GNW 08/01/03%20US%20Mortgage%20Insurance%20Materials

©2008 Genworth Financial, Inc. All rights reserved. Company Confidential©2008 Genworth Financial, Inc. All rights reserved.

Investor UpdateU.S. Mortgage InsuranceFebruary 8, 2008

Investor Update U.S. Mortgage Insurance – February 8, 2008 1

Forward-Looking StatementsThis presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expects,” “anticipates,” “intends,” “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 due to global political, economic, business, competitive, market, regulatory and other factors, including those discussed in the Appendix and in the risk factors section of the company’s Form 10-K filed with the SEC on February 28, 2007, the company’s Form 8-K filed with the SEC on April 16, 2007 and the company’s Form 10-Q filed with the SEC on October 26, 2007. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

Non-GAAP and Selected Operating Performance Measures

For important information regarding the use of non-GAAP and selected operating performance measures, see our Fourth Quarter 2007 Financial Supplement which can be found on our website at genworth.com.

This presentation should be used in conjunction with the accompanying audio or call transcript.


Agenda Key Definitions & Factors Relating To Loss Development

Delinquency Rate

Claims Frequency

Past Industry Experience

Exposure & Severity

Claim Size

The Role Of Captive Reinsurance in Providing Protection

Extreme Stress Scenarios To Assess Potential Impact on Book Value


Definition of a “Cure”Delinquency Rate

Current # Delinquencies

Remaining # Policies in Force

Current Period Metric

Leading Indicator of Claims Frequency

Leading Indicator of Potential Captive Reinsurance Attachment/ Benefit

A Delinquency Cures or Moves To Claim

Policy Lapse Increases Magnitude

How Do You Measure Delinquency Rate?

Reserves For Delinquencies

Determined On An Individual Loan Basis, Driven By:Number of DelinquenciesAging of DelinquenciesLoan AmountsClaim Experience/Trends

Prior Delinquency That:– Is Now Paid CurrentOr – Has Been RefinancedOr– Associated Property Has Been Sold

Delinquency Rate Is Sometimes Referred to as Default Rate.


Claims Frequency

How Do You Measure Claims Frequency?

Lifetime # Claims Paid

Original # Policies In Force

Lifetime Metric

Cumulative Home Price Change Can Impact Claims Frequency Positively or Negatively

Claims Frequency, Plus Average Claim Size, Drive Captive Reinsurance Cash Benefit

Lapse Decreases Future Claims

Paid Claims

Delinquency Fully Reserved At Time of Claim Payment (on Average)

Average Claim Driven By:

Loan Amount

Coverage

Severity


How Does Lapse Impact Claims Frequency?

Total Original Policies 155K 1.0 10.0

Less: Lapsed Policies (51K) 2.9 2.9

Remaining Policies 104K 0.0 13.5

2005 Book Year Illustrative Example

Lifetime Illustrative Scenario

Claims FrequencyEver To

Date12/31/07

Lifetime Claims Frequency Based on Original Policies in Force

Lapsed Policies Cannot Become A Future Claim

Therefore, Remaining Policies Drive Lifetime Claims Frequency of Original Book

Policies InForce

12/31/07

(Includes Paid Claims)

Claims Frequency on Remaining Policies Would Have to Perform at an Extreme Level for the Total Book to Reach 10.0 on a Lifetime Basis.

Claims Frequency Represents Claims per 100 Loans.


Mortgage Insurance Industry Experience

Impact AssessmentIncreased Prices +Adopted FICO Credit Scores For Underwriting +GSE’s Adopted Use of Automated Underwriting +Growth of Higher Loan-To-Value Loans, Alt-A, and Sub-prime Products -

Industry Changes Since Late 80’s

Unemployment: Regional 10% 10%National 7% 7%

Home Price Change*: Regional (9%) (18%) National +17% +23%

Severity 110% 108%

Book YearBook Year‘79

Oil Patch Southern California

10

15

5

0‘81 ‘83 ‘85 ‘87

10

15

5

0‘88 ‘90 ‘92 ‘94 ‘96

Nat

iona

lC

laim

s Fr

eque

ncy

Estimated based on Economy.com Interest Rates, Unemployment, GDP and Home Price Changes; MICA Industry Claims Rate; Genworth’s SeverityOil Patch Region Includes TX, WY, OK, LA, CO and AK* Regional and National Home Price Changes represent cumulative changes during calendar year period: 1985-1988 Oil Patch, 1991-1996 Southern California

