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1-7/8% 10-YEAR TREASURY INFLATION-PROTECTED SECURITIES (TIPS)

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

CPI-U (NSA) August 2004                 189.5
CPI-U (NSA) September 2004              189.9
CPI-U (NSA) October 2004                190.9

Month   Calendar Day    Year    Ref CPI       Index Ratio

December        1       2004    189.90000       1.03395
December        2       2004    189.93226       1.03413
December        3       2004    189.96452       1.03430
December        4       2004    189.99677       1.03448
December        5       2004    190.02903       1.03465
December        6       2004    190.06129       1.03483
December        7       2004    190.09355       1.03500
December        8       2004    190.12581       1.03518
December        9       2004    190.15806       1.03536
December        10      2004    190.19032       1.03553
December        11      2004    190.22258       1.03571
December        12      2004    190.25484       1.03588
December        13      2004    190.28710       1.03606
December        14      2004    190.31935       1.03623
December        15      2004    190.35161       1.03641
December        16      2004    190.38387       1.03658
December        17      2004    190.41613       1.03676
December        18      2004    190.44839       1.03694
December        19      2004    190.48065       1.03711
December        20      2004    190.51290       1.03729
December        21      2004    190.54516       1.03746
December        22      2004    190.57742       1.03764
December        23      2004    190.60968       1.03781
December        24      2004    190.64194       1.03799
December        25      2004    190.67419       1.03817
December        26      2004    190.70645       1.03834
December        27      2004    190.73871       1.03852
December        28      2004    190.77097       1.03869
December        29      2004    190.80323       1.03887
December        30      2004    190.83548       1.03904
December        31      2004    190.86774       1.03922