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

Ref CPI and Index Ratios for January 2004

Contact: Office of Financing       202-504-3550
DESCRIPTION:                            Series A-2012
CUSIP NUMBER:                           9128277J5
DATED DATE:                             January 15, 2002
ORIGINAL ISSUE DATE:                    January 15, 2002
MATURITY DATE:                          January 15, 2012
Ref CPI on DATED DATE:                  177.56452
TABLE FOR MONTH OF:                     January 2004
NUMBER OF DAYS IN MONTH:                31

CPI-U (NSA) September 2003              185.2
CPI-U (NSA) October 2003                185.0
CPI-U (NSA) November 2003               184.5

Month    Calendar Day    Year     Ref CPI      Index Ratio

January          1       2004    185.00000       1.04187
January          2       2004    184.98387       1.04178
January          3       2004    184.96774       1.04169
January          4       2004    184.95161       1.04160
January          5       2004    184.93548       1.04151
January          6       2004    184.91935       1.04142
January          7       2004    184.90323       1.04133
January          8       2004    184.88710       1.04124
January          9       2004    184.87097       1.04115
January          10      2004    184.85484       1.04106
January          11      2004    184.83871       1.04097
January          12      2004    184.82258       1.04088
January          13      2004    184.80645       1.04078
January          14      2004    184.79032       1.04069
January          15      2004    184.77419       1.04060
January          16      2004    184.75806       1.04051
January          17      2004    184.74194       1.04042
January          18      2004    184.72581       1.04033
January          19      2004    184.70968       1.04024
January          20      2004    184.69355       1.04015
January          21      2004    184.67742       1.04006
January          22      2004    184.66129       1.03997
January          23      2004    184.64516       1.03988
January          24      2004    184.62903       1.03979
January          25      2004    184.61290       1.03969
January          26      2004    184.59677       1.03960
January          27      2004    184.58065       1.03951
January          28      2004    184.56452       1.03942
January          29      2004    184.54839       1.03933
January          30      2004    184.53226       1.03924
January          31      2004    184.51613       1.03915