Exposure of rats to a temperature of 1 degree C resulted in a temporary decline in respiratory quotient to a minimum on the 4th day of exposure, with subsequent recovery. 2. Metabolism stabilized after 4-6 days of cold exposure. 3. Body composition was determined for control rats and rats exposed to 2 or 23 degrees C for 2 weeks. 4. Animals kept at 2 degrees C had a lower fat content than other groups, with a higher iodine value. 5. Mineral content indicated that bone growth continued during cold exposure.