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3-3/8% TREASURY 30-1/2-YEAR INFLATION-INDEXED BONDS

Ref CPI and Index Ratios for January 2004

Contact: Office of Financing       202-504-3550
DESCRIPTION:                            Bonds of April 2032
CUSIP NUMBER:                           912810FQ6
DATED DATE:                             October 15, 2001
ORIGINAL ISSUE DATE:                    October 15, 2001
MATURITY DATE:                          April 15, 2032
Ref CPI on DATED DATE:                  177.50000
TABLE FOR MONTH OF:                     January 2004
NUMBER OF DAYS IN MONTH:                31

CPI-U (NSA) September 2003              185.2
CPI-U (NSA) October 2003                185.0
CPI-U (NSA) November 2003               184.5

Month   Calendar Day    Year     Ref CPI      Index Ratio

January         1       2004    185.00000       1.04225
January         2       2004    184.98387       1.04216
January         3       2004    184.96774       1.04207
January         4       2004    184.95161       1.04198
January         5       2004    184.93548       1.04189
January         6       2004    184.91935       1.04180
January         7       2004    184.90323       1.04171
January         8       2004    184.88710       1.04162
January         9       2004    184.87097       1.04153
January         10      2004    184.85484       1.04144
January         11      2004    184.83871       1.04134
January         12      2004    184.82258       1.04125
January         13      2004    184.80645       1.04116
January         14      2004    184.79032       1.04107
January         15      2004    184.77419       1.04098
January         16      2004    184.75806       1.04089
January         17      2004    184.74194       1.04080
January         18      2004    184.72581       1.04071
January         19      2004    184.70968       1.04062
January         20      2004    184.69355       1.04053
January         21      2004    184.67742       1.04044
January         22      2004    184.66129       1.04035
January         23      2004    184.64516       1.04025
January         24      2004    184.62903       1.04016
January         25      2004    184.61290       1.04007
January         26      2004    184.59677       1.03998
January         27      2004    184.58065       1.03989
January         28      2004    184.56452       1.03980
January         29      2004    184.54839       1.03971
January         30      2004    184.53226       1.03962
January         31      2004    184.51613       1.03953