Business Editors/Entertainment Editors

NORTH HOLLYWOOD, Calif.

Other FamilyFun ."

About FamilyFun.

Fraser is a Minnesota nonprofit with a nationally renowned reputation,
serving children of all abilities and adults with special needs.

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Page views for the entire month of April were up 148.S. A decrease in
persistency resulting from policy cancellations or in the demand for
mortgage insurance could adversely impact PMI's net income growth.

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com holiday visitor highlights include:

Easter mini-site page views increased 180 percent over the
same holiday period in 2004. Disney Online works closely with the Walt Disney Internet
Group, which provides integrated strategic and operational Internet
services for The Walt Disney Company's (NYSE:DIS) Internet
initiatives.com/shareholders

Cautionary Statement: Statements in this news release that are not
historical facts or that relate to future plans, events or performance
are "forward-looking " statements within the meaning of the Private
Securities Litigation Reform Act of 1995.

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" The site 's popular "Solution
Centers," which offer parents real answers in real time, include:
"Parenting ," "Recipes," "Travel," "Arts + Crafts," "Organize +
Decorate," "Games," and "Parties.com features exciting neighborhoods that live
within the gates of Disney's virtual theme park, housing a variety of
wholesome, original content that consistently reflects the magic of
Disney.fraser.

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com

Produced by Disney Online, FamilyFun.
Mortgage Operations in 2005 by $5 million to between $250 million to
$270 million. Many factors could cause actual results and
developments to differ materially from those expressed or implied by
forward-looking statements.

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This multi-
faceted human service organization provides direct services, information and
support in the areas of education, housing and health care .S.

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" Disney Online also produces
Disney. and
International mortgage insurance net income growth; total incurred
losses for U. The Company's
International Mortgage Insurance Operations could be adversely
affected by a weakening in the demand for housing or interest rate
volatility in Europe , Australia, New Zealand or Hong Kong, and/or
increases in claims. Changes in economic conditions could also affect
the results of our Financial Guaranty segment.

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50
percent and 5. Other risks and
uncertainties are discussed in the Company's SEC filings, including
its Form 10-K for the year ended December 31, 2004.

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Fraser serves
children with developmental disabilities; children who are at risk for abuse
and neglect; children with autism and severe emotional and behavioral
disorders; parents and families of children with typical and special needs;
and adults with developmental disabilities.pmigroup.

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----FamilyFun. Since the beginning of
2005, FamilyFun has averaged 40 percent year-over-year growth with a
peak increase of 43 percent in April (comScore Media Metrix).3
percent over the same period in 2004. (NYSE:PMI) (the "Company") today reduced the high end of its
previously estimated range for total incurred losses for its U.S.
Changes in economic conditions, including economic recessions or
slowdowns, changes in consumer confidence, declining housing values,
higher unemployment rates, deteriorating borrower credit, changes in
interest rates, increases in refinancing activity caused by declining
interest rates, competing products, or combinations of these factors ,
could affect net income, growth and/or incurred losses.

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With adults and kids across the country searching for the perfect
prank, April Fools' Day was a record-breaking traffic day for
FamilyFun . Popular content areas
included easy-to-make Valentine cards, classroom gift ideas
and Valentine's Day family traditions.com, the leading kids' and family entertainment destination on
the Internet. Throughout the month of April, Fraser is providing helpful
information such as classes and seminars, answers to frequently asked
questions and suggested books. For access to any of these resources, products and
activities, the community is encouraged to visit http://www.--- -The PMI Group,
Inc. These forward-looking
statements include our expectations with respect to U.

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com is a top
online destination for families who seek creative celebration ideas
and activities .

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org or to
call 612-798-8340. Additionally, the Company reaffirmed all other
outstanding financial guidance for 2005. and International mortgage
insurance businesses (excluding the effects of currency
fluctuations);

Mid-teens (in percentage terms) net income growth for our
Financial Guaranty business segment;

Consolidated investment portfolio pre-tax yield between 4.S. MIO's total incurred losses.

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MINNEAPOLIS, Imagine being the parent of a child
who has been developing at a typical rate.

Business Editors

WALNUT CREEK, Calif.

geared rememberances

Disney.
In effort to provide resources to families, Fraser is supporting Autism
Awareness Month. The Company
undertakes no obligation to update forward-looking statements.

Sites that reflect an adult perspective on the holiday, including history, cultural significance, adult rememberances are listed in Society/Holidays/Mardi_Gras.

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com, a leading family resource Web site produced by
Disney Online , achieved record-breaking year-over-year traffic
increases surrounding recent holiday site features including
Valentine's Day, Easter and April Fools' Day. "Holidays are a time for families to
be together and it's heartening to know that FamilyFun.

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Popular content areas included
crafts and basket activities, egg decorating and hunting
activities, recipes and decorations.

Valentine's Day mini-site unique visitors increased by 17
percent over the same period in 2004.

Fraser Invites Public to Join in Autism Awareness Activities; Provides Resources to Families

Every day, 50 children are diagnosed with autism, the fastest
growing developmental disability in the United States. Fraser is also making available an autism
awareness e-card (FREE of charge ) and autism awareness silicone bracelets (for
a nominal donation).

The PMI Group Inc . Reduces Estimate for 2005 Total Incurred Losses and Reaffirms Other 2005 Financial Guidance

PMI expects the following
business results in 2005:

Total incurred losses for its U.

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pitches significance

FamilyFun .com Holiday-Themed Features Draw Record Visitor Traffic; It's No Prank: Popular Content Centered Around Valentine's Day Easter and April Fools' Day

S.S.

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"Our number one goal is to exceed the expectations of our audience
as a useful and fun resource for family life," stated Emily Smith,
vice president of FamilyFun. Then, at around age 2, your child
loses the words that have been learned, becomes withdrawn and regresses
developmentally. Autism is a collection
of neurological disorders that affect the way a child's brain develops,
including the ability to communicate, reason, and interact.

PMI will hold a conference call to address investor and analyst
questions today at 12 noon, Eastern Time .

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com.com is the premier online
family resource for creative solutions, combining award-winning
content and related community features focused on great ideas,
practical advice, and "fun stuff to do.

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You may listen to this
conference call by going to www.

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com. Mortgage Insurance
Operations between $250 million to $270 million;

High single digit to low double digit (in percentage terms )
net income growth in both its U.0 percent.
Changes in economic conditions also could cause the number and
severity of claims on policies issued by PMI to increase and this
could adversely affect U.

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Sadly, this scenario is playing out for too many parents across our state
and nation . Mortgage Insurance Operations; net income growth in
our Financial Guaranty segment; and our consolidated investment
portfolio yield.