Filed Under Rule 424(b)(3), Registration Statement No. 333-199914
Pricing Supplement Number 425 Dated Monday, July 18, 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
63743FA30 [] 100% 2.150% [] Fixed 3.000% MONTHLY 07/15/2029 08/15/2016 $1.42 Yes Senior Unsecured Notes

Redemption Information: Non-Callable




National Rural Utilities Cooperative Finance Corp
Offering Dates: Monday, July 18, 2016 through Monday, July 25, 2016
Trade Date: Monday, July 25, 2016 @12:00 PM ET
Settlement Date: Thursday, July 28, 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