Filed Under Rule 424(b)(3), Registration Statement No. 333-199914
Pricing Supplement Number 422 Dated Monday, June 20, 2016
(To: Prospectus Dated November 6, 2014 and Prospectus Supplement Dated November 10, 2014)

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
63743FZX7 [] 100% 1.350% [] Fixed 2.050% MONTHLY 06/15/2022 07/15/2016 $0.85 Yes Senior Unsecured Notes

Redemption Information: Non-Callable



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
63743FZY5 [] 100% 2.150% [] Fixed 3.000% MONTHLY 12/15/2028 07/15/2016 $1.25 Yes Senior Unsecured Notes

Redemption Information: Non-Callable





National Rural Utilities Cooperative Finance Corp
Offering Dates: Monday, June 20, 2016 through Monday, June 27, 2016
Trade Date: Monday, June 27, 2016 @12:00 PM ET
Settlement Date: Thursday, June 30, 2016
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: Incapital, LLC, Citigroup, Comerica Securities, J.J.B. Hilliard, W.L. Lyons, Inc., Wells Fargo

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 Incapital Holdings, LLC. All rights reserved.
National Rural Utilities Cooperative Finance Corp
Prospectus Dated November 6, 2014