The NASA History Division is pleased to present the record of a unique meeting on risk and exploration held under the auspices of the NASA Administrator, Sean O Keefe, at the Naval Postgraduate School in Monterey, California, from September 26-29, 2004. The meeting was the brainchild of Keith Cowing and astronaut John Grunsfeld, NASA's chief scientist at the time. Its goals, stated in the letter of invitation published herein, were precipitated by the ongoing dialogue on risk and exploration in the wake of the Columbia Shuttle accident, the Hubble Space Telescope servicing question, and, in a broader sense, by the many NASA programs that inevitably involve a balance between risk and forward-looking exploration. The meeting, extraordinarily broad in scope and participant experience, offers insights on why we explore, how to balance risk and exploration, how different groups defi ne and perceive risk differently, and the importance of exploration to a creative society. At NASA Headquarters, Bob Jacobs, Trish Pengra, and Joanna Adamus of NASA Public Affairs led the meeting's implementation. The Naval Postgraduate School, commanded by Rear Admiral Patrick W. Dunne, provided a congenial venue. The meeting was broadcast on NASA TV, and thanks are due in this regard to Al Feinberg, Tony Stewart, Jim Taylor, and the planners collaborative: Mark Shaddock and Spotlight Productions, Donovan Gates of Donovan Gates Production, and Michael Ditertay and his staff on this 30-person television crew. Thanks to their efforts, a DVD record of the meeting has also been produced. Thanks are also due to the moderators: Miles O Brien of CNN, Chris McKay of NASA Ames, David Halpern of the White House Office of Science and Technology Policy, and John Grunsfeld, NASA Headquarters. In order to maintain the informal flavor of the meetings, these proceedings are based on transcripts that have been lightly edited for grammar and punctuation. Most references to slides shown during the presentations have been deleted. NASA/SP-2005-4701