Nat

iona

lC

laim

s Fr

eque

ncy

Materially Higher Interest Rates ~10% 30-Yr FRM

Driven By Regional GDP / Unemployment

Portfolio Concentration ~20%

Two Housing Recessions


Historical Experience Vs. Portfolio Scenarios

70-75%

25-30%

Risk In Force

Performing

Under-Performing

Portfolio Mix

Historical Claims Frequency

National (Total)Other StatesRegional (Under-Performing)

Specific Book Years Claims FrequencyOil Patch

’80-’84

Under-Performing Segment is Selected Product, Geographical and Book Year Combinations Where Ever To Date Actual Loss Ratio Performance Exceeds Ever To Date Pricing Expectations. Select Geographies Include CA, FL, AZ, NV and Great Lakes, Select Products Include Alt-A, A Minus and Sub-prime.Claims Frequency Represents Claims per 100 Loans.Oil Patch Region Includes TX, WY, OK, LA, CO, AK

California ’89 – ’92

119

25

53

19

Total Portfolio 7 10 15 20Performing Segment 5 6 8 10

Under-Performing Segment 12 20 32 44

If One Assumes: Claims Frequency

GNW Claims Frequency Illustrations

Then Remaining Must Be:


Exposure & Severity DefinitionsLesser of “Maximum Exposure” or “Loss on Sale of Property”

(Unpaid Principal Balance + Claimable Expenses) x Coverage Percent

100% 35%95% 30%90% 25%

Loan to Value Coverage

Claim PaymentCoverage Percent x Unpaid Principal Balance (MI Coverage Amount)

Severity

Claim Payment

MaximumExposure Option Accrued Interest (Typically

65% of Total Claimable)

Legal FeesProperty TaxesHazard Insurance, etc.

Loss On Sale Option

Property Sale Proceeds - Unpaid Principal Balance- Claimable Expenses- Sales Costs

Loss On Property Sale

Claimable Expenses Mortgage Insurance Coverage


The Influence of Larger Loan Balances

($000’s)

20062005 2007

135 146164

Higher Priced States Include California, Florida, Arizona and Nevada

20062005 2007

26 2835

Cumulative Home Price Appreciation Increasing Loan Balances

Increased Portion Of Claims From Higher Priced States Will Tend To Drive Up Average Claim Payments

Based on Primary (Flow and Bulk) Insurance In Force

($000’s)

Average Loan Balance increasing Average Claim Payments Increasing


Loan Balances By RegionAverage Loan Balance

Average Loan Balance Is The Principal Driver of Average Claim Payment

Average Loan Balances Shown Reflect Primary Loan Balances as of Year End.

Regions 2005 2006 2007Southeast 131 143 155South Central 125 133 147Northeast 140 148 165North Central 135 140 149Pacific 176 216 268Great Lakes 116 118 122Plains 107 111 121Mid-Atlantic 153 171 199New England 180 194 210

Total 135 146 164

($000’s)

Significant Variance By Region

Product Mix Changes

Regional Shift in Claims

Key Factors


Claim Payment & 100% Severity ScenariosAssumptions

Unpaid Principal Balance $100,000Claimable Expenses (@ 15%) 15,000

$115,000Coverage x 25%Maximum MI Exposure $28,800

Proceeds From Sale (87%) $96,700Sales Costs (7%) (6,800)Net Proceed From Sale $89,900

Loss on Sale $25,100

MI Claim Payment (Lesser of or ) $25,100MI Coverage Amount $25,000

Severity ( Divided by ) 100%

$105,60015,800

$121,400x 30%$36,400

$96,700(6,800)

$89,900

$31,500

$31,500$31,700

99%

Original Property Value $111,100 Home Price Decline ~(13)%

Loan To Value90% 95%

Higher Loan To ValueReduces Severity But Increases Average Claim

Higher Loan Balances and Higher Coverage Increases MI Exposure


Claim Payment & 115% Severity Scenarios

Unpaid Principal Balance $100,000Claimable Expenses (@ 15%) 15,000

$115,000Coverage x 25%Maximum MI Exposure $28,800

Proceeds From Sale (75%) $83,300Sales Costs (7%) (5,800)Net Proceed From Sale $77,500

