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

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

CPI-U (NSA) March 2005                  193.3
CPI-U (NSA) April 2005                  194.6
CPI-U (NSA) May 2005                    194.4

Month   Calendar Day    Year    Ref CPI      Index Ratio

July           1       2005    194.60000       1.22826
July           2       2005    194.59355       1.22822
July           3       2005    194.58710       1.22818
July           4       2005    194.58065       1.22814
July           5       2005    194.57419       1.22810
July           6       2005    194.56774       1.22806
July           7       2005    194.56129       1.22802
July           8       2005    194.55484       1.22798
July           9       2005    194.54839       1.22793
July           10      2005    194.54194       1.22789
July           11      2005    194.53548       1.22785
July           12      2005    194.52903       1.22781
July           13      2005    194.52258       1.22777
July           14      2005    194.51613       1.22773
July           15      2005    194.50968       1.22769
July           16      2005    194.50323       1.22765
July           17      2005    194.49677       1.22761
July           18      2005    194.49032       1.22757
July           19      2005    194.48387       1.22753
July           20      2005    194.47742       1.22749
July           21      2005    194.47097       1.22745
July           22      2005    194.46452       1.22741
July           23      2005    194.45806       1.22736
July           24      2005    194.45161       1.22732
July           25      2005    194.44516       1.22728
July           26      2005    194.43871       1.22724
July           27      2005    194.43226       1.22720
July           28      2005    194.42581       1.22716
July           29      2005    194.41935       1.22712
July           30      2005    194.41290       1.22708
July           31      2005    194.40645       1.22704