PennyMac Financial Services, Inc. (NYSE: PFSI) (“PennyMac Financial”) announced today the commencement of an underwritten secondary public offering of 5,554,545 shares of its Class A common stock by selling stockholder Fidelity Investments Charitable Gift Fund. Citigroup Global Markets, Inc. is acting as the sole book-running manager and sole underwriter for the offering. Citigroup Global Markets, Inc. will have the option to purchase up to an additional 555,455 shares of Class A common stock from the selling stockholder. PennyMac Financial will not sell any shares in the offering and the selling stockholder will receive all of the proceeds from the offering. Fidelity Capital Markets, or FCM, acted as an advisor to Fidelity Investments Charitable Gift Fund and BlackRock Inc. in connection with the transaction, for which they did not receive any compensation or items of value. An affiliate of BlackRock Inc. is a stockholder of PennyMac Financial and is not selling any shares in the offering. However, FCM does intend to act as a retail selling group member in the offering and will receive compensation in the form of a sales concession on shares it distributes while acting in that capacity. FCM is a division of National Financial Services LLC. The offering is being made pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission (the “SEC”). A prospectus supplement related specifically to the offering is being filed with the SEC. Copies of the prospectus supplement and the base prospectus relating to these shares will be available on the SEC’s website at http://www.sec.gov and may be obtained from Citigroup Global Markets, Inc. by mail at Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (tel: 800-831-9146) or by email at BATProspectusdept@citi.com. This press release is neither an offer to sell nor a solicitation of an offer to buy any shares of Class A common stock or any other security of PennyMac Financial. There shall be no sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.