Genworth And Oceanwide Extend Merger Agreement

9. Dezember 2020

„As I have often said, since we signed the merger agreement in 2016, Oceanwide remains fully committed to the Genworth transaction,“ said LU Zhiqiang, President of Oceanwide. „I think Genworth`s long-term value remains very compelling for the Oceanwide family. However, given the impact of the coronavirus pandemic on global financial markets, it is useful to extend the merger agreement until June 30, 2020. This three-month extension is a prudent step that the parties are taking due to significantly higher volatility and significant liquidity reductions in global financial markets due to the coronavirus pandemic, which has had a negative impact on the financing of global acquisitions. The parties are working to reach the end of May, if possible, but in the face of unprecedented market disruptions, Oceanwide and Genworth believe it is wise to build a cushion and extend the deadline until June 30, 2020 at the latest. The parties expect Oceanwide`s existing financing agreement to finance up to $1.8 billion in debt through Hony Capital to be extended until June 30, 2020. Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd.

have again agreed to extend the deadline for their merger to September 30 at the latest, effective June 30. Under the terms of the renewal agreement, the 15th since the agreement was announced in October 2016, Oceanwide must have approximately US$1.0 billion from sources in mainland China to finance the acquisition. In addition, Hony Capital (Beijing) Co. Ltd. or other third parties must provide Oceanwide with $1.0 billion or more from sources outside China to finance the transaction. As part of the waiver, Oceanwide waives Genworth`s continued compliance with certain infusion agreements. The waiver also provides for termination rights for Oceanwide, as regulators subsequently impose substantial adverse conditions on the transaction, as well as other reciprocal termination rights for the parties. About Genworth FinancialGenworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families realize their housing dreams and meet the financial challenges of aging through their executive positions in mortgage credit and dependency insurance. Genworth, headquartered in Richmond, Virginia, goes back to its roots in 1871 and became a public company in 2004. For more information, see genworth.com.

Cautionary Notice of Forward-Looking Statements This statement contains certain statements that may constitute „forward-looking statements“ within the meaning of 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 made with words such as „expected,“ „expected,“ „foreshadows,“ „plans,“ „thinks,“ „seeks,“ „estimated,“ „wants“ or „wants“ or words of similar importance, but are not limited to statements relating to the closing of the transaction with Oceanwide, the financing plans and operations of Oceanwide that Genworth pursues to meet its short-term commitments and financial commitments, which may include additional external financing and/or transactions to sell a percentage of its interests in its mortgage insurance business.