Exhibit

We consent to the incorporation by reference in the registration statements (No. 333-221261, No. 333-213558, and No. 333-210526) on Form S-3 of National Rural Utilities Cooperative Finance Corporation of our report dated July 31, 2018, with respect to the consolidated balance sheets of National Rural Utilities Cooperative Finance Corporation as of May 31, 2018 and 2017, and the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended May 31, 2018, and the related notes (collectively, the “consolidated financial statements”), which report appears in the May 31, 2018 annual report on Form 10-K of National Rural Utilities Cooperative Finance Corporation.