Form 424B3 - Prospectus [Rule 424(b)(3)]

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.

Subject to completion dated December 09, 2024

Filed under Rule 424(b)(3), Registration Statement No. 333-275151

Pricing Supplement No. 2 - Dated Monday, December 9, 2024 (To: Prospectus Dated October 24, 2023 and Prospectus Supplement Dated November 1, 2024)

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

63743LAB9

[]

100.000%

3.150%

[]

Fixed

5.750%

Semi- Annual

12/15/2054

06/15/2025

$28.11

Yes

Subordinated Notes

Redemption Information:

Callable at the Issuer’s option, in whole or from time to time in part, on any day on or after 12/15/2029 (the “Par Call Period”) at a redemption price in cash equal to 100% of the principal amount of the notes being redeemed, plus, accrued and unpaid interest, if any, thereon to, but excluding, the redemption date.

National Rural Utilities Cooperative Finance Corp

Offering Date: Monday, December 9, 2024 through Monday, December 16, 2024

Trade Date: Monday, December 16, 2024 @12:00 PM ET

Settle Date: Thursday, December 19, 2024

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: InspereX LLC, Citigroup Global Markets Inc., RBC Capital Markets, LLC, Wells Fargo Clearing Services, LLC

Trustee: U.S. Bank Trust Company, National Association

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,