Calbet, José, and Carsten Lundby. High Alt. Med. & Biol. 10.123-134, 2009.-Hypoxia-induced hyperventilation is critical to improve blood oxygenation, particularly when the arterial Po 2 lies in the steep region of the O 2 dissociation curve of the hemoglobin (ODC). Hyperventilation increases alveolar Po 2 and, by increasing pH, left shifts the ODC, increasing arterial saturation (Sao 2 ) 6 to 12 percentage units. Pulmonary gas exchange (PGE) is efficient at rest and, hence, the alveolar-arterial Po 2 difference (Pao 2 ÀPao 2 ) remains close to 0 to 5 mm Hg. The (Pao 2 ÀPao 2 ) increases with exercise duration and intensity and the level of hypoxia. During exercise in hypoxia, diffusion limitation explains most of the additional Pao 2 ÀPao 2 . With altitude, acclimatization exercise (Pao 2 ÀPao 2 ) is reduced, but does not reach the low values observed in high altitude natives, who possess an exceptionally high DLo 2 . Convective O 2 transport depends on arterial O 2 content (Cao 2 ), cardiac output (Q), and muscle blood flow (LBF). During whole-body exercise in severe acute hypoxia and in chronic hypoxia, peak Q and LBF are blunted, contributing to the limitation of maximal oxygen uptake (Vo 2max ). During small-muscle exercise in hypoxia, PGE is less perturbed, Cao 2 is higher, and peak Q and LBF achieve values similar to normoxia. Although the Po 2 gradient driving O 2 diffusion into the muscles is reduced in hypoxia, similar levels of muscle O 2 diffusion are observed during small-mass exercise in chronic hypoxia and in normoxia, indicating that humans have a functional reserve in muscle O 2 diffusing capacity, which is likely utilized during exercise in hypoxia. In summary, hypoxia reduces Vo 2max because it limits O 2 diffusion in the lung.