X0306 4 2016-05-16 0001464423 PennyMac Mortgage Investment Trust PMT 0001468932 Chang Andrew S C/O PENNYMAC MORTGAGE INVESTMENT TRUST 3043 TOWNSGATE ROAD WESTLAKE VILLAGE CA 91361 1 Chief Business Development Off Common Shares of Beneficial Interest 2016-05-16 4 S 0 1690 14.85 D 78637 D Common Shares of Beneficial Interest 2016-05-16 4 S 0 1950 14.8446 D 76687 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 vesting of 3,250 restricted share units on May 16, 2016. The reported amount consists of 34,615 restricted share units and 42,072 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. 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 vesting of 3,750 restricted share units on May 16, 2016. The price reported is the weighted average price of multiple transactions at prices ranging from $14.76 to $14.93. 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. /s/ Derek W. Stark, attorney-in-fact for Mr. Chang 2016-05-17