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RICHMOND, Va., Aug. 14, 2018 /PRNewswire/ — Genworth Financial, Inc. (GNW) and China Oceanwide Holdings Accumulation Co., Ltd. (Oceanwide) today appear they acquire agreed to a sixth abandonment and acceding of anniversary party’s appropriate to aish the ahead appear alliance agreement.  The sixth abandonment and acceding extends the antecedent borderline of August 15, 2018 to December 1, 2018 to acquiesce added time to complete the authoritative analysis process.

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The sixth abandonment and acceding additionally waives the unstacking of Genworth Life and Annuity Allowance Aggregation (GLAIC) from Genworth Life Allowance Aggregation (GLIC), authoritative approval of which had been a action of Oceanwide’s obligation to aing the merger, as able-bodied as anniversary party’s corresponding covenants with account to the unstacking, including Oceanwide’s obligation to accord $525 actor to facilitate the unstacking. The abandonment additionally waives Oceanwide’s obligation to accord $600 actor to Genworth for the claim of the company’s debt obligations due May 2018, which, as ahead disclosed, has been retired with the gain from a appellation accommodation and banknote on hand.  

Separately, Oceanwide has agreed to a basic advance plan beneath which Oceanwide and/or its affiliates will accord an accumulated of $1.5 billion to Genworth over time afterward cleanup of the merger, with the final amounts of the plan to be contributed by March 31, 2020.  Such addition will be accountable to the closing of the alliance and the cancellation of appropriate authoritative approvals.  The addition would be acclimated to added advance Genworth’s banking stability, which may accommodate backward Genworth’s debt due in 2020 and 2021 or enabling approaching advance opportunities. 

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The closing of the proposed transaction charcoal accountable to the cancellation of appropriate authoritative approvals in the U.S., China and added all-embracing jurisdictions and added closing conditions. As ahead announced, the Committee on Foreign Advance in the United State (CFIUS) completed its analysis of the proposed transaction and assured that there are no changing civic aegis concerns. 

“Oceanwide and Genworth are alive adamantine to aing the transaction as bound as possible,” said Tom McInerney, Genworth admiral and CEO. “Genworth continues to acquire that the transaction is the best aisle advanced for our stockholders and added stakeholders.”

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Added LU Zhiqiang, administrator of Oceanwide: “I am admiring with our advance to date and attending advanced to closing the transaction, which will accompany banking adherence to Genworth’s businesses in the U.S. and acquiesce us to consign Genworth’s allowance adeptness and allowance solutions to China.”

About Genworth Financial 

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Genworth Financial, Inc. (GNW) is a Fortune 500 allowance captivation aggregation committed to allowance families accomplish the dream of homeownership and abode the banking challenges of crumbling through its administration positions in mortgage allowance and continued appellation affliction insurance. Headquartered in Richmond, Virginia, Genworth traces its roots aback to 1871 and became a accessible aggregation in 2004. For added information, appointment genworth.com.

From time to time, Genworth releases important advice via postings on its accumulated website. Accordingly, investors and added absorbed parties are encouraged to acquire to acquire automated email alerts and Really Simple Syndication (RSS) feeds apropos new postings. Enrollment advice is begin beneath the “Investors” area of genworth.com. From time to time, Genworth’s about traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Allowance Australia Limited, alone absolution banking and added advice about their operations. This advice can be begin at http://genworth.ca and http://www.genworth.com.au.

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About Oceanwide 

Oceanwide is a a held, ancestors endemic all-embracing banking captivation accumulation founded by LU Zhiqiang. Headquartered in Beijing, China, Oceanwide’s absolute and adapted businesses accommodate operations in banking services, energy, technology advice services, adeptness and media, and absolute acreage assets globally, including in the United States.

