Genworth MI Canada Inc. Announces Acceptance by TSX of Normal Course Issuer Bid

TORONTO, May 1, 2018

Purchases may commence through the TSX and/or alternative trading systems on May 7, 2018 and will conclude on the earlier of the date on which purchases under the bid have been completed and May 6, 2019. Daily purchases under the NCIB will be limited to a maximum of 55,583 Common Shares, other than purchases made in compliance with the provisions of the block purchase exemption of the TSX rules and purchases from Genworth Financial, Inc., the Company's majority shareholder, and its affiliates (collectively, "Genworth Financial").

Genworth Financial will be permitted to sell its Common Shares to the Company in accordance with an exemption granted by the TSX pursuant to its rules, regulations and policies in connection with the NCIB in order to maintain its proportionate percentage ownership at approximately 57.05%.  Genworth Financial has advised the Company that it intends to participate proportionately in the NCIB.  The maximum number of Common Shares that may be purchased pursuant to the NCIB will also be reduced by the number of Common Shares purchased by the Company from Genworth Financial.

The Board of Directors of Genworth Canada believes that any purchases pursuant to the NCIB, if considered advisable, will be in the best interests of the Company and will be a desirable use of corporate funds. All Common Shares purchased by Genworth Canada will be cancelled.

The NCIB will be implemented by the Company's broker responsible for making purchases of Common Shares on behalf of Genworth Canada pursuant to an automatic purchase plan agreement to be entered into between such broker and Genworth Canada (the "APP Agreement").  Pursuant to the APP Agreement, the timing for the purchase of Common Shares, the number of Common Shares purchased and the price payable for the Common Shares will be determined by the Company's broker in its sole discretion, without consultation with the Company, having regard to the price limitations and other terms of the APP Agreement, as well as the prevailing market price of the Common Shares at the time of purchase.  The APP Agreement is expected to be implemented following commencement of the NCIB.

Purchases from Genworth Financial will be made pursuant to the TSX exemption on any trading day that the Company makes a purchase from other shareholders. Purchases from Genworth Financial will be made during the TSX's Special Trading Session pursuant to an automatic disposition plan agreement (the "ADP Agreement") expected to be entered into between the Company's broker and Genworth Financial. In the event that Genworth Financial does not sell Common Shares on any trading day in accordance with the terms of the ADP Agreement (other than as a result of a market disruption), the TSX exemption will cease to apply and the Company will not be permitted to make any further purchases from Genworth Financial under the terms of the NCIB.

Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which the Company sought and received approval from the TSX to purchase up to 4,658,577 Common Shares for the period of May 5, 2017 to May 4, 2018, the Company has purchased, as of May 1, 2018, 2,342,673 Common Shares on the open market at an average purchase price of $38.42 per share.