PIMCO Commercial Mortgage Securities Trust, Inc. Declares Monthly and Special Dividends

Newport Beach, California, UNITED STATES

NEWPORT BEACH, Calif., Dec. 12, 2001 (PRIMEZONE) -- PIMCO Commercial Mortgage Securities Trust, Inc. (NYSE:PCM), a closed-end investment company investing primarily in commercial mortgage-backed securities, today declared dividends totaling 31.675 cents per share. This amount represents a regular monthly dividend of 9.375 cents per share of ordinary income, plus a special dividend in the amount of 22.3 cents per share. The Fund may declare annually a special dividend from ordinary income (if any) that has accumulated over the year in excess of the Fund's regular monthly distributions.

Both the regular and the special dividend distributions will be paid together in an aggregate amount of 31.675 cents per share on January 10, 2002, to shareholders of record as of the close of business on December 31, 2001.

The dividend will be paid in cash. Shareholders who participate in the Fund's Dividend Reinvestment Plan will have their distributions reinvested in an equivalent amount of shares of the Fund. Shareholders whose dividend distributions are subject to withholding of U.S. taxes by the Fund will receive cash or shares, as the case may be, net of the amounts withheld.

For further information, please contact Jeff Sargent, PIMCO Commercial Mortgage Securities Trust, Inc., at (949) 720-4712.

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.