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

Ref CPI and Index Ratios for November 2004

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
N/A
MATURITY DATE:                          July 15, 2013
Ref CPI on DATED DATE:                  183.66452
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       1.03177
November        2       2004    189.51333       1.03185
November        3       2004    189.52667       1.03192
November        4       2004    189.54000       1.03199
November        5       2004    189.55333       1.03206
November        6       2004    189.56667       1.03214
November        7       2004    189.58000       1.03221
November        8       2004    189.59333       1.03228
November        9       2004    189.60667       1.03235
November        10      2004    189.62000       1.03243
November        11      2004    189.63333       1.03250
November        12      2004    189.64667       1.03257
November        13      2004    189.66000       1.03264
November        14      2004    189.67333       1.03272
November        15      2004    189.68667       1.03279
November        16      2004    189.70000       1.03286
November        17      2004    189.71333       1.03293
November        18      2004    189.72667       1.03301
November        19      2004    189.74000       1.03308
November        20      2004    189.75333       1.03315
November        21      2004    189.76667       1.03322
November        22      2004    189.78000       1.03330
November        23      2004    189.79333       1.03337
November        24      2004    189.80667       1.03344
November        25      2004    189.82000       1.03351
November        26      2004    189.83333       1.03359
November        27      2004    189.84667       1.03366
November        28      2004    189.86000       1.03373
November        29      2004    189.87333       1.03381
November        30      2004    189.88667       1.03388