January - March 2004 April - June 2004

(Projected) (Actuals) (Projected)

Deficit Funding (Def + / Surplus -) 203 171 22

Means of Financing

Change in Cash Balance 13 12 -24

Net Non-Marketable Financing 5 7 6

Net Marketable Financing 177 146 38

Other* 8 7 2

Net Marketable Financing 177 146 38

Bills 56

Nominal Notes 78

TIPS 12

Bonds 0

Notes:

Starting Cash Balance 33 33 21

Ending Cash Balance 20 21 45

* Includes direct loan activity, changes in accrued interest and checks outstanding and minor miscellaneous transactions.

Note: Totals may not add due to rounding

TREASURY FINANCING REQUIREMENTS

Department of the Treasury

Office of Debt Management May 3, 2004-1

Office of Fiscal Projection

$ Billions
0

10

20

30

40

50

0

10

20

30

40

50

FY 2003

FY 2004

TREASURY DAILY OPERATING CASH BALANCE

Department of the Treasury

Office of Debt Management May 3, 2004-2

$Bil. $Bil.

Source: Daily Treasury Statement, data through April 28, 2004.

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
20

30

40

50

60

70

80

90

20

30

40

50

60

70

80

90

DEBT MATURITY MEASURES

Department of the Treasury

Office of Debt Management May 3, 2004-3

Months Months

1

Average Maturity of Issuance

Average Maturity

As of March 31, 2004

54.9

29.4

Assumptions: FY05 Budget and coupon issuance

maintained at current level.

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008

1 The average maturity of issuance is the ultimate average maturity achieved if coupon issuance in any given quarter is held constant going forward

and the balance of financing needs are met with changes in bill issuance. (4 quarter moving average)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 0

200

400

600

800

1000

0

200

400

600

800

1000

MATURITY PROFILE

Treasury Marketable Coupon Securities

$Bil. $Bil.

Calendar Year

1

May 3, 2004-4

Actual Projected

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Department of the Treasury

Office of Debt Management

Note: Where applicable, maturities represent first call date.

Assumes coupon pattern and issuance amount maintained at current levels.

1 Issued or announced through April 30, 2004.
2004 2005 2006 2007 2008 2009

-300

-200

-100

0

100

200

300

400

500

600

-300

-200

-100

0

100

200

300

400

500

600

FINANCING RESIDUALS GIVEN CURRENT ISSUANCE CALENDAR

$Bil.

Department of the Treasury

Office of Debt Management

$Bil.

May 3, 2004-5

Forecast plus Average Absolute Error

Forecast of Net Financing Needs

Forecast minus

Average Absolute

Error

Bars Indicate Estimated Additional

Financing Required in Given Year for

Different Financing Outcomes

Note: Bars represent estimated financing changes from current pattern

FY 04 as announced. FY 05-09 based on FY 05 OMB Budget.

Fiscal Years

Assumes current coupon issuance pattern and issuance amount — Bill issuance at levels required to maintain outstanding FY$

amounts nearly equal to September 30, 2003 total outstanding
I II III IV I II III IV I II III IV I II III IV I

-200

-160

-120

-80

-40

0

40

80

120

-200

-160

-120

-80

-40

0

40

80

120

-20.1

-192.1

-47.7-26.1

17.8

-163.4

74.4

52.1

52.5

15.1

84.2

82.6

111.3

60.3 81.5

113.4

145.9

TREASURY QUARTERLY NET MARKET BORROWING

$Bil.

Department of the Treasury

Office of Debt Management

$Bil.

May 3, 2004-6

Coupons

Bills

2 - under 5 yrs

5 - 10 yrs

Over 10 yrs

Buybacks

Calendar Quarter

2000 2001 2002 2003 2004
I II III IV I II III IV I II III IV I II III IV I -15

-10

-5

0

5

10

-15

-10

-5

0

5

10

-8.0

-5.0

-10.1

-2.2

-1.4

-1.7

-10.6

0.8

-5.5

-0.1 -0.7

7.6

-2.4

-8.4

7.6

0.8

4.5

$Bil. $Bil.

TREASURY QUARTERLY NET BORROWING

FROM NONMARKETABLE ISSUES

May 3, 2004-7

State and Local Series

Foreign Series

Savings Bonds

Department of the Treasury

Office of Debt Management

Office of Fiscal Projection

2000 2001 2002 2003 2004
1996 1997 1998 1999 2000 2001 2002 2003

0

20

40

60

80

0

20

40

60

80

100 100

PRIVATELY HELD TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

1

Coupons

Calendar Year End Data

Department of the Treasury

Office of Debt Management May 3, 2004-8

14

33

15

24

14

Over 10 years

2-10 years

1-2 years

1 year & under

Bills

1 Privately held marketable debt excludes holdings of the Federal Reserve and

non-interest-bearing matured debt.

15

33

16

19

17

Percent Percent

Mar '04

19

31

14

18

18
0

5

10

15

20

25

30

35

40

45

50

0

5

10

15

20

25

30

35

40

45

FOREIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Calendar Quarter

Department of the Treasury

Office of Debt Management May 3, 2004-9

Percent Percent

1

Estimated Foreign Holdings

Foreign and International Institutional Holdings at FRBNY 3

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

Benchmark revision

of March 2000

2

27%

47%

Benchmark revision

of June 2002

2

1

2

3

Privately held debt excludes holdings of the Federal Reserve.

Source: Federal Reserve Bank of New York statistical release H4.1.

Series for estimated foreign holdings. Data through February 29. 2004. See http://www.treas.gov/tic/index.html.
0

1

2

3

4

5

6

7

0

1

2

3

4

5

6

7

AUCTION RELEASE TIMES

Data

Through

April 30

Target Release Range

Current Quarter

(February 2 - April 30)

May 3, 2004-10

Minutes from Closing to Release

May-03 Jun Jul Aug Sep Oct Nov Dec Jan-04 Feb Mar Apr

Department of the Treasury

BPD - Office of Financing

Office of Debt Management

Note: No current quarter target release range exceptions.