Loss on Sale $37,500

MI Claim Payment (Lesser of or ) $28,800MI Coverage Amount $25,000

Severity ( Divided by ) 115%

$105,60015,800

$121,400x 30%$36,400

$83,300(5,800)

$77,500

$43,900

$36,400$31,700

115%

Loan To Value90% 95%

AssumptionsOriginal Property Value $111,100 Home Price Decline ~(25)%

Loan Balance Drives Severity of 100%

Additional 15% Limited By:

Foreclosure Cycle Time (Typically 12 Months)

Predictable Expenses

Active Loss Mitigation

Factors Keeping Severity Under 115%

Maximum MI Exposure Limits Loss


Regions 2005 2006 2007Southeast 96% 92% 95%South Central 86% 88% 93%Northeast 109% 104% 100%North Central 94% 96% 98%Pacific 71% 75% 89%Great Lakes 109% 107% 109%Plains 92% 93% 96%Mid-Atlantic 92% 88% 93%New England 85% 90% 91%

Flow Portfolio Severity 96% 96% 99%

What Severity Have We Seen?Genworth Severity By Region

25%17%13%12%9%9%6%4%4%

100%

% Flow RIF 4Q07Claim Factors

Claimable ExpenseLower Home Prices

Offsetting FactorsBorrower EquityTotal Home Price AppreciationCoverage Level

Regional Variation

Factors Impacting Severity

Severity Based on Simple Average of Claim Payment Experience.


40% Cede Excess of Loss Example

GNW

Lender

Premiums

60%

40%

GNW

Lender

Losses

1st Loss (0-4 Claims Layer)

GNW

2nd Loss(4-14 Claims Layer)

RemainingLosses

Lender Captive Reinsurance Protection

25% Cede Excess of Loss Example

GNW

Lender

Premiums

75%

25%

GNW

Lender

Losses

1st Loss (0-5 Claims Layer)

GNW

2nd Loss(5-10 Claims Layer)

RemainingLosses

Captive Reinsurance Liability Limited to Funds in Trust, Not Subject to Lender Bankruptcy.Trust Balance Impacted by Future Premiums Received, Payment of Claims and Dividends.Funds and % of GNW Portfolio in Captive Reinsurance Arrangements As of 12/31/07.

63% GNW Flow Portfolio Has Lender Captive Reinsurance Coverage– Protects Downside Risk

Written on a “Book Year” Basis By Lender

Attachment Points Are % of a Book Year’s Original Risk In Force

Reinsurance Premiums Deposited in 3rd Party Trust


2004 & Prior

Funds Held In 3rd

Party Trust

Funds in Trust are Fungible- Book Years Cross Collateralized

- Trust Balance Contributions from Ceded Premiums on Old and New Books

- Minimum Required Funding at Risk to Capital of 10:1

- Dividends Allowed At Risk to Capital of 5:1

- $880MM Funds In Trust as of 12/31/07

High Quality Trust Investments- ~97% Investments Are Government Issued or Rated

AA or Higher

2010 & Beyond

Lender Captive Reinsurance TrustsStructural Example for Individual Lender

Captive Reinsurance Trust Set Up for Each Lender; Balances Secures that Lender’s Risk OnlyCaptive Reinsurance Liability Limited to Funds in Trust, Not Subject to Lender BankruptcyTrust Balance Impacted by Future Premiums Received, Payment of Claims and Dividend. Assumes Ongoing Captive Reinsurance on Substantially Similar Terms.Trust Investments – Portfolio Ratings as of 12/31/07

2006

2005

2007

2008

2009


Captive Reinsurance Attachment Progress

($MM) 3Q07 4Q072005

Sum of Reinsurance Attachment Points $125Ever to Date Incurred Losses $48 $61% To Attachment 38% 49%

2006Sum of Reinsurance Attachment Points $173Ever to Date Incurred Losses $68 $101% To Attachment 39% 58%Quarterly Captive Benefits $1

