Closure of Transactions. All Transactions under this Master Agreement are entered into subject to the condition that this Master Agreement and all confirmations documenting specific Transactions form a single agreement between the parties (the "Agreement"). Version dated June 12, 2003.The execution of this Master Agreement does not constitute an obligation to enter into a Transaction. The parties may enter into a Transaction without any formalities. After a Transaction has been entered into, the Calculation Agent will prepare a confirmation. In the event of any inconsistency between the Master Agree- ment and a confirmation, the confirmation shall prevail. The parties may modify this provision in the confirmation.