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

Ref CPI and Index Ratios for October 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
ADDITIONAL ISSUE DATE:
MATURITY DATE:                          January 15, 2025
Ref CPI on DATED DATE:                  188.49677
TABLE FOR MONTH OF:                     October 2004
NUMBER OF DAYS IN MONTH:                31

CPI-U (NSA) June 2004                           189.7
CPI-U (NSA) July 2004                           189.4
CPI-U (NSA) August 2004                         189.5

Month   Calendar Day    Year    Ref CPI       Index Ratio

October         1       2004    189.40000       1.00479
October         2       2004    189.40323       1.00481
October         3       2004    189.40645       1.00483
October         4       2004    189.40968       1.00484
October         5       2004    189.41290       1.00486
October         6       2004    189.41613       1.00488
October         7       2004    189.41935       1.00489
October         8       2004    189.42258       1.00491
October         9       2004    189.42581       1.00493
October         10      2004    189.42903       1.00495
October         11      2004    189.43226       1.00496
October         12      2004    189.43548       1.00498
October         13      2004    189.43871       1.00500
October         14      2004    189.44194       1.00501
October         15      2004    189.44516       1.00503
October         16      2004    189.44839       1.00505
October         17      2004    189.45161       1.00507
October         18      2004    189.45484       1.00508
October         19      2004    189.45806       1.00510
October         20      2004    189.46129       1.00512
October         21      2004    189.46452       1.00513
October         22      2004    189.46774       1.00515
October         23      2004    189.47097       1.00517
October         24      2004    189.47419       1.00519
October         25      2004    189.47742       1.00520
October         26      2004    189.48065       1.00522
October         27      2004    189.48387       1.00524
October         28      2004    189.48710       1.00525
October         29      2004    189.49032       1.00527
October         30      2004    189.49355       1.00529
October         31      2004    189.49677       1.00531