Fannie Mae Appoints Former Financial Services and Risk Executive Chetlur S. Ragavan to its Board of Directors

WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) today announced Chetlur S. Ragavan has been appointed to its Board of Directors and will serve on the Risk Policy and Capital Committee and Nominating and Corporate Governance Committee. Mr. Ragavan brings decades of enterprise risk management and financial services expertise to Fannie Mae's diverse Board of Directors, which guides the company's mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America.

"Chet is an accomplished industry executive whose significant risk oversight and financial services acumen will greatly contribute to Fannie Mae's Board of Directors and help continue the company's strong corporate governance and focus on risk management," said Michael J. Heid, Chair of the Board of Directors, Fannie Mae.

"We're pleased to welcome Chet to our accomplished Fannie Mae Board of Directors," said Priscilla Almodovar, Chief Executive Officer, Fannie Mae. "We will benefit from his guidance and extensive risk management experience as we continue to support sustainable access to affordable mortgage credit and provide liquidity to the U.S. housing sector safely and soundly."

Mr. Ragavan is the Founder and Principal of Risk Response LLC, which provides risk advisory and consulting services to global financial institutions. Previously, Mr. Ragavan was Executive Vice President and Chief Risk Officer of Voya Financial, Inc. (formerly known as ING U.S., Inc.) from January 2014 until his retirement in April 2019. From 2008 to 2014, he served as Managing Director and Chief Risk Officer for Voya Investment Management. Prior to joining Voya Financial, Mr. Ragavan was Managing Director and Co-Head of the Portfolio Analytics Group for BlackRock from 2006 to 2008. He began his career at Merrill Lynch in 1980 and held several senior leadership roles during his 26-year career with the company, including as Managing Director and Global Head of Fixed-Income Research of Merrill Lynch Investment Managers from 2000 to 2006 and as Managing Director and Head of Risk Management of Merrill Lynch Asset Management from 1992 to 2000.

Mr. Ragavan has served on the Board of Directors of CNO Financial Group, Inc. since May 2021, where he is currently Chair of the Audit and Enterprise Risk Committee and a member of the Investment Committee of the Board. He also serves on the Board of the Council for Economic Education. Mr. Ragavan is a Chartered Financial Analyst.