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Retail Securities

Subordinated Deferrable Debt
Most Recent SEC Shelf Filing:  $300,000,000 (5/6/04)
Current SEC Shelf Remaining:  $281,299,000 (8/31/07)
Current Outstanding:  $208,747,000 (8/31/07)


Subordinated Notes

Subordinated Notes (Subordinated Deferrable Interest Notes) are a retail security which may be purchased through a broker and are issued at a $25 par value with maturities of up to 40 years. They currently trade in the secondary market at prices that may be above or below par value. CFC has three issues outstanding, which are traded on the New York Stock Exchange under the symbols NRN, NRC, and NRU. CFC's Subordinated Notes are rated "A3" by Moody's Investors Service, Inc., "BBB+" by Standard & Poor's Corporation and "A-" by Fitch Investors Service.

Interest earned on Subordinated Notes investments is paid quarterly. The securities are subordinated to CFC's senior debt and provide an interest rate deferral option to CFC for five years.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and other documents NRUCFC has filed with the SEC for more complete information about the issuer and this offering. You can get a free copy of documents by visiting www.nrucfc.coop or at www.sec.gov.

Subordinated Notes Issue
Ticker Symbol: NRN (NYSE)
Cusip Number: 637432709
Coupon: 6.750%
First Call Date: February 15, 2008
Maturity Date: February 15, 2043
Issuance Amount: $125,000,000
Underwriters: UBS Warburg, Lehman Brothers, Merrill Lynch, Prudential Securities, Wachovia Securities
Min Piece/Increment:      $25 shares
Rating: A3/BBB+/A-
Interest Payment Dates: 2/15, 5/15, 8/15, 11/15
Prospectus Supplement: Prospectus

Subordinated Notes Issue
Ticker Symbol: NRC (NYSE)
Cusip Number: 637432808
Coupon: 6.10%
First Call Date: February 1, 2009
Maturity Date: February 1, 2044
Original Issuance Amount: $100,000,000
Current Amount Outstanding: $ 88,201,100
Underwriters: UBS Investment Bank, Lehman Brothers, Merrill Lynch, Banc of America Securities LLC, Deutsche Bank Securities, HSBC
Min Piece/Increment:      $25 shares
Rating: A3/BBB+/A-
Interest Payment Dates: 2/1, 5/1, 8/1, 11/1
Prospectus Supplement: Prospectus

Subordinated Notes Issue
Ticker Symbol: NRU (NYSE)
Cusip Number: 637432873
Coupon: 5.95%
First Call Date: February 15, 2010
Maturity Date: February 15, 2045
Original Issuance Amount: $135,000,000
Current Amount Outstanding: $ 98,238,925
Underwriters:

UBS Investment Bank, Lehman Brothers, Merrill Lynch, Banc of America Securities LLC, JP Morgan, ABN AMRO Inc.

Min Piece/Increment:      $25 shares
Rating: A3/BBB+/A-
Interest Payment Dates: 2/15, 5/15, 8/15, 11/15
Prospectus Supplement: Prospectus

 

          

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