RICHMOND, Va., June 9, 2018 /PRNewswire/ -- China
Oceanwide Holdings Group Co., Ltd. (Oceanwide) and Genworth Financial, Inc. (NYSE: GNW) today announced that the Committee on
Foreign Investment in the United States (CFIUS) has completed its review of their proposed
transaction and concluded that there are no unresolved national security concerns with respect to the proposed transaction.
This satisfies one of the conditions to the closing of the proposed transaction.
In connection with the CFIUS review of the proposed transaction, Genworth and Oceanwide entered into a mitigation agreement
which, among other things, requires Genworth to use a U.S.-based, third-party service provider to manage and protect the personal
data of Genworth's U.S. policyholders.
The closing of the transaction remains subject to other conditions, including the receipt of required regulatory approvals in
the U.S., China and other international jurisdictions. Genworth and Oceanwide are engaging with the relevant regulators regarding
the pending applications.
"We are pleased that CFIUS has completed its review of our transaction and look forward to working with Oceanwide to obtain
the remaining regulatory approvals needed and satisfy other conditions necessary to close the transaction as soon as possible,"
said Tom McInerney, president and CEO of Genworth.
Added LU Zhiqiang, chairman of Oceanwide: "Successfully concluding the CFIUS process is a major step in our efforts to
complete this transaction, which will strengthen Genworth's financial position and allow us to bring Genworth's insurance
expertise 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 China Oceanwide
China Oceanwide is a privately held, family owned international financial holding group founded by Mr. LU Zhiqiang.
Headquartered in Beijing, China, China Oceanwide's well-established and diversified businesses
include operations in financial services, energy, culture and media, and real estate assets globally, including in the United States.
China 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; the
privately-held 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, China Oceanwide has
real estate investments in New York, California, and
Hawaii. Businesses controlled by China Oceanwide have more than 10,000 employees globally.
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 closing of the transaction and obtaining relevant regulatory approvals. 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 July 1, 2018 (and either or both of the parties may not be willing to further waive their End Date termination
rights beyond July 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 a condition to closing of the transaction may not be satisfied;
(iv) potential legal proceedings that may be instituted against Genworth following announcement of the transaction;
(v) the risk that the proposed transaction disrupts Genworth's current plans and operations as a result of the announcement
and consummation of the transaction; (vi) 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; (vii) certain restrictions during the pendency of the transaction that may impact Genworth's ability to pursue
certain business opportunities or strategic transactions; (viii) continued availability of capital and financing to Genworth
before the consummation of the transaction; (ix) further rating agency actions and downgrades in Genworth's financial
strength ratings; (x) changes in applicable laws or regulations; (xi) Genworth's ability to recognize the anticipated
benefits of the transaction; (xii) the amount of the costs, fees, expenses and other charges related to the transaction;
(xiii) the risks related to diverting management's attention from Genworth's ongoing business operations; (xiv) the
impact of changes in interest rates and political instability; and (xv) 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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SOURCE Genworth Financial, Inc.