2007Sum of Reinsurance Attachment Points $198 $289Ever to Date Incurred Losses $16 $56% To Attachment 8% 19%

Additional Details By Book Year in AppendixFigures Are Presented in Aggregate For All Trusts, and excludes Quota Share Captive Arrangement data.Incurred Losses = Change in Reserves + Paid Claims

Aggregate Book Year Analysis Provided To Illustrate Directional Progression Toward Attachment

Actual Benefits Will Vary By Individual Reinsurance Contract

Book Year In Aggregate Book Year Observations


2006 Book Year Example

0 – 50% .7 1050 – 75% 1.8 5575 – 100% .8 31100%+ (Captive Benefit) .1 5

3.4 $101

Original 2006 Book Year

% Progression to Specific Lender

Attachment Point

RIF Remaining

($B)

Ever to Date Incurred Losses

($MM)

$4.3B Risk In Force With Captive Reinsurance Coverage$173MM Losses = Sum of All Attachment Points 46 Lender Captives Comprise Total – Actual Attachment Will Vary By Lender

As of 4Q07

58% Progression to Aggregate Attachment Point

Includes ~$1MM of Captive Reinsurance Benefit

Information excludes Quota Share Captive Arrangement data.Additional Book Years Included in Appendix.


Selective Bulk ParticipationCharacteristics RIF

GSE Alt-A

PortfolioTransactions

~720 Average FICO79% Average LTV

720+ Average FICO76% Average LTV97% Full Documentation

$0.4B

$0.6B

Did Not Participate In Sub-Prime Bulk

Downside Protection

Primary MI On Loans 80%+ LTV97% With Stop Loss85% With Deductibles


Federal Home Loan Bank /Other

$0.5B740+ Average FICO67% Average LTV


Risk In Force (RIF) Associated With Bulk NIW Is Lower Than a Corresponding Amount Of Flow NIW Due To The Structure Of The Coverage (Stop Losses And Deductibles). The Effective Risk Is Lower Due To The Order In Which Losses Are Absorbed; 1) Borrower Equity, 2) Primary MI Coverage For LTVs > 80% (Coverage Effectively Down To 65%), 3) Deductibles, And Finally, 4) Genworth's Bulk Policy Which Is Typically Further Limited By Aggregate Stop Losses.


Scenario Analysis – Key Concepts

$2.6 Billion U.S. Mortgage Insurance Book Value As of 12/31/07

Standard Assumptions:

- Strong Revenue Growth 14% CAGR

- Persistency 75-80%

- $3 Billion Investment Assets ~ 4% After-tax Yield

If 2008 Losses Accelerate, Captive Reinsurance Benefits Are Recognized Sooner


A 5-Year View

Existing Portfolio

Book Value ProfileKey Assumptions

12/31/07 12/31/12E

$2.6$0.5

$0.7

($B) @ 100% Severity

ExistingBusiness

UnderwritingMargin

NewBusinessInvest.

Income

Claim Frequency Expectation for Every 100 Loans

Company Estimates; Captive Attachment Based on Aggregate Analysis – Actual Results Will Vary By Lender

Lifetime Loss Ratio Reflects Weighted Average Lifetime Expected Loss Ratio For Total Portfolio

Existing Business and Investment Income Are Net of Income TaxesExisting Business Includes After Tax Premium From International Support ArrangementsProjected Book Value Excludes Impact of Dividends From Our U.S. Mortgage Insurance

Subsidiaries to Genworth

Portfolio

’04 & Prior

’05 – ’07

’08 & Forward

Ever-To-Date

1.4

0.3

-

CaptivesAttach?

No

Yes

No

Lifetime

2

8

4

Claim Frequency

2005-2007 Books @ 115% Severity: $.1B Additional Losses By 2012

Performing Well 5Under-Performing 13

2007 2012E2010E2008E 2009E 2011E

$2.6


Book Value Progression

$2.5-2.6

$3.9+

$3.9+


Exhaust Captive CoverageClaim Frequency Assumptions for Every 100 Loans

Portfolio

’04 & Prior

’05 – ’07

’08 & Forward

Ever-To-Date

1.4

0.3

-

CaptivesAttach?

