This chapter shows how dividing the minute ventilation (VE) by the volume of carbon dioxide exhaled, or the volume of oxygen taken up, gives the ventilatory equivalents (VeqCO2 or VeqO2, respectively). VeqCO2 show how much ventilation is needed to get a given volume of carbon dioxide out of the body. In a normal subject, the VeqCO2 fall gradually during exercise, as ventilation–perfusion matching improves, to a value of <30. In lung disease, the lowest value remains >30. Beyond the anaerobic threshold (AT), VE increases in order to get rid of CO2 produced from buffering of lactic acid. Since there is no corresponding increase in VO2, the VeqO2 start to rise, giving one of several ways of looking at the AT.