National Rural Utilities Cooperative Finance Corporation (CFC) Announces Issuance of 4.75% Fixed-to-Floating Rate Subordinated

National Rural Utilities Cooperative Finance Corporation (CFC) Announces 
Issuance of 4.75% Fixed-to-Floating Rate Subordinated Notes 
DULLES, VA -- (Marketwired) -- 04/19/13 --  National Rural Utilities
Cooperative Finance Corporation (NYSE: NRU) (NYSE: NRC) has priced an
underwritten public offering of $400 million of 4.75%
Fixed-to-Floating Rate Subordinated Notes due 2043 (Subordinated
Deferrable Interest Notes). The offering is expected to close on or
about April 25, 2013, subject to customary closing conditions.  
J.P. Morgan, RBC Capital Markets and RBS are acting as joint
book-running managers for the offering. J.P. Morgan and RBC Capital
Markets are acting as joint structuring advisors for the offering.
Mitsubishi UFJ Securities, KeyBanc Capital Markets, Mizuho
Securities, PNC Capital Markets LLC, Scotiabank and US Bancorp are
acting as senior co-managers for the offering.  
CFC intends to use the net proceeds from the offering for general
corporate purposes, which may include the redemption of some or all
of its 6.1% Subordinated Notes due 2044, of which $88.2 million
aggregate principal amount is outstanding; the redemption of some or
all of its 5.95% Subordinated Notes due 2045, of which $98.2 million
aggregate principal amount is outstanding; or the repayment of
short-term debt. 
A shelf registration statement, including a prospectus, with respect
to the offering to which this release relates was previously filed by
CFC with the U.S. Securities and Exchange Commission (SEC). The
offering is being made only by means of a prospectus supplement and
accompanying prospectus. Copies of the prospectus supplement and the
accompanying prospectus relating to these securities may be obtained
without charge by visiting the SEC website at or from
J.P. Morgan Securities LLC by calling collect at (212) 834-4533, RBC
Capital Markets, LLC by calling toll-free at 1-866-375-6829 and RBS
Securities Inc. by calling toll-free at 1-866-884-2071. This press
release shall not constitute an offer to sell or the solicitation of
an offer to buy any security, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any su
ch state or jurisdiction. 
About CFC
 The National Rural Utilities Cooperative Finance
Corporation (CFC) is a nonprofit finance cooperative created and
owned by America's electric cooperative network. With approximately
$21 billion in assets, CFC is committed to providing unparalleled
industry expertise, flexibility and responsiveness to serve the needs
of its member-owners. 
Forward-Looking Statements
 This press release contains
forward-looking statements about CFC. Forward-looking statements,
which are based on certain assumptions and describe our future plans,
strategies and expectations, are generally identified by our use of
words such as "intend," "plan," "may," "should," "will," "project,"
"estimate," "anticipate," "believe," "expect," "continue,"
"potential," "opportunity" and similar expressions, whether in the
negative or affirmative. All statements about future expectations or
projection, including statements about loan volume, the adequacy of
the loan loss allowance, operating income and expenses, leverage and
debt-to-equity ratios, borrower financial performance, impaired
loans, and sources and uses of liquidity, are forward-looking
statements. Although we believe that the expectations reflected in
our forward-looking statements are based on reasonable assumptions,
actual results and performance could materially differ. Factors that
could cause future results to vary from current expectations include,
but are not limited to, general economic conditions, legislative
changes including those that could affect our tax status,
governmental monetary and fiscal policies, demand for our loan
products, lending competition, changes in the quality or composition
of our loan portfolio, changes in our ability to access external
financing, changes in the credit ratings on our debt, valuation of
collateral supporting impaired loans, charges associated with our
operation or disposition of foreclosed assets, regulatory and
economic conditions in the rural electric industry, non-performance
of counterparties to our derivative agreements and the costs and
effects of legal or governmental proceedings involving CFC or its
members. Some of these and other factors are discussed in our annual
and quarterly reports previously filed with the SEC. Except as
required by law, we undertake no obligation to update or publicly
release any revisions to forward-looking statements to reflect new
information, future events or changes in expectations after the date
on which the statement is made. 
Brad Captain 
Corporate Communications 
Ling Wang
Banking & Investor Relations 
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