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

Ref CPI and Index Ratios for May 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:                     May 2005
NUMBER OF DAYS IN MONTH:                31

CPI-U (NSA) January 2005                190.7
CPI-U (NSA) February 2005               191.8
CPI-U (NSA) March 2005                  193.3

Month   Calendar Day    Year    Ref CPI       Index Ratio

May             1       2005    191.80000       1.21059
May             2       2005    191.84839       1.21089
May             3       2005    191.89677       1.21120
May             4       2005    191.94516       1.21150
May             5       2005    191.99355       1.21181
May             6       2005    192.04194       1.21211
May             7       2005    192.09032       1.21242
May             8       2005    192.13871       1.21273
May             9       2005    192.18710       1.21303
May             10      2005    192.23548       1.21334
May             11      2005    192.28387       1.21364
May             12      2005    192.33226       1.21395
May             13      2005    192.38065       1.21425
May             14      2005    192.42903       1.21456
May             15      2005    192.47742       1.21486
May             16      2005    192.52581       1.21517
May             17      2005    192.57419       1.21547
May             18      2005    192.62258       1.21578
May             19      2005    192.67097       1.21608
May             20      2005    192.71935       1.21639
May             21      2005    192.76774       1.21670
May             22      2005    192.81613       1.21700
May             23      2005    192.86452       1.21731
May             24      2005    192.91290       1.21761
May             25      2005    192.96129       1.21792
May             26      2005    193.00968       1.21822
May             27      2005    193.05806       1.21853
May             28      2005    193.10645       1.21883
May             29      2005    193.15484       1.21914
May             30      2005    193.20323       1.21944
May             31      2005    193.25161       1.21975