We study the photonuclear reaction in the intermediate region. We evaluate the real part of the forward Compton amplitude through the dispersion relation and analyze its structure. The modification of the electromagnetic polarizability of the nucleon, ~, in the nuclear medium is calculated. We show that it affects appreciably the behaviour of the Compton amplitude in the intermediate region, consistent with the experimental data. In the same scheme the enhancement of the photonuclear sum rule, K, is interpreted as an exchange contribution to the nucleon Compton amplitude. We find in lead a value of K = 1.6 +0.2 and a quenching of about 20 % of ~.