Evidence is presented from three experimental systems to support the allosteric model of Walker et al. (1975) (Biochem. J. 147, 425-433) which explains the substrate-concentration-dependent transition observed in the RNAase (ribonuclease)-catalysed hydrolysis of 2‘:3’-cyclic CMP (cytidine 2‘:3’-cyclic monophosphate). 1. Kinetic studies of the initial rate of hydrolysis of 2‘:3’-cyclic CMP show that the midpoint of the transition shifts to lower concentrations of 2‘:3’-cyclic CMP in the presence of the substrate analogues 3′-CMP, 5′-CMP, 3′-AMP, 3′-UMP and Pi; 2′-CMP and 2′-UMP do not cause such a shift. 2. Trypsin-digestion studies show that a conformational change in RNAase to a form less susceptible to tryptic inactivation is induced in the presence of the substrate analogues 3′-CMP, 5′-CMP, 3′-AMP, and 3′-UMP. 2′-CMP, 2′-AMP and 2′-UMP do not induce this conformational change. 3. Equilibrium-dialysis experiments demonstrate the multiple binding of molecules of 3′-CMP, 3′-AMP and 5′-AMP to a molecule of RNAase. 2′-CMP binds the ratio 1:1 over the analogue concentration range studied.