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UNLESS TIS CFRIIMGA'UL IS PRESENTED BY AN AUTHORIZED REPRESEN T'SIIVE OF THB DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (*L1t9, TO TOE AUTHORITY OR ITS AGENT FOR REGISTRATION Ok TRANSFER, EXCHANGE OR PAYMENT, AND ANY CHRTITICATE ISSUED IS REGISTERED IN THE NAMB OF CODE & 0. OR IN SUCH OTIER NAME AS IS KEQUESTED RY AN AUTIIORIZCD REPRESENTATIVE OF THE DEPOSILOKY TRUST COMPANY (AND ANY PAYMENT HEREON 1S MADH. 10 CEDE & CO. OR TO SUCH OTHER ENTITY AS 18 REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DIC), ANY TRANSPER, PLEDGE OR OLHER USE HERHOF FOR VALUE OR OTHERWISE HY OR TO ANY PERSON IS WRONGFUL SINCR THE RIGISTERED OWNER HEREOF, CEDE & CO, IAS AN INTEREST HEREIN, TIUS NOTE (8 A ROOK-ENTRY NOTE WEHIN THE MEANING OF THE RESOLUTION AND 1$ RECISIPRED IN THE NAME OF A SECURITIES DEPOSITORY OR & NOMINEE OF A SECURITIES DEPOSITORY OR A SUCCESSOR SCCURIJIES DEPOSI ORY. TRANSFFRS OF TIS NOTE SHALL UL LIMITED TO TRANSFHRS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO, OR TO A SUCCLSSDK TIEREOF OR SUCH SUCCESSOR'S NOMINEE. No ARAL $333,300.00 PUERTO RICO SALES TAX FINANCING CORPORATION ‘SALES TAX REVENUE JUNIOR LIEN BOND ANTICIPATION NOTES SERTES 20138 DATED DATE MATURITY DATE — INIIRESTRATR CUSIP April 30, 2013 September 30,2014 1.95% ‘S29PT6 RUGISTERED OWYER: CLDE& CO, PRINCIPAL AMOUNT: TREK HUNDRED THIRTY THREE MILTON THREE HUNDRED THOUSAND DOLLARS PUERTO RICO SALES TAX FINANCING CORPORATION (bescin sometimes called the “Conpsration"), an instamentality of the Commonwealth of Pucito Rico (he “ommniyealth"), soknowiedges itself ivdehie ad foe value received, hexcby promises tv pay to the RIGISTERLD OWNER named above or registered assizas, upon presentation and sumender of his note atthe Corporaly Trust Ofliee (as defined in the General Resolution) of the ‘Trustee hereinallee meationed on the MATURITY DAL: specified uhove, the PRINCIPAL AMOUNT AT MATURITY gpcciffed above. he principal of this note is payable in any coin or teurrency of the United Stales of America which, on the date of payment thereot, shall be legal tendee for the payment of public and private debts, Interest on this note shall be pavable at atority oF wpon prepsyment pursuant to the Supplemental Reselution. Capitalized words not defied hercin shall have the meanings asexibed lo Ther in the Resolution (a3 defined blow). In the event that the Corporation docs not repay or redeemt the Notes by the Malurily Late of caslier sedemption date or olhervise breuches any covenant under the Note Purciase ‘Agreement dated pel 30, 2013 betyien the Corporation and Barclays Capita Tn, such faiave ‘or breuch shall he an Evoat af Defuull and the interest would seer al he Default Rate from and aller te bsent of Default ‘ihe Noles are payable by the Corporation sololy from Une Pledged Property bold under the Resolution, The Notes da noc eanstimnte « debl, obligatian ar pledge of the full faith, ere ‘and tring power ofthe Commanwealth of Puerwo Rico or any of its municipalities or pofitical uilivisions nr of Instrumeatalitiee (other than the Corporation}, and neither the Camunenysealth Of Puerto Rico tor any of ils miricinalties or political subdivisions nor instrumentalties (other ‘thas the Corporation) shall he Table for the payment thereof, In the event thal, prior to the payment by: the Corponution 1a the Holders of the Notes of all amounls due ssth respect 10 the Nolcs, the ruling assigned to the Corporation's First Subordinate 1 ier Bonds is suspended, withdrwimn or dovreuraded to or below “A” by Standard {& Poor's Rulings Seeviees, a business of Slurdard & Poor's Winancial Scrviees LLC or by Filet Ratings, a Downgraée Fee shall be paid hy the Corporation to the Holders of the Noles on the Maturity Date or earlier redernptivn of the Notes. Foe purposes hereof, the “Downgrade Vee" shall ben lxuble fee equal wo the product of () 0.20% per annum an (i the prineipal amount of the Noles wuleulated on che basis of a hres Inundred sixty (260) day yeur and actual days lapsed fir the pein fiom aad including the date of sich suspension, withdrawal or downgrade to but ‘excluding the date of payment by the Corporation ty the olders of the Notes ofall amounts duc vid respect ta the Notes, ‘he Notes ure subject to redemption prlor to maturity pursuant lo the Supplemental Resolution This note is one of the notes ofa duly authorized series of notes in the aggregate principal umount al issuance of $33,300,000 dosignaiod “Sales Tax Revenue Bonds, Junior Lien Bond Anuicipatioa Notes Series 20134” (hexsin culled the *Nots”| authorized to be issued pursuant 10 ‘Act No, 91 of the Tegislative Assembly of Pucrto Rico, approved May 13, 2006, as arnersded, and oder and pursuant to a Pustto Rico Sales Tax Financing Corporation Sales Tax Revenue Fond Resalution adopted by the Corporerion on July 13, 2407 (as amended. herein called the “Chonerul Resolution”), and 2 Twenty Second Supplemental Sules Tax Revenue Note Resolution adopted by the Comporatioa on April 17, 2013 (such supplemental sesolution and the General Resolution are herein called, eullcetively, the “Resolution”), for the purposes sol Forth in the Resolution, the Notes are part ofa duly authorized issue of notes isstod and to be issued uncler the Act and wader and pursuant is the Rewalution fo the purposes deseribed in dhe Resolution. ‘The Notes, any provivusly issued Dunds and any’ adltional bonds issues! under the Resa hhoroln referred to vollectively as tne “Bonds” ‘The Pinus uce special obligations ofthe Corporation, There ix pledged to the payment of he principal or redemption pice, f aay, of sel interest on dhe Bonds int accordance with the 2 provisions of the Resofution und in aceardance with the Class Priurity se forth inthe Resofution, the Pledged Property 4# defined and provided in the Resolution, subject only to the provisions of the Resolution permiliing the use and application thereat for the purposes and on the conditions sel forth in the Resolution, Such pledge and other ubligations of the Corporilion may be discharged, whally ot in part, at or prior 1p Me mauuity of the Bonds um the making of provision far the paytnent of the prineipal thereof and the inleresl thereon an the terms and ‘eonitions set forth in the Gsneral Resalation, ‘Copies of the Resolution ace on tle atthe office of the Crpuration, and atthe Comporate Lust Offiee of The Thaok of New York Mellon, us crusice under the Resolution (inching its stecessors, herein called the “Inisiec"), and reference to the Resolution amd! amy and all supplements Urereto and amcudments thereol and to the Act is made for 4 description af the ledges und coveusats socuring the Ponds, the nature, extent and! manner of enloreeinent of stich pledges and covenuts, the (errs ul conditions upon which Bonds hays been issued and Aadditiona] Bonds may he issuat, the rights andl scimedics of the wgisered avers of the Bonds swith respect thereto, und to uther teens and provisions of the Ronds. To the extent and in the manner permilied by the terms af the General Resolution, ue ruvisions of the General Resolution or any eesolution amendatory thereat «ir supplemental thereto may be modified or amended, ‘The vegistered over of this note shall have no tight to caforee the provisions of the Resolution, to insite nelion Gr enforce the provisions of the Reablution or ta institute, sppear in or dclund any suiLor ther proceeding with respect there, exeepl as provided in the Resolution ‘Thiv noe is transferable, ag provided in the Resolution, only upon the books of the Corporation wsaintained for that purpose al the Corporate Trust Office of the Trustee by the registered over herent in peri r by his attorney diy authorized im waiting, upon surrender of | this nove lngether wih a writen instrumsat of transler duly exevated fy the registered owner oF such repislered ownot'sattorncy duly authori in writing, and thereupon a new filly registred Note oir Notes in the seme aggregute principal amount, and of the same series, maturity amd intecest rte, skal be issued he transteree in exchange therefor as provided in the General Resolution and apon the payment of the charges, iFany, thercin prewribed. ‘The Carporation and. the Trusise muy treat wid consider the person in whose name his note is registored as the absolute ovine hereo for the puzpose of rcesiving payment af pr on account of, the principal or redkapsion price, iFany, hereof and inleres due heruon an foe all other purposes whatsocver ‘This note shall not be valid o¢ abligitory for any purpose or be outitled to any sceurily oF ‘benefit under the Resolurion until the Cerlifiente of Authentication hexeon shall haw been signe by the Trustee, (01S HEREBY CERTIFIED, RECTTED AND DECLARED that all ws, conditions find things required by the Constitution and statutes of the Commonvseuldh af Puerto Rico and the Rewittion to exit, ty huve happened and to bave been perlormel precedent to and in the issumee of this nove, exist, have happened aud have been performed in due dime, foom and ‘manner ws requited ly law and thatthe issue of the Notes, together with all other ndebtesiness of the Corparatian, is within every debt and olher lil preseribed hy law. IN WITNESS WIFREOF, the PUERTO RICO SALES IAX FINANCING CORPORATION has caused this not’ to be exocuted in its anme by the mmual or faesimile signature of an authorized seprescatative, as of dhe DATRD DATE specified abe, PUKRIO RICO SALES TAX FINANCING CORPORATION Ry ISEAL] Aust Jel ye Secrets of essa Sy (CERTIFICATE OF AUTHENTICATION ‘is note is one ofthe Noles deserihed Inthe within mentioned Resolution. ‘HE BANK OF NEW YORK MELLON, 2s Trustee re, cami ‘Authored Sig ‘Dare of Antheatieation: April 30, 2013 ASSIGNMER TOR VALUL RECEIVED, the undersigned herehy sells assigns, und transfers unto {please print or lypewrite name and address of trans! =) 7 Trnerl snl sevutily or olhee Mlenliying number of aasignee) (For computer record only) the wilhin Boo and all rights thorenadcr, and hereby inevoenbly constitutes and smppeints books kept fr re Dated: Signature Guaranteed ation thereof, wilh Til po Atlomey lo unsfer the within Bond an the ol subslition inthe premises, by: natures must be guaranteed by an “eligible gusramar institution” meeting the xjuiraments of the Teustue, which oyuirscenls inelude membership or participation in the Security. “Transfer Agent Medallion Program (°STAMI™) or such other “signature guarantee progesm” as may be determined by the Taustec in addition to, ori gubslitution for, STAMP, all in necurdance with the Securities Fxchunge Avs of 1934, us amend