Enact Begins Launch Of IPO

All of Enact's shares are being offered by the selling stockholder, Genworth Holdings, Inc. (GHI), a wholly-owned subsidiary of Genworth Financial, Inc., and net proceeds from the offering will go to GHI.

The initial public offering price is expected to be between $19.00 and $20.00 per share. GHI expects to grant the underwriters a 30-day option to purchase up to an additional 1,996,560 shares of Enact's common stock at the initial public offering price, less the underwriting discount. The shares are expected to trade on the Nasdaq Global Select Market under the ticker symbol "ACT."

In addition to the shares being sold in the initial public offering, certain investment funds managed by Bayview Asset Management, LLC (Bayview) have agreed to purchase shares of Enact's common stock from GHI in a concurrent private sale at a price per share equal to the initial public offering price less the underwriting discount per share.

Bayview has agreed to purchase 14,655,600 shares of Enact's common stock if the initial public offering price is less than or equal to $22.00 per share, or 4,000,000 shares of our common stock if the initial public offering price is greater than $22.00 per share but less than or equal to $24.00.

The concurrent private sale is contingent upon the initial public offering and subject to closing conditions, including the completion of the initial public offering at a price per share at or below $24.00. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as lead book-running managers for the proposed offering.

A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.