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

Ref CPI and Index Ratios for July 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:                     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       1.02361
July            2       2004    188.03548       1.02380
July            3       2004    188.07097       1.02399
July            4       2004    188.10645       1.02419
July            5       2004    188.14194       1.02438
July            6       2004    188.17742       1.02457
July            7       2004    188.21290       1.02476
July            8       2004    188.24839       1.02496
July            9       2004    188.28387       1.02515
July            10      2004    188.31935       1.02534
July            11      2004    188.35484       1.02554
July            12      2004    188.39032       1.02573
July            13      2004    188.42581       1.02592
July            14      2004    188.46129       1.02612
July            15      2004    188.49677       1.02631
July            16      2004    188.53226       1.02650
July            17      2004    188.56774       1.02670
July            18      2004    188.60323       1.02689
July            19      2004    188.63871       1.02708
July            20      2004    188.67419       1.02728
July            21      2004    188.70968       1.02747
July            22      2004    188.74516       1.02766
July            23      2004    188.78065       1.02786
July            24      2004    188.81613       1.02805
July            25      2004    188.85161       1.02824
July            26      2004    188.88710       1.02844
July            27      2004    188.92258       1.02863
July            28      2004    188.95806       1.02882
July            29      2004    188.99355       1.02902
July            30      2004    189.02903       1.02921
July            31      2004    189.06452       1.02940