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2-3/8% 20-1/2-YEAR TREASURY INFLATION-PROTECTED SECURITIES (TIPS) Due January 15, 2025

Ref CPI and Index Ratios for May 2007

    Contact: Office of Financing            202-504-3550
    DESCRIPTION:                            TIPS of January 2025
    CUSIP NUMBER:                           912810FR4
    DATED DATE:                             July 15, 2004
    ORIGINAL ISSUE DATE:                    July 30, 2004
    ADDITIONAL ISSUE DATE:                  January 31, 2005
                                            July 29, 2005
    MATURITY DATE:                          January 15, 2025
    Ref CPI on DATED DATE:                  188.49677
    TABLE FOR MONTH OF:                     May 2007
    NUMBER OF DAYS IN MONTH:                31

    CPI-U (NSA) January 2007                202.416
    CPI-U (NSA) February 2007               203.499
    CPI-U (NSA) March 2007                  205.352

    Month   Calendar Day    Year    Ref CPI       Index Ratio

    May             1       2007    203.49900       1.07959
    May             2       2007    203.55877       1.07991
    May             3       2007    203.61855       1.08022
    May             4       2007    203.67832       1.08054
    May             5       2007    203.73810       1.08086
    May             6       2007    203.79787       1.08117
    May             7       2007    203.85765       1.08149
    May             8       2007    203.91742       1.08181
    May             9       2007    203.97719       1.08213
    May             10      2007    204.03697       1.08244
    May             11      2007    204.09674       1.08276
    May             12      2007    204.15652       1.08308
    May             13      2007    204.21629       1.08339
    May             14      2007    204.27606       1.08371
    May             15      2007    204.33584       1.08403
    May             16      2007    204.39561       1.08435
    May             17      2007    204.45539       1.08466
    May             18      2007    204.51516       1.08498
    May             19      2007    204.57494       1.08530
    May             20      2007    204.63471       1.08561
    May             21      2007    204.69448       1.08593
    May             22      2007    204.75426       1.08625
    May             23      2007    204.81403       1.08657
    May             24      2007    204.87381       1.08688
    May             25      2007    204.93358       1.08720
    May             26      2007    204.99335       1.08752
    May             27      2007    205.05313       1.08783
    May             28      2007    205.11290       1.08815
    May             29      2007    205.17268       1.08847
    May             30      2007    205.23245       1.08878
    May             31      2007    205.29223       1.08910