Exhibit 99.2

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE


In re:	) )	Chapter 11
THE PMI GROUP, INC., a Delaware	)	Case No. 11-13730 (BLS)
Corporation,¹	)
	)
	)
Debtor.	)

DISCLOSURE STATEMENT PURSUANT TO SECTION 1125 OF THE

BANKRUPTCY CODE WITH RESPECT TO THE FIRST AMENDED

PLAN OF REORGANIZATION OF THE PMI GROUP, INC.²

Pauline K. Morgan (No. 3650)

Joseph M. Barry (No. 4221)

Kara Hammond Coyle (No. 4410)

Patrick A. Jackson (No. 4976)

YOUNG CONAWAY STARGATT & TAYLOR, LLP

Rodney Square

1000 North King Street

Wilmington, Delaware 19801

Telephone: (302) 571-6600

Counsel for the Debtor and Debtor in Possession

PLEASE NOTE THAT THIS DISCLOSURE STATEMENT HAS NOT YET BEEN APPROVED BY THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE UNDER SECTION 1125 OF THE BANKRUPTCY CODE FOR USE IN THE SOLICITATION OF ACCEPTANCES OF THE CHAPTER 11 PLAN DESCRIBED HEREIN. ACCORDINGLY, THE FILING AND DISTRIBUTION OF THIS DISCLOSURE STATEMENT IS NOT INTENDED, AND SHOULD NOT BE CONSTRUED, AS A SOLICITATION OF ACCEPTANCES OF SUCH PLAN. THE INFORMATION CONTAINED HEREIN SHOULD NOT BE RELIED UPON FOR ANY PURPOSE BEFORE A DETERMINATION BY THE BANKRUPTCY COURT THAT THIS DISCLOSURE STATEMENT CONTAINS “ADEQUATE INFORMATION” WITHIN THE MEANING OF SECTION 1125 OF THE BANKRUPTCY CODE.

¹	The last four digits of the Debtor’s federal tax identification number are 9675. The Debtor’s mailing address is P.O. Box 830, Alamo, California 94507 (Attn: L. Stephen Smith).

This Disclosure Statement and the Plan attached hereto reflect numerous changes to the original Disclosure Statement and Plan filed by the Debtor on April 30, 2013 [Docket Nos. 842 (Plan) & 843 (Disclosure Statement)]. The revisions to the original Disclosure Statement and Plan filed on April 30, 2013, as reflected in this Disclosure Statement and the Plan attached hereto, can be found in blackline format at Docket Nos. 884, 889 and 892. Parties-in-interest are encouraged to review these revisions.

