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2-3/8% 20-1/2-YEAR TREASURY INFLATION-PROTECTED SECURITIES (TIPS)

Ref CPI and Index Ratios for September 2004

Contact: Office of Financing       202-504-3550
DESCRIPTION:                            TIPS of January 2025
CUSIP NUMBER:                           912810FR4
DATED DATE:                             July 15, 2004
ORIGINAL ISSUE DATE:                    July 30, 2004
MATURITY DATE:                          January 15, 2025
Ref CPI on DATED DATE:                  188.49677
TABLE FOR MONTH OF:                     September 2004
NUMBER OF DAYS IN MONTH:                30

CPI-U (NSA) May 2004                    189.1
CPI-U (NSA) June 2004                   189.7
CPI-U (NSA) July 2004                   189.4

Month   Calendar Day    Year    Ref CPI       Index Ratio

September       1       2004    189.70000       1.00638
September       2       2004    189.69000       1.00633
September       3       2004    189.68000       1.00628
September       4       2004    189.67000       1.00622
September       5       2004    189.66000       1.00617
September       6       2004    189.65000       1.00612
September       7       2004    189.64000       1.00606
September       8       2004    189.63000       1.00601
September       9       2004    189.62000       1.00596
September       10      2004    189.61000       1.00591
September       11      2004    189.60000       1.00585
September       12      2004    189.59000       1.00580
September       13      2004    189.58000       1.00575
September       14      2004    189.57000       1.00569
September       15      2004    189.56000       1.00564
September       16      2004    189.55000       1.00559
September       17      2004    189.54000       1.00553
September       18      2004    189.53000       1.00548
September       19      2004    189.52000       1.00543
September       20      2004    189.51000       1.00538
September       21      2004    189.50000       1.00532
September       22      2004    189.49000       1.00527
September       23      2004    189.48000       1.00522
September       24      2004    189.47000       1.00516
September       25      2004    189.46000       1.00511
September       26      2004    189.45000       1.00506
September       27      2004    189.44000       1.00500
September       28      2004    189.43000       1.00495
September       29      2004    189.42000       1.00490
September       30      2004    189.41000       1.00484