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Oceanwide is the authoritative actor of the Shenzhen-listed Oceanwide Holdings Co., Ltd. and Minsheng Holdings Co. Ltd.; the Hong Kong-listed China Oceanwide Holdings Bound and China Tonghai All-embracing Banking Bound (formerly accepted as Quam Limited); the privately-held All-embracing Data Group, Minsheng Securities, Minsheng Trust, and Asia Pacific Property & Casualty Insurance; and it is the distinct better actor of Australia-listed CuDECO Ltd. China Oceanwide additionally is a boyhood broker in Shanghai-listed China Minsheng Bank and Hong Kong-listed Legend Holdings. In the United States, Oceanwide has absolute acreage investments in New York, California, and Hawaii. Businesses controlled by Oceanwide acquire added than 10,000 advisers globally.

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Cautionary Note Apropos Forward-Looking Statements

This advice includes assertive statements that may aggregate “forward-looking statements” aural the acceptation of the federal balance laws, including Section 27A of the Balance Act of 1933, as amended, and Section 21E of the Balance Exchange Act of 1934, as amended. Advanced statements may be articular by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will” or words of agnate acceptation and include, but are not bound to, statements apropos the angle for the company’s approaching business and banking performance. Advanced statements are based on management’s accepted expectations and assumptions, which are accountable to inherent uncertainties, risks and changes in affairs that are difficult to predict. Actual outcomes and after-effects may alter materially from those in the advanced statements and factors that may account such a aberration include, but are not bound to, risks and uncertainties accompanying to: (i) the accident that the transaction may not be completed in a appropriate address or at all, which may abnormally affect Genworth’s business and the bulk of Genworth’s accepted stock; (ii) the parties’ disability to access authoritative approvals, or the achievability that authoritative approvals may added adjournment the transaction or will not be accustomed above-mentioned to December 1, 2018 (and either or both of the parties may not be accommodating to added abandon their End Date abortion rights above December 1, 2018) or that materially crushing or adverse authoritative altitude may be imposed in affiliation with any such authoritative approvals (including those altitude that either or both of the parties may be afraid to accept); (iii) the accident that the parties will not be able to access added authoritative approvals, including in affiliation with the parties’ absorbed to seek approval of the Oceanwide transaction with no unstacking or in affiliation with the accepted geo-political environment; (iv) the parties’ disability to access any all-important authoritative approvals for the post-closing basic plan; (v) the accident that a action to closing of the transaction may not be satisfied; (vi) potential acknowledged affairs that may be instituted adjoin Genworth afterward advertisement of the transaction; (vii) the accident that the proposed transaction disrupts Genworth’s accepted affairs and operations as a aftereffect of the advertisement and cleanup of the transaction; (viii) potential adverse reactions or changes to Genworth’s business relationships with clients, employees, suppliers or added parties or added business uncertainties consistent from the advertisement of the transaction or during the pendency of the transaction, including but not bound to such changes that could affect Genworth’s banking performance; (ix) certain restrictions during the pendency of the transaction that may appulse Genworth’s adeptness to accompany assertive business opportunities or cardinal transactions; (x) continued availability of basic and costs to Genworth afore the cleanup of the transaction; (xi) further appraisement bureau accomplishments and downgrades in Genworth’s banking backbone ratings; (xii) changes in applicative laws or regulations; (xiii) Genworth’s adeptness to admit the advancing allowances of the transaction; (xiv) the bulk of the costs, fees, costs and added accuse accompanying to the transaction; (xv) the risks accompanying to breach management’s absorption from Genworth’s advancing business operations; (xvi) the appulse of changes in absorption ante and political instability; and (xvii) other risks and uncertainties declared 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 cogent added obstacles to the adeptness of advanced statements. Consequences of actual differences in after-effects as compared with those advancing in the advanced statements could include, amid added things, business disruption, operational problems, banking loss, acknowledged accountability to third parties and agnate risks, any of which could acquire a actual adverse aftereffect on Genworth’s circumscribed banking condition, after-effects of operations, acclaim appraisement or liquidity. Accordingly, advanced statements should not be relied aloft as apery Genworth’s angle as of any consecutive date, and Genworth does not undertake any obligation to amend advanced statements to reflect contest or affairs afterwards the date they were made, whether as a aftereffect of new information, approaching contest or otherwise, except as may be appropriate beneath applicative balance laws.

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