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

Ref CPI and Index Ratios for July 2004

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 2004
NUMBER OF DAYS IN MONTH:                31

CPI-U (NSA) March 2004                  187.4
CPI-U (NSA) April 2004                  188.0
CPI-U (NSA) May 2004                    189.1

Month   Calendar Day    Year    Ref CPI       Index Ratio

July            1       2004    188.00000       1.18660
July            2       2004    188.03548       1.18683
July            3       2004    188.07097       1.18705
July            4       2004    188.10645       1.18727
July            5       2004    188.14194       1.18750
July            6       2004    188.17742       1.18772
July            7       2004    188.21290       1.18795
July            8       2004    188.24839       1.18817
July            9       2004    188.28387       1.18839
July            10      2004    188.31935       1.18862
July            11      2004    188.35484       1.18884
July            12      2004    188.39032       1.18907
July            13      2004    188.42581       1.18929
July            14      2004    188.46129       1.18951
July            15      2004    188.49677       1.18974
July            16      2004    188.53226       1.18996
July            17      2004    188.56774       1.19019
July            18      2004    188.60323       1.19041
July            19      2004    188.63871       1.19063
July            20      2004    188.67419       1.19086
July            21      2004    188.70968       1.19108
July            22      2004    188.74516       1.19131
July            23      2004    188.78065       1.19153
July            24      2004    188.81613       1.19175
July            25      2004    188.85161       1.19198
July            26      2004    188.88710       1.19220
July            27      2004    188.92258       1.19243
July            28      2004    188.95806       1.19265
July            29      2004    188.99355       1.19287
July            30      2004    189.02903       1.19310
July            31      2004    189.06452       1.19332