TABLE OF CONTENTS


			Page

ARTICLE I INTRODUCTION AND OVERVIEW				1

A.	Prefatory Statement and Definitions			1

B.	Introduction			1

C.	Disclaimers			2

D.	Plan Overview			3

E.	Eligibility to Vote			9

	1.	Who May Vote		9

	2.	How to Vote		10

	3.	Importance of Your Vote		13

F.	Special Notice of Third Party Release			13

G.	The Confirmation Hearing			14

	1.	Time and Place of the Confirmation Hearing		14

	2.	Objections to the Plan		14

ARTICLE II BACKGROUND OF THE DEBTOR AND THE CHAPTER 11 CASE				15

A.	Overview of the Debtor’s Business			15

	1.	Corporate Structure		15

	2.	Regulatory Environment		17

B.	Summary of Assets and Liabilities			17

	1.	Principal Assets		17

	2.	Potential Causes of Action		18

	3.	Tax Attributes and Tax Sharing Agreement		18

	4.	Cost Allocation Agreement		19

	5.	Primary Prepetition Indebtedness		19

C.	Events Leading to Debtor’s Chapter 11 Filing			20

	1.	Economic Conditions		20

	2.	Exploration of an Extraordinary Transaction		21

	3.	Regulatory Control of MIC		21

	4.	Defaults under the Notes		23

D.	The Chapter 11 Case			23

	1.	Debtor in Possession Status		23

	2.	Entry of the Debtor’s First-Day Orders		23



	3.	The Trading Order	24

	4.	Appointment of the Official Committee of Unsecured Creditors	26

	5.	Retention of Professionals	26

	6.	Employment Contracts; Incentive Plan	26

	7.	Amendment and Assumption of CAA	27

	8.	Freeze of Pension Plan	27

	9.	Transfer of Sponsorship of 401(k) Plan	28

	10.	Rejection of Executory Contracts	28

	11.	Disposition of Assets	29

	12.	Extensions of Exclusivity and Removal Deadline	29

	13.	Schedules and Statement of Financial Affairs; Claims Bar Date and Aggregate Claims Asserted	29

	14.	Objections to Claims	30

	15.	Litigation Against MIC, Receiver and Special Deputy Receiver	30

	16.	Stipulation with MIC, Receiver and Special Deputy Receiver	31

	17.	Ancillary Issues Stipulation and Side Letter	35

	18.	Plan Sponsor Negotiations	37

ARTICLE III SUMMARY OF THE PLAN			39

A.	Overview of Chapter 11		40

B.	Classification of Claims and Interests		41

	1.	Introduction	41

	2.	Classification	42

	3.	Treatment	42

C.	Treatment of Unclassified Claims		47

	1.	Summary	47

	2.	Treatment of Administrative Expense Claims	47

	3.	Administrative Expense Claims Bar Date	48

	4.	Deadline for Professional Claims	49

	5.	Priority Tax Claims	49

	6.	U.S. Trustee Fees	49

	7.	Indenture Trustee Fees	50

D.	Means for Implementation of Plan		50

	1.	New Organizational Documents	50

	2.	Continued Corporate Existence	50

	3.	Sources of Consideration for Monetary Plan Distributions	50


	4.	Vesting of Assets in the Reorganized Debtor	50

	5.	Authorization and Issuance of New Common Stock	51

	6.	Directors and Officers of the Reorganized Debtor	55

	7.	Section 1145 Exemption	55

	8.	Exemption from Certain Taxes and Fees	55

	9.	Cancellation of Notes	55

	10.	Corporate Action	56

	11.	Effectuating Documents; Further Transactions	56

E.	Treatment of Unexpired Leases and Executory Contracts		56

	1.	Rejection or Assumption of Remaining Executory Contracts and Unexpired Leases	56

	2.	Approval of Rejection or Assumption of Executory Contracts and Unexpired Leases	57

	3.	Inclusiveness	57

	4.	Cure of Defaults	57

	5.	Rejection Damage Claims	58

	6.	Continuing Obligations	58

	7.	Insurance Rights	59

F.	Provisions Regarding Distributions		60

	1.	Allowance Requirement	60

	2.	Record Date	60

	3.	Timeliness of Payments	60

	4.	Disbursing Agent	61

	5.	Rights and Powers of Disbursing Agent	61

	6.	Delivery of Distributions and Undeliverable or Unclaimed Distributions	61

	7.	Withholding and Reporting Requirements	62

	8.	Setoffs	63

	9.	Allocation of Plan Distributions Between Principal and Interest	63

	10.	Claims Paid or Payable by Third Parties	63

G.	Procedures for Claims Administration		64

	1.	Resolution of Disputed Claims	64

	2.	Preservation of Claims Related to the Stipulation, MIC Agreements and Ancillary Issues Stipulation	66

	3.	Late Claims	67

	4.	Amendments to Claims	67

iii


H.	Conditions Precedent to Confirmation and Effectiveness of the Plan		67

	1.	Conditions Precedent to Confirmation of the Plan	67

	2.	Conditions Precedent to Effectiveness of the Plan	67

	3.	Waiver of Conditions	68

I.	Modification, Revocation, or Withdrawal of Plan		68

	1.	Modification and Amendments	68

	2.	Effect of Confirmation on Modifications	68

	3.	Revocation or Withdrawal of Plan	68

	4.	No Admission of Liability	69

J.	Retention of Jurisdiction		69

	1.	Retention of Jurisdiction by the Court	69

