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2% TREASURY 10-YEAR INFLATION-INDEXED NOTES

Ref CPI and Index Ratios for May 2004

Contact: Office of Financing       202-504-3550
DESCRIPTION:                            Series A-2014
CUSIP NUMBER:                           912828BW9
DATED DATE:                             January 15, 2004
ORIGINAL ISSUE DATE:                    January 15, 2004
ADDITIONAL ISSUE DATE:                  April 15, 2004
MATURITY DATE:                          January 15, 2014
Ref CPI on DATED DATE:                  184.77419
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       1.00772
May             2       2004    186.23871       1.00793
May             3       2004    186.27742       1.00814
May             4       2004    186.31613       1.00834
May             5       2004    186.35484       1.00855
May             6       2004    186.39355       1.00876
May             7       2004    186.43226       1.00897
May             8       2004    186.47097       1.00918
May             9       2004    186.50968       1.00939
May             10      2004    186.54839       1.00960
May             11      2004    186.58710       1.00981
May             12      2004    186.62581       1.01002
May             13      2004    186.66452       1.01023
May             14      2004    186.70323       1.01044
May             15      2004    186.74194       1.01065
May             16      2004    186.78065       1.01086
May             17      2004    186.81935       1.01107
May             18      2004    186.85806       1.01128
May             19      2004    186.89677       1.01149
May             20      2004    186.93548       1.01170
May             21      2004    186.97419       1.01191
May             22      2004    187.01290       1.01212
May             23      2004    187.05161       1.01233
May             24      2004    187.09032       1.01253
May             25      2004    187.12903       1.01274
May             26      2004    187.16774       1.01295
May             27      2004    187.20645       1.01316
May             28      2004    187.24516       1.01337
May             29      2004    187.28387       1.01358
May             30      2004    187.32258       1.01379
May             31      2004    187.36129       1.01400