Recognizing that the period to be addressed by the review will cover activities from the date on which the Convention was open for signature until July 2005;

Recognizing further that during such period the Global Environment Facility will have been the principal entity entrusted with the operations of the financial mechanism of the Convention, on an interim basis, in accordance with Article 14;

Adopts the attached terms of reference for the first review of the financial mechanism of the Convention;

Agrees that future reviews of the financial mechanism of the Convention will address the principal entity referred to above until such time as the Conference of the Parties decides which institutional structure will be designated in accordance with Article 13 of the Convention. Thereafter, the review will address the entity or entities so entrusted.