The reaction of CO2 to HCO3 is catalyzed within the RBC via Carbonic Anhydrase. Some CO2 diffuses out of the cell and contributes to pCO2 of the blood without being converted. When the red blood cell returns to pick oxygen in the lungs, the hemoglobin binds the oxygen and releases a hydrogen ion. This hydrogen ion binds with HCO3 to form H2CO3 which is catalyzed via Carbonic Anhydrase back to CO2 and H2O. This CO2 is thus exhaled.