X0202 4 2006-01-17 0 0000935724 PMI GROUP INC PMI 0001052821 ROSEN KENNETH T THE PMI GROUP, INC. 3003 OAK ROAD WALNUT CREEK CA 94597 1 0 0 0 Stock Units 0.00 2006-01-17 4 A 0 588.026 0.00 A 2011-01-17 2011-01-17 Common 588.026 3946.575 D Phantom Stock Units 0.00 2006-01-17 4 A 0 5.606 42.82 A 2006-01-17 2006-01-17 Common 5.606 4614.329 D 1-for-1 conversion. Stock units vest upon the earlier of (i) five years from the grant date, or (ii) termination of the director's service on the Board. Payable in shares on the payment date determined under the Equity Incentive Plan. Not applicable. Payable on the payment date determined under the Directors Deferred Compensation Plan. /s/ Kenneth T. Rosen 2006-01-17