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3-3/8% 10-YEAR TREASURY INFLATION-PROTECTED SECURITIES (TIPS)

Ref CPI and Index Ratios for November 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
N/A
MATURITY DATE:                          January 15, 2007
Ref CPI on DATED DATE:                  158.43548
TABLE FOR MONTH OF:                     November 2004
NUMBER OF DAYS IN MONTH:                30

CPI-U (NSA) July 2004                   189.4
CPI-U (NSA) August 2004                 189.5
CPI-U (NSA) September 2004              189.9

Month   Calendar Day    Year    Ref CPI       Index Ratio

November        1       2004    189.50000       1.19607
November        2       2004    189.51333       1.19615
November        3       2004    189.52667       1.19624
November        4       2004    189.54000       1.19632
November        5       2004    189.55333       1.19641
November        6       2004    189.56667       1.19649
November        7       2004    189.58000       1.19658
November        8       2004    189.59333       1.19666
November        9       2004    189.60667       1.19674
November        10      2004    189.62000       1.19683
November        11      2004    189.63333       1.19691
November        12      2004    189.64667       1.19700
November        13      2004    189.66000       1.19708
November        14      2004    189.67333       1.19716
November        15      2004    189.68667       1.19725
November        16      2004    189.70000       1.19733
November        17      2004    189.71333       1.19742
November        18      2004    189.72667       1.19750
November        19      2004    189.74000       1.19759
November        20      2004    189.75333       1.19767
November        21      2004    189.76667       1.19775
November        22      2004    189.78000       1.19784
November        23      2004    189.79333       1.19792
November        24      2004    189.80667       1.19801
November        25      2004    189.82000       1.19809
November        26      2004    189.83333       1.19817
November        27      2004    189.84667       1.19826
November        28      2004    189.86000       1.19834
November        29      2004    189.87333       1.19843
November        30      2004    189.88667       1.19851