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Rule 424 (b) (3)
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Registration No. 333-177949
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CALCULATION OF REGISTRATION FEE
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Title of Each Class of
Securities Offered
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Maximum Aggregate
Offering Price
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Amount of
Registration
Fee(1)(2)
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Subordinated Debt Securities
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$100,000.00
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$13.64
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(1)
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Calculated in accordance with Rule 457(r) of the Securities Act of 1933.
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(2)
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The amount in this column has been transmitted to the SEC in connection with the securities offered by means of this pricing supplement.
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TRADE DATE: May 20, 2013
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PRICING SUPPLEMENT NO. 422 DATED May 20, 2013
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TO PROSPECTUS SUPPLEMENT DATED November 17, 2011
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AND PROSPECTUS DATED November 14, 2011
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NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION (“National Rural”)
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MEMBER CAPITAL SECURITIES
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Principal Amount:
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$100,000.00
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Issue Price:
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100% of Principal Amount
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Original Issue Date:
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5/23/2013
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Maturity Date:
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5/23/2048
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Interest Rate:
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5.00%
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Regular Record Dates:
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Each March 15 and September 15
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Interest Payment Dates:
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Each April 1 and October 1
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First Coupon Date:
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10/1/2013
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Product Ranking:
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Subordinate to all existing and future senior indebtedness of National Rural and all existing and future subordinated indebtedness of National Rural that is held by or transferrable by non-members of National Rural.
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Optimal Redemption
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Redeemable at the option of National Rural, in whole or in part, at any time after May 23, 2018 at a redemption price equal to 100% of the principal amount to be redeemed together with accrued and unpaid interest, if any, to the redemption date.
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Option to Extend Interest Payment Period:
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National Rural will have the right to extend the interest payment period to a period not exceeding 10 consecutive semi-annual interest payment periods. At the end of a deferral period, National Rural must pay all interest then accrued and unpaid together with interest thereon at the same rate as specified for the securities.
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Restrictions on Transfer:
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The securities can only be sold or transferred to other National Rural voting members upon the written consent of National Rural.
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Agent's Commission:
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None
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Form of Note:
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Certificated
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(Book-Entry or Certificated)
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Denominations / Multiples:
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$25,000 / $5,000
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Listing:
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None
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Member Capital Securities may be issued by National Rural in an unlimited aggregate principal amount.
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