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

Ref CPI and Index Ratios for May 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:                     May 2004
NUMBER OF DAYS IN MONTH:                31

CPI-U (NSA) January 2004                185.2
CPI-U (NSA) February 2004               186.2
CPI-U (NSA) March 2004                  187.4

Month   Calendar Day    Year    Ref CPI       Index Ratio

May             1       2004    186.20000       1.01380
May             2       2004    186.23871       1.01402
May             3       2004    186.27742       1.01423
May             4       2004    186.31613       1.01444
May             5       2004    186.35484       1.01465
May             6       2004    186.39355       1.01486
May             7       2004    186.43226       1.01507
May             8       2004    186.47097       1.01528
May             9       2004    186.50968       1.01549
May             10      2004    186.54839       1.01570
May             11      2004    186.58710       1.01591
May             12      2004    186.62581       1.01612
May             13      2004    186.66452       1.01633
May             14      2004    186.70323       1.01654
May             15      2004    186.74194       1.01676
May             16      2004    186.78065       1.01697
May             17      2004    186.81935       1.01718
May             18      2004    186.85806       1.01739
May             19      2004    186.89677       1.01760
May             20      2004    186.93548       1.01781
May             21      2004    186.97419       1.01802
May             22      2004    187.01290       1.01823
May             23      2004    187.05161       1.01844
May             24      2004    187.09032       1.01865
May             25      2004    187.12903       1.01886
May             26      2004    187.16774       1.01907
May             27      2004    187.20645       1.01928
May             28      2004    187.24516       1.01950
May             29      2004    187.28387       1.01971
May             30      2004    187.32258       1.01992
May             31      2004    187.36129       1.02013