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3-3/8% TREASURY 30-1/2-YEAR INFLATION-INDEXED BONDS

Ref CPI and Index Ratios for July 2003

Contact: Office of Financing       202-504-3550

DESCRIPTION:                            Bonds of April 2032
CUSIP NUMBER:                           912810FQ6
DATED DATE:                             October 15, 2001
ORIGINAL ISSUE DATE:                    October 15, 2001
ADDITIONAL ISSUE DATE:
MATURITY DATE:                          April 15, 2032
Ref CPI on DATED DATE:                  177.50000
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       1.03549
July            2       2003    183.79032       1.03544
July            3       2003    183.78065       1.03538
July            4       2003    183.77097       1.03533
July            5       2003    183.76129       1.03527
July            6       2003    183.75161       1.03522
July            7       2003    183.74194       1.03517
July            8       2003    183.73226       1.03511
July            9       2003    183.72258       1.03506
July            10      2003    183.71290       1.03500
July            11      2003    183.70323       1.03495
July            12      2003    183.69355       1.03489
July            13      2003    183.68387       1.03484
July            14      2003    183.67419       1.03478
July            15      2003    183.66452       1.03473
July            16      2003    183.65484       1.03468
July            17      2003    183.64516       1.03462
July            18      2003    183.63548       1.03457
July            19      2003    183.62581       1.03451
July            20      2003    183.61613       1.03446
July            21      2003    183.60645       1.03440
July            22      2003    183.59677       1.03435
July            23      2003    183.58710       1.03429
July            24      2003    183.57742       1.03424
July            25      2003    183.56774       1.03418
July            26      2003    183.55806       1.03413
July            27      2003    183.54839       1.03408
July            28      2003    183.53871       1.03402
July            29      2003    183.52903       1.03397
July            30      2003    183.51935       1.03391
July            31      2003    183.50968       1.03386