Filed Under Rule 424(b)(3), Registration Statement No. 333-199914
Pricing Supplement Number 420 Dated Monday, June 6, 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
63743FZU3 [] 100% 2.000% [] Fixed 3.000% MONTHLY 06/15/2028 07/15/2016 $2.42 Yes Senior Unsecured Notes

Redemption Information: Non-Callable

National Rural Utilities Cooperative Finance Corp
Offering Dates: Monday, June 6, 2016 through Monday, June 13, 2016
Trade Date: Monday, June 13, 2016 @12:00 PM ET
Settlement Date: Thursday, June 16, 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.


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National Rural Utilities Cooperative Finance Corp
Prospectus Dated November 6, 2014