1. CO2 is carried in blood in three different ways. Most of it (about 80%90%) is converted to bicarbonate ions HCO3− by the enzyme carbonic anhydrase in the red blood cells. 5%10% is dissolved in the plasma and 5%10% is bound to hemoglobin as carbamino compounds.
2. Not sure about this but i would assume that arterial blood flow would increase through the pulmonary circulation due to increased blood flow into the cerebrum. someone correct me if i am wrong please