Filed Under Rule 424(b)(3), Registration Statement No. 333-155631
Pricing Supplement Number 212 Dated 01/24/2011
(To: Prospectus Dated November 24, 2008 and Prospectus Supplement Dated: November 26, 2008)

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

63743FMF0

[ ]

100.000%

0.950%

[ ]

FIXED

2.200%

SEMI-ANNUAL

02/15/2015

08/15/2011

$11.73

YES

Senior Unsecured Notes

Redemption Information: Non-Callable.

 
  National Rural Utilities Cooperative Finance Corp Offering Dates: January 24, 2011 through January 31, 2011
Trade Date: Monday, January 31, 2011 @12:00 PM ET
Settle Date: Thursday, February 03, 2011
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: Banc of America Securities LLC, Incapital, LLC , Charles Schwab & Co., Inc., Comerica Securities, Edward D. Jones & Co., L.P., J.J.B. Hilliard, W.L. Lyons, Inc., Merrill Lynch & Co., Morgan Stanley, UBS Securities LLC 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 Corporation
InterNotes
Prospectus Dated 24-Nov-08 and Prospectus Supplement Dated: 26-Nov-08