Oceanwide

Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. Headquartered in Beijing, China, Oceanwide’s well-established and diversified businesses include operations in financial services, energy, technology information services, culture and media, and real estate assets globally, including in the United States.

Oceanwide is the controlling shareholder of the Shenzhen-listed Oceanwide Holdings Co., Ltd. and Minsheng Holdings Co. Ltd.; the Hong Kong-listed China Oceanwide Holdings Limited and China Tonghai International Financial Limited (formerly known as Quam Limited); the privately-held International Data Group, Minsheng Securities, Minsheng Trust, and Asia Pacific Property & Casualty Insurance; and it is the single largest shareholder of Australia-listed CuDECO Ltd. China Oceanwide also is a minority investor in Shanghai-listed China Minsheng Bank and Hong Kong-listed Legend Holdings. In the United States, Oceanwide has real estate investments in New York, California, and Hawaii. Businesses controlled by Oceanwide have more than 10,000 employees globally.

Cautionary Note Regarding Forward-Looking Statements

the transaction; (xi) further rating agency actions and downgrades in Genworth’s financial strength ratings; (xii) changes in applicable laws or regulations; (xiii) Genworth’s ability to recognize the anticipated benefits of the transaction; (xiv) the amount of the costs, fees, expenses and other charges related to the transaction; (xv) the risks related to diverting management’s attention from Genworth’s ongoing business operations; (xvi) the impact of changes in interest rates and political instability; and (xvii) other risks and uncertainties described in the Definitive Proxy Statement, filed with the SEC on January 25, 2017, and Genworth’s Annual Report on Form 10-K, filed with the SEC on February 28, 2018. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Genworth’s consolidated financial condition, results of operations, credit rating or liquidity. Accordingly, forward-looking statements should not be relied upon as representing Genworth’s views as of any subsequent date, and Genworth does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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For further information:

Investors: investorinfo@genworth.com

Media: Julie Westermann, 804 662.2423, julie.westermann@genworth.com