AUGUST 23, 2011

HERNDON, Va.—The National Rural Utilities Cooperative Finance Corporation (CFC) (NYSE: NRU, NRC) has announced financial results for its fiscal year (FY) 2011, which ended May 31, 2011.

CFC had an adjusted net income of $175 million for FY 2011, an increase of $67 million over the $108 million reported for the prior year. Adjusted times interest earned ratio, or TIER, was 1.21 for FY 2011, as compared with 1.12 a year ago.

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MAY 12, 2011

HERNDON, Va.—The National Rural Utilities Cooperative Finance Corporation (CFC) (NYSE: NRU, NRC) announced preliminary results from its Key Ratio Trend Analysis (KRTA), an annual assessment of financial trends among electric distribution cooperatives nationwide.

“The majority of electric distribution cooperatives across the country have reported 2010 financial results, and these preliminary numbers show that co-ops had a strong year despite the economic recovery being slower than hoped for,” said Rich Larochelle, CFC senior vice president, Corporate Relations.

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MARCH 22, 2011

HERNDON, Va.—The National Rural Utilities Cooperative Finance Corporation (CFC) (NYSE: NRU, NRC) has closed on a $1.1 billion three-year unsecured revolving credit facility with a syndicate of 22 banks. It will replace an existing $967.3 million five-year facility put in place in 2006, and will be used to backstop CFC’s commercial paper programs and for general corporate purposes.

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MARCH 11, 2011

HERNDON, Va.—The National Rural Utilities Cooperative Finance Corporation (CFC) (NYSE: NRU, NRC) held its annual meeting on March 7 at the Orange County Convention Center in Orlando, Fla. The CFC Board of Directors elected new officers for a term to expire at the end of the 2012 CFC Annual Meeting. Delegates representing CFC’s electric cooperative membership also voted to amend the organization’s bylaws.

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FEBRUARY 22, 2011

(NYSE: NRU, NRC) has closed its previously announced underwritten public offering of $300 million in collateral trust bonds (CTBs). The 3.05-percent CTBs are due March 1, 2016.

“Collateral trust bond sales are a core component of our overall strategy to bridge electric cooperatives to the capital markets,” CFC CEO Sheldon C. Petersen said. “This sale, which follows $650 million of CTBs previously sold by CFC in November, further demonstrates the continued strong investor demand for CFC securities and the stability of the electric cooperative network we serve,” he said.

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JANUARY 18, 2011

HERNDON, VA—The National Rural Utilities Cooperative Finance Corporation (CFC) (NYSE: NRU, NRC) and the Federal Agricultural Mortgage Corporation (Farmer Mac) (NYSE: AGM, AGM.A) announced that they have entered into a five-year, revolving credit facility under which CFC may borrow, repay and reborrow up to $1.5 billion through January 2016. This draw period is extended annually for an additional year unless notice of non-renewal is given by Farmer Mac.

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NOVEMBER 1, 2010

HERNDON, VA—National Rural Utilities Cooperative Finance Corporation (CFC) (NYSE: NRU) (NYSE: NRC) announced today that it has closed its previously announced underwritten public offering of $650 million in collateral trust bonds (CTBs): $300 million of 1.125-percent CTBs due 2013 and $350 million of 1.9-percent CTBs due 2015.

“The strong interest in CFC’s latest offering in the financial markets shows the tremendous confidence investors have in CFC and in the strength and stability of electric cooperatives,” said CFC CEO Sheldon C. Petersen.

The three-year bonds priced at a spread of 60 basis points over the yield on the three-year benchmark U.S. Treasury, and the five-year bonds priced at a spread of 75 basis points over the yield on the five-year benchmark U.S. Treasury. These bonds are rated A+ by Standard & Poor’s Corporation and A1 by Moody’s Investors Service.

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OCTOBER 21, 2010

HERNDON, VA—Moody’s Investors Service announced October 20, 2010, that it has maintained CFC’s stable rating outlook and affirmed all the ratings of National Rural Utilities Cooperative Finance Corporation (CFC) (NYSE: NRU) (NYSE: NRC) as listed below.

In addition, Moody’s assigned a (P)A1 rating to the shelf registration for CFC’s issuance of senior secured collateral trust bonds.

“We are pleased that Moody’s recognizes the financial strength of CFC and its members—America’s electric cooperatives,” said CFC CEO Sheldon C. Petersen.

In its October 20 news release on CFC, Moody’s said, “A core element of NRUC’s [CFC] credit strength is the durability of its loan portfolio as the dominant secured lender to electric distribution cooperatives. Moody’s views this segment as being low risk and capable of producing highly predictable cash flows… .”

