CUSIP Number | Principal Amount | Selling Price | Gross Concession | Net Proceeds | Coupon Type | Coupon Rate | Coupon Frequency | Maturity Date | 1st Coupon Date | 1st Coupon Amount | Survivor's Option | Product Ranking |
| 63743FX50 | [] | 100.000% | 0.425% | [] | Fixed | 5.000% | Monthly | 01/15/2025 | 08/15/2023 | $2.50 | Yes | Senior Unsecured Notes |
National Rural Utilities Cooperative Finance Corp | Offering Date: Monday, July 17, 2023 through Monday, July 24, 2023 Trade Date: Monday, July 24, 2023 @12:00 PM ET Settle Date: Thursday, July 27, 2023 Minimum Denomination/Increments:$1,000.00/$1,000.00 Initial trades settle flat and clear SDFS: DTC Book Entry only DTC Number: 0235 via RBC Dain Rauscher Inc. Agents: InspereX LLC, Citigroup, Wells Fargo Advisors, RBC Capital Markets Trustee: U.S. Bank National Association If the maturity date or an interest payment date for any note is not a business day (as term is defined in prospectus), principal, premium, if any, and interest for that note is paid on the next business day, and no interest will accrue from, and after, the maturity date or interest payment date. InterNotes® is a registered trademark of InspereX Holdings LLC. All Rights Reserved. | National Rural Utilities Cooperative Finance Corp Prospectus dated October 28, 2020 and Prospectus Supplement Dated: October 30, 2020 |
