A resident of San Antonio, Texas, Mr.

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sonypictures.
Mr.

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S.

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He is a
charter founder of the New American Alliance, whose aim is to empower
Hispanic Americans through education, civic participation , economics,
and philanthropy and is the past chairman of the National Council of
La Raza, the nation's largest Hispanic constituency based non-profit
organization., headquartered in Walnut Creek , CA, is an
international provider of credit enhancement products that promote
homeownership and facilitate mortgage transactions in the capital
markets.

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Jim Kennedy to Join Sony Pictures Entertainment as Senior Vice President Corporate Communications

com.

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SPE's global
operations encompass motion picture production and distribution; television
production and distribution; digital content creation and distribution;
worldwide channel investments; home entertainment acquisition and
distribution , operation of studio facilities; development of new entertainment
products, services and technologies; and distribution of filmed entertainment
in 67 countries.

Jose H. Villarreal To Stand for Election to Board of Directors of The PMI Group Inc.

Villarreal is a partner in
the law firm of Akin, Gump, Strauss, Hauer + Feld.

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CULVER CITY, Calif.

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Clinton Foundation.
"At this time of enormous change, challenge and opportunity in the
entertainment industry, Jim 's creativity and experience in strategic
communications will be a real asset to Sony Pictures," said Michael Lynton,
Chairman and Chief Executive Officer of SPE.
"Jim is known as one of the best and brightest in his field, and we look
forward to having his fresh insights and over-the-horizon radar," said Amy
Pascal, Vice Chairman of SPE and Chairman of the SPE Motion Pictures Group. Villarreal is nationally recognized in the civic,
not-for-profit, and civil rights worlds.

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Kennedy has dealt with media covering such events as former Presidents
Clinton and Bush's work on tsunami relief; the opening of the Clinton
Presidential Center and the publication of "My Life;" Senator Clinton 's
legislative efforts in the aftermath of the 9/ll attacks; the Starr
investigation and the impeachment trial of President Clinton; and the 2000
election recount.

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, Jim Kennedy will join Sony
Pictures Entertainment (SPE) as Senior Vice President, Corporate
Communications, it was announced today by Beth Berke, Executive Vice President
and Chief Administrative Officer of SPE. He will replace Susan Tick, who announced her resignation last
May.
"Jose's broad political and legal background, as well as his
dedication to important civic causes, makes him an excellent fit for
PMI.

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Kennedy will be located at SPE's headquarters in Culver City beginning in
September. He also served in the Consumer
Protection Division of the Texas Attorney General's office, where he
won a special award for outstanding work from the Attorney General.

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At SPE, Kennedy will be responsible for developing and directing the
company's communications strategy, overseeing media relations and issues
management , and serving as communications counselor to the executive team. He
also will partner with SPE's government and community relations, internal
communications and other departments in support of their missions, and will
liaison with Sony Corporation of America and Sony Corporation on media issues .
Since 2002, he has been Counselor and Communications Director for former
President Clinton and the William J. Sony Pictures Entertainment can be found on the World Wide
Web at http://www. Villarreal holds a J.

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"I am really excited about working at Sony Pictures and with all the
extraordinary people who have made it a global leader in entertainment," said
Kennedy.A.

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Congressional Hispanic Council
Institute, and is currently serving on the board of the Close-up
Foundation, the nation 's leading civic education organization.

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We look forward to welcoming him to Sony Picture's
senior corporate team," said Berke, to whom he will report. He
began his career as a civil rights attorney in East Texas, focusing in
the fair-housing, voting rights and municipal services discrimination
areas. 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 guaranty
reinsurance.

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"Throughout his distinguished career, Jim has established himself as both
an effective communicator and as someone who can navigate complicated issues
with clarity and vision.

Business Editors

WALNUT CREEK, Calif. His
extensive experience includes stints as national treasurer of the
Gore-Lieberman 2000 presidential campaign, deputy campaign manager for
the Clinton 1992 presidential campaign, and a stint in the Texas
Attorney General's office as assistant attorney general specializing
in public finance transactions .
Mr.

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He worked at
the White House from January 1998 through the end of the Clinton presidency . (NYSE:PMI), announced today that Jose H.

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He has served for close to a
decade on the board of the U.

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We are delighted that he has agreed to stand for election to our
board," said Chairman and Chief Executive Officer Roger Haughton. from the Indiana University School of
Law and a B.

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Kennedy has been a spokesman for President Bill Clinton, Vice President Al
Gore, Senator Hillary Rodham Clinton and Senator Joe Lieberman. He has appeared on a number of network newscasts, and
authored op-ed articles for the New York Times, the Washington Post and USA
Today.

About Sony Pictures Entertainment
Sony Pictures Entertainment (SPE) is a subsidiary of Sony Corporation of
America (SCA), a subsidiary of Tokyo-based Sony Corporation. Villarreal has
joined the slate of nominees the Board will recommend be elected by
shareholders at the company's annual meeting on May 19, 2005 . He currently sits
on the board of directors of Wal-Mart and from 1993 to 1999, served as
a presidential appointee to the board of directors of Fannie Mae.D.

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in Political Science from Purdue University.

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-- --The PMI
Group, Inc.
The PMI Group, Inc.

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---

- - kjjkjk

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