X0306 4 2014-05-16 0001464423 PennyMac Mortgage Investment Trust PMT 0001275713 SPECTOR DAVID C/O PENNYMAC MORTGAGE INVESTMENT TRUST 6101 CONDOR DRIVE MOORPARK CA 93021 1 1 President and COO Common Shares of Beneficial Interest 2014-05-16 4 S 0 8375 20.8518 D 207111 D The common shares of beneficial interest were sold pursuant to a 10b5-1 plan, which included sales in order to pay estimated tax obligations resulting from the scheduled vesting of 16,750 restricted share units on May 16, 2014. The price reported is the weighted average price of multiple transactions at prices ranging from $20.79 to $20.95. The reporting person hereby undertakes to provide upon request to the SEC, the Issuer or a security holder of the Issuer the number of common shares of beneficial interest and the prices at which the transactions were effected. The reported amount consists of 69,500 restricted share units and 137,611 common shares of beneficial interest. The restricted share units are to be settled in an equal number of common shares of beneficial interest upon vesting. In connection with the scheduled vesting on May 16, 2014, 16,750 restricted share units vested and were settled in common shares of beneficial interest, of which 8,375 were sold as described in the preceding footnote and 8,375 are included in the reported amount. /s/ Derek W. Stark, attorney-in-fact for Mr. Spector 2014-05-20