This study was designed to examine the effects of exercise on adrenocorticotropic hormone (ACTH) and cortisol at low altitude (350 meters below sea level) and to compare these effects with those at a moderate level altitude (620 meters above sea level). Ten male trained athletes participated in a 21-K(m) non-competitive race. Serum levels of ACTH, luteinizing hormone (LH), growth hormone and cortisol were measured before and after the race at each of the altitudes. A significant increase in serum levels of ACTH was observed in response to this exercise only at low altitude. Serum levels of growth hormone were increased at both altitudes. Those of LH were not affected. Serum cortisol levels were increased following exercise at both altitudes. It is proposed here that ACTH may play a role in acclimatization to exercise at low altitudes. The role of growth hormone and LH in this conditioning process seems to be insignificant. Additionally, serum levels of insulin and lactate were also measured in these experiments. Exercise caused a decrease in serum insulin levels at both altitudes. Serum levels of lactate were decreased only at low altitude. These changes of serum levels of insulin and lactate suggest a type of metabolic adjustment to meet energy requirements. Changes in energy metabolism can be correlated by changes in the ratio of insulin to serum cortisol levels and those of other counter-regulatory hormones in response to exercise at both altitudes.