The ventilation and the oxygen uptake rise during the first 5 min. of mild exercise, remain at a new high level until the end of exercise, and then fall again during the succeeding 5 min. The response of the ventilation and the oxygen uptake are, therefore, similar to the output of a simple damped system in the presence of a square-waved input.The metabolic response is considerably more complex than the respiratory. This is not only because of the divergent changes of many different substances, but also because these changes arise at specifically different times during the course of events.There appear to be three major groups of disturbances of the composition of the blood accompanying exercise -one group associated with beginning of exercise, one group which is maintained throughout exercise, and one group which is specifically associated with the period of recovery.During the first 5-15 min. after the beginning of exercise there is an increase in the concentration of lactate and pyruvate, the latter reaching its maximum about 5 min. after the former. The increased concentration of lactate is associated with a fall in pH and standard bicarbonate. At the same time there is a transient fall in the free fatty acids in the plasma. All these phenomena also accompany exercise of shorter duration, in which case they continue to evolve after exercise has stopped and the concentration of lactate remains high long after the oxygen uptake has returned to its initial resting level.More prolonged exercise reveals a number of disturbances which would seem to continue indefinitely during the period of exertion. These consist of a certain degree of elevation of the concentration of lactate and pyruvate, and of the serum potassium, sodium and inorganic phosphorus. The concentration of free fatty acids is maintained at a level at or a little above that which existed before exercise. The concentration of glucose is not greatly affected.Immediately after the end of prolonged exercise, the concentration of lactate declines, although, in mild exercise, this usually appears to be a continuation of a process which had already started during exercise. By contrast, during the first few minutes of recovery, the concentration of pyruvate usually shows a transient increase which is followed by a more sustained fall. The concentrations of potassium, sodium and phosphorus fall again at this time, and there is evidence from the literature that a sustained and substantial fall in phosphorus may occur. Immediately after the end of excercise, there is an increase in the concentration of glucose and free fatty acids which may be of considerable magnitude and duration.THE influence of exercise on the concentration of lactic acid in the blood has been studied for more than half a century. Nevertheless, as has been pointed out by , the interpretation of much of the published observations is obscured by the omission of one or other of the factors which are known now to be important in such studies.