The Trustees will recall that the Foundation funded an MIT study called The Future of Nuclear Power a few years ago. That study has turned out to be extremely influential in the policy arena in the U.S. and Europe. For many months we have been looking into what more the Foundation might do in the area of nuclear energy and other nuclear technologies that would be useful and not duplicative of what other funders are doing. We have developed the following objective: To facilitate the strengthening or creation of institutional arrangements that enable nuclear technology and nuclear materials to be used for beneficial purposes (including power generation, research, medical uses and industrial purposes) with safety and minimal risk of nuclear terrorism or nuclear weapons proliferation. The focus on institutional arrangements would be the special perspective that the Sloan Foundation brings to the issue. There is wide agreement in the world that the rules governing the use of nuclear technology and materials, especially those associated with nuclear power reactors and their fuel cycle, need major revision to minimize the safety, security and proliferation risks intrinsically associated with these technologies and materials. However, there is no consensus among governments or others on what such revised rules should allow and constrain. Governments have been slow to move and international organizations cannot move ahead of what their member governments will agree to. The Carnegie Endowment for International Peace has been working for a year with the world's nuclear reactor vendors, including notably vendors from Russia, China, and Korea, as well as from the United States, Europe, Japan and Canada, to draft such a voluntary Code of Conduct. Carnegie and its partners have made remarkably good progress but they are far from done. They need at least another year to complete the job. Three more meetings are planned for 2010, one in Washington and two overseas. The estimated cost for the project through 2010 is $530,000. The Carnegie Endowment has commitments to cover $180,000 of this, including funds from the Hewlett Foundation which largely paid for the first year, and a $100,000 request pending with another foundation. They request $250,000 from us to enable the project to move forward in the manner and at the pace all participants prefer. This is an ambitious project and is not guaranteed to succeed. If it does succeed, however, as now seems likely, the resultant voluntary Code of Conduct would be a major achievement.