BACIGALUPI VICTOR J 4

4 · PMI GROUP INC · Filed Jun 8, 2006

Form 4

Period: 2006-06-07

Sr EVP, GC & Secretary

Transactions

Exercise/Conversion
Common Stock
2006-06-07$28.79/sh+22,000$633,380→ 0 total
Exercise/Conversion
Common Stock
2006-06-07$28.03/sh+11,798$330,698→ 0 total
Sale
Common Stock
2006-06-07$45.56/sh−33,798$1,539,837→ 30,968 total
Exercise/Conversion
Employee Stock Option
2006-06-07−22,000→ 20,000 total
Exercise: $28.79From: 2004-02-06Exp: 2011-02-06→ Common Stock (22,000 underlying)
Exercise/Conversion
Employee Stock Option
2006-06-07−11,798→ 0 total
Exercise: $28.03From: 2006-02-19Exp: 2013-02-19→ Common Stock (11,798 underlying)

Footnotes (4)

[F1]See last row of Table I for total.
[F2]Reporting person's direct holdings include (i) 25,000 shares of restricted common stock, and (ii) 2 shares acquired under The PMI Group, Inc. Employee Stock Purchase Plan, a Rule 16b-3 Plan. Reporting person's indirect holdings consist of 913 shares of Commmon Stock under The PMI Group, Inc. Savings and Profit-Sharing Plan.
[F3]Granted under The PMI Group, Inc. Equity Incentive Plan, exempt under Rule 16b-3. Stock options are exercisable in three equal installments on the first, second and third anniversaries of the grant.
[F4]Not applicable. Granted under The PMI Group, Inc. Equity Incentive Plan, exempt under Rule 16b-3.

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