Hydrogen-exchange rates for an OB-fold subdomain fragment of staphylococcal nuclease have been measured at pH 4.7 and 4 "C, conditions close to the minimum of acidlbase catalyzed exchange. The strongest protection from solvent exchange is observed for residues from a five-stranded P-barrel in the NMR structure of the protein. Protection factors, calculated from the experimental hydrogen-exchange rates, range between 1 and 190. Similarly small protection factors have in many cases been attributed to "molten globule" conformations that are supposed to lack a specific tertiary structure. The present results suggest that marginal protection from solvent exchange does not exclude welldefined structure.Keywords: hydrogen exchange; kinetic intermediate; molten globule; NMR structure; protection factors; protein folding A common application of hydrogen-exchange methodology is the characterization of species that are not amenable to direct NMR study. These include short-lived kinetic folding intermediates (Roder et al., 1988; Udgaonkar & Baldwin, 1988), equilibrium folding intermediates with large line-broadening contributions due to conformational exchange or aggregation (Hughson et al., 1990) proteinchaperone complexes that are otherwise too large for NMR analysis (Zahn et al., 1994), and subglobal unfolding units whose concentrations are too small to allow direct NMR detection (Bai et al., 1995). Hydrogen-exchange data are usually analyzed in terms of the Linderstrom-Lang (1955) Exchange is believed to occur due to transient "breaking" of hydrogen bonds, through either local or global fluctuations in protein structure. In the EX1 limit, the rate of closing (kc/) is much slower than the intrinsic "chemical" rate of exchange (kch), and the observed rate (kobs) is limited by the opening rate (kc,p):In the EX2 limit, kc, is much faster than kc,, and kohs is limited by the fraction of conformations in the open state:In the EX1 limit, hydrogen exchange is pH-independent, whereas in the EX2 limit, kc, and hence kobs increase IO-fold with each pH unit (Baldwin, 1993). The EX2 limit is almost always observed in the pH range between 4 and 7 (Bai et al., 1995) because formation of hydrogen-bonded structure is usually much faster than intrinsic exchange (Englander & Kallenbach, 1984). In kinetic experiments, where pH values ranging between 9 and 1 1 are often necessary to achieve hydrogen-exchange timescales (-1 ms) comparable to those for protein folding or unfolding (Baldwin, 1993), hydrogen exchange may be in the EX1 regime (Englander & Mayne, 1992) or in the range between the EX1 and EX2 limits (Pedersen et al., 1993). The pH dependence of kob., can be used to distinguish between EX1 and EX2 mechanisms, provided krl and k, are invariant as a function of pH (Pedersen et al., 1993).It is possible to correct for the effects of pH, temperature, and protein sequence (to a first approximation nearest neighbor effects) by normalizing against exchange rates for model peptides (k,,,<,<,). In the EX2 limit, with the assump...