K.	Discharge, Injunction, Releases and Related Provisions		72

	1.	Discharge of Claims and Terminations of Equity Interests	72

	2.	Injunction	72

	3.	Releases by the Debtor	73

	4.	Releases by Holders of Claims (Third Party Release)	74

	5.	Exculpation and Limitation of Liability	74

	6.	Waiver Of Statutory Limitation On Releases	75

	7.	Deemed Consent	75

	8.	No Waiver	75

	9.	Integral to Plan	75

L.	Miscellaneous Provisions		75

	1.	Immediate Binding Effect	75

	2.	Additional Documents	76

	3.	Payment of Statutory Fees	76

	4.	Dissolution of the Creditors’ Committee	76

	5.	Severability	76

	6.	Successors and Assigns	77

	7.	Notices	77

	8.	Further Assurances	79

	9.	No Liability for Solicitation or Participation	79

	10.	Terms of Injunctions or Stays	79

	11.	Entire Agreement	79

	12.	Preservation of Insurance	79


	13.	Closing of Case	79

	14.	Waiver of Estoppel Conflicts	80

ARTICLE IV RULE 9019, CRAMDOWN REQUESTS			80

	1.	Approval of All Compromises and Settlements Included in Plan	80

	2.	Cramdown of the Plan	80

ARTICLE V CERTAIN FACTORS TO BE CONSIDERED REGARDING THE PLAN			80

A.	Certain Bankruptcy Law Considerations		81

	1.	Parties in Interest May Object To Debtor’s Classification of Claims and Equity Interests	81

	2.	The Debtor May Not Be Able to Secure Confirmation of the Plan	81

	3.	Nonconsensual Confirmation	82

	4.	Risk of Denial of Discharge	82

	5.	Risk of Non-Occurrence of the Effective Date	83

	6.	Risk of Post-Effective Date Default	83

	7.	Amount or Classification of a Claim or Equity Interest May be Subject to Objection	83

	8.	Estimated Claim Amounts by Class May Not be Accurate	83

	9.	Validity of Votes Cast to Accept Plan Not Affected by Contingencies	83

	10.	Possible Limitations on Contract or Lease Rights and Protections	84

	11.	Jurisdictional Limitations Imposed by the McCarran-Ferguson Act	84

B.	Risk	Factors Affecting the Reorganized Debtor	84

	1.	The Debtor May Not be Able to Identify and Pursue a Business That Will Generate Significant Value for the New Common Stock	84

	2.	Assumptions Regarding Value of Debtor’s Assets	85

	3.	The Debtor Might Have an Ownership Change or Not Qualify for the L5 Exception and be Subject to a Limitation on the Use of its NOLS	85

	4.	The IRS Could Challenge the Amount of the Reorganized Debtor’s NOLs or Other Tax Attributes, or Tax Laws, Regulations or Interpretations Could Change, Negatively Impacting the Reorganized Debtor’s NOLs or Other Tax Attributes	85

	5.	The Reorganized Debtor May Cease Providing Services Under the Amended CAA, in Which Case MIC May Provide Such Services	86

C.	Risk Factors That May Affect the Value of Securities to be Issued Under the Plan and/or Recoveries Under the Plan		86

	1.	A Liquid Trading Market for the New Common Stock May Not Develop	86

	2.	Neither the Estimated Valuation of the Reorganized Debtor and the New Common Stock nor the Estimated Recoveries to Holders of Allowed Claims are Intended to Represent the Private Sale Value of the New Common Stock	87


ARTICLE VI CERTAIN SECURITIES LAW MATTERS			87

A.	Issuance of New Common Stock		87

B.	Transferability of New Common Stock Under Applicable Securities Laws		88

ARTICLE VII FEDERAL INCOME TAX CONSEQUENCES OF THE PLAN			88

A.	Certain Federal Income Tax Consequences to the Debtor		90

	1.	Cancellation of Indebtedness Income	90

	2.	Annual Section 382 Limitation on Use of NOLs and “Built-In” Losses and Deductions	91

B.	Certain Federal Income Tax Consequences to Holders of General Unsecured Claims, Senior Notes Claims, Subordinated Note Claims, Convenience Claims and Equity Interests		93

	1.	U.S. Holders	93

	2.	Non-U.S. Holders	97

	3.	Withholdable Payments to Foreign Financial Entities and Other Foreign Entities	101

	4.	Information Reporting and Backup Withholding	101

ARTICLE VIII ACCEPTANCE AND CONFIRMATION OF THE PLAN; VOTING REQUIREMENTS			102

A.	Best Interests Test		102

B.	Financial Feasibility Test		104

C.	Acceptance by Impaired Classes		104

ARTICLE IX RECOMMENDATION AND CONCLUSION			105

EXHIBITS

Accompanying this Disclosure Statement are:

•

A copy of the Plan (Exhibit A)

•

A copy of the Order approving the Disclosure Statement entered [ ], 2013 [D.I. ] (Exhibit B)

•

Analysis of recoveries under the Plan and a hypothetical liquidation of the Debtor under chapter 7 of the Bankruptcy Code (Exhibit C )

•

Organizational Chart of the Debtor (Exhibit D)

•

A ballot for acceptance or rejection of the Plan for Holders of Impaired Claims entitled to vote to accept or reject the Plan

