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

Ref CPI and Index Ratios for July 2005

Contact: Office of Financing       202-504-3550
DESCRIPTION:                            Series 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:                     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       1.05954
July            2       2005    194.59355       1.05951
July            3       2005    194.58710       1.05947
July            4       2005    194.58065       1.05944
July            5       2005    194.57419       1.05940
July            6       2005    194.56774       1.05936
July            7       2005    194.56129       1.05933
July            8       2005    194.55484       1.05929
July            9       2005    194.54839       1.05926
July            10      2005    194.54194       1.05922
July            11      2005    194.53548       1.05919
July            12      2005    194.52903       1.05915
July            13      2005    194.52258       1.05912
July            14      2005    194.51613       1.05908
July            15      2005    194.50968       1.05905
July            16      2005    194.50323       1.05901
July            17      2005    194.49677       1.05898
July            18      2005    194.49032       1.05894
July            19      2005    194.48387       1.05891
July            20      2005    194.47742       1.05887
July            21      2005    194.47097       1.05884
July            22      2005    194.46452       1.05880
July            23      2005    194.45806       1.05877
July            24      2005    194.45161       1.05873
July            25      2005    194.44516       1.05870
July            26      2005    194.43871       1.05866
July            27      2005    194.43226       1.05863
July            28      2005    194.42581       1.05859
July            29      2005    194.41935       1.05856
July            30      2005    194.41290       1.05852
July            31      2005    194.40645       1.05849