No

Yes

No

Lifetime

2

15

4

Claim Frequency

Scenarios:Exhaust Captives or Eliminate Book Value

U.S. Mortgage Ins. Book Value To 0Claim Frequency Assumptions for Every 100 Loans

Portfolio

’04 & Prior

’05 – ’07

’08 & Forward

Ever-To-Date

1.4

0.3

-

CaptivesAttach?

No

Yes

No

Lifetime

2

40

4

Claim Frequency

Performing 8Under-Performing 25

Performing 10Under-Performing 81

Company Estimates; Captive Attachment Based on Aggregate Analysis – Actual Results Will Vary By LenderExisting Business and Investment Income Are Net of Income TaxesExisting Business Includes After Tax Premium From International Support ArrangementsProjected Book Value Excludes Impact of Dividends From U.S. Mortgage Insurance Subsidiaries to Genworth

12/31/07 12/31/12

$2.6 $(0.3)$0.6

NewBusinessInvest.

IncomeExistingBusiness

UnderwritingMargin


2005-2007 Books @ 115% Severity: $.2B Additional Losses Incurred By 2012

Book Value Profile$2.9+


Summary - Looking Ahead

Captive Reinsurance Mitigates Downside Exposure

2008 Looks To Be The Inflection Point

Accelerated Stress Scenarios in 2008; Improves 2009 Outlook

Book Value Supported – With An Accretion Opportunity


©2008 Genworth Financial, Inc. All rights reserved.

Appendix


Captive Reinsurance - Disclosure

Aggregate Book Year Analysis Provided To Illustrate Directional Progression Toward AttachmentData Presented in Aggregate For All Trusts. Actual Trust Attachment Will Vary By Individual Lender Contract.Incurred Losses = Change in Reserves + Paid ClaimsInformation excludes Quota Share Captive Arrangement data.

Book Year RIF ($B)

Sum of Loss Attachment

Points ($MM)

Progression to

Attachment Point Current RIF ($B)

Ever to Date Incurred Losses

($MM)

Additional Losses to Reach Aggregate Attachment ($MM)

Aggregate % to

Attachment2005 Total 3.0 125 2.0 61 64 49%

0 -50% 0.8 1650 -75% 0.8 2875-99% 0.4 15Attached 0.0 2

2006 Total 4.3 173 3.4 101 72 58%0 -50% 0.7 10

50 -75% 1.8 5575-99% 0.8 31Attached 0.1 5

2007 Total 7.2 289 6.9 56 233 19%0 -50% 6.9 56

50 -75% 0.0 075-99% 0.0 0Attached 0.0 0

Captive Benefit in Quarter ($MM) 1

Captive Disclosure Q4 2007

Original Book 4Q07


U.S. Portfolio – Delinquency Rates($B)

Total FICO > 660 FICO 620 - 659 FICO < 620Primary Risk In Force 3Q 07 4Q 07 3Q 07 4Q 07 3Q 07 4Q 07 3Q 07 4Q 07

Primary Risk In Force $28.1 $19.7 $5.9Default Rate 3.4% 1.9% 6.3%

2007 Policy Year $8.1 $5.5 $1.7Default Rate 1.4% 0.9% 1.7%

2006 Policy Year $6.0 $4.2 $1.2 $0.6Default Rate 3.8% 2.2% 6.0% 12.6%

2005 Policy Year $4.4 $3.1 $0.9 $0.4Default Rate 4.0% 2.4% 6.6% 12.2%

2004 & Prior Policy Years $9.6 $6.8 $2.1Default Rate 4.3% 2.2% 8.8%

Fixed Rate $26.2 $18.2 $5.6 $2.4Default Rate 3.3% 1.7% 6.2% 10.3%

ARMs $1.9 $1.5 $0.3 $0.1Default Rate 4.1% 3.0% 9.0% 17.1%

LTV > 95% $7.9 $4.7 $2.1Default Rate 4.6% 2.1% 6.4%

Alt-A $1.9 $1.5 $0.3 $0.1Default Rate 4.1% 3.3% 7.9% 13.2%

Interest Only & Option ARMs $3.6 $2.9 $0.5 $0.2Default Rate 3.1% 2.6% 5.7% 9.9%

$0.95.0%

$2.510.5%

$0.714.0%

$1.111.6%

Loans With Unknown FICO Scores Are Included in the FICO 620 – 659 CategoryDelinquency Rate Represents Number of Lender Reported Delinquencies Divided By Number of Remaining Policies Consistent With Mortgage Insurance Industry PracticesGNW Alt-A Consists of Loans With Reduced Documentation or Verification of Income or Assets And a Higher Historical And Expected Default Rate Than Standard Documentation Loans.