•

A notice setting forth: (i) the deadline for casting ballots either accepting or rejecting the Plan; (ii) the deadline for filing objections to confirmation of the Plan; and (iii) the date, time and location of the Confirmation Hearing

vii

ARTICLE I

INTRODUCTION AND OVERVIEW

Prefatory Statement and Definitions

Pursuant to chapter 11 of the United States Code, 11 U.S.C. §§ 101-1532 (the “Bankruptcy Code”), The PMI Group, Inc. (referred to herein as “TPG,” the “Company,” or the “Debtor”) hereby submits this disclosure statement (the “Disclosure Statement”) in support of the First Amended Plan of Reorganization of The PMI Group, Inc. Pursuant to Chapter 11 of the United States Bankruptcy Code (as may be amended, the “Plan”). The definitions contained in the Bankruptcy Code are incorporated herein by this reference. The definitions set forth on Exhibit A to the Plan shall also apply to capitalized terms used herein that are not otherwise defined.

Introduction

On November 23, 2011 (the “Petition Date”), the Debtor filed a voluntary petition under chapter 11 of the Bankruptcy Code, thereby commencing case number 11-13730 (BLS) (the “Chapter 11 Case”) currently pending before the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). Since filing for bankruptcy protection, the Debtor has continued to operate and manage its affairs as a debtor in possession pursuant to sections 1107 and 1008 of the Bankruptcy Code.

This Disclosure Statement, submitted in accordance with section 1125 of the Bankruptcy Code, contains information regarding the Plan proposed by the Debtor. A copy of the Plan is attached to this Disclosure Statement as Exhibit A. This Disclosure Statement is being distributed to you for the purpose of enabling you to make an informed judgment about the Plan.

This Disclosure Statement contains information concerning, among other matters: (1) the Debtor’s background; (2) the assets available for distribution under the Plan; and (3) a summary of the Plan. The Debtor strongly encourages you to review carefully the contents of this Disclosure Statement and the Plan (including the exhibits to each) before making a decision to accept or reject the Plan. Particular attention should be paid to the provisions affecting or impairing your rights as a Creditor.

Following a hearing on June 5, 2013, the Bankruptcy Court approved this Disclosure Statement as containing sufficient information to enable a hypothetical reasonable investor to make an informed judgment about the Plan. A copy of the order approving the Disclosure Statement is attached hereto as Exhibit B (the “Disclosure Statement Order”). Under section 1125 of the Bankruptcy Code, this approval enabled the Debtor to send you this Disclosure Statement and solicit your acceptance of the Plan. The Bankruptcy Court has not considered for approval the Plan itself or conducted a detailed investigation into the contents of this Disclosure Statement.

Your vote on the Plan is important. Absent acceptance of the Plan, there may be protracted delays or a chapter 7 liquidation. These alternatives may not provide for distribution of as much value to Holders of Allowed Claims as does the Plan. Accordingly, the Debtor urges you to accept the Plan by completing and returning the enclosed ballot(s) no later than July 9, 2013.

Disclaimers

THIS DISCLOSURE STATEMENT WAS PREPARED BY THE DEBTOR’S PROFESSIONALS IN CONSULTATION WITH, AND BASED ON INFORMATION PROVIDED BY, THE DEBTOR THROUGHOUT THE CHAPTER 11 CASE AS WELL AS PUBLICLY AVAILABLE INFORMATION. THE DEBTOR IS SOLELY RESPONSIBLE FOR THE INFORMATION CONTAINED IN THIS DISCLOSURE STATEMENT. THIS DISCLOSURE STATEMENT DOES NOT CONSTITUTE FINANCIAL OR LEGAL ADVICE. CREDITORS OF THE DEBTOR SHOULD CONSULT THEIR OWN ADVISORS IF THEY HAVE QUESTIONS ABOUT THE PLAN OR THIS DISCLOSURE STATEMENT. A REFERENCE IN THIS DISCLOSURE STATEMENT TO A “SECTION” REFERS TO A SECTION OF THIS DISCLOSURE STATEMENT, UNLESS OTHERWISE INDICATED.

