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3-1/2% TREASURY 10-YEAR INFLATION-INDEXED NOTES

Ref CPI and Index Ratios for July 2003

Contact: Office of Financing      202-504-3550

DESCRIPTION:                            Series A-2011
CUSIP NUMBER:                           9128276R8
DATED DATE:                             January 15, 2001
ORIGINAL ISSUE DATE:                    January 16, 2001
ADDITIONAL ISSUE DATE:                  July 16, 2001
MATURITY DATE:                          January 15, 2011
Ref CPI on DATED DATE:                  174.04516
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       1.05605
July            2       2003    183.79032       1.05599
July            3       2003    183.78065       1.05594
July            4       2003    183.77097       1.05588
July            5       2003    183.76129       1.05583
July            6       2003    183.75161       1.05577
July            7       2003    183.74194       1.05571
July            8       2003    183.73226       1.05566
July            9       2003    183.72258       1.05560
July            10      2003    183.71290       1.05555
July            11      2003    183.70323       1.05549
July            12      2003    183.69355       1.05544
July            13      2003    183.68387       1.05538
July            14      2003    183.67419       1.05532
July            15      2003    183.66452       1.05527
July            16      2003    183.65484       1.05521
July            17      2003    183.64516       1.05516
July            18      2003    183.63548       1.05510
July            19      2003    183.62581       1.05505
July            20      2003    183.61613       1.05499
July            21      2003    183.60645       1.05494
July            22      2003    183.59677       1.05488
July            23      2003    183.58710       1.05482
July            24      2003    183.57742       1.05477
July            25      2003    183.56774       1.05471
July            26      2003    183.55806       1.05466
July            27      2003    183.54839       1.05460
July            28      2003    183.53871       1.05455
July            29      2003    183.52903       1.05449
July            30      2003    183.51935       1.05444
July            31      2003    183.50968       1.05438