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

Ref CPI and Index Ratios for July 2005

Contact: Office of Financing       202-504-3550
DESCRIPTION:                            Series C-2012
CUSIP NUMBER:                           912828AF7
DATED DATE:                             July 15, 2002
ORIGINAL ISSUE DATE:                    July 15, 2002
ADDITIONAL ISSUE DATE:                  October 15, 2002
                                        January 15, 2003
MATURITY DATE:                          July 15, 2012
Ref CPI on DATED DATE:                  179.80000
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       1.08231
July            2       2005    194.59355       1.08228
July            3       2005    194.58710       1.08224
July            4       2005    194.58065       1.08221
July            5       2005    194.57419       1.08217
July            6       2005    194.56774       1.08213
July            7       2005    194.56129       1.08210
July            8       2005    194.55484       1.08206
July            9       2005    194.54839       1.08203
July            10      2005    194.54194       1.08199
July            11      2005    194.53548       1.08195
July            12      2005    194.52903       1.08192
July            13      2005    194.52258       1.08188
July            14      2005    194.51613       1.08185
July            15      2005    194.50968       1.08181
July            16      2005    194.50323       1.08178
July            17      2005    194.49677       1.08174
July            18      2005    194.49032       1.08170
July            19      2005    194.48387       1.08167
July            20      2005    194.47742       1.08163
July            21      2005    194.47097       1.08160
July            22      2005    194.46452       1.08156
July            23      2005    194.45806       1.08152
July            24      2005    194.45161       1.08149
July            25      2005    194.44516       1.08145
July            26      2005    194.43871       1.08142
July            27      2005    194.43226       1.08138
July            28      2005    194.42581       1.08134
July            29      2005    194.41935       1.08131
July            30      2005    194.41290       1.08127
July            31      2005    194.40645       1.08124