Following a discussion the Board decided:
a) That the monetization programme should commence as early as practicable, in principle within the first quarter of 2009; and
b) To request the Trustee to:
i) Prepare draft monetization programme guidelines, consistent with paragraph 28 of decision 1/CMP.3, for consideration and approval by the Board at its fourth meeting;
ii) Plan a significantly-sized inaugural transaction based on option two as discussed by the Adaptation Fund Board, which would entail including all eligible buyers, execution through dealers, and market clearing prices; and
iii) Develop a communications strategy for the inaugural transaction, in consultation with the monetization committee, with the support of the Secretariat.