Strategic Partners

PennyMac is supported by two leading financial institutions that serve as strategic partners, enhance PennyMac's relationships with global financial institutions and provide valuable input in structuring PennyMac's activities.

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At December 31, 2010, BlackRock’s AUM was $3.561 trillion. BlackRock offers products that span the risk spectrum to meet clients’ needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®.

BlackRock is a leading advisor to financial institutions with mortgage businesses, having advised clients on valuing, managing and assessing strategic options for distressed mortgage portfolios and working closely with 6 of the top 10 U.S. mortgage servicers. In the field of mortgage-backed securities, they pioneered the structured securities markets including Collateralized Mortgage Obligations and Asset Backed Securities. BlackRock analyzes more than $2 trillion in mortgages on a daily basis.

BlackRock is independent in ownership and governance, with no single majority stockholder and a majority of independent directors. Headquartered in New York City, as of December 31, 2010, the firm has approximately 9,100 employees in 25 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com.

About Highfields Capital

Highfields Capital, founded in 1998, is a value-oriented investment firm focused on achieving long-term capital appreciation by investing in public and private companies. It invests its capital worldwide, across a wide variety of industries, security types and geographies and has made substantial investments in mortgage and real estate securities. For further information, see www.highfieldscapital.com.