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3-5/8% TREASURY 10-YEAR INFLATION-INDEXED NOTES

Ref CPI and Index Ratios for July 2003

Contact: Office of Financing      202-504-3550

DESCRIPTION:                            Series A-2008
CUSIP NUMBER:                           9128273T7
DATED DATE:                             January 15, 1998
ORIGINAL ISSUE DATE:                    January 15, 1998
ADDITIONAL ISSUE DATE:                  October 15, 1998
MATURITY DATE:                          January 15, 2008
Ref CPI on DATED DATE:                  161.55484
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       1.13769
July            2       2003    183.79032       1.13763
July            3       2003    183.78065       1.13757
July            4       2003    183.77097       1.13751
July            5       2003    183.76129       1.13745
July            6       2003    183.75161       1.13739
July            7       2003    183.74194       1.13733
July            8       2003    183.73226       1.13727
July            9       2003    183.72258       1.13721
July            10      2003    183.71290       1.13716
July            11      2003    183.70323       1.13710
July            12      2003    183.69355       1.13704
July            13      2003    183.68387       1.13698
July            14      2003    183.67419       1.13692
July            15      2003    183.66452       1.13686
July            16      2003    183.65484       1.13680
July            17      2003    183.64516       1.13674
July            18      2003    183.63548       1.13668
July            19      2003    183.62581       1.13662
July            20      2003    183.61613       1.13656
July            21      2003    183.60645       1.13650
July            22      2003    183.59677       1.13644
July            23      2003    183.58710       1.13638
July            24      2003    183.57742       1.13632
July            25      2003    183.56774       1.13626
July            26      2003    183.55806       1.13620
July            27      2003    183.54839       1.13614
July            28      2003    183.53871       1.13608
July            29      2003    183.52903       1.13602
July            30      2003    183.51935       1.13596
July            31      2003    183.50968       1.13590