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1-7/8% 10-YEAR TREASURY INFLATION-PROTECTED SECURITIES (TIPS)

Ref CPI and Index Ratios for January 2005

Contact: Office of Financing       202-504-3550
DESCRIPTION:                            Series C-2013
CUSIP NUMBER:                           912828BD1
DATED DATE:                             July 15, 2003
ORIGINAL ISSUE DATE:                    July 15, 2003
ADDITIONAL ISSUE DATE:                  October 15, 2003
MATURITY DATE:                          July 15, 2013
Ref CPI on DATED DATE:                  183.66452
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       1.03940
January         2       2005    190.90323       1.03941
January         3       2005    190.90645       1.03943
January         4       2005    190.90968       1.03945
January         5       2005    190.91290       1.03947
January         6       2005    190.91613       1.03948
January         7       2005    190.91935       1.03950
January         8       2005    190.92258       1.03952
January         9       2005    190.92581       1.03954
January         10      2005    190.92903       1.03955
January         11      2005    190.93226       1.03957
January         12      2005    190.93548       1.03959
January         13      2005    190.93871       1.03961
January         14      2005    190.94194       1.03962
January         15      2005    190.94516       1.03964
January         16      2005    190.94839       1.03966
January         17      2005    190.95161       1.03968
January         18      2005    190.95484       1.03969
January         19      2005    190.95806       1.03971
January         20      2005    190.96129       1.03973
January         21      2005    190.96452       1.03975
January         22      2005    190.96774       1.03976
January         23      2005    190.97097       1.03978
January         24      2005    190.97419       1.03980
January         25      2005    190.97742       1.03982
January         26      2005    190.98065       1.03983
January         27      2005    190.98387       1.03985
January         28      2005    190.98710       1.03987
January         29      2005    190.99032       1.03989
January         30      2005    190.99355       1.03990
January         31      2005    190.99677       1.03992