= Significant Increases in Delinquency Rates

$31.34.3%

$12.12.8%

$5.95.4%

$4.25.2%$9.14.7%

$29.44.0%$1.97.2%

$8.85.8%

$1.96.2%

$4.05.6%

$22.12.5%

$8.51.7%

$4.13.6%

$3.03.2%

$6.52.4%

$20.62.1%$1.55.9%

$5.42.6%

$1.65.1%

$3.35.0%

$6.47.5%

$2.43.8%

$1.28.3%$0.98.5%

$1.99.5%

$6.17.2%$0.312.0%

$2.38.0%

$0.311.7%

$0.59.2%

$2.912.8%

$1.39.4%

$0.615.4%

$0.314.4%

$0.715.3%

$2.712.5%

$0.123.2%$1.215.3%

$0.118.2%

$0.216.8%


Product Actions Taken For 2008

Alt-A > 90% LTV, < 660 FICOA Minus Above 95% LTV, < 575 FICO100 LTV < 620 FICO And Interest Only

Price Increases

Prime≤ 95% LTV

Prime> 95% LTV

A-MinusAlt-A

Flow New Insurance Written

80%

1%5%

2%

Products Not Insured By GenworthSub-Prime Bulk Alt-A >95% LTV

Guideline Restrictions

2008E

Alt-A Primary & 2nd, Purch. & Rate TermA Minus Primary Only100 LTV 95% LTV in 85 Declining Markets

Alt-A ~43% in 660 – 699 FICO BucketA Minus ~18% Price Increase100 LTV ~50% Increase for 56% of NIW

Sub-Prime

12%

100%

Genworth Alt-A Consists Of Loans With Reduced Documentation Or Verification Of Income Or Assets And A Higher Historical And Expected Default Rate Than Standard Documentation Loans

Product Exits


Cautionary note regarding forward-looking statements

This presentation contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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 our 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 due to global political, economic, business, competitive, market, regulatory and other factors and risks, including the following:

• Risks relating to our businesses, including interest rate fluctuations, downturns and volatility in equity and credit markets, defaults in portfolio securities, downgrades in our financial strength and credit ratings, insufficiency of reserves, legal constraints on dividend distributions by subsidiaries, competition, availability and adequacy of reinsurance, defaults by counterparties, regulatory restrictions on our operations and changes in applicable laws and regulations, legal or regulatory investigations or actions, political or economic instability, the failure or any compromise of the security of our computer systems, and the occurrence of natural or man-made disasters or a pandemic disease;

• Risks relating to our U.S. Mortgage Insurance segment, including the influence of Fannie Mae, Freddie Mac and a small number of large mortgage lenders and investors, decreases in the volume of high loan-to-value mortgage originations or increases in mortgage insurance cancellations, increases in the use of simultaneous second mortgages and other alternatives to private mortgage insurance and reductions by lenders in the level of coverage they select, unexpected increases in mortgage insurance default rates or severity of defaults, deterioration in economic conditions or a decline in home price appreciation, increases in the use of reinsurance withreinsurance companies affiliated with our mortgage lending customers, increased competition with government-owned and government-sponsored entities offering mortgage insurance, changes in regulations, legal actions under Real Estate Settlement Practices Act, and potential liabilities in connection with our U.S. contract underwriting services; and

• Other risks, including the possibility that in certain circumstances we will be obligated to make payments to GE under our tax matters agreement even if our corresponding tax savings are never realized and payments could be accelerated in the event of certain changes in control, and provisions of our certificate of incorporation and by-laws and our tax matters agreement with GE may discourage takeover attempts and business combinations that stockholders might consider in their best interests.

We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

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GNW 08/01/03%20US%20Mortgage%20Insurance%20Materials

Economy & Finance