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2-3/8% 20-YEAR TREASURY INFLATION-PROTECTED SECURITIES (TIPS) Due January 15, 2027

Ref CPI and Index Ratios for May 2007

    Contact: Office of Financing            202-504-3550
    DESCRIPTION:                            TIPS of January 2027
    CUSIP NUMBER:                           912810PS1
    DATED DATE:                             January 15, 2007
    ORIGINAL ISSUE DATE:                    January 31, 2007
    ADDITIONAL ISSUE DATE:                  N/A
    MATURITY DATE:                          January 15, 2027
    Ref CPI on DATED DATE:                  201.66452
    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       1.00910
    May             2       2007    203.55877       1.00939
    May             3       2007    203.61855       1.00969
    May             4       2007    203.67832       1.00999
    May             5       2007    203.73810       1.01028
    May             6       2007    203.79787       1.01058
    May             7       2007    203.85765       1.01088
    May             8       2007    203.91742       1.01117
    May             9       2007    203.97719       1.01147
    May             10      2007    204.03697       1.01176
    May             11      2007    204.09674       1.01206
    May             12      2007    204.15652       1.01236
    May             13      2007    204.21629       1.01265
    May             14      2007    204.27606       1.01295
    May             15      2007    204.33584       1.01325
    May             16      2007    204.39561       1.01354
    May             17      2007    204.45539       1.01384
    May             18      2007    204.51516       1.01414
    May             19      2007    204.57494       1.01443
    May             20      2007    204.63471       1.01473
    May             21      2007    204.69448       1.01502
    May             22      2007    204.75426       1.01532
    May             23      2007    204.81403       1.01562
    May             24      2007    204.87381       1.01591
    May             25      2007    204.93358       1.01621
    May             26      2007    204.99335       1.01651
    May             27      2007    205.05313       1.01680
    May             28      2007    205.11290       1.01710
    May             29      2007    205.17268       1.01740
    May             30      2007    205.23245       1.01769
    May             31      2007    205.29223       1.01799