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

Ref CPI and Index Ratios for July 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:                     July 2003
NUMBER OF DAYS IN MONTH:                31

CPI-U (NSA) March 2003                  184.2
CPI-U (NSA) April 2003                  183.8
CPI-U (NSA) May 2003                    183.5

Month   Calendar Day    Year    Ref CPI       Index Ratio

July            1       2003    183.80000       1.16009
July            2       2003    183.79032       1.16003
July            3       2003    183.78065       1.15997
July            4       2003    183.77097       1.15991
July            5       2003    183.76129       1.15985
July            6       2003    183.75161       1.15979
July            7       2003    183.74194       1.15973
July            8       2003    183.73226       1.15967
July            9       2003    183.72258       1.15961
July            10      2003    183.71290       1.15954
July            11      2003    183.70323       1.15948
July            12      2003    183.69355       1.15942
July            13      2003    183.68387       1.15936
July            14      2003    183.67419       1.15930
July            15      2003    183.66452       1.15924
July            16      2003    183.65484       1.15918
July            17      2003    183.64516       1.15912
July            18      2003    183.63548       1.15906
July            19      2003    183.62581       1.15899
July            20      2003    183.61613       1.15893
July            21      2003    183.60645       1.15887
July            22      2003    183.59677       1.15881
July            23      2003    183.58710       1.15875
July            24      2003    183.57742       1.15869
July            25      2003    183.56774       1.15863
July            26      2003    183.55806       1.15857
July            27      2003    183.54839       1.15851
July            28      2003    183.53871       1.15844
July            29      2003    183.52903       1.15838
July            30      2003    183.51935       1.15832
July            31      2003    183.50968       1.15826