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3% TREASURY 10-YEAR INFLATION-INDEXED NOTES

Ref CPI and Index Ratios for July 2003

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 2003
NUMBER OF DAYS IN MONTH:                31

CPI-U (NSA) March 2003                  184.2
CPI-U (NSA) April 2003                  183.8
CPI-U (NSA) May 2003                    183.5

Month   Calendar Day    Year    Ref CPI       Index Ratio

July            1       2003    183.80000       1.02225
July            2       2003    183.79032       1.02219
July            3       2003    183.78065       1.02214
July            4       2003    183.77097       1.02209
July            5       2003    183.76129       1.02203
July            6       2003    183.75161       1.02198
July            7       2003    183.74194       1.02192
July            8       2003    183.73226       1.02187
July            9       2003    183.72258       1.02182
July            10      2003    183.71290       1.02176
July            11      2003    183.70323       1.02171
July            12      2003    183.69355       1.02165
July            13      2003    183.68387       1.02160
July            14      2003    183.67419       1.02155
July            15      2003    183.66452       1.02149
July            16      2003    183.65484       1.02144
July            17      2003    183.64516       1.02139
July            18      2003    183.63548       1.02133
July            19      2003    183.62581       1.02128
July            20      2003    183.61613       1.02122
July            21      2003    183.60645       1.02117
July            22      2003    183.59677       1.02112
July            23      2003    183.58710       1.02106
July            24      2003    183.57742       1.02101
July            25      2003    183.56774       1.02096
July            26      2003    183.55806       1.02090
July            27      2003    183.54839       1.02085
July            28      2003    183.53871       1.02079
July            29      2003    183.52903       1.02074
July            30      2003    183.51935       1.02069
July            31      2003    183.50968       1.02063