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2% 10-YEAR TREASURY INFLATION-PROTECTED SECURITIES (TIPS)

Ref CPI and Index Ratios for November 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
N/A
MATURITY DATE:                          January 15, 2014
Ref CPI on DATED DATE:                  184.77419
TABLE FOR MONTH OF:                     November 2004
NUMBER OF DAYS IN MONTH:                30

CPI-U (NSA) July 2004                   189.4
CPI-U (NSA) August 2004                 189.5
CPI-U (NSA) September 2004              189.9

Month   Calendar Day    Year    Ref CPI       Index Ratio

November        1       2004    189.50000       1.02558
November        2       2004    189.51333       1.02565
November        3       2004    189.52667       1.02572
November        4       2004    189.54000       1.02579
November        5       2004    189.55333       1.02586
November        6       2004    189.56667       1.02594
November        7       2004    189.58000       1.02601
November        8       2004    189.59333       1.02608
November        9       2004    189.60667       1.02615
November        10      2004    189.62000       1.02623
November        11      2004    189.63333       1.02630
November        12      2004    189.64667       1.02637
November        13      2004    189.66000       1.02644
November        14      2004    189.67333       1.02651
November        15      2004    189.68667       1.02659
November        16      2004    189.70000       1.02666
November        17      2004    189.71333       1.02673
November        18      2004    189.72667       1.02680
November        19      2004    189.74000       1.02688
November        20      2004    189.75333       1.02695
November        21      2004    189.76667       1.02702
November        22      2004    189.78000       1.02709
November        23      2004    189.79333       1.02716
November        24      2004    189.80667       1.02724
November        25      2004    189.82000       1.02731
November        26      2004    189.83333       1.02738
November        27      2004    189.84667       1.02745
November        28      2004    189.86000       1.02752
November        29      2004    189.87333       1.02760
November        30      2004    189.88667       1.02767