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Rule 424 (b) (3)
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Registration No. 333-187721
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U.S. $20,000,000,000.00
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National Rural Utilities CFC
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VARIABLE DENOMINATION FLOATING
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RATE DEMAND NOTES
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Pricing Supplement No. 28 Dated December 18, 2015
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TO PROSPECTUS Dated April 4, 2013
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Interest Rate:
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0.300% per annum
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Rates will be set daily. Eligible Investor[1] will purchase a Variable Rate Note, containing a promise from CFC to repay the note plus interest upon
the receipt of a Redemption Notice from the Eligible Investor.
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Period Beginning:
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December 18, 2015
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[1] Generally CFC members and other rural utilities which have been determined to satisfy federal and state eligibility criteria.
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