Moody’s cited a number of factors that influenced its decision: the strength of CFC’s loan portfolio; the investment in CFC of $398 million over the past two years by CFC’s electric cooperative members; and the fact that CFC’s adjusted leverage is on an improved trend.

“Moody’s reaffirmation of our debt ratings and stable outlook reflect the long-term steps CFC is taking to maintain its financial strength, particularly in the areas of liquidity and leverage,” said Andrew Don, CFC senior vice president and treasurer.

CFC Ratings Affirmed by Moody’s

• Senior Secured Debt:  A1
• Senior Unsecured Debt:  A2
• Subordinate Debt:  A3
• Short-term Debt:  Prime-1

About CFC

National Rural Utilities Cooperative Finance Corporation (CFC) is a non-governmental cooperative that provides capital and industry-leading financial products to the nation’s rural utility systems. With more than $20 billion in assets, CFC is committed to providing unparalleled industry expertise, flexibility and responsiveness to serve the needs of its member-owners. CFC can be found online at nrucfc.coop.

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OCTOBER 1, 2010

HERNDON, VA—Standard & Poor’s Ratings Services (S&P) improved its outlook on National Rural Utilities Cooperative Finance Corporation (CFC) (NYSE: NRU, NRC) to “stable” from “negative” on Sept. 30, 2010. S&P also reaffirmed all CFC’s ratings, as listed below.

“The quality of CFC’s loan portfolio is reflected by the tremendous resilience electric cooperatives have displayed during the economic downturn,” said Sheldon C. Petersen, CFC governor and CEO. “As S&P’s revised outlook reflects, we are well positioned to meet the needs of our members through a growing number of financial products.”

The agency highlighted that CFC has improved leverage, as measured by its debt-to-equity ratio, by strengthening its equity base. CFC’s ability to borrow through private debt issuances and extensive revolving credit facilities was noted as an additional positive factor. S&P also lauded CFC members’ increasing investment in the organization as further strengthening its financial position.

“The affirmation recognizes our view of CFC’s continued strong market position as one of the premier lenders to the rural utility sector, the important role it plays in providing financing to the otherwise underserved rural electric and telephone industries, and its continued strong support from members,” S&P said in its release.

CFC Ratings Affirmed

• Senior Secured: A+
• Senior Unsecured: A
• Subordinated: BBB
• Commercial Paper: A-1

About CFC

National Rural Utilities Cooperative Finance Corporation (CFC) is a non-governmental cooperative that provides capital and industry-leading financial products to the nation’s rural utility systems. With more than $20 billion in assets, CFC is committed to providing unparalleled industry expertise, flexibility and responsiveness to serve the needs of its   member-owners. CFC can be found online at nrucfc.coop.

About S&P

Standard & Poor’s Ratings Services, a business of Standard & Poor’s Financial Services, LLC, is a Nationally Recognized Statistical Rating Organization as determined by the U.S. Securities and Exchange Commission. The ratings listed above have the meanings assigned to them by the rating agency and are not recommendations to buy, sell or hold securities and are subject to revision or withdrawal at any time.

JUNE 3, 2010

Herndon, VA—National Rural Utilities Cooperative Finance Corporation (NYSE: NRU) (NYSE: NRN) (NYSE: NRC) (CFC) announced that J. Andrew Don, vice president of Capital Market Relations, has been appointed senior vice president and treasurer. The appointment became effective on June 1. Don’s new role entails oversight of the Treasury Group, which includes all funding operations for CFC, as well as investor relations, banking relations, rating agency liaison and the loan syndication function on behalf of CFC’s member borrowers.

Don joined CFC in 1999 as the director of Loan Syndications. He has an extensive background in banking and treasury operations. Prior to joining CFC, Don held the position of vice president and manager of the Washington, D.C., office for The Bank of Tokyo–Mitsubishi. He has also worked for the Bank of Montreal and The Bank of New York. Don received a B.A. degree from Dickinson College and an M.B.A. degree from Fordham University.

In announcing the appointment, CFC Governor and CEO Sheldon C. Petersen said, “Andrew has been a vital part of our funding arm for more than 10 years. I welcome his expertise and his insight to the CFC Executive Team.”

About CFC

National Rural Utilities Cooperative Finance Corporation (CFC) (NYSE: NRU) (NYSE: NRN) (NYSE: NRC) is a cooperative that serves the nation’s rural utility systems. With more than $20 billion in assets, CFC provides its member-owners with an assured source of market-priced capital and financial products and services. CFC can be found online at nrucfc.org.