The properties of the system in the soluble fraction of rat liver which catalyzes the conversion of 5-androsten-3,17-dione to the corresponding Δ4-3-ketone have been studied. Two components are required: a protein and a dialyzable organic molecule. These factors can be separated in good yield by filtration through a column of Bio-Gel P-2 and the protein component so obtained has been purified by ammonium sulphate fractionation and DEAE-cellulose chromatography. The dialyzable organic molecule eluted from the Bio-Gel P-2 column in the same position as NAD+ and NADH, but neither pyridine nucleotide could substitute for this component in the isomerization reaction. Isomerizing activity of a similar nature was found in the livers of the rabbit and guinea pig but no similar activity could be detected in beef, pig, sheep and chicken liver. © 1969.