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3-1/2% 10-YEAR TREASURY INFLATION-PROTECTED SECURITIES (TIPS)

Ref CPI and Index Ratios for November 2004

Contact: Office of Financing      202-504-3550
DESCRIPTION:                            Series A-2011
CUSIP NUMBER:                           9128276R8
DATED DATE:                             January 15, 2001
ORIGINAL ISSUE DATE:                    January 16, 2001
ADDITIONAL ISSUE DATE:                  July 16, 2001
N/A
MATURITY DATE:                          January 15, 2011
Ref CPI on DATED DATE:                  174.04516
TABLE FOR MONTH OF:                     November 2004
NUMBER OF DAYS IN MONTH:                30

CPI-U (NSA) July 2004                   189.4
CPI-U (NSA) August 2004                 189.5
CPI-U (NSA) September 2004              189.9

Month   Calendar Day    Year    Ref CPI       Index Ratio

November        1       2004    189.50000       1.08880
November        2       2004    189.51333       1.08887
November        3       2004    189.52667       1.08895
November        4       2004    189.54000       1.08903
November        5       2004    189.55333       1.08910
November        6       2004    189.56667       1.08918
November        7       2004    189.58000       1.08926
November        8       2004    189.59333       1.08933
November        9       2004    189.60667       1.08941
November        10      2004    189.62000       1.08949
November        11      2004    189.63333       1.08956
November        12      2004    189.64667       1.08964
November        13      2004    189.66000       1.08972
November        14      2004    189.67333       1.08979
November        15      2004    189.68667       1.08987
November        16      2004    189.70000       1.08995
November        17      2004    189.71333       1.09002
November        18      2004    189.72667       1.09010
November        19      2004    189.74000       1.09018
November        20      2004    189.75333       1.09025
November        21      2004    189.76667       1.09033
November        22      2004    189.78000       1.09041
November        23      2004    189.79333       1.09048
November        24      2004    189.80667       1.09056
November        25      2004    189.82000       1.09064
November        26      2004    189.83333       1.09071
November        27      2004    189.84667       1.09079
November        28      2004    189.86000       1.09087
November        29      2004    189.87333       1.09094
November        30      2004    189.88667       1.09102