Exercise can produce a modest gain of lean body mass (LBM) and loss of fat in weight-stable individuals, but it is important to realize that if much weight is lost during exercise there is a risk of some erosion of the LBM. Data from both human and animal experiments show that exercise cannot conserve lean weight in the face of significant energy deficit, although moderate obesity affords a modicum of protection in this respect.
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Gilbert B. Forbes (2009) studied this question.
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