Filed Under Rule 424(b)(3), Registration Statement No. 333-199914
Pricing Supplement Number 451 Dated Monday, May 22, 2017
(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
63743FD60 [] 100% 1.250% [] Fixed 2.400% MONTHLY 06/15/2022 07/15/2017 $2.87 Yes Senior Unsecured Notes

Redemption Information: Non-Callable



     

National Rural Utilities Cooperative Finance Corp
Offering Dates: Monday, May 22, 2017 through Tuesday, May 30, 2017
Trade Date: Tuesday, May 30, 2017 @12:00 PM ET
Settlement Date: Friday, June 2, 2017
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