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3-3/8% 10-YEAR TREASURY INFLATION-PROTECTED SECURITIES (TIPS)

Ref CPI and Index Ratios for January 2005

Contact: Office of Financing       202-504-3550
DESCRIPTION:                             Series A-2007
CUSIP NUMBER:                            9128272M3
DATED DATE:                              January 15, 1997
ORIGINAL ISSUE DATE:                     February 6, 1997
ADDITIONAL ISSUE DATE:                   April 15, 1997
MATURITY DATE:                           January 15, 2007
Ref CPI on DATED DATE:                   158.43548
TABLE FOR MONTH OF:                      January 2005
NUMBER OF DAYS IN MONTH:                 31

CPI-U (NSA) September 2004               189.9
CPI-U (NSA) October 2004                 190.9
CPI-U (NSA) November 2004                191.0

Month   Calendar Day    Year    Ref CPI       Index Ratio

January         1       2005    190.90000       1.20491
January         2       2005    190.90323       1.20493
January         3       2005    190.90645       1.20495
January         4       2005    190.90968       1.20497
January         5       2005    190.91290       1.20499
January         6       2005    190.91613       1.20501
January         7       2005    190.91935       1.20503
January         8       2005    190.92258       1.20505
January         9       2005    190.92581       1.20507
January         10      2005    190.92903       1.20509
January         11      2005    190.93226       1.20511
January         12      2005    190.93548       1.20513
January         13      2005    190.93871       1.20515
January         14      2005    190.94194       1.20517
January         15      2005    190.94516       1.20519
January         16      2005    190.94839       1.20521
January         17      2005    190.95161       1.20523
January         18      2005    190.95484       1.20525
January         19      2005    190.95806       1.20527
January         20      2005    190.96129       1.20529
January         21      2005    190.96452       1.20531
January         22      2005    190.96774       1.20533
January         23      2005    190.97097       1.20535
January         24      2005    190.97419       1.20538
January         25      2005    190.97742       1.20540
January         26      2005    190.98065       1.20542
January         27      2005    190.98387       1.20544
January         28      2005    190.98710       1.20546
January         29      2005    190.99032       1.20548
January         30      2005    190.99355       1.20550
January         31      2005    190.99677       1.20552