WHILE THIS DISCLOSURE STATEMENT DESCRIBES CERTAIN BACKGROUND MATTERS AND THE MATERIAL TERMS OF THE PLAN, IT IS INTENDED AS A SUMMARY DOCUMENT ONLY AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE PLAN AND THE EXHIBITS ATTACHED TO THE PLAN AND THIS DISCLOSURE STATEMENT. SIMILARLY, DESCRIPTIONS IN THIS DISCLOSURE STATEMENT OF PLEADINGS, ORDERS, AND PROCEEDINGS IN THE CHAPTER 11 CASE ARE QUALIFIED IN THEIR ENTIRETY BY REFERENCE TO THE RELEVANT DOCKET ITEMS. YOU SHOULD READ THE PLAN AND THE EXHIBITS TO OBTAIN A FULL UNDERSTANDING OF THEIR PROVISIONS. ADDITIONAL COPIES OF THIS DISCLOSURE STATEMENT AND THE EXHIBITS ATTACHED TO THIS DISCLOSURE STATEMENT, AS WELL AS ANY DOCKET ITEMS FROM THE CHAPTER 11 CASE, ARE AVAILABLE FOR INSPECTION DURING REGULAR BUSINESS HOURS AT THE OFFICE OF THE CLERK OF THE BANKRUPTCY COURT, UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE, 3RD FLOOR, 824 MARKET STREET, WILMINGTON, DELAWARE 19801. IN ADDITION, COPIES MAY BE OBTAINED FOR A CHARGE THROUGH DELAWARE DOCUMENT RETRIEVAL, 230 NORTH MARKET STREET, P.O. BOX 27, WILMINGTON, DELAWARE 19801, (302) 658-9971, OR VIEWED ON THE INTERNET AT THE BANKRUPTCY COURT’S WEBSITE (http://WWW.DEB.USCOURTS.GOV) BY FOLLOWING THE DIRECTIONS FOR ACCESSING THE ECF SYSTEM ON SUCH WEBSITE. COPIES ARE ALSO AVAILABLE FREE OF CHARGE ON KURTZMAN CARSON CONSULTANTS’ DEDICATED WEB PAGE RELATED TO THE CHAPTER 11 CASE (HTTP.//WWW.KCCLLC.NET/PMI).

THE STATEMENTS AND INFORMATION CONCERNING THE DEBTOR AND THE PLAN SET FORTH IN THIS DISCLOSURE STATEMENT CONSTITUTE THE ONLY STATEMENTS OR INFORMATION CONCERNING SUCH MATTERS THAT HAVE BEEN APPROVED BY THE BANKRUPTCY COURT FOR THE PURPOSE OF

SOLICITING ACCEPTANCES OR REJECTIONS OF THE PLAN. HOWEVER, APPROVAL OF THIS DISCLOSURE STATEMENT BY THE BANKRUPTCY COURT DOES NOT CONSTITUTE A FINDING OF FACT OR CONCLUSION OF LAW BY THE BANKRUPTCY COURT AS TO ANY FACTUAL OR LEGAL ASSERTION MADE BY THE DEBTOR HEREIN, NOR DOES IT MEAN THAT THE BANKRUPTCY COURT AGREES WITH ANY SUCH FACTUAL OR LEGAL ASSERTION MADE BY THE DEBTOR HEREIN, NOR DOES IT MEAN THAT THE BANKRUPTCY COURT RECOMMENDS ACCEPTANCE OR REJECTION OF THE PLAN.

THE STATEMENTS CONTAINED IN THIS DISCLOSURE STATEMENT ARE MADE AS OF THE DATE HEREOF UNLESS ANOTHER TIME IS SPECIFIED HEREIN. NEITHER DELIVERY OF THIS DISCLOSURE STATEMENT NOR ANY EXCHANGE OF RIGHTS MADE IN CONNECTION WITH THE PLAN WILL UNDER ANY CIRCUMSTANCES CREATE AN IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE INFORMATION SET FORTH HEREIN SINCE THE DATE THIS DISCLOSURE STATEMENT AND THE MATERIALS RELIED UPON IN PREPARATION OF THIS DISCLOSURE STATEMENT WERE COMPILED. THE DEBTOR ASSUMES NO DUTY TO UPDATE OR SUPPLEMENT THE DISCLOSURES CONTAINED HEREIN AND DOES NOT INTEND TO UPDATE OR SUPPLEMENT THE DISCLOSURES, EXCEPT AS PROVIDED HEREIN AND TO THE EXTENT NECESSARY AT THE HEARING ON CONFIRMATION OF THE PLAN.

THIS DISCLOSURE STATEMENT MAY NOT BE RELIED ON FOR ANY PURPOSE OTHER THAN TO DETERMINE WHETHER TO VOTE IN FAVOR OF OR AGAINST THE PLAN. CERTAIN OF THE INFORMATION CONTAINED IN THIS DISCLOSURE STATEMENT IS BY ITS NATURE FORWARD-LOOKING AND CONTAINS ESTIMATES, ASSUMPTIONS AND PROJECTIONS THAT MAY BE MATERIALLY DIFFERENT FROM ACTUAL FUTURE RESULTS, INCLUDING THOSE ESTIMATES OF THE VALUE OF PROPERTY THAT WILL BE DISTRIBUTED TO THE HOLDERS OF CLAIMS, ESTIMATES OF THE PERCENTAGE RECOVERY OF THE VARIOUS TYPES OF CLAIMS, ESTIMATES OF THE AGGREGATE FINAL ALLOWED AMOUNTS OF THE VARIOUS TYPES OF CLAIMS, ESTIMATES OF THE PROCEEDS FROM THE SALE, LIQUIDATION, OR OTHER DISPOSITION OF THE DEBTOR’S ASSETS AND ESTIMATES OF THE EXPENSES THAT WILL BE INCURRED DURING THE ADMINISTRATION OF THE PLAN. THERE CAN BE NO ASSURANCE THAT ANY FORECASTED OR PROJECTED RESULTS CONTAINED HEREIN WILL BE REALIZED. ACTUAL RESULTS MAY VARY FROM THOSE SHOWN HEREIN, POSSIBLY BY MATERIAL AMOUNTS.

Plan Overview

The following is a brief overview of the material provisions of the Plan and is qualified in its entirety by reference to the full text of the Plan. The Plan effectuates a stand-alone reorganization of the Debtor that maximizes recovery to Creditors. The Plan distributes substantially all of the Debtor’s cash to Holders of Allowed Claims.

The Plan provides that all Holders of Allowed Administrative Expense Claims and Allowed Priority Claims against the Debtor will be paid in full. Holders of Allowed Secured Claims against the Debtor generally will retain their Liens or receive the benefit of their collateral under the Plan. Moreover, on the Effective Date, or as soon as reasonably practicable thereafter, in full and final satisfaction and discharge of and in exchange for their Claims, each Holder of an Allowed General Unsecured Claim, Allowed Senior Notes Claim or Allowed Subordinated Note Claim shall receive its Pro Rata Share of Creditor Cash and New Common Stock; provided, however, that receipt of Creditor Cash and New Common Stock by the Subordinated Note Claims is subject to certain conditions set forth in the Plan. Each Holder of an Allowed Convenience Claim shall receive 90% of the amount of its Allowed Convenience Claim in Cash on the Effective Date or as soon as reasonably practicable thereafter. Holders of Equity Interests will receive no distributions under the Plan.

The Plan proposes to fairly and efficiently restructure the Debtor’s liabilities and distribute the Debtor’s assets in a manner that will allow this Chapter 11 Case to be promptly concluded.

The Plan designates a series of Classes of Claims against the Debtor. Specifically, the Plan designates seven (7) Classes of Claims. These Classes take into account the differing nature of the various Claims and their relative priorities under the Bankruptcy Code and applicable non-bankruptcy law.

The following table (the “Plan Summary Table”) summarizes the classification and treatment of Claims (including certain unclassified Claims), along with the projected recoveries for each Class. THE PLAN SUMMARY TABLE IS INTENDED FOR ILLUSTRATIVE PURPOSES ONLY AND DOES NOT ADDRESS ALL ISSUES REGARDING CLASSIFICATION, TREATMENT, AND ULTIMATE RECOVERIES. THE PLAN SUMMARY TABLE IS NOT A SUBSTITUTE FOR A FULL REVIEW OF THIS DISCLOSURE STATEMENT AND THE PLAN IN THEIR ENTIRETY. IN ADDITION, NOTHING HEREIN IS INTENDED, NOR SHOULD IT BE CONSTRUED, AS AN ADMISSION BY THE DEBTOR AS TO THE ESTIMATED OR ALLOWED AMOUNT OF ANY CLAIM OR GROUP THEREOF, OR AS A GUARANTEE OR ASSURANCE OF A PARTICULAR RECOVERY, OR RANGE OF RECOVERIES, ON ANY ALLOWED CLAIM OR GROUP THEREOF. THE DEBTOR RESERVES ALL RIGHTS WITH RESPECT TO THE ESTIMATION AND ALLOWANCE OF CLAIMS.

PMI GROUP INC 8-K