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3-3/8% TREASURY 10-YEAR INFLATION-INDEXED NOTES

Ref CPI and Index Ratios for May 2003

Contact: Office of Financing      202-504-3550

DESCRIPTION:                            Series A-2007
CUSIP NUMBER:                           9128272M3
DATED DATE:                             January 15, 1997
ORIGINAL ISSUE DATE:                    February 6, 1997
ADDITIONAL ISSUE DATE:                  April 15, 1997
MATURITY DATE:                          January 15, 2007
Ref CPI on DATED DATE:                  158.43548
TABLE FOR MONTH OF:                     May 2003
NUMBER OF DAYS IN MONTH:                31

CPI-U (NSA) January 2003                181.7
CPI-U (NSA) February 2003               183.1
CPI-U (NSA) March 2003                  184.2

Month   Calendar Day    Year    Ref CPI       Index Ratio

May             1       2003    183.10000       1.15568
May             2       2003    183.13548       1.15590
May             3       2003    183.17097       1.15612
May             4       2003    183.20645       1.15635
May             5       2003    183.24194       1.15657
May             6       2003    183.27742       1.15680
May             7       2003    183.31290       1.15702
May             8       2003    183.34839       1.15724
May             9       2003    183.38387       1.15747
May             10      2003    183.41935       1.15769
May             11      2003    183.45484       1.15792
May             12      2003    183.49032       1.15814
May             13      2003    183.52581       1.15836
May             14      2003    183.56129       1.15859
May             15      2003    183.59677       1.15881
May             16      2003    183.63226       1.15903
May             17      2003    183.66774       1.15926
May             18      2003    183.70323       1.15948
May             19      2003    183.73871       1.15971
May             20      2003    183.77419       1.15993
May             21      2003    183.80968       1.16015
May             22      2003    183.84516       1.16038
May             23      2003    183.88065       1.16060
May             24      2003    183.91613       1.16083
May             25      2003    183.95161       1.16105
May             26      2003    183.98710       1.16127
May             27      2003    184.02258       1.16150
May             28      2003    184.05806       1.16172
May             29      2003    184.09355       1.16195
May             30      2003    184.12903       1.16217
May             31      2003    184.16452       1.16239