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

Ref CPI and Index Ratios for November 2004

Contact: Office of Financing       202-504-3550
DESCRIPTION:                            Series C-2012
CUSIP NUMBER:                           912828AF7
DATED DATE:                             July 15, 2002
ORIGINAL ISSUE DATE:                    July 15, 2002
ADDITIONAL ISSUE DATE:                  October 15, 2002
                                        January 15, 2003
MATURITY DATE:                          July 15, 2012
Ref CPI on DATED DATE:                  179.80000
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       1.05395
November        2       2004    189.51333       1.05402
November        3       2004    189.52667       1.05410
November        4       2004    189.54000       1.05417
November        5       2004    189.55333       1.05425
November        6       2004    189.56667       1.05432
November        7       2004    189.58000       1.05439
November        8       2004    189.59333       1.05447
November        9       2004    189.60667       1.05454
November        10      2004    189.62000       1.05462
November        11      2004    189.63333       1.05469
November        12      2004    189.64667       1.05476
November        13      2004    189.66000       1.05484
November        14      2004    189.67333       1.05491
November        15      2004    189.68667       1.05499
November        16      2004    189.70000       1.05506
November        17      2004    189.71333       1.05514
November        18      2004    189.72667       1.05521
November        19      2004    189.74000       1.05528
November        20      2004    189.75333       1.05536
November        21      2004    189.76667       1.05543
November        22      2004    189.78000       1.05551
November        23      2004    189.79333       1.05558
November        24      2004    189.80667       1.05565
November        25      2004    189.82000       1.05573
November        26      2004    189.83333       1.05580
November        27      2004    189.84667       1.05588
November        28      2004    189.86000       1.05595
November        29      2004    189.87333       1.05603
November        30      2004    189.88667       1.05610