Genworth MI Canada Inc. Announces Distribution of Notice of Issuer Bid Extension

TORONTO, June 16, 2011 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) announced today that a notice of variation and extension (the "Notice of Extension") has been distributed to registered holders of its common shares. The Notice of Extension relates to the Company's previously announced extension of the expiry date of its substantial issuer bid to purchase for cancellation up to $160 million worth of its common shares (the "Offer") from 5:00 p.m. EDT on June 14, 2011 to 5:00 p.m. EDT on June 27, 2011.

Except for the extension of the expiry date, the terms and conditions previously set forth in the offer to purchase and circular dated May 19, 2011 continue to be applicable in all respects. The full details of the Offer are described in the Notice of Extension and the offer to purchase and circular, as well as the related letter of transmittal and notice of guaranteed delivery. Copies of these documents, including the Notice of Extension, are available on SEDAR at www.sedar.com, on the Company's website at investor.genworthmicanada.ca and by contacting CIBC Mellon Trust Company, the depositary under the Offer, toll-free at 1-800-387-0825.

Any questions or requests for assistance, including how to accept the Offer during the current disruption of postal services, may be directed to CIBC Mellon Trust Company at the number specified above or at the addresses set forth in the offer to purchase and circular. Shareholders may also contact their broker, commercial bank or trust company for assistance concerning the Offer.

About Genworth MI Canada Inc.

Genworth MI Canada Inc., through its subsidiary, Genworth Financial Mortgage Insurance Company Canada, has been the leading Canadian private residential mortgage insurer since 1995.  Known as Genworth Financial Canada, "The Homeownership Company," it provides default mortgage insurance to Canadian residential mortgage lenders that enables low down payment borrowers to own a home more affordably and stay in their homes during difficult financial times.  Genworth Financial Canada combines technological and service excellence with risk management expertise to deliver innovation to the mortgage marketplace.  As of March 31, 2011, Genworth Financial Canada had $5.4 billion in total assets and $2.6 billion in shareholders' equity.  Based in Oakville, Ontario, Genworth Financial Canada employs approximately 265 people across Canada. Additional information about Genworth MI Canada Inc. is available at www.genworth.ca.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain forward-looking statements.  These forward-looking statements include, but are not limited to, the Company's plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts.  These statements may be identified by their use of words such as "expects", "anticipates", "contemplates", "intends", "plans", "believes", "seeks", "estimates", or words of similar meaning. These statements are based on the Company's current beliefs or expectations, including the Company's assumptions, beliefs and expectations regarding market conditions.  These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of the Company.  The Company's actual results may differ materially from those expressed or implied by such forward looking statements, including as a result of changes in global, political, economic, business, competitive, market and regulatory factors, and the other risks described in the Company's Annual Information Form.  Other than as required by applicable laws, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

SOURCE Genworth MI Canada

For further information:

Investors - Samantha Cheung, 905-287-5482   samantha.cheung@genworth.com
Media - Anita DiPaolo-Booth, 905-287-5394 anita.dipaolobooth@genworth.com


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