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

Ref CPI and Index Ratios for July 2004

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 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       1.08018
July            2       2004    188.03548       1.08038
July            3       2004    188.07097       1.08059
July            4       2004    188.10645       1.08079
July            5       2004    188.14194       1.08099
July            6       2004    188.17742       1.08120
July            7       2004    188.21290       1.08140
July            8       2004    188.24839       1.08161
July            9       2004    188.28387       1.08181
July            10      2004    188.31935       1.08201
July            11      2004    188.35484       1.08222
July            12      2004    188.39032       1.08242
July            13      2004    188.42581       1.08263
July            14      2004    188.46129       1.08283
July            15      2004    188.49677       1.08303
July            16      2004    188.53226       1.08324
July            17      2004    188.56774       1.08344
July            18      2004    188.60323       1.08365
July            19      2004    188.63871       1.08385
July            20      2004    188.67419       1.08405
July            21      2004    188.70968       1.08426
July            22      2004    188.74516       1.08446
July            23      2004    188.78065       1.08466
July            24      2004    188.81613       1.08487
July            25      2004    188.85161       1.08507
July            26      2004    188.88710       1.08528
July            27      2004    188.92258       1.08548
July            28      2004    188.95806       1.08568
July            29      2004    188.99355       1.08589
July            30      2004    189.02903       1.08609
July            31      2004    189.06452       1.08630