Twenty-four sheep, 12 fitted with rumen cannulae, were divided into three similar groups and kept at pasture. The grazing intake of group A was not restricted, but groups B and C were undernourished for a period of about 4 months and were then maintained in thin condition for a further 9 months, when all sheep were killed. The mean fat content was then 27, 9, and 5% of mean body weight in groups A, B, and C respectively. Undernourished sheep had a significantly higher (P < 0.01) water content in the fat-free empty body than well-nourished sheep. Multiple regression equations relating the fat, protein, and estimated energy contents of the body to tritiated water space and body weight differed between well-nourished and undernourished sheep. This was due to the larger amount of water in the rumell-reticulum of thin sheep and to the high water content of their fat-free body. __________________ *Part II, Aust. J. Agric. Res., 23: 499 (1972)