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Social Compact Announces 2006 Visionary Awards; The Citigroup Foundation Awards $915,000

Social Compact Announces 2006 Visionary Awards; The Citigroup Foundation Awards $915,000

Published 05-25-06

Submitted by PMI Group, Inc.

WASHINGTON--(BUSINESS WIRE)--May 25, 2006--The nonprofit research group Social Compact announced the winners of the organization's 2006 Visionary Awards today at a gala event attended by policy, corporate, and community leaders. The Citigroup Foundation presented a grant check in the amount of $915,000 to Social Compact to support further research. Federal Reserve Governor Mark Olson gave the evening's main address and endorsed the organization's work.

John Talmage, President and Chief Executive of Social Compact, said, "The organizations and individuals honored here tonight have played leading roles in improving the economic health of America's underserved communities. We're very proud to recognize them. And we are thrilled to announce the generous grant from the Citigroup Foundation, which will fund further innovative work to support America's inner cities."

Ron Guggenheimer, Senior Vice President & Director, Citi Cards, presented Social Compact with a check, saying, "At Citigroup, we believe that making communities stronger because we are there is part of our shared responsibilities. Social Compact's pioneering work in documenting and publicizing the hidden economic strengths of America's inner city neighborhoods will benefit thousands. Citigroup and the Citigroup Foundation will continue to work to promote community empowerment in communities we both serve."

"The DrillDown has proven effective in neighborhoods nationwide, contributing to the development of new businesses, creating new job opportunities for residents, and strengthening the local economy and morale," said Social Compact's Board Chair, Joseph Reppert, Vice Chairman of First American Real Estate Information Services. "We are excited about the ongoing success of this program and look forward to future DrillDowns scheduled in additional cities that are made possible by this grant."

State Farm and the Chicago Brain Trust - a diverse group of business and community leaders- received Social Compact's Innovation award for their work using the first DrillDown study to analyze inner-city market potential. Clayton Adams, Vice President, Community Development, State Farm Fire & Casualty Company, accepted the award in recognition of State Farm's lead role.

NeighborWorks America received the Partnership award for providing strong, forward-thinking support at the national level for projects like the DrillDown that have a demonstrated track record of revitalizing communities. Ken Wade, President and CEO, NeighborWorks America, accepted the award.

The Impact award went to the Washington, DC Economic Partnership for its success in using the DrillDown to attract quality retail back to the nation's capital. The award was accepted by Steve Moore, President & CEO, Washington DC Economic Partnership.

In a surprise presentation, W. Roger Haughton, Chairman and Chief Executive Officer of The PMI Group, Inc., a long-time supporter of Social Compact, received the organization's inaugural Lynn Reilly Award for Leadership. The award is named in honor of Social Compact's founder and former Chief Executive. "This award recognizes Roger Haughton's extraordinary leadership over the years in using his corporate bully pulpit to encourage revitalization in lower income communities across the country, transforming dreams of homeownership into reality for so many families," said Social Compact Board Member, Mary Lee Widener, President and CEO, NHSA, presenting the award.

Social Compact's DrillDown methodology reveals the hidden strengths of traditionally undervalued neighborhoods, adapting to the unique geography and demography of inner city neighborhoods to identify hidden populations, economies, and micro-market opportunities that traditional market information sources miss. The group has conducted DrillDowns in 101 neighborhoods in eight cities in the United States, finding an informal economy worth more than $4.4 billion, shaped by significantly more households and residents than census trend projections, and generating aggregate household income that is $5.9 billion higher than census trend projections.

About Social Compact

Social Compact is a coalition of business leaders from across the country who are promoting successful business investments in underserved communities. Social Compact leverages its leadership's combined business expertise to address key impediments to private investment in inner-city communities: negative stereotypes, poverty and deficiency data, a lack of dependable business-oriented market information and an absence of effective inner-city market analysis models. Through its research and analysis, Social Compact aims to fuel the long-term competitive strength of lower-income communities by attracting needed capital. For more information: www.socialcompact.org

About the PMI Group, Inc.

The PMI Group, Inc. (NYSE:PMI), headquartered in Walnut Creek, CA is an international provider of credit enhancement products that promote homeownership and facilitate mortgage transactions in the capital markets. Through its wholly owned subsidiaries and unconsolidated strategic investments, the company offers residential mortgage insurance and credit enhancement products domestically and internationally, financial guaranty insurance, and financial reinsurance. Through its subsidiaries, the PMI Group, Inc. is one of the world's largest providers of private mortgage insurance with operations in the United States, Australia, New Zealand, and the European Union, as well as one of the largest providers of mortgage guaranty reinsurance in Hong Kong. For more information:
www.pmigroup.com.

About Citigroup

Citigroup (NYSE:C), the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com

Leading by Example

Social Compact's success in catalyzing investment in underserved markets is due to the strength and commitment of its very special cadre of business partners who are leading by example, including Joseph Reppert, Vice Chairman, First American Real Estate Information Services; Roger Haughton, Chairman & CEO, The PMI Group; David Katkov, Executive Vice President, PMI Mortgage Insurance Co.; Mary Lee Widener, President & CEO, Neighborhood Housing Services of America; Richard Hartnack, Vice Chairman, US Bancorp; Lynn Pike, President, Bank of America, California; Joe Belew, President, Consumer Bankers Association; William Goodyear, Chairman & CEO, Navigant Consulting; Ron Guggenheimer, Senior Vice President, Citi Cards; Michael McGuire, President & CEO, Affinity Bank; Robert McNeely, Chairman & CEO, Union Bank of California Foundation; Stanley Ommen, President & CEO, State Farm Bank; Bruce Murphy, President, Community Development Banking, KeyCorp; Jeffrey Rosen, Business Banking Group, Huntington Bank; Dean Schultz, President & CEO, Federal Home Loan Bank of San Francisco; Stacey Stewart, President & CEO, Fannie Mae Foundation; Preston Martin, Chairman, Martin Associates, former Vice Chair, Federal Reserve System; JoAnn Kane, Vice President, Faithworks; Roger Joslin, Immediate Past Vice Chairman, State Farm Mutual; Rebecca Craft, Assistant to the Chairman, Consolidated Edison Company of New York; Lisa Glover, Senior Vice President, Community Development Risk Management, US Bank.


Copyright Business Wire 2006

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PMI Group, Inc.

PMI Group, Inc.

For more than 30 years, PMI has combined its risk management expertise and financial strength to serve the evolving needs of our customers and the world’s financial markets. PMI's insurance products support the mortgage finance system by providing protection to lenders and investors around the globe in the event of borrower default. By protecting mortgage lenders and investors from credit losses, PMI helps to ensure mortgages are available to prospective homebuyers. Through its strategic investments in the financial guaranty industry, PMI supports the infrastructure on which homeownership depends, including transportation, schools, hospitals, and utilities.

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