PIMCO Commercial Mortgage Securities Trust, Inc. Announces Annual Shareholder Meeting

Newport Beach, California, UNITED STATES


NEWPORT BEACH, Calif., Feb. 24, 2004 (PRIMEZONE) -- PIMCO Commercial Mortgage Securities Trust, Inc. (NYSE:PCM), a closed-end investment company investing primarily in commercial mortgage-backed securities, today announced that the Annual Meeting of Shareholders of the Fund will be held at 800 Newport Center Drive, Sixth Floor, Newport Beach, Calif., 92660, at 11 a.m. Pacific time, April 14, 2004, for the following purposes: (1) to consider a proposal to liquidate the Fund, and (2) to consider whether to elect Messrs. E. Philip Cannon and William J. Popejoy to serve as members of the Fund's Board of Directors for the terms expiring in 2007, and until their successors are elected and qualify. The Board of Directors recommends that shareholders vote against the liquidation proposal. This proposal is being presented to shareholders solely because the Board of Directors undertook to submit a proposal to liquidate the Fund at this year's annual meeting, and again in 2007 and 2010. The liquidation proposal was included in the Fund's initial offering prospectus in 1993. The Board of Directors recommends that shareholders vote to elect each of the nominees to the Board of Directors for the terms expiring in 2007. The Board of Directors has set the close of business on Friday, March 5, 2004 as the record date for determining shareholders entitled to notice of and to vote at the meeting or any adjournments of the meeting.

For further information, please contact Garlin G. Flynn, Secretary, PIMCO Commercial Mortgage Securities Trust, Inc., at (949) 720-4723.

Past performance is no guarantee of future results. Investment return, dividend rate and share price will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.



        

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