pps226.htm

CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities Offered	Maximum Aggregate Offering Price	Amount of Registration Fee(1)(2)
3.800% InterNotes® Due June 15, 2020	$0	N/A

(1)	Calculated in accordance with Rule 457(r) under the Securities Act of 1933.
(2)	The amount in this column has been transmitted to the SEC in connection with the securities offered by means of this pricing supplement.

 Filed Under Rule 424(b)(3), Registration Statement No. 333-155631 Pricing Supplement Number 226 Dated 05/23/2011 (To: Prospectus Dated November 24, 2008 and Prospectus Supplement Dated November 26, 2008)

CUSIP Number

Aggregate 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

63743FMW3

100.000%

1.650%

[ ]

Fixed

3.800%

SEMI-ANNUAL

06/15/2020

12/15/2011

$20.27

Yes

Senior Unsecured Notes

Redemption Information: Non-Callable

National Rural Utilities Cooperative Finance Corp

Offering Dates: Monday, May 23, 2011 through Tuesday, May 31, 2011 Trade Date: Tuesday, May 31, 2011 @12:00" PM ET Settlement Date: Friday, June 3, 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: BofA Merrill Lynch, Charles Schwab & Co., Comerica Securities, Edward D. Jones & Co., L.P., Incapital, LLC, 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.

National Rural Utilities Cooperative Finance Corp

InterNotes Prospectus Dated November 24, 2008