BANCA TRANSILVANIA S.A. Romanian joint-stock company ...

If any Interest Payment Date would otherwise fall on a day which is not a Business Day, thepayment of interest shall be postponed to the next day which is a Business Day. The periodbeginning on the Issue Date and ending on (but excluding) the first Interest Payment Date andeach successive period beginning on (and including) an Interest Payment Date and ending on(but excluding) the next Interest Payment Date is called an "Interest Period".For the first Interest Period, (i) the Margin shall be 6.25% per annum and (ii) the EURIBOR 6month shall be the EURIBOR 6 month in effect on the second Business Day immediately precedingthe Issue Date which can be found on the Reference Page.For each subsequent Interest Period, on the second Business Day immediately preceding thebeginning of such Interest Period, the Paying Agent shall determine : (i) EURIBOR 6 month forsuch Interest Period which can be found on the Reference Page and (ii) the applicable margin,that is 6.25%:If, for any reason, EURIBOR 6-month cannot be determined at such times as mentioned aboveby reference to the Reference Page, EURIBOR 6-month for such Interest Period shall be therate per annum which the Paying Agent determines to be the arithmetic mean (rounded upward,if necessary, to four decimal places) of the offered rates per annum for deposits in Euro in anamount comparable to the total face value of the outstanding Bonds for a period equal to suchInterest Period which are quoted by at least two major Banks active in the Euro-zone Interbankmarket selected by the Paying Agent and provided further that if pursuant to the above theInterbank Rate would be below zero, the Interbank Rate will be deemed to be zeroReturn on the BondsThe return on the Bonds, for one Bond, (periodic interest payment) will be variabledependent on the Interest Rate, which is also variable. The return on the Bonds iscalculated for each Interest period pursuant to the following formula:Periodicinterestpayment=VNeuro( EURIBOR 6luni + Spread )360 days×( No of days in the Interest period )Where:VN Euro = par value of a bond in EUROThe return on the Bonds for the first Interest Period ending on July 15 2013 isEURIBOR 6 months in force on the second Business Day before the Issue Date, publishedon the Reference Page plus a margin of 6.25%.Bonds will continue to bear interest as provided herein until they are redeemed in full and all100