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1-7/8% TREASURY 10-YEAR INFLATION-INDEXED NOTES

Ref CPI and Index Ratios for January 2004

Contact: Office of Financing       202-504-3550
DESCRIPTION:                            Series C-2013
CUSIP NUMBER:                           912828BD1
DATED DATE:                             July 15, 2003
ORIGINAL ISSUE DATE:                    July 15, 2003
ADDITIONAL ISSUE DATE:                  October 15, 2003
MATURITY DATE:                          July 15, 2013
Ref CPI on DATED DATE:                  183.66452
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       1.00727
January         2       2004    184.98387       1.00718
January         3       2004    184.96774       1.00710
January         4       2004    184.95161       1.00701
January         5       2004    184.93548       1.00692
January         6       2004    184.91935       1.00683
January         7       2004    184.90323       1.00674
January         8       2004    184.88710       1.00666
January         9       2004    184.87097       1.00657
January         10      2004    184.85484       1.00648
January         11      2004    184.83871       1.00639
January         12      2004    184.82258       1.00631
January         13      2004    184.80645       1.00622
January         14      2004    184.79032       1.00613
January         15      2004    184.77419       1.00604
January         16      2004    184.75806       1.00595
January         17      2004    184.74194       1.00587
January         18      2004    184.72581       1.00578
January         19      2004    184.70968       1.00569
January         20      2004    184.69355       1.00560
January         21      2004    184.67742       1.00551
January         22      2004    184.66129       1.00543
January         23      2004    184.64516       1.00534
January         24      2004    184.62903       1.00525
January         25      2004    184.61290       1.00516
January         26      2004    184.59677       1.00508
January         27      2004    184.58065       1.00499
January         28      2004    184.56452       1.00490
January         29      2004    184.54839       1.00481
January         30      2004    184.53226       1.00472
January         31      2004    184.51613       1.00464