In this paper, we study the periodic Sturm-Liouville problem, defined on three non-intersecting intervals with four supplementary conditions which are imposed at two internal points of interaction, the so-called transmission conditions. We first prove that the eigenvalues are real and the system of eigenfunctions is an orthogonal system. Secondly, some auxiliary initial-value problems are defined and transmittal-characteristic function is constructed in terms of solutions of these initial-value problems. Finally, we establish that the eigenvalues of the considered problem are the zeros of the transmittal-characteristic function.