Filed Pursuant to Rule 433
Registration No. 333-169453
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORPORATION
FIVE YEAR COLLATERAL TRUST BOND TERM SHEET
| Issuer: | National Rural Utilities Cooperative Finance Corporation | |
| Ratings: | A1/A+ (Moody’s/S&P) | |
| Principal Amount: | $350,000,000 | |
| Security Type: | Collateral Trust Bonds | |
| Legal Format: | SEC Registered | |
| Pricing Date: | October 25, 2010 | |
| Settlement Date: | November 1, 2010 (T+5) | |
| Maturity Date: | November 1, 2015 | |
| Coupon: | 1.900% | |
| Price to Public: | 99.900% | |
| Benchmark Treasury: | 1.25% due September 30, 2015 | |
| Benchmark Treasury Yield: | 1.171% | |
| Spread to Benchmark Treasury: | +75 basis points | |
| Yield to Maturity: | 1.921% | |
| Interest Payment Dates: | Semi-annually on May 1 and November 1, commencing May 1, 2011 | |
| Make-Whole Call: | At any time at the greater of a price of 100% or the present value of the remaining scheduled payments discounted at the Treasury Rate plus 15 basis points | |
| Denominations: | $2,000 x $1,000 | |
| CUSIP: | 637432ML6 | |
| Joint Book-Running Managers: | Banc of America Securities LLC J.P. Morgan Securities LLC Mizuho Securities USA Inc. KeyBanc Capital Markets Inc. | |
| Senior Co-Managers: | Mitsubishi UFJ Securities (USA), Inc. Scotia Capital (USA) Inc. U.S. Bancorp Investments, Inc. | |
| Junior Co-Managers: | PNC Capital Markets LLC RBC Capital Markets Corporation |
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering. Before you invest, you should read the prospectus for this offering in that registration statement, and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by searching the SEC online database (EDGAR®) at www.sec.gov. Alternative ly, you may obtain a copy of the prospectus from Banc of America Securities LLC by calling toll-free at 1-800-294-1322, J.P. Morgan Securities LLC by calling collect at 212-834-4533, Mizuho Securities USA Inc. by calling toll-free at 1-866-271-7403 or KeyBanc Capital Markets Inc. by calling toll-free at